Portfolio returns: Q3 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. July 12, 2013 |
IG Core Portfolio – Growth F | 0.32
| 1.51
| 14.41
| 16.55
| 20.75
| 12.13
| 10.83
| 10.95
|
Quartile rankings | 3 | 2 | 2 | 2 | 2 | 2 | 2 |
IG Core Portfolio – Growth Series F
Q3 commentary 2026
Highlights
① The portfolio delivered gains over the quarter, with some mixed results across the portfolio’s component funds and pools.
② The Canadian and U.S. large-cap equity components led results and were the most notable contributors over the quarter.
③ U.S. small/mid-cap and emerging markets equity exposures lagged and mildly detracted from results.
Portfolio Overview
The IG Core Portfolio – Growth produced a gain of 1.51% over the third quarter of 2026 and outperformed its Global Equity peer group median return of 0.44%. The portfolio benefited most from its Canadian and U.S. large-cap equity components, which contributed to overall returns. Negative results from select small/mid-cap holdings and emerging markets equity, slightly offset some of the positive contributions over the quarter.
The T. Rowe Price – IG U.S. Equity Pool, Mackenzie – IG U.S. Equity Pool and Mackenzie – IG Canadian Equity Pool were the top three contributors to portfolio performance, generating returns of 3.91%, 1.96% and 3.17%, respectively, and together contributing approximately 1.45 percentage points to the portfolio's performance. The BlackRock – IG Active Allocation Pool IV, one of the portfolio's largest components at approximately 10.5% of assets, returned 1.77% and contributed 0.19 percentage points, making it the fourth-largest contributor to performance over the quarter.
The Mackenzie GQE US Mid Cap Equity Fund posted the weakest total return, declining 3.64% over the period, and was the largest detractor from portfolio performance for the quarter.
Market overview: earnings growth provided a powerful tailwind for equities
The third quarter showed that the current business cycle still has support, but risks have shifted. Growth held up, earnings improved and corporate investment remained firm, but higher oil prices, persistent inflation and rising long-term yields made the path forward less certain. Equities advanced as earnings provided fundamental support, even as higher rates raised the bar for further gains.
Canadian equities benefited from gains in resources and financials. Higher oil prices supported energy, while precious-metals companies were among the strongest performers. Bank earnings were supported by capital-markets activity, trading income and contained credit costs. U.S. equities also advanced, supported by strong earnings and continued technology investment. Higher yields weighed on more rate-sensitive areas.
International markets remained constructive overall, with parts of Asia benefiting from continued demand across the AI technology supply chain. Fixed income faced greater pressure as rising government bond yields outweighed coupon income, while credit remained comparatively resilient. Across markets, the central tension increasingly became earnings strength versus higher inflation and interest rates.
Market outlook: earnings resilience tested by tighter policy and elevated valuations
With the recent strength and breadth of corporate earnings, the bar for success is higher from here. U.S. valuations remain near the upper end of their historical range, and have come under pressure from higher yields. Continued strong earnings growth is suggested by analyst expectations as well as leading indicators, and is likely to maintain the bull market. However, the magnitude of gains may be more muted through the rest of 2026, as compared to the first half.
The U.S. Federal Reserve and Bank of Canada each have two decisions remaining this year. Higher energy prices and persistent inflation have shifted central banks toward a tighter policy stance. We expect an initiation of interest rate increases by the BoC and continued rate increases by the Fed through the first half of 2027. Long-term bond yields remain the key pressure point to equity valuations. Current bond yields offer attractive income, and overall bonds are starting to offer a compelling investment case.
We continue to favour equities over fixed income for the time being, given the strong economic and earnings backdrop. The U.S. mid-terms may contribute to volatility, but the path forward will ultimately be shaped by the interaction between the economic cycle, inflation and interest rates which we expect to persist through the remainder of 2026 and into early 2027.
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