iProfile™ Private Discretionary Portfolio – Global Mid-Neutral Balanced
Q3 commentary 2026
Highlights
① The portfolio rose, with global equity markets providing support while rising bond yields created a challenging fixed-income environment.
② Earnings growth provided a powerful tailwind for equities.
③ Inflation, energy costs pushed long-term yields higher.
Portfolio returns: Q3 2026
| Total Return | 1M | 3M | YTD | 1YR | 3YR | 5YR | 10YR | Since Inc. (March 15, 2021) |
iProfile Private Discretionary – Global Mid-Neutral Balanced Series I | -0.38
| -0.24
| 7.02
| 8.46
| 12.45
| 7.02
|
Portfolio overview
The iProfile™ Discretionary Portfolio – Global Mid-Neutral Balanced rose over the period. Global equity markets advanced during 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 pressures, while long-term government bond yields rose in Canada, the United States and other developed markets.
The positive global equity environment provided support, although market performance varied across regions. U.S. equities benefited from continued investor interest in artificial intelligence and related infrastructure, while Canadian equities were supported by strength in the energy sector as oil prices moved higher. International developed markets produced mixed results, with Japanese equities advancing while European equities declined. Emerging market equities faced pressure from weakness among semiconductor companies amid a broader industry sell-off.
Fixed income investments operated in a more challenging environment. Rising government bond yields pushed bond prices lower, with longer-term securities generally experiencing greater pressure because of their higher sensitivity to changes in interest rates. Global bonds also faced headwinds as yields increased across developed markets.
The portfolio’s diversified structure includes exposure to Canadian and global bonds, corporate credit, mortgages, real property and other income-oriented investments. This range of exposures provides different sources of income and diversification, although many areas of the fixed income market were affected by rising yields during the period.
Alternative strategies also offered an additional source of diversification during a quarter marked by rising oil prices and increased volatility across asset classes. However, without detailed quarterly attribution, individual strategies cannot be identified as contributors or detractors.
Overall, the market environment was supportive for global equities but challenging for fixed-income investments. The portfolio’s balanced exposure to global equities, fixed income and alternative strategies provided diversification across several asset classes during a period of contrasting equity and bond market performance.
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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