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iAGAM Investment Funds | 2024 second quarter review

July 23, 2024

Strong performance in the second quarter, find out why.

 

Alexandre Morin, CFA

David McCulla, CFA

BOND (iA)
Outperformance in the second quarter

  • Overweights in corporate and short-term bonds contributed to the return as the yield curve normalized.
  • Increased provincial and short-term tenor exposure marked portfolio activity.
  • The portfolio continued to underweight government bonds while overweighting provincial, municipal, and corporate spreads.

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FIXED INCOME MANAGED PORTFOLIO (iA)
The portfolio continued to outperform the benchmark

  • Overexposure to credit and shorter average maturities drove the portfolio’s strong quarterly performance.
  • We added U.S. duration exposure, sold the remainder of the iA Long Term Bond Fund, and increased the iA Bond Fund.
  • We maintained long-term bond and quality credit exposure, preferring to take interest rate risk outside Canada.

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image-png-Oct-24-2023-06-49-49-3773-PM

Marc Gagnon, MSc, CFA

 

CANADIAN EQUITY GROWTH (iA)
The solid start to the year continues

  • Security selection in industrials, information technology, and financials added value during the quarter.
  • Year to date, energy and materials are the top-performing sectors in Canada. Despite profit taking in these sectors, we maintained a pro-cyclical bias in the portfolio.

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Maxime Houde_rond

Maxime Houde, CFA


Marc Gagnon
, MSc, CFA

NORTH AMERICAN EQUITY (iA)
The solid start to the year continues

  • Allocations to technology and financials, as well as exposure to AI names such as Nvidia, contributed to the return.
  • The synchronized global recovery will support cyclical sectors, but AI, automation, and reshoring are still our favoured themes.

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Dan Rohinton

GLOBAL DIVIDEND (iA)
AI takes centre stage

  • Strong stock picks in technology, communication services, and health care boosted performance.
  • The portfolio is cautiously positioning for growth, emphasizing AI, software, and the energy transition.
  • In the second half, the focus will be on macro factors, consumer health, and potential oversaturation of the AI trade.

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Maxime Houde_rond
Maxime Houde
, CFA

THEMATIC INNOVATION (iA)
Strong performance in the second quarter

  • Semiconductor investments, the AI-enhanced iPhone, and hyperscaler capex benefited the return.
  • The portfolio invested in Marvell and Apple, and exited highly valued Vistra, Vertiv, and First Solar.
  • We are positioned for growth with dominant firms in AI, automation, and reshoring.

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

 


DISCLAIMER
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.

© iA Financial Group, 2023. All rights reserved. iA Financial Group, iA Wealth Management, Clarington Investments are trademarks of Industrial Alliance Insurance and Financial Services Inc. and are used by it and its affiliates under license.

Topic : Portfolio Managers

Written by iAGAM

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