Portfolio returns: Q1 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (Aug 9, 2021) |
iProfile Portfolio – Global Equity F | -4.30
| 0.08
| 0.08
| 15.95
| 15.74
| 9.79
| ||
Quartile rankings | 1 | 2 | 2 | 2 | 2 |
iProfile™ Portfolio – Global Equity Series F
Q1 commentary 2026
Highlights
① The portfolio rose modestly over the period, with positive contributions coming from most iProfile pools. Emerging markets equities performed best, and Canadian equities contributed the most.
② The oil shock drove turbulence, as commodities dominated inflation fears.
③ Global growth expectations will be adjusted if conflict extends beyond summer.
Portfolio Overview
The iProfile™ Portfolio – Global Equity, Series F, rose modestly over the period (by 0.1%) and outperformed its global equity peer median (-2.1%). Most component iProfile pools delivered positive returns, with the iProfile Emerging Markets Private Pool performing best on an absolute basis, while the iProfile Canadian Equity Private Pool contributed most to total return given its meaningful weight. The iProfile U.S. Equity Private Pool delivered a negative return and was the primary detractor. Low-volatility equities outperformed during the quarter's heightened volatility.
Global equity markets experienced heightened volatility during the first quarter of 2026, with significant divergence across regions. Market volatility increased in March 2026, as Middle East conflict escalated and energy prices spiked. The S&P 500 Index declined by 4.3%, while the S&P/TSX Composite Index advanced by 3.3%, benefiting from resilient commodity prices and surging gold prices to record levels (all figures in Canadian dollars, total return). International markets showed weakness, with developed markets under pressure while emerging markets held relatively steady. As a result, the portfolio's main equity components had widely diverging performance, with the iProfile Emerging Markets Private Pool (5.6%) and iProfile Canadian Equity Private Pool (2.8%) leading gains, followed by the iProfile International Equity Private Pool (2.0%), while the iProfile U.S. Equity Private Pool (-3.2%) and iProfile ETF Private Pool (-0.7%) declined.
The iProfile Emerging Markets Private Pool was the top performer on an absolute basis, delivering a strong 5.8% return and outperforming the MSCI Emerging Markets Index (in Canadian dollars, total net return). All three of the component mandates in the pool delivered positive gains, with strength concentrated in South Korea and Taiwan, benefiting from robust semiconductor demand related to artificial intelligence. However, the pool's overall contribution to portfolio gains was limited by its relatively low weight allocation of approximately 4.7%. The pool's absolute performance benefited most from overweight allocation to, and stock selection in, the information technology sector, which accounted for the majority of the pool's total return, with roughly half of the gains coming from holdings in the semiconductor industry group.
The iProfile Canadian Equity Private Pool is the portfolio's largest regional equity component, comprising approximately 15.4%, and was the top contributor to the total return. With a return of 2.8%, it was the portfolio's second-best absolute performer and significantly outperformed U.S. equity markets, benefiting from strength in energy and materials sectors amid resilient commodity prices and a surge in gold prices. The iProfile International Equity Private Pool also contributed meaningfully, generating a 2% return despite broader weakness in developed international markets, with selective positioning in European and Asian markets providing support.
The iProfile U.S. Equity Private Pool was the most significant detractor from performance, declining 3.2% as U.S. large-cap technology stocks faced pressure from concerns about AI-related spending sustainability and elevated valuations. As the portfolio's largest single component at approximately 28.3% weight, this negative performance had a substantial impact on total portfolio returns. The iProfile ETF Private Pool also detracted modestly, declining 0.7% amid broad weakness in global equity markets. In contrast, the iProfile Low Volatility Private Pool (7.1%) was the portfolio's best-performing component on an absolute basis, benefiting from its defensive positioning during the quarter's heightened market volatility. Low-volatility equity indices outperformed their non-low-volatility counterparts across most regions as investors sought lower-risk exposures. The iProfile Alternatives Private Pool also provided positive a contribution, demonstrating its intended steadying influence during volatile market conditions.
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: global growth expectations will be adjusted if conflict extends beyond summer
Looking ahead, oil and energy prices remain the central swing factor. A credible path to de-escalation could shift attention back to the positive economic cycle evident early in the quarter; a prolonged disruption would maintain inflation uncertainty and elevated volatility.
In this environment, commodity producers and value‑oriented equities may provide resilience, while long‑duration assets and oil‑importing regions face greater sensitivity to energy-price fluctuations.
Diversification and flexibility remain central to portfolio construction
Canadian equities offer exposure to energy and materials supported by global supply constraints. International developed and emerging markets present valuation‑driven opportunities and help diversify away from concentrated U.S. equity exposure.
Within fixed income, short‑ to intermediate-duration strategies can balance yield and interest‑rate risk, complemented by high‑quality corporate bonds for disciplined income generation. Key areas to watch will be central bank policies, as they look at the impact of higher energy costs and their indirect tax on the consumer.
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