iProfile™ Private Discretionary Portfolio – Global Equity Balanced
Q3 commentary 2026
Highlights
① The portfolio rose modestly, outperforming its peer group median, with equity gains partially offset by fixed income losses.
② Earnings growth provided a powerful tailwind for equities.
③ Inflation, energy costs pushed long-term yields higher.
Portfolio returns: Q3 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (March 15, 2021) |
iProfile Private Discretionary –
| -0.10
| 0.72
| 10.89
| 13.00
| 16.63
| 9.81
|
Portfolio overview
The iProfile™ Discretionary Portfolio – Global Equity Balanced, rose over the period by 0.67%, outperforming its Global Equity Balanced peer group median (at -0.38%). Global equity markets advanced over the quarter, supported by resilient corporate earnings and continued investment in artificial intelligence infrastructure, with market leadership broadening beyond a narrow group of technology companies. However, higher energy prices contributed to renewed inflation pressure, and long-term government bond yields moved higher in Canada and the United States. The portfolio’s equity components captured gains, while its allocation to fixed income faced headwinds from rising yields.
The portfolio’s equity holdings contributed positively overall, although results varied across regions. Canadian equities were the strongest contributor, supported by effective security selection within the energy sector. Cenovus Energy, Suncor Energy and Phillips 66 were among the notable contributors, as energy prices moved higher. U.S. equities also performed well, particularly within the growth-oriented segment managed by American Century Investments. Holdings such as Cloudflare, Lam Research, Amazon and Broadcom benefited from continued investor interest in artificial intelligence and related infrastructure.
International developed-market equities made a more modest positive contribution. The portfolio’s low-volatility international equity allocation also added value, providing further support to overall equity results. These gains were partially offset by emerging market equities, where semiconductor holdings declined amid a broader global sell-off. SK Hynix, Samsung Electronics and Taiwan Semiconductor Manufacturing Company were among the main detractors.
Fixed income holdings weighed on results as government bond yields rose, causing bond prices to decline. The Mackenzie – IG Canadian Bond Pool was affected by its exposure to longer-term government bonds, which are generally more sensitive to changes in interest rates. The PIMCO-IG Global Bond Pool also decreased after increasing its interest-rate sensitivity as yields moved higher. The IG Manulife Strategic Income Fund also declined, although its impact was more modest.
Alternative strategies helped offset some of the weakness in fixed income and emerging market equities. The Mackenzie Global Macro Fund benefited from rising oil prices and increased volatility across asset classes, while the Wellington - IG Global Equity Hedge Pool also contributed positively.
Overall, gains across Canadian, U.S. and international developed-market equities, together with positive results from alternative strategies, outweighed the weakness in emerging market equities and fixed income.
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: inflation, energy costs pushed long-term yields higher
With the recent earnings strength, the bar for market performance is higher. U.S. valuations are at the upper end of their historical range and have come under pressure from higher bond yields. Investor sentiment points to strong earnings growth going-forward, which could support equities in the near term, but the magnitude of gains may be muted.
The U.S. Federal Reserve and Bank of Canada each face two rate decisions this year, and persistent inflation has shifted central banks toward a tighter policy stance. Long-term yields remain a pressure point for equities, while also improving the income available from bonds.
The U.S. midterms may add to market volatility, but the path forward will be shaped by the economic cycle, inflation and interest rates.
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