iA CONNECTED

Alexandre Morin, CFA

David McCulla, CFA

BOND (iA)
Incremental yield drives thefund’s relative performance

• An overweight in spread products and an underweight in federal bonds boosted the fund’s performance.
  
• Active duration and curve positioning added modest but positive relative performance.
• With volatile yields expected in 2025, active management will exploit opportunities in bond markets.

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FIXED INCOME MANAGED PORTFOLIO (iA)
Overweight credit exposure and U.S. rates provide a tailwind

• U.S. bond exposure and longer duration boosted the portfolio’s performance despite rising yields.
  
• High-yield credit funds outperformed amid improved sentiment from tariff policy changes.
• The portfolio maintained its overweights in U.S. duration and credit, while preserving close-to-flat exposure in Canada.

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Marc Gagnon, MSc, CFA

CANADIAN EQUITY SMALL CAP (iA)
Strong quarter for Canadian small caps

• The fund had a good performance during the second quarter, led by strong security selection in Canadian small caps.
• Added exposure to names supported by Canada's resilient economy and strong commodity tailwinds.
• The fund continues to favour gold miners, especially as a hedge against tariff uncertainties and potential energy shocks.

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CANADIAN EQUITY GROWTH (iA)
Strength in Canadian equities

• In the second quarter, the fund benefited from strong security selection.
• We increased our Canadian holdings, supported by a resilient economy and strong natural gas and gold fundamentals.
• Geopolitical tensions and tariffs created uncertainties that reinforced gold as a hedge against rising energy prices.

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Maxime Houde, CFA

Marc Gagnon, MSc, CFA

NORTH AMERICAN EQUITY (iA)
As equity markets rise, Canada stands out

• The fund had good performance in the second quarter with strong security selection and a shift from U.S. equities to resilient Canadian equities.
• Important themes remained natural gas, gold, and the long-term growth of AI in the U.S. investment strategy.
• Global uncertainties persist, with renewed U.S. tariffs and Middle East tensions affecting energy markets.

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Dan Rohinton

GLOBAL DIVIDEND (iA)
Showing resilience in a volatile period

• Strong returns were driven by the Information Technology sector, notably Microsoft and Nvidia.
• Positions in Hershey and Ares Capital were initiated for stability.
• Market volatility continued amid ongoing trade and tariff negotiations.

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DIVIDEND GROWTH (iA)*
Resilience amid uncertainty

• The fund's performance was led by strong returns from the Financials and Technology sectors.
• We continued our efforts to manage economic uncertainty with a well-rounded portfolio and strategic adjustments.
• Canadian equity markets continued to face volatility driven by trade tensions and policy uncertainty.

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*Underlying fund: Canadian Dividend (iA)

Maxime Houde, CFA

THEMATIC INNOVATION (iA)
Several sources of value added

• The fund benefited from increased exposure to AI and tech during April’s market downturn.
• A barbell strategy balanced dominant firms with innovative AI and automation leaders.
• Selective cyclical additions complemented a defensive tilt to capture short-term opportunities.

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