Portfolio returns: Q3 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (Apr 11, 2022) |
IG U.S. Taxpayer Portfolio – Global Neutral Balanced F | -0.14
| -0.20
| 9.27
| 10.73
| 14.36
| 9.27
| ||
Quartile rankings | 1 | 2 | 1 | 1 | 1 |
IG U.S. Taxpayer Portfolio – Global Neutral Balanced Series F
Q3 commentary 2026
Highlights
① The IG U.S. Taxpayer Portfolio - Global Neutral Balanced outperformed its benchmark over the quarter, net of underlying ETF fees.
② Country rotation strategies and relative value U.S. equity sector positions were both additive to the performance over the quarter.
③ Asset allocation decisions contributed to the performance.
Portfolio Overview
The IG U.S. Taxpayer Portfolio - Global Neutral Balanced outperformed its benchmark over Q3 2026.
The return from country rotation positioning was positive, driven by the overweight exposures to Japan, Korea and Switzerland. Underweight positions in Germany and the Netherlands detracted modestly from returns. Sector rotation also contributed positively, led by overweight positions in information technology and energy, while underweight positions in consumer staples and health care partially offset these gains. Asset allocation positioning further supported quarterly performance, with an underweight position in developed market duration and an overweight position in Japanese equities among the key contributors.
Market overview: earnings growth provided a powerful tailwind for equities
The third quarter showed that the current business cycle still has support, but risks have shifted. Growth held up, earnings improved and corporate investment remained firm, but higher oil prices, persistent inflation and rising long-term yields made the path forward less certain. Equities advanced as earnings provided fundamental support, even as higher rates raised the bar for further gains.
Canadian equities benefited from gains in resources and financials. Higher oil prices supported energy, while precious-metals companies were among the strongest performers. Bank earnings were supported by capital-markets activity, trading income and contained credit costs. U.S. equities also advanced, supported by strong earnings and continued technology investment. Higher yields weighed on more rate-sensitive areas.
International markets remained constructive overall, with parts of Asia benefiting from continued demand across the AI technology supply chain. Fixed income faced greater pressure as rising government bond yields outweighed coupon income, while credit remained comparatively resilient. Across markets, the central tension increasingly became earnings strength versus higher inflation and interest rates.
Market outlook: the rise of fiscal and investment-led growth
The third quarter reinforced a global environment increasingly shaped by fiscal expansion, strategic investment and competition for capital. While concerns around trade policy, geopolitical tensions and slowing global growth periodically weighed on market sentiment, economic activity remained supported by continued investment in artificial intelligence infrastructure, industrial capacity and defence-related spending. Across developed markets, governments are playing a larger role in directing capital toward domestic priorities, contributing to rising financing needs and increased demand for investment capital. At the same time, inflation has generally remained more contained than many investors feared, allowing growth to remain resilient despite higher interest rates and tighter financial conditions. We expect regional divergence to remain an important theme, with the United States supported by strong private-sector investment and innovation, Europe benefiting from fiscal expansion and defence spending initiatives, Japan supported by domestic investment and policy normalization, and China continuing to face challenges from weaker domestic demand despite ongoing policy support.
Our portfolio positioning reflects these themes. Within fixed income, we remain cautious on long-duration developed market sovereign bonds, where elevated issuance and financing needs may continue to place upward pressure on yields. Within equities, we favour regions and sectors supported by long-term investment trends, including artificial intelligence, infrastructure, industrial development and energy security. We continue to emphasize diversification and active asset allocation amid ongoing policy uncertainty and the potential for periods of elevated market volatility..
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