iProfile™ Private Discretionary Portfolio – Global Fixed Income Balanced
Q2 commentary 2026
Highlights
① The portfolio rose modestly over the period, with U.S. and emerging markets equities contributed strongly on an absolute basis.
② Earnings strength helped markets absorb uncertainty.
③ Valuations and rates make selectivity more important.
Portfolio returns: Q2 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (March 15, 2021) |
iProfile Private Discretionary – Global Fixed Income Balanced Series I | 1.22
| 5.04
| 5.21
| 10.05
| 9.04
| 5.18
|
Portfolio overview
The iProfile™ Discretionary Portfolio – Global Fixed Income Balanced rose by 5.0% in the second quarter of 2026, performing in-line with its Global Fixed Income Balanced peer group median (4.9%). Global equity markets rallied sharply on continued AI-related investment enthusiasm, but the portfolio’s meaningful allocation to fixed income — which faced headwinds from rising yields driven by energy-driven inflation expectations — limited the portfolio’s overall participation in the broader equity advance.
Equity holdings broadly added value during the period, with positive contributions across all equity mandates.
The iProfile U.S. Equity Private Pool was the largest contributor among the equity allocations, benefiting from continued strength in technology and AI-related investments. Within the pool, Advanced Energy Industries was a notable contributor gaining approximately 22.5%.
The iProfile ETF Private Pool and iProfile Active Allocation Private Pool also contributed positively, supported by strong global equity market returns and continued strength in semiconductor-related companies.
The iProfile International Equity Private Pool benefited from holdings such as Taiwan Semiconductor Manufacturing and Samsung Electronics, which advanced on continued demand driven by the artificial intelligence investment cycle.
The iProfile Emerging Markets Private Pool delivered particularly strong results despite its modest portfolio weight, driven by holdings including SK Hynix and Delivery Hero, while weakness in Petroleo Brasileiro and Genpact partially offset gains.
The iProfile Canadian Equity Private Pool also added positively to returns, supported by strong contributions from Bombardier and TFI International, partially offset by weaker performance from Suncor Energy and Canadian Natural Resources as oil prices declined.
Fixed income holdings also added value during the period. Canadian fixed income exposures were the largest contributors, while multi-sector, corporate bond, mortgage and private credit mandates generated positive returns.
The IG Mackenzie Real Property Fund also contributed modestly. These gains were partially offset by the PIMCO-IG Global Bond Pool, which was negatively affected by rising global bond yields during the quarter.
Market overview: earnings strength helped markets absorb uncertainty
The second quarter of 2026 reinforced the resilience of financial markets. Investors faced conflict in the Middle East, commodity-price volatility, shifting interest-rate expectations and renewed inflation concerns, yet global equities continued to advance as corporate earnings and economic activity remained stronger than expected. The S&P 500 gained 14.9% in U.S.-dollar terms for the quarter, while the S&P/TSX Composite Index advanced 6.4%, supported by healthier earnings expectations and improving market breadth.
Canadian equities were led by a strong rebound in financials, as better-than-expected bank earnings, resilient credit quality and improved capital markets activity lifted sentiment. U.S. equities were supported by earnings strength rather than a simple risk-on rally, with Information Technology leading as AI infrastructure spending continued to anchor sentiment. International equities also contributed meaningfully, with emerging markets Korea and Taiwan benefitting from demand across the global technology supply chain.
Market outlook: valuations and rates make selectivity more important
Markets enter the second half of 2026 with fundamentals remaining broadly supportive, although elevated equity valuations leave less room for error. Earnings growth is likely to remain the key driver of returns, while inflation trends, central bank policy and interest-rate expectations will continue to shape market sentiment.
Across asset classes, diversification remains important. Canadian, international and emerging market equities offer exposure to distinct sources of growth, while higher yields in fixed income continue to provide a cushion against volatility. Selectivity remains key as investors balance opportunities against valuation and policy risks.
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