iA CONNECTED

Alexandre Morin, CFA

BOND (iA)
Risk-on backdrop drove a strong performance

• We actively adjusted duration throughout the quarter, adding exposure as yields rose before scaling back late in the period to lock in gains and  preserve flexibility.
  
  
• We added front-end rate exposure with two - year U.S. Treasury futures and increased Canadian and Mexican government bond exposure.
  
  
• We are maintaining a cautious bond market outlook as persistent  inflation and a hawkish Federal Reserve may keep upward pressure on yields, while stable corporate fundamentals support selective duration and credit positioning.
  

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FIXED INCOME MANAGED PORTFOLIO (iA)
Sharp turnaround in performance after a negative first quarter

• Active duration management added value as we tactically adjusted interest rate exposure amid bond market volatility.
  
  
• We took profits from our Agile Fund position and reallocated proceeds to PIMCO as we continue to deploy capital in a disciplined manner in this shifting market environment.
  
  
• Volatility is expected to remain elevated, underscoring the importance of maintaining a nimble duration profile and selective credit exposure.

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Nicolas Caron, M.Fin, CFA

David Caron, MSc, CFA, CPA 

CANADIAN EQUITY SMALL CAP (iA)
Second-quarter sector rotation

• Canadian small caps advanced in the second quarter, with sector leadership shifting from energy to technology and industrials. The fund slightly underperformed the benchmark during the period.
  
  
• Portfolio activity focused on adding industrial, health care, and emerging resource companies reflecting our convictions about long-term growth opportunities and attractive valuations.
  
  
• The evolving Build Canada theme is creating attractive opportunities across the Canadian small-cap market, particularly in infrastructure, energy, and critical minerals.
  

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Nicolas Caron, M.Fin, CFA

CANADIAN EQUITY GROWTH (iA)
Canadian equities extend gains

• The Fund slightly underperformed its benchmark owing to security selection. Canadian equities posted positive second-quarter returns, with financials, health care, and industrials leading the charge.
  
  
• We refined the fund with selective new investments, including Apotex Health, and exits, maintaining our focus on long-term value creation and disciplined capital allocation.
  
  
• Even though uncertainty remains high, the long-term prospects for infrastructure, energy security, and critical minerals remain compelling in Canada.
  

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Maxime Houde, CFA

Nicolas Caron, M.Fin, CFA

NORTH AMERICAN EQUITY (iA)
Equities extend gains in the second quarter

• Canadian equities delivered positive returns during the quarter, with leadership shifting toward financials, health care, and technology.
  
  
• We positioned the portfolio for structural growth by adding high-conviction holdings and increasing our exposure to AI infrastructure and industrial technology themes.
  
  
• We remain constructive on long-term opportunities supported by AI adoption, infrastructure spending, and energy-security initiatives, while maintaining a focus on high-quality businesses.

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Dan Rohinton

GLOBAL DIVIDEND (iA)
Steady amidst uneven markets

• Health care and consumer discretionary were the primary contributors, while information technology detracted despite a solid absolute performance.
  
  
• We selectively repositioned the portfolio, adding exposure to AI-related beneficiaries, European-facing companies, and other high-conviction opportunities.
  
  
• Amid concentrated market leadership, we remained focused on quality, valuation discipline, and long-term compounders with strong reinvestment potential.

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DIVIDEND GROWTH (iA)*
Diversification helped during sector divergence

• Financials and technology drove market gains, while energy and gold lagged amid softer oil prices and shifting interest rate expectations.
  
  
• We repositioned the portfolio modestly by trimming Canadian Natural Resources, upgrading quality with Microsoft, and adding to select opportunities in health care, gold, and utilities.
  
  
• With Canadian bank valuations elevated, we remained disciplined, focusing on dividend sustainability, balance-sheet strength, and selective opportunities as conditions evolved.
  

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*Underlying fund: Canadian Dividend (iA)

Maxime Houde, CFA

THEMATIC INNOVATION (iA)
Barbell for risk management

• Technology and AI-linked holdings led performance on accelerating investment in data centres and robust demand across the AI value chain.
  
  
• We increased our exposure to cyclical and infrastructure opportunities while redeploying capital away from positions with deteriorating fundamentals.
  
  
• As AI spending continues to support long-term growth, we remain focused on high-conviction opportunities, disciplined portfolio construction, and evolving market leadership.
  

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