IG Wealth Management has released the Annual Management Report of Fund Performance (MRFP) for iProfile Active Allocation Private Pool IV, covering the financial year ended March 31, 2026. The headline figure is a strong one: the Pool's Series I securities returned 19.6% after fees, comfortably ahead of the 15.1% return posted by the Pool's benchmark index over the same stretch.

For investors and advisors who follow the iProfile program, the report offers a useful window into how a fund-of-ETFs strategy navigated a buoyant year for global equity markets. It also serves as a reminder of how to read fund-performance disclosures carefully — particularly the difference between an institutional Series I return and the experience of investors holding retail series. This article walks through what the filing says, what it means in context, and what investors may wish to keep in mind, without offering any recommendation to buy, sell or hold.

Keys Highlights

• iProfile Active Allocation Private Pool IV posted a 19.6% Series I return (net of fees) for the year ended March 31, 2026, ahead of its benchmark index return of 15.1%.

• The Pool uses a fund-of-ETFs structure, investing up to 100% of assets in exchange-traded funds managed by its sub-advisor or affiliates.

• Net assets climbed 45.7% over the period to $411.2 million, reflecting both strong markets and continued inflows.

• A single position representing roughly 19% of net assets was the largest contributor to performance during the year.

• Series P, designed for qualified investors, accounted for about 69.6% of the Pool's net assets at year-end; returns differ across series because of differing fees and expenses.

What the SEDAR+ Announcement Says

An MRFP is a regulatory document that Canadian mutual funds and pooled funds must file, typically through the SEDAR+ system, on an annual and semi-annual basis. It is not marketing material. It is a standardized report that summarizes a fund's performance, its investment approach over the period, notable contributors and detractors, changes in net assets, and the standard caveats that accompany forward-looking statements.

According to the annual MRFP for iProfile Active Allocation Private Pool IV:

• For the year ended March 31, 2026, Series I securities returned 19.6%, net of the fund's fees and expenses.

• The Pool's benchmark index returned 15.1% over the same period, meaning the Pool outperformed its benchmark by roughly 4.5 percentage points on a Series I basis.

• The Pool invests up to 100% of its assets in ETFs managed by its sub-advisor or affiliated managers — a fund-of-ETFs structure.

• A single position representing approximately 19% of net assets contributed the most to performance during the year.

• The Health Care Select Sector SPDR Fund represented about 2% of net assets.

• Net assets increased 45.7% during the period to $411.2 million.

• Series P, which is offered to qualified investors, made up about 69.6% of the Pool's net assets as at March 31, 2026.

Returns are reported as total return in Canadian dollars, net of the fund's fees and expenses, but excluding sales charges and any advisory fees an investor may pay directly. The report notes that performance varies by series because each series carries a different fee and expense structure.

Why This Matters for Investors

The most important interpretive point in any MRFP is what a Series I return actually represents. Series I is generally an institutional or fee-stripped series. The return shown is net of the fund's internal management fees and operating expenses for that series, but it does not reflect the advisory fees or other costs that many retail investors pay. In practical terms, an investor holding a retail series of a comparable strategy would typically earn less than the Series I figure after all their own fees are accounted for.

This is not a criticism of the Pool. It is simply how layered fee structures work, and it is why comparing a Series I number directly to a personal account balance can be misleading. The 19.6% figure is best understood as the performance of the underlying strategy before an individual investor's advisory costs, not as a promise of what any specific account earned.

The benchmark comparison is also worth dwelling on. Outperforming a benchmark by about 4.5 percentage points in a single year is a meaningful result, but a single year is a short window. Active allocation strategies are designed to add value over full market cycles, and one strong year — or one weak one — should be weighed against a longer track record rather than treated as a verdict.

Company Background

iProfile Active Allocation Private Pool IV is part of the iProfile program, a managed, multi-asset private-pool platform offered through IG Wealth Management advisors. The iProfile suite is built to give investors access to professionally managed, diversified portfolios using a series of underlying private pools and funds, each focused on a particular asset class or strategy.

The Pool is managed by IG Wealth Management (IGWM Inc.), and the iProfile and related trademarks are owned by IGM Financial Inc. IGM Financial is one of Canada's largest asset and wealth management groups, and its family of businesses includes IG Wealth Management and Mackenzie Investments. This affiliation matters for understanding the Pool's structure: because the Pool invests in ETFs managed by its sub-advisor or affiliates, much of the underlying investment management is kept within the broader corporate group.

The fund-of-ETFs approach is central to how this Pool operates. Rather than picking individual stocks and bonds directly, the Pool allocates across a set of exchange-traded funds, which themselves hold diversified baskets of securities. This structure can offer broad market exposure, the ability to shift allocations relatively efficiently, and a transparent set of building blocks. It also means the Pool's results are driven largely by allocation decisions among ETFs and by the performance of those underlying funds.

Potential Market Impact

For the year ended March 31, 2026, the backdrop was generally favourable for the kinds of equity-oriented exposures a balanced or growth-tilted allocation pool tends to hold. The Pool's benchmark return of 15.1% reflects a constructive market environment, and the Pool's ability to exceed that with a 19.6% Series I return suggests its allocation choices added value relative to the index over the period.

The report highlights that a position representing roughly 19% of net assets was the single largest contributor to performance. Concentration of contribution in one large holding is common in fund-of-ETFs structures, where a core position can anchor the portfolio. The Health Care Select Sector SPDR Fund, at about 2% of net assets, represents a smaller, more targeted sector allocation.

The 45.7% increase in net assets to $411.2 million is also notable. Net asset growth of that magnitude in a single year reflects a combination of positive investment returns and net inflows from investors. Growth in assets can be a sign of investor confidence in a strategy, though it is not in itself a measure of future performance. It is worth remembering that the Pool remains modest in size relative to some of the larger pools in the iProfile lineup.

Key Risks or Things to Watch

Several considerations deserve attention when reading this report:

• Series and fee differences. The 19.6% return applies to Series I. Investors in retail series earn less after their own fees. With Series P comprising about 69.6% of net assets, most of the Pool's holders are qualified investors, whose experience may differ again from both Series I and retail holders.

• Concentration of contribution. A single position drove much of the year's performance. Concentration can cut both ways — a large holding that helps in a strong year can detract in a weak one.

• Structure-related dependence. Because the Pool invests in ETFs managed by its sub-advisor or affiliates, its results are tied to those affiliated products and the allocation decisions made among them.

• Single-year caution. One year of outperformance does not establish a durable pattern. Markets that were favourable during the period could turn.

• Forward-looking statements. The MRFP includes standard forward-looking-statement caveats. Such statements are based on assumptions and are subject to risks and uncertainties; actual results may differ.

Investor Takeaway

For investors and advisors using the iProfile platform, the fiscal 2026 MRFP for iProfile Active Allocation Private Pool IV reads as a solid year: a 19.6% Series I return that beat its 15.1% benchmark, meaningful growth in net assets, and a clearly described fund-of-ETFs structure. The disclosure is transparent about the drivers of performance and about the fact that results vary by series.

At the same time, the report is a reminder to read past the headline number. The Series I figure is net of fund fees but not of an investor's advisory costs, and the heavy weighting toward Series P means the typical holder is a qualified investor. None of this is a reason for action in either direction; it is context that helps investors understand what they are actually holding and how their own returns may compare.

Conclusion

The Annual Management Report of Fund Performance for iProfile Active Allocation Private Pool IV captures a constructive year for the Pool, with Series I securities returning 19.6% net of fees against a 15.1% benchmark, and net assets rising 45.7% to $411.2 million. The fund-of-ETFs structure, the concentration of contribution in a large core position, and the predominance of Series P holders all shape how the results should be interpreted.

As always, an MRFP is a backward-looking document filed to meet regulatory requirements, not a forecast. Past performance does not guarantee future results, returns differ across series, and forward-looking statements carry inherent uncertainty. Investors who want to understand how this Pool fits within their broader plan should review the full filing and discuss it with their advisor in the context of their own circumstances.