Discover the winning strategies of the first quarter and how they navigated through market turbulence.
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Alexandre Morin, CFA
David McCulla, CFA
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BOND (iA)
Widening credit spreads drove the fund’s slight underperformance
- The fund’s underperformance was due to a corporate bond overweight and credit spread widening, offset by gains from federal bonds and strategic duration management.
- Tactical adjustments were made in response to market uncertainties and tariff threats.
- Amid ongoing yield volatility, the bond market has positive outlook for 2025, with support from attractive risk-return profiles and potential central bank actions.
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FIXED INCOME MANAGED PORTFOLIO (iA)
Overweight exposure to U.S. rates was a tailwind in the first quarter
- An overweight in U.S. rates boosted performance amid declining bond yields and U.S. bond outperformance.
- Tactical adjustments involved increasing exposure to U.S. rates and managing duration strategically during interest rate volatility.
- We have a positive 2025 outlook for the bond market, emphasizing active management of interest rate risk and capitalizing on ongoing bond-yield volatility.
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Marc Gagnon, MSc, CFA
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CANADIAN EQUITY SMALL CAP (iA)
Positive performance for Canadian small caps to start the year
- The fund underperformed in the first quarter amid asset-allocation and stock-selection challenges.
- Our prudent portfolio management is designed to address tariff uncertainties and an economic slowdown.
- Small-cap stocks are poised to benefit from an M&A surge in the technology, materials, and energy sectors amid economic challenges.
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CANADIAN EQUITY GROWTH (iA)
Positive performance for the Canadian market to start the Year
- The Canadian market performed well, with the fund’s underperformance from asset allocation offset by strong stock selection.
- Prudent stock choices in stable sectors balanced exposure in times of economic uncertainty.
- Amidst tariff uncertainty, we adjusted our exposure to reduce risk and maintain a prudent positioning.
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Maxime Houde, CFA
Marc Gagnon, MSc, CFA
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NORTH AMERICAN EQUITY (iA)
Market struggles amid uncertainty and trade tensions
- The fund underperformed its benchmark in the first quarter owing to asset allocation decisions and stock selection in key sectors, such as energy and technology.
- In response to economic uncertainty, the focus is on effective stock selection.
- Canada's resilience and lower valuation provide potential for outperformance relative to the United States.
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Dan Rohinton
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GLOBAL DIVIDEND (iA)
Showing resilience in a volatile period
- Strong security selection in industrials drove returns, with a focus on quality names and sector tailwinds.
- We emphasized high risk-reward opportunities and resilience in volatile markets.
- Market volatility due to tariff policies calls for vigilance amid economic changes.
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DIVIDEND GROWTH (iA)*
Financial strength amid tech uncertainty
- The financial sector boosted the fund’s performance in a context of economic uncertainty.
- Strategic adjustments were made for long-term growth in essential sectors.
- We are navigating the Canadian equity market cautiously amid trade tensions.
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*Underlying fund: Canadian Dividend (iA)
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Maxime Houde, CFA
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THEMATIC INNOVATION (iA)
Performance in the first quarter
- The fund underperformed in the first quarter owing to growth-sector overweights as well as stock-picking challenges in AI and tech corrections.
- We took a defensive approach with telecom, staples, and insurance investments for balanced exposure.
- We are cautiously optimistic about AI trends amidst volatility.
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