Portfolio returns: Q3 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (Jun 22, 2020) |
iProfile Portfolio – Global Equity I | 0.40
| 1.47
| 14.34
| 16.81
| 21.07
| 12.82
| 14.38
| |
Quartile rankings | 3 | 2 | 2 | 2 | 2 | 1 |
iProfile™ Portfolio – Global Equity Series I
Q3 commentary 2026
Highlights
Portfolio Overview
The iProfile™ Portfolio – Global Equity, Series I, returned 1.47% over the period, outperforming its Global Equity peer group median (at 0.44%). Global equity markets advanced over the quarter, supported by resilient corporate earnings and continued investment in artificial intelligence infrastructure. Market leadership also broadened beyond a narrow group of technology companies. However, higher energy prices contributed to renewed inflation concerns, while rising long-term government bond yields created a more challenging environment for interest-rate-sensitive equities. Most areas of the portfolio delivered positive returns, although the portfolio did not fully participate in the strongest-performing segment of the global equity market.
U.S. equities were the largest contributor to performance. Strong security selection within growth-oriented investments helped offset some positioning headwinds. Cloudflare, Lam Research, Amazon and Broadcom were among the leading contributors, supported by continued investor interest in artificial intelligence and related infrastructure.
Canadian equities also contributed meaningfully, supported by effective security selection within the energy sector. Cenovus Energy, Suncor Energy and Phillips 66 were among the notable contributors, as energy prices moved higher. The portfolio also benefited from holdings in semiconductor equipment and memory companies, including Applied Materials, KLA Corporation and Lam Research. These gains were partially offset by weakness in NVIDIA, Apple and Microsoft.
Results across international developed markets were positive but varied by region and investment approach. Low-volatility international equities performed well during the period, while international equities more broadly made a modest contribution. Japanese equities advanced and led developed markets higher, whereas European equities declined. This regional divergence moderated the overall contribution from international markets.
Emerging market equities were the only area to detract from performance. Semiconductor holdings, including SK Hynix, Samsung Electronics and Taiwan Semiconductor Manufacturing Company, came under pressure amid a broader global sell-off. This weakness partially offset gains across U.S., Canadian and international developed-market equities.
Alternative strategies provided additional support. Global macro investments benefited from rising oil prices and elevated volatility across asset classes, while equity hedge strategies also contributed positively. Overall, broad gains across developed-market equities and alternative strategies outweighed the weakness in emerging markets.
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: inflation, energy costs pushed long-term yields higher
With the recent earnings strength, the bar for market performance is higher. U.S. valuations are at the upper end of their historical range and have come under pressure from higher bond yields. Investor sentiment points to strong earnings growth going-forward, which could support equities in the near term, but the magnitude of gains may be muted.
The U.S. Federal Reserve and Bank of Canada each face two rate decisions this year, and persistent inflation has shifted central banks toward a tighter policy stance. Long-term yields remain a pressure point for equities, while also improving the income available from bonds.
The U.S. midterms may add to market volatility, but the path forward will be shaped by the economic cycle, inflation and interest rates.
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