Discover the winning strategies of Q4 and how they navigated through market turbulence.
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Alexandre Morin, CFA
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BOND (iA)
Strong credit positioning drives fourth-quarter performance despite rate challenges
- Overweight positions in corporate and municipal bonds drove a strong fourth-quarter performance despite rising yields and futures headwinds.
- Our strategy continued to underweight duration and overweight credit, focusing on short-term, high-quality issuers for flexibility.
- We remain cautiously optimistic about 2026 amid geopolitical risks, policy uncertainty, and expected bond market volatility.
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FIXED INCOME MANAGED PORTFOLIO (iA)
Strong credit performance despite market headwinds
- Credit allocation drove a strong quarterly performance, with high-yield strategies outperforming despite challenging economic conditions.
- Portfolio adjustments focused on overweight credit and reduced duration to mitigate interest rate volatility and enhance resilience.
- We continued to underweight duration and overweight credit amid persistent geopolitical and policy uncertainties.
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Nicolas Caron, M.Fin, CFA
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CANADIAN EQUITY SMALL CAP (iA)
Small caps lead the charge in Canadian markets
- Canadian small caps surged 50% in 2025, gaining 10% in the fourth quarter on higher gold prices. The fund trailed slightly owing to an underweight in materials and security selection in real estate.
- We added Americas Gold and Silver to capture surging commodity prices and initiated a position in Enerflex as a result of rising natural gas demand.
- We remain optimistic but continue to target high-quality companies with strong balance sheets because inflation risks and trade negotiations could dampen investor sentiment.
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CANADIAN EQUITY GROWTH (iA)
Markets wrap up on a high note
- Canadian equities wrapped up the year by beating the S&P 500 in the fourth quarter. The fund slightly underperformed its benchmark owing to mixed sector allocation results and security selection in materials.
- We added Rockpoint Gas Storage to increase our exposure to energy and exited positions in AGF Management, CCL Industries, Air Canada, Stantec, and Artemis Gold.
- We remain optimistic but continue to target high-quality companies with strong balance sheets because inflation risks and trade negotiations could dampen investor sentiment.
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Maxime Houde, CFA
Nicolas Caron, M.Fin, CFA
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NORTH AMERICAN EQUITY (iA)
Markets wrap up on a high note
- Canadian equities ended the year on a stellar note, beating the S&P 500 in the fourth quarter. The fund slightly underperformed its benchmark owing to sector allocation.
- We added consumer discretionary names, such as Ulta Beauty and Chipotle, on fundamental improvements heading into 2026. In Canada, we increased our exposure to Barrick Mining as gold prices continued to soar.
- We remained optimistic but continued to target high-quality companies with strong balance sheets because inflation risks and trade negotiations could dampen investor sentiment.
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Dan Rohinton
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GLOBAL DIVIDEND (iA)
Steady amidst uneven markets
- Quarterly gains were driven by semiconductors and large-cap tech, offset by weakness in health care and business services.
- Portfolio repositioning emphasized high-conviction opportunities, adding AI-related tech and trimming fewer compelling sectors.
- The strategy remains selective and valuation-aware, prioritizing durable cash flows and balance-sheet strength amid market volatility.
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DIVIDEND GROWTH (iA)*
Resilience amid uncertainty
- Strong performances from Canadian banks and materials were offset by weakness in information technology.
- 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)
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Maxime Houde, CFA
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THEMATIC INNOVATION (iA)
Multiple sources of added value
- Relative performance was muted in the fourth quarter; sector allocation results were positive but were offset by weak security selection in information technology.
- We initiated positions in Visa and Adobe to reinforce exposure to digital payments and software innovation, and we added GE Vernova and XPO Inc for industrial diversification.
- Our strategy continues to emphasize AI-driven growth and cyclical opportunities ahead of expected rate cuts, while maintaining a balanced risk profile.
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