Portfolio returns: Q1 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (Apr 11, 2022) |
IG U.S. Taxpayer Portfolio – Global Equity F | -4.47
| -0.17
| -0.17
| 17.81
| 16.50
| 11.94
| ||
Quartile rankings | 2 | 2 | 2 | 1 | 2 |
IG U.S. Taxpayer Portfolio – Global Equity Series F
Q1 commentary 2026
Highlights
Portfolio Overview
The IG U.S. Taxpayer Portfolio - Global Equity outperformed its benchmark over Q1 2026.
Country relative value positioning was positive over the quarter, driven by the overweight in Korea, Taiwan and the U.K. The overweight in China and Japan, and the underweight in Australia were the major detractors. Sector rotation in U.S. equities was slightly negative. While the underweight in consumer discretionary and consumer staples added to the performance, the overweight in information technology and finance detracted.
Market overview: oil shock drove turbulence, commodities dominated inflation fears
The first quarter of 2026 began with supportive economic momentum; improving manufacturing, a stabilizing U.S. housing backdrop and contained inflation. However, this quickly pivoted as the conflict in the Middle-East involving Iran — along with trade disruption around the Strait of Hormuz — pushed energy commodities higher. The energy shock drove volatility across global equities, yet the underlying backdrop proved more resilient than headlines implied, reinforcing the value of diversification.
Canadian equities were resilient, as higher crude oil prices supported the energy sector and helped offset weaknesses in rate-sensitive areas. Defensive sectors, dividends and real-asset exposure provided additional insulation versus many global peers. U.S. fundamentals remained solid, but sentiment weakened as oil lifted inflation expectations. Investors rotated away from expensive, rate-sensitive growth stocks, making performance more about a valuation reset than deteriorating earnings.
Market outlook: shifting global macro landscape
While Q1 2026 has been characterized by a range of individual geopolitical disturbances (including Venezuela, Greenland and Iran), we believe it is critical that investors contextualize these events against the shifting global macro landscape. Global inflation dynamics have shifted from a services-led disinflation narrative toward more persistent, supply-driven pressures, with energy, transportation and industrial inputs reinforcing elevated price levels and increasing the risk of reacceleration across major economies. Global capital flows are gradually rebalancing, with surplus economies increasingly retaining savings domestically, and currency misalignments, particularly in Asia, highlighting a reduced reliance on U.S. assets and a shift in the global macro equilibrium. Central banks are navigating a more complex policy trade-off, with persistent inflation limiting the scope for easing and increasing the likelihood of a more pessimistic stance outside the U.S., while fiscal policy is playing a more active role in stabilizing growth and absorbing shocks.
We have been focused on reconciling the impact of the U.S.-Iran conflict on growth, inflation and policy with market pricing, while also assessing its implication on global capital flows. Our initial analysis suggested that consensus was too relaxed on the upside risks to price pressures, and we added back to our underweight fixed income position (by selling German bonds), having closed some of the exposure in late 2025 and early 2026. As mentioned above, we eliminated our directional equity overweight by selling some of our Japanese equity exposure in late February, as market pricing of international stocks looked optimistic against the backdrop of significant movement in U.S. military assets. We further reduced the size of our relative value Japanese equity positioning and the overweight to the Australian dollar in early March, as we felt that the initial market response to the war was too sanguine.
To discuss your investment strategy, speak to your IG Advisor.
Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus and speak to an IG Advisor before investing. The rate of return is the historical annual compounded total return as of March 31, 2026, including changes in value and reinvestment of all dividends or distributions. It does not take into account sales, redemption, distribution, optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, values change frequently and past performance may not be repeated. Mutual funds and investment products and services are offered through the Mutual Fund Division of IG Wealth Management Inc. (in Quebec, a firm in financial planning). And additional investment products and brokerage services are offered through the Investment Dealer, IG Wealth Management Inc. (in Quebec, a firm in financial planning), a member of the Canadian Investor Protection Fund.
This commentary may contain forward-looking information which reflects our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and do not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of March 31, 2026. There should be no expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.
This commentary is published by IG Wealth Management. It represents the views of our Portfolio Managers and is provided as a general source of information. It is not intended to provide investment advice or as an endorsement of any investment. Some of the securities mentioned may be owned by IG Wealth Management or its mutual funds, or by portfolios managed by our external advisors. Every effort has been made to ensure that the material contained in the commentary is accurate at the time of publication, however, IG Wealth Management cannot guarantee the accuracy or the completeness of such material and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.
Trademarks, including IG Wealth Management and IG Private Wealth Management, are owned by IGM Financial Inc. and licensed to subsidiary corporations.
©2026 IGWM Inc.