iAGAM Investment Funds | 2024 fourth quarter review

Strong performance in the fourth quarter, find out why.

Alexandre_Morin_rond 2

Alexandre Morin, CFA

David McCulla, CFA

BOND (iA)
Corporate and municipal bonds drive gains amid rising bond yields

Corporate and municipal bonds drove gains amid rising bond yields.
We maintained an overweight in duration and credits and adjusted our provincial and municipal bond exposure.
The outlook for the bond market in Q1 2025 is positive, with an attractive risk-reward profile.

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FIXED INCOME MANAGED PORTFOLIO (iA)
Strong tailwind to performance from Canadian bonds and credit exposure

Canadian bonds and credit exposure drove a strong performance amid rising bond yields.
We made an initial investment in IA Clarington Agile Global Total Return Income Fund and managed duration tactically.
The bond market outlook for 2025 is positive with an attractive risk/reward profile and expected rate cuts.

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Marc Gagnon, MSc, CFA

CANADIAN EQUITY SMALL CAP (iA)
A slightly positive quarter to end the year

The small-cap market lost momentum and rate-sensitive sectors underperformed in the fourth quarter.
The portfolio was adjusted to mitigate tariff risks and add resilient names, such as North West and Bausch Health.
Canadian market valuations are appealing, with the potential for M&A activity in 2025.

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CANADIAN EQUITY GROWTH (iA)
Canadian equities end the year on a strong note

Sector allocation added value, and a tech overweight contributed positively despite stock selection drag.
We adjusted the portfolio to mitigate tariff risks, add U.S. companies and leverage Alberta's electricity trend.
The Canadian market has an appealing valuation and a positive outlook if tariffs are lower than expected.

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Maxime Houde_rond

Maxime Houde, CFA

Marc Gagnon, MSc, CFA

NORTH AMERICAN EQUITY (iA)
A strong quarter closes a stellar year

The U.S. market contributed 36% to the returns; the fund slightly underperformed owing to IT stock selection.
The portfolio was adjusted to mitigate post-election tariff risks.
A pro-business U.S. administration and lower rates are expected to support market breadth in Q1 2025.

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Dan Rohinton

GLOBAL DIVIDEND (iA)
Rotating to cyclical sectors

Strong security selection in financials, IT and materials boosted the return.
We made tactical adjustments to cyclical names and initiated and exited selected positions.
We are focused on high-quality companies and macro themes, such as AI, geopolitics and interest rates.

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

Rate-sensitive sectors, such as materials and consumer discretionary, drove performance.
Portfolio adjustments were made to enhance resilience amid economic uncertainty.
High-quality businesses in utilities, energy and IT are expected to benefit from rate cuts.

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Maxime Houde_rond
Maxime Houde, CFA

THEMATIC INNOVATION (iA)
Strong performance in the fourth quarter

AI-related investments drove a strong quarterly performance.
We adjusted the portfolio to capitalize on market volatility and undervalued opportunities.
We focused on thematic innovators and dominant firms amid macroeconomic uncertainties.

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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.

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