iAGAM Investment Funds | 2024 third quarter review

Strong performance in the third quarter, find out why.

Alexandre Morin, CFA

David McCulla, CFA

BOND (iA)
Strong performance during the quarter

Longer-duration positioning and selection in provincial bonds contributed to strong performance in the third quarter.
We were active in provincial bonds and added the iA Short Term Private Debt Fund for extra yield.
Our allocation to shorter-duration corporate and municipal bonds subtracted some value.

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FIXED INCOME MANAGED PORTFOLIO (iA)
Continued strong performance in the quarter

Strong performance driven by longer-duration funds, despite some detractors in shorter-duration securities.
We increased our North American interest rate exposure and added Canadian private debt for higher yield and diversification.
We are maintaining a long-duration bias and a quality credit positioning, given the economic slowdown and rate cuts.

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Marc Gagnon, MSc, CFA

CANADIAN EQUITY SMALL CAP (iA)
Another excellent quarter for small caps

Canadian small caps performed well, with Crew Energy, Gildan, Hammond Power, and Filo Mining leading the way.
We increased our exposure to Wesdome, Innergex, Adentra, and Interfor to benefit from falling interest rates.
Our overweight in industrials benefits from infrastructure and nuclear energy demand.

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CANADIAN EQUITY GROWTH (iA)
An excellent quarter for Canadian equities

Even though Canadian equities rose, the fund underperformed slightly owing to financials and information technology. Consumer staples and energy added value.
We overweighted consumer discretionary and industrials, and underweighted energy and materials. We expect rate cuts and fiscal stimuli to boost these sectors.

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Maxime Houde_rond

Maxime Houde, CFA

Marc Gagnon, MSc, CFA

NORTH AMERICAN EQUITY (iA)
An excellent quarter for the equity market

The portfolio benefitted from rate-sensitive sectors and invested in AI growth.
The portfolio remains overweight in industrials and expects gains from infrastructure and AI.
We see opportunities in small- and mid-cap innovators amid U.S. election volatility and China’s property-sector revival.

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Dan Rohinton

GLOBAL DIVIDEND (iA)
Capitalizing on defensive strategies

Defensive strategies boosted performance, led by consumer staples and health care.
We focused on high risk-reward opportunities in AI, software, and energy transition.
Geopolitical tensions, AI trade saturation, and interest rate decisions are under the radar.

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DIVIDEND GROWTH (iA)
Rate-sensitive companies to the fore

Rate-sensitive companies drove performance, such as Enbridge, TC Energy, and Agnico Eagle Mines.
We are investing in AI-driven energy demand, software, and the energy transition for long-term growth.
Expecting rate cuts, we see opportunities in utilities, energy, materials, and IT amid economic uncertainty.

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Maxime Houde_rond
Maxime Houde, CFA

THEMATIC INNOVATION (iA)
Moderated performance in the third quarter

Our underperformance was due to exposure to the AI theme.
We invested in consumer discretionary and exited overvalued SiTime, Entegris, and Starbucks.
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.

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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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