iAGAM Investment Funds | Bonds up and equities down in August

Performance, strategies and market movements: All you need to know this month.

Houde, Maxime carré

Maxime Houde, CFA

THEMATIC INNOVATION (iA)
"No vacation for rates"

U.S. rates are nearing a decade high.
The market is pricing in a lower chance of a recession.
The fund is positioned for multiple economic scenarios.

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Alexandre Morin, CFA

BOND (iA)
"Bond yields hit multiyear highs in August"

Shorter-dated yields fell marginally, whereas longer-dated yields rose during the month.
We remain long duration and overweight credit, although we reduced our exposure to credit slightly during the month.
We will continue to actively manage our exposure to rates, curve, and credit, and to look outside Canada for opportunities to add value.

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Houde, Maxime carré

Maxime Houde, CFA

Marc Gagnon, MSc, CFA

NORTH AMERICAN EQUITY (iA)
"The debate: Recession or no recession?"

U.S. rates are nearing a decade high.
The market is pricing in a lower chance of a recession.
The Fund is positioned for multiple economic scenarios.

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Donny Moss, CFA

DIVIDEND GROWTH (iA) &
U.S. DIVIDEND GROWTH (iA)
"Earnings impress but stock reaction disappoints"

Equities were negative in August as earnings failed to impress.
Energy prices hit their highest level since the beginning of the year.
Canadian banks have problems with their expenses.

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"iAGAM" is a tradename under which iA Global Asset Management Inc. and Industrial Alliance Investment Management Inc. operate.

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This document was produced for informational purposes only and does not constitute an offer or invitation to anyone to buy or sell any security, nor does it indicate an intention to trade in any fund or account managed by iA Financial Group and its subsidiaries. It is intended for advisor use only and should not be reproduced without permission.

The information provided herein does not constitute financial, tax or legal advice. Investors should always consult a licensed financial advisor before making any investment decisions. The commentary on a Fund is provided by the portfolio manager who is responsible for managing the Fund's investment portfolio as specified in the Information Folder and the Fund Facts document ("Portfolio Manager"). Statements made by the Portfolio Managers represent their personal views and do not necessarily reflect the views of iA Financial Group and should not be construed otherwise. This information does not constitute a recommendation to buy or sell any particular security. Results are for illustrative purposes only. Fund managers may buy and sell securities at any time, and the value of the securities they hold may rise or fall. Past performance of a security may not be repeated. Unless otherwise indicated, the information is from the portfolio manager. Forward-looking statements are based on the portfolio manager's outlook at the time they are made. Actual events may differ. iA Financial Group assumes no obligation to update the information provided herein. The information contained herein may not reflect all of the terms, conditions and risks of investing in segregated funds. Please read the Information Folder and the Fund Facts document for more details on the specific risks of investing in segregated funds.

Any amount allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. The returns shown, if any, are the net returns of the MER. Commissions, trailing commissions, management fees and expenses all may be associated with investments in segregated funds. Please refer to the Information Folder and the Fund Facts document before investing. Although segregated funds offer guarantees, their values change frequently and past performance may not be repeated.

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