iProfile™ Private Discretionary Portfolio – Global Mid-Neutral Balanced
Q2 commentary 2026
Highlights
① The portfolio rose over the period, with positive contributions coming from all iProfile pools.
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 Mid-Neutral Balanced Series I | 1.54
| 7.04
| 7.27
| 14.10
| 11.95
| 7.41
|
Portfolio overview
The iProfile Discretionary Portfolio – Global Mid-Neutral Balanced rose in the second quarter of 2026. All component iProfile pools generated positive returns, supported by strong global equity markets and continued investor enthusiasm for artificial intelligence-related investments. The iProfile U.S. Equity Private Pool and the iProfile ETF Private Pool were the largest contributors to portfolio results due to their meaningful weights, while the iProfile Emerging Markets Private Pool delivered the strongest absolute return. Fixed income holdings contributed positively across all segments, while the BlackRock – IG Low Volatility International Equity Pool was the only component to post a small negative return.
Fixed income holdings also added value during the period. Canadian fixed income exposures were the largest contributors, with the Mackenzie – IG Canadian Bond Pool returning 2.08%. Multi-sector, corporate bond, mortgage and private credit mandates also generated positive returns. The IG Manulife Strategic Income Fund returned 2.00%, the Mackenzie North American Corporate Bond Fund returned 1.83%, the PIMCO – IG Global Bond Pool returned 1.36%, the IG Mackenzie Mortgage and Short Term Income Fund returned 1.19%, and the IG Mackenzie Real Property Fund returned 0.92%. The iProfile Alternatives Private Pool also contributed positively, with the Mackenzie Global Macro sleeve returning 12.14% and the Wellington – IG Global Equity Hedge Pool returning 8.76%.
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, returning 15.57% and benefiting from continued strength in technology and AI-related investments.
The iProfile ETF Private Pool followed closely, returning 15.04%, similarly driven by strong global equity market returns and continued strength in semiconductor-related companies.
The iProfile Active Allocation Private Pool II returned 8.93%, and the iProfile Canadian Equity Private Pool returned 6.79%, both contributing meaningfully.
The iProfile International Equity Private Pool returned 12.19%, reflecting broad strength across international developed equity markets.
The iProfile Emerging Markets Private Pool delivered the strongest absolute return at 29.05% despite its modest portfolio weight.
The Low-Volatility Pool generated a net positive contribution overall, with the Mackenzie – IG Low Volatility Emerging Markets Equity Pool returning 20.56%, the Mackenzie – IG Low Volatility Canadian Equity Pool returning 9.82%, and the Mackenzie – IG Low Volatility U.S. Equity Pool returning 6.51%. The BlackRock – IG Low Volatility International Equity Pool was the only component to post a small negative return at -0.14%, though its impact was limited given its modest weight.
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.
To discuss your investment strategy, speak to your IG Advisor.
Commissions, fees and expenses may be associated with mutual fund investments and the use of iProfileTM Managed Asset Program. Read the prospectus and speak to an IG Advisor before investing. The rate of return is the historical annual compounded total return as of June 30, 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 security holder that would have reduced returns. Mutual funds are not guaranteed, values change frequently and past performance may not be repeated. An asset allocation service, iProfile is a managed asset program for clients with a minimum of $250,000 invested in the iProfile program. 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.
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