IG Wealth Management has published the Annual Management Report of Fund Performance (MRFP) for iProfile International Equity Private Pool, covering the financial year ended March 31, 2026. The Pool's Series I securities returned 17.0% after fees over the year, a strong absolute result that nonetheless came in slightly below the benchmark index return of 17.4%.

For advisors and investors who use the iProfile program for international diversification, the filing offers insight into where returns came from in a year that rewarded certain global themes while punishing others. It also illustrates how a large, established equity pool can deliver double-digit gains and still narrowly trail its benchmark — a useful reminder that "outperforming" and "performing well" are not the same thing.

Keys Highlights

• iProfile International Equity Private Pool delivered a 17.0% Series I return (net of fees) for the year ended March 31, 2026, marginally behind its benchmark index return of 17.4%.

• Net assets grew 26.7% over the period to $6.9 billion, making this one of the larger pools in the iProfile lineup.

• Asian semiconductor stocks, lifted by capital-spending themes, and strong shareholder returns helped drive a broad market advance during the year.

• Market volatility and certain stock selection decisions — including holdings in France and South Korea — weighed on performance.

• The Pool holds modest allocations to private funds, including $62.5 million in a Northleaf Capital vehicle and $18.9 million in a Rockefeller vehicle.

What the SEDAR+ Announcement Says

An MRFP is a standardized regulatory report that Canadian funds file, typically through SEDAR+, to disclose how a fund performed over a given period. It covers performance, investment strategy, key contributors and detractors, changes in net assets, and the customary forward-looking-statement caveats. It is a compliance document, not promotional material.

According to the annual MRFP for iProfile International Equity Private Pool:

• For the year ended March 31, 2026, Series I securities returned 17.0%, net of the fund's fees and expenses.

• The Pool's benchmark index returned 17.4% over the same period, meaning the Pool slightly underperformed its benchmark on a Series I basis.

• Net assets increased 26.7% during the period to $6.9 billion.

• Performance drivers included a rally in Asian semiconductor stocks tied to capital-spending themes, while strong shareholder returns supported a broad market advance.

• Detractors included market volatility and certain stock selection, such as holdings in France and positions in South Korea.

• The Pool held an investment of $62.5 million (0.9% of net asset value) in Northleaf IGEPE Holdings LP, a private fund managed by Northleaf Capital.

• It also held $18.9 million (0.3% of NAV) in Rockefeller IGIPE International Holdings LP, a private fund.

• Series P comprised about 21.0% of net assets 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 paid directly by investors.

Why This Matters for Investors

The central concept to understand is what a Series I return represents. Series I is generally an institutional or fee-stripped series. The 17.0% figure is net of the fund's internal management fees and operating expenses for that series, but it does not include the advisory fees and other costs that many investors pay on their own accounts. An investor holding a retail series of a similar strategy would generally earn less than the Series I number after all their own fees.

That distinction matters here because the Pool slightly underperformed its benchmark even before retail-level costs are layered on. A 17.0% Series I return against a 17.4% benchmark is a narrow gap — about 0.4 percentage points — and one that is well within the range of normal year-to-year variation for an actively managed international equity strategy. Slight underperformance in a single year does not, on its own, signal a problem; conversely, slight outperformance would not have settled the question of long-term skill.

For Canadian investors, an international equity pool plays a specific role: it provides exposure to developed-market companies outside North America. That diversification can help reduce reliance on the Canadian and U.S. markets, but it also introduces currency effects and exposure to regional dynamics that differ from those at home.

Company Background

iProfile International Equity Private Pool is part of the iProfile program, a managed, multi-asset private-pool platform offered through IG Wealth Management advisors. The Pool is managed by IG Wealth Management, part of the IGM Financial group of companies, which also includes Mackenzie Investments.

As an international equity pool, the fund invests in developed-market equities outside North America — broadly the kind of universe represented by indices such as MSCI EAFE, which spans Europe, Australasia and the Far East. This positions the Pool as a building block within diversified iProfile portfolios, giving investors access to large international companies across multiple regions and sectors.

A distinctive feature disclosed in the report is the Pool's allocation to private funds. The $62.5 million investment in Northleaf IGEPE Holdings LP, managed by Northleaf Capital, and the $18.9 million investment in Rockefeller IGIPE International Holdings LP, represent small slices of the Pool — 0.9% and 0.3% of NAV respectively. These private-market allocations sit alongside the Pool's public equity holdings and can add a different return and risk profile, though at these weightings their influence on overall results is limited.

Potential Market Impact

The fiscal 2026 year was shaped by several global themes that the MRFP identifies directly. The rally in Asian semiconductor stocks, driven by capital-spending themes, was a notable tailwind. Semiconductors have been at the centre of investment in artificial intelligence and broader technology infrastructure, and exposure to that area helped lift returns. Strong shareholder returns — through dividends and buybacks — also supported a broad advance across international markets.

On the other side of the ledger, market volatility detracted, as did specific stock selection. The report points to holdings in France and positions in South Korea as areas where selection weighed on results. This is the nature of active management: regional and security-level decisions that help in some periods can hurt in others, and the net effect determines whether the Pool beats or trails its benchmark.

The 26.7% increase in net assets to $6.9 billion underscores the Pool's scale. As one of the larger pools in the iProfile lineup, it reflects both strong investment returns and continued investor allocation to international equities. Size can bring advantages such as operating efficiency, though it does not guarantee future performance.

Key Risks or Things to Watch

Several points merit attention:

• Series and fee differences. The 17.0% return applies to Series I. Investors in retail series earn less after their own fees. With Series P at about 21.0% of net assets, the holder base spans multiple series with differing cost structures.

• Active-management variability. The Pool trailed its benchmark slightly this year, driven partly by stock selection in regions such as France and South Korea. Selection decisions can reverse in either direction.

• Concentration in themes. Returns leaned on themes such as Asian semiconductors. Should those themes cool, the tailwind that helped this year could fade.

• Private-fund exposure. The Northleaf and Rockefeller allocations are small but carry the liquidity and valuation characteristics of private investments, which differ from public equities.

• Currency and regional risk. International exposure brings currency movements and region-specific risks that can amplify or offset equity returns.

• Forward-looking statements. The MRFP carries standard forward-looking-statement caveats; actual future results may differ from any expectations expressed.

Investor Takeaway

For investors and advisors using iProfile for international diversification, the fiscal 2026 MRFP for iProfile International Equity Private Pool tells a balanced story. The Pool delivered a strong 17.0% Series I return in absolute terms, even as it edged just below its 17.4% benchmark. Net assets grew meaningfully, and the report is candid about both the themes that helped — Asian semiconductors, shareholder returns — and the selection decisions that hurt.

The slight underperformance is best read in context: it is small, it reflects active decisions, and a single year is a limited basis for judgment. As always, the Series I figure does not reflect an individual investor's advisory costs, so personal returns in retail series would be lower. None of this points toward any particular action; it simply helps investors understand the Pool's behaviour over the year.

Conclusion

The Annual Management Report of Fund Performance for iProfile International Equity Private Pool documents a year of strong absolute returns paired with marginal benchmark underperformance: a 17.0% Series I result against a 17.4% benchmark, with net assets rising 26.7% to $6.9 billion. The drivers — Asian semiconductors and shareholder returns on the positive side, volatility and selection in France and South Korea on the negative — illustrate how international equity returns are assembled across regions and themes.

An MRFP is a backward-looking regulatory filing, not a forecast. Past performance does not guarantee future results, returns differ across series, and forward-looking statements involve uncertainty. Investors seeking to understand how this Pool fits their objectives should review the full filing and speak with their advisor about their own situation.