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"We continue to favor US duration as nominal rates remain higher relative to other developed nominal rates remain higher relative to other developed countries." — Alfred Murata, PIMCO

For each investment review, you will find an overview of the fund, the quarterly commentaries, the positioning and outlook as well as the investment process.

"Within the health care sector, we continue to remain defensive and cautiously optimistic. The portfolio has fairly balanced exposure across the three major health care sub-sectors in pharmaceuticals, medical technology, and health care services." — Michal Marzal, CIBC Asset Management Inc.

"It is important to note that, despite being conservative regarding our cyclical exposure, we are working to find exposure to secular themes that will continue to perform well in a recession.” — Marc Gagnon & Maxime Houde, iAGAM

“The secular tailwinds, such as AI, automation and the energy transition, could mitigate the impact of an economic downtown for certain areas of the economy.” — Maxime Houde, iAGAM

“We think bond yields are near the high end of their present range and therefore have maintained a duration that is longer than that of our benchmark.” — Alexandre Morin, iAGAM

“Even though we acknowledge the economy’s ongoing strength, we continue to tilt defensively, focusing on companies that should perform well in times of economic weakness.” — Donny Moss, iAGAM

In both Canada and the United States, the consumer discretionary sector led the way, benefiting funds that were overweight in this sector. Most major fixed-income indices also managed to end the period in positive territory.

"The markets continue to be hesitant to embrace capital intensive sectors given the rise in interest rates, especially those that require external financing to meet their growth potential." — Frank Latshaw

“The areas where we think there's tremendous opportunity are primarily in the industries that are resilient, or that are below their long term trends.” — David Fingold