Fund Type

Sun Life
U.S. Equity

Fiera US Equity Segregated Fund

Fund Details Performance as of 09-30-2023
Underlying Fund Fiera US Equity Fund, Class B 110
Growth of $10,000
Fund Manager Fiera Capital Corporation
90 Fund
Investment Objective 70 Benchmark

Seek to provide total long term returns, through both 50

capital appreciation and distribution income. The 30
portfolio will invest mainly in US common stocks and
other equity securities. 10

-10
Investment Strategy 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD Calendar Year
Our investment philosophy relies on thorough 48.0 26.7 21.4 6.0 19.1 9.4 27.8 20.2 32.6 -9.0 11.0 Fund
fundamental research to identify high quality and well
41.3 23.9 21.6 8.1 13.8 4.2 24.8 16.3 27.6 -12.2 12.8 Benchmark
run companies in order to build a portfolio offering
superior and consistent returns, low volatility and 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 10 Yr YTD Trailing Return %
decreased probability of capital losses. We search for 22.9 6.9 12.4 14.7 14.1 17.5 11.0 Fund
dominant companies that have a strong and sustainable
19.7 4.7 10.6 12.0 10.9 15.0 12.8 Benchmark
competitive advantage with high barriers to entry, a
proven track record and attractive valuations. We also Benchmark Description: S&P 500 TR CAD
strive to identify companies that manage their capital Portfolio Analysis as of 09-30-2023
judiciously and focus on ROIC as a key measure of
Composition % Assets Equity Style Market Cap %
success. Our bottom-up approach focuses on stock
selection and results in a concentrated yet diversified Cash 0.1 Giant 41.1

Large Mid
portfolio, with low turnover. We buy only our best ideas Fixed Income 0.0
Large 42.5
for which we have the highest level of conviction, and Canadian Equity 0.0
Medium 14.2
hold them for a long-term horizon. US Equity 99.9
Small 2.2
International Equity 0.0

Small
Investment Risk Other 0.0 Micro 0.0
The following risk assessment is based upon the fund's Value Blend Growth
investment objective and strategy.
Global Equity Sectors % Equity % Bmark
Top 10 Holdings % Assets
Low High Energy — 4.7
Microsoft Corp 9.5
Alphabet Inc Class A 7.0 Materials 7.2 2.4
Risk: Moderate-High AutoZone Inc 6.1 Industrials 10.4 8.3
UnitedHealth Group Inc 6.0 Consumer Discretionary 16.2 10.7
The investment risks for this fund include: Foreign
Moody's Corporation 5.8 Consumer Staples 6.0 6.6
Investment, Issuer and Market Risk. Other investment
risks may apply. Health Care 14.5 13.4
Mastercard Inc Class A 5.2
Financials 19.9 12.8
Lowe's Companies Inc 4.1
More Information Information Technology 18.6 27.5
Linde PLC 4.1
Communication Services 7.1 8.9
For a more detailed description of the fund manager and PepsiCo Inc 3.8
investment risks, sign in to the Plan Member Services Utilities — 2.4
TJX Companies Inc 3.8
website and link to Morningstar Canada, or contact Sun Real Estate — 2.4
Total Number of Portfolio Holdings 31 Unclassified 0.0 0.0
Life’s Customer Care Centre. For definitions, investment
Total Number of Underlying Holdings 31
terms and fund performance calculation, check out the
Total Number of Stock Holdings 27 Top 5 Countries (Equity) % Equity
Jargon section of the website.
Total Number of Bond Holdings 0 United States 100.0
How this fund integrates ESG Performance and Holdings Information: This segregated fund is an investment product offered under an insurance contract issued by
Sun Life Assurance Company of Canada. All amounts allocated may increase or decrease in value according to the fluctuations in the
ESG considerations are embedded in the fundamental market. The fund rates of return reflect the percentage change in value over a specified time period and if greater than one year, the
research approach and integrated as part of the quality returns are annualized. To provide a longer performance history, the returns are linked to the performance of the underlying fund. They
are stated before investment management fees and include the reinvestment of all distributions and may not match exactly those of the
and risk assessment of individual securities as well- underlying fund. They do not include any administrative charges or taxes payable by you. Past performance may not be repeated. The
managed companies with sound corporate governance holding information provided reflects the composition of the underlying fund. Index data source: Various providers, including MSCI,
FTSE, S&P, BMO, Russell, JP Morgan. The index providers make no express or implied warranties or representations and shall have no
are generally those that demonstrate high environmental liability whatsoever with respect to any data contained herein. The index data may not be further redistributed or used as a basis for
and social standards. other indices or any securities of financial products. This report is not approved, reviewed or produced by the index providers. Sun Life
makes no representations or warranties about the completeness, reliability, and accuracy of the index source data. Any action you take
upon reliance of the index source data is strictly at your own risk.

©2023. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to
be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ?