iA CONNECTED

Alexandre Morin, CFA

BOND (iA)
The fund's overweight credit exposure benefitted its relative performance

• An overweight in corporate credit, both investmentgrade and short-term high-yield, contributed positively to the return during the quarter.
• Economic uncertainty should benefit the fixed income market. That said, we are more cautious than the average investor as to the number of rate cuts that will be delivered by the Federal Reserve.
• We continue to overweight spread product.

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FIXED INCOME MANAGED PORTFOLIO (iA)
A risk-on portfolio in a risk-on market equals great performance

• Lower-quality credit boosted performance during the quarter as a resilient North American economy and supportive central banks provided a favourable backdrop.
• We are cautious about the markets’ expectations on rate cuts and have therefore reduced duration while maintaining our credit tilt.

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Marc Gagnon, MSc, CFA

CANADIAN EQUITY SMALL CAP (iA)
Canadian small caps have an incredible run

• Canadian small caps have surged 36% this year, adding 21% in the third quarter on strong earnings and demand for higher-beta names; the fund trailed the index slightly owing to allocation.
• We added gold miners (B2Gold, Orla) and Pet Valu. The Dentalcorp privatization boosted returns amid a resilient Canadian economy and credit growth.
• Inflation risks from U.S. tariffs and labour shortages may limit Fed rate cuts, weighing on equity valuations.

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CANADIAN EQUITY GROWTH (iA)
The golden streak continues

• Although Canadian equities returned 12% in the quarter, beating the S&P 500, the fund lagged its benchmark owing to sector allocation and stock selection.
• We added U.S. tech names (Broadcom, Micron, First Solar) for AI and solar exposure, and maintained Canadian gold miners amid geopolitical tensions.
• Inflation risks from tariffs and labour constraints may limit the Fed’s rate cuts, pressuring equity valuations.

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Maxime Houde, CFA

Marc Gagnon, MSc, CFA

NORTH AMERICAN EQUITY (iA)
The golden streak continues

• Canadian equities gained 12% in the third quarter, beating the S&P 500, although the fund underperformed owing to its sector allocation and stock selection.
  
• We added U.S. tech names (Broadcom, Micron, First Solar, Palo Alto) for AI and solar exposure and maintained Canadian gold miners amid geopolitical tensions.
• Inflation risks from tariffs and labour shortages may limit Fed rate cuts, weighing on equity valuations.

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Dan Rohinton

GLOBAL DIVIDEND (iA)
Steady amidst uneven markets

• Gains from large-cap tech and industrial materials were partly offset by weakness in select tech and financial exchanges companies.
• We focused on durable, cash-generative businesses; with modest reallocations we added a defensive consumer and income lender and trimmed our cyclical exposure.
• Amid policy uncertainty and uneven inflation signalling volatility, the strategy stayed selective and quality-driven.

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DIVIDEND GROWTH (iA)*
Resilience amid uncertainty

• Financials and materials lagged, offset by Canadian banks and Agnico Eagle, while tech weakness weighed.
  
• We focused on Canadian franchises with strong balance sheets and resilient cash flows, trimmed cyclicals, exited a semiconductor company, and reinforced income durability.
• In the late-cycle phase amid sticky inflation, we stayed valuation-aware, dividend-focused, and flexible for volatility.

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*Underlying fund: Canadian Dividend (iA)

Maxime Houde, CFA

THEMATIC INNOVATION (iA)
Multiple sources of value added

• The fund posted a strong performance in the third quarter, with overweights in IT and communication services plus strong stock selection in biotech and hardware.
• We added Palo Alto, GitLab, Uber, Crocs, Sandisk; exited Pinterest, trimmed Robinhood to balance growth and risk.
• Our strategy favours AI, automation, and cyclical opportunities ahead of expected rate cuts and fiscal stimulus.

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