Mackenzie Ivy International Equity
Mandate commentary
Q4 2025
Highlights
① An overweight allocation to health care was the largest contributor.
② Global growth strengthened as inflation eased, and policy turned supportive.
③ Equities and quality fixed income remain positioned for growth.
Mandate overview
Performance was relatively flat but underperformed the benchmark. Stock selection within financials and industrials detracted from relative performance, while an overweight exposure to the health care sector contributed to relative performance.
Health care and information technology were the top-performing sectors this quarter.
Mandate: a relatively flat performance this quarter that underperformed the benchmark.
Performance contributors
Overweight allocation to the health care sector positively contributed to the relative performance.
Underweight allocation to Asia/Pacific Ex-Japan contributed to relative performance.
Performance detractors
Stock selection within the financials and industrials sectors detracted from relative performance.
Stock selection within Europe and Japan detracted from relative performance.
Total gross returns:
Total return | QTD | YTD | 1YR | 3YR | 5YR | since INC. (NOV. 14, 2016) |
MACKENZIE IVY INTERNATIONAL EQUITY | 0.02% | 18.48% | 18.48% | 13.29% | 4.64% | 6.37% |
Mandate repositioning
During the quarter, the mandate exited positions in Nomura Research Institute, Sonic Healthcare and Adyen N.V.
The mandate added to existing positions in Assa Abloy AB, Reckitt Benckiser Group and Roche Holding, while trimming positions in Hoya Corporation.
Market overview: global growth strengthened, inflation eased, policy supportive
Markets ended the fourth quarter of 2025 on a strong note, capping a year defined by resilience and broad-based gains. Equities led performance, as investors looked beyond policy noise and focused on improving fundamentals. Global markets advanced, supported by steady corporate earnings, easing inflation pressures and a clear shift toward lower interest rates. Canada outperformed most developed peers, driven by strength in materials and financials, while European and Asian markets rebounded on firmer trade activity and renewed investor confidence. In the U.S., equity performance remained positive, led by technology and communication services, with improving breadth across sectors signalling a healthier market foundation.
Fixed income delivered modest but positive returns, as central banks continued to ease policy. Government yields declined on the short end while longer maturities remained stable, allowing coupon income to drive returns. Credit conditions stayed firm, underscoring the strength of corporate balance sheets entering 2026.
Market outlook: equities and quality fixed income positioned for growth
Entering 2026, global markets are positioned on a solid footing. Easing monetary policy and supportive fiscal conditions are expected to sustain growth across major economies. In the U.S., healthy earnings and productivity gains continue to anchor performance. Canada benefits from resource strength and steady financials, while Europe and Asia offer improving valuation opportunities through accelerating trade and industrial expansion. Fixed income markets provide renewed income potential as yields stabilize, and credit quality remains robust.
Overall, conditions favour a balanced, diversified approach.
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This commentary may contain forward-looking information, which reflects our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and do not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of December 31, 2025. There should be no expectation that such information will in all circumstances be updated, supplemented or revised, whether as a result of new information, changing circumstances, future events or otherwise.
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