April 30, 2026
A Canadian fixed-income fund that provides opportunities for moderate income generation as well as longer-term inflation protection.
Is this fund right for you?
- You want to protect your money from inflation while also protecting it from large swings in the market.
- You want to invest in Canadian real-return bonds issued by governments, with some exposure to foreign fixed-income securities.
- You're comfortable with a low to moderate level of risk.
RISK RATING
How is the fund invested? (as of April 30, 2026)
| Name | Percent |
|---|---|
| Domestic Bonds | 97.8 |
| Cash and Equivalents | 2.2 |
| Name | Percent |
|---|---|
| Canada | 98.9 |
| Other | 1.1 |
| Name | Percent |
|---|---|
| Fixed Income | 97.8 |
| Cash and Cash Equivalent | 2.2 |
Growth of $10,000 (since inception)
For the period 07/09/2018 through 04/30/2026 tr.with $10,000 CAD investment, The value of the investment would be $9,712
Fund details (as of April 30, 2026)
| Top holdings | Percent (%) |
|---|---|
| Canada Government 4.00% 01-Dec-2031 | 13.3 |
| Canada Government 1.50% 01-Dec-2044 | 12.8 |
| Canada Government 2.00% 01-Dec-2041 | 12.2 |
| Canada Government 1.25% 01-Dec-2047 | 11.4 |
| Canada Government 3.00% 01-Dec-2036 | 9.4 |
| Canada Government 0.50% 01-Dec-2050 | 8.9 |
| Canada Government 4.25% 01-Dec-2026 | 8.5 |
| Ontario Province 2.00% 01-Dec-2036 | 8.4 |
| Quebec Province 4.50% 01-Dec-2026 | 4.1 |
| Quebec Province 4.25% 01-Dec-2031 | 3.9 |
| Total allocation in top holdings | 92.9 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | 7.80% |
| Dividend yield | - |
| Yield to maturity | 1.42% |
| Duration (years) | 11.42% |
| Coupon | 2.47% |
| Average credit rating | AA+ |
| Average market cap (million) | - |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| 0.24 | -1.44 | 1.09 | -0.77 |
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| 0.72 | -0.98 | - | -0.37 |
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| -0.88 | 1.84 | 0.19 | -15.73 |
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| 0.07 | 10.59 | 6.14 | - |
Range of returns over five years (August 01, 2018 - April 30, 2026)
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| -0.17% | Dec 2023 | -3.13% | Dec 2025 |
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| -1.66% | 0 | 0 | 34 |
Q1 2026 Fund Commentary
Commentary and opinions are provided by Canada Life.
Market commentary
Both headline and core inflation started to migrate lower during the first quarter, moving closer to the 2% mid-point of the target band. March inflation data isn't yet available and may reflect the impacts of higher oil prices and associated price pressures following the conflict in Iran.
The breakeven curve (representing the yield difference between nominal bonds and inflation-linked bonds of similar maturity) remained relatively stable in the first two months of the quarter but moved higher in March, driven by the front end, leaving the breakeven curve slightly inverted. This reflects the immediate impact of higher oil prices and associated effects on inflation expectations.
Performance
An overweight allocation to provincial inflation-linked bonds was the largest contributor to performance during the first quarter. The sub-advisor has maintained this allocation because of the scarcity of the product and the additional yield it provides the portfolio. Provincial inflation-linked bonds outperformed federal inflation-linked bonds during the quarter.
An underweight allocation to Government of Canada Real Return Bond (4.25% due 2026) contributed to performance. This security underperformed both the federal sector and the overall index during the quarter.
Selection within provincial inflation-linked bonds detracted from performance. The sub-advisor holds an overweight allocation to Province of Quebec bonds, which underperformed provincial inflation-linked bonds as a whole during the quarter.
Province of Quebec (4.25% due 2026) detracted from performance. The sub-advisor holds an overweight allocation to this security, which underperformed the index as a whole during the quarter.
Portfolio activity
No new positions were added during the quarter. No positions were actively increased, although provincial exposure passively increased as client withdrawals were completed using the Fund's federal holdings. No positions were sold during the quarter. The sub-advisor reduced positions equally across the curve in response to client withdrawals.
Outlook
The sub-advisor plans to continue tactically managing the fund's duration and positioning in conjunction with the sub-advisor's view on interest rates.
Summary
For the period 07/09/2018 through 04/30/2026 with $10,000 CAD investment
Total returns performance
-2.88%
Last price
$9.71 CAD
as of market close 04/30/2026
Value of $10,000 investment
$9,711.78 CAD
