IG Wealth Management has released the Annual Management Report of Fund Performance (MRFP) for iProfile Portfolio – Global Neutral Balanced, covering the financial year ended March 31, 2026. The portfolio's Series I securities returned 10.7% after fees over the year — a solid result for a diversified balanced strategy, though one that naturally looks modest next to the headline gains posted by the Canadian stock market.

For investors and advisors, this filing is a clear illustration of how balanced portfolios behave: they are built to smooth the ride across a range of asset classes rather than to capture the full upside of any single market. Understanding that design is essential to interpreting the 10.7% figure correctly. This article reviews the disclosure and its context, with no recommendation to buy, sell or hold.

Keys Highlights

• iProfile Portfolio – Global Neutral Balanced returned 10.7% on its Series I securities (net of fees) for the year ended March 31, 2026.

• The portfolio is a balanced "fund of funds," generally holding 50%–70% equities and 20%–50% fixed income and real property.

• Its 10.7% return trailed the S&P/TSX Composite's 34.8% gain — a gap that reflects diversification across bonds and global assets, not a focus on Canadian equities alone.

• iProfile Canadian Equity Private Pool, at about 13% of net assets, was the largest absolute contributor; Mackenzie Global Macro Fund, at about 2%, was the largest detractor.

• Net assets increased 28.0% over the period to $5.0 billion, with performance varying by series due to differing fees.

What the SEDAR+ Announcement Says

An MRFP is a standardized regulatory report that Canadian funds file, typically through SEDAR+, summarizing performance, investment approach, key contributors and detractors, changes in net assets, and forward-looking-statement caveats. It is a compliance disclosure rather than a marketing document.

According to the annual MRFP for iProfile Portfolio – Global Neutral Balanced:

• For the year ended March 31, 2026, Series I securities returned 10.7%, net of the fund's fees and expenses.

• For context, the report references several broad-market indices (total return, in Canadian dollars): the FTSE Canada Universe Bond Index returned +0.8%, the S&P/TSX Composite Index +34.8%, the S&P 500 Index +14.0%, and the MSCI EAFE (Net) Index +17.4%.

• The portfolio is a balanced "fund of funds," with an asset mix generally kept within 20%–50% fixed income and real property and 50%–70% equities — consistent with the "Global Neutral Balanced" category.

• iProfile Canadian Equity Private Pool, at about 13% of net assets, contributed the most in absolute terms.

• Mackenzie Global Macro Fund, at about 2% of net assets, detracted the most.

• Net assets increased 28.0% during the period to $5.0 billion.

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. The report notes that performance varies by series because of differing fee and expense structures.

Why This Matters for Investors

The first concept to understand is what a Series I return represents. Series I is generally an institutional or fee-stripped series. The 10.7% 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 directly. Investors holding a retail series of a similar strategy would typically earn less after all their own fees are deducted. The Series I number, in other words, reflects the strategy's results before an individual's advisory costs, not what any specific account earned.

The second, and arguably more important, point is how to read the 10.7% return against the index figures listed in the report. The S&P/TSX Composite returned 34.8% over the year — a remarkable result. At first glance, a 10.7% balanced return might look disappointing by comparison. But the comparison is not apples to apples. The S&P/TSX is a pure Canadian equity index, while iProfile Portfolio – Global Neutral Balanced spreads its assets across bonds, real property and equities from around the world.

The other reference indices make this clear. The FTSE Canada Universe Bond Index returned just 0.8%, a reminder that the fixed income portion of a balanced portfolio contributed little in absolute terms during the year. The S&P 500 returned 14.0% and MSCI EAFE 17.4% — strong, but below the TSX. A portfolio holding a blend of all these exposures will, by construction, land somewhere in the middle. The 10.7% return reflects that blend: diversification across bonds and global assets, not a bet concentrated in Canadian equities.

Company Background

iProfile Portfolio – Global Neutral Balanced is part of the iProfile program, a managed, multi-asset private-pool platform offered through IG Wealth Management advisors. It is managed by IG Wealth Management, part of the IGM Financial group, which also includes Mackenzie Investments.

The portfolio operates as a "fund of funds," meaning it invests in a set of underlying pools and funds rather than holding individual securities directly. This structure lets the manager assemble a diversified, multi-asset portfolio from specialized building blocks — for example, the iProfile Canadian Equity Private Pool for Canadian stock exposure and the Mackenzie Global Macro Fund for a distinct, macro-driven strategy.

The "Global Neutral Balanced" label is a recognized portfolio category. It describes a balanced mandate with a broadly even, globally diversified posture: in this case, generally 50%–70% in equities and 20%–50% in fixed income and real property. That asset-mix range is the engine of the portfolio's behaviour. It is designed to participate in equity-market gains while using bonds and other assets to moderate volatility.

Potential Market Impact

The fiscal 2026 year was unusually strong for Canadian equities, with the S&P/TSX Composite up 34.8%. Global equities also advanced, with the S&P 500 up 14.0% and MSCI EAFE up 17.4%, while bonds were roughly flat at +0.8% on the FTSE Canada Universe Bond Index. Against that backdrop, a globally diversified balanced portfolio returning 10.7% on Series I is a coherent outcome: the equity sleeves contributed gains, the bond sleeve added little, and the overall figure settled below the strongest single market.

At the holding level, iProfile Canadian Equity Private Pool, at about 13% of net assets, was the largest absolute contributor — unsurprising given how well Canadian equities performed during the year. On the other side, the Mackenzie Global Macro Fund, at about 2% of net assets, was the largest detractor. Global macro strategies aim to profit from broad economic and market trends and can move out of step with equity markets, which is part of their diversification appeal but also means they can lag in strongly rising markets.

The 28.0% rise in net assets to $5.0 billion reflects both positive returns and continued investor allocation to the portfolio. Asset growth of this size signals ongoing use of the strategy within iProfile portfolios, though it is not a measure of future performance.

Key Risks or Things to Watch

Several considerations stand out:

• Series and fee differences. The 10.7% return applies to Series I. Investors in retail series earn less after their own fees, and performance varies across series.

• Diversification trade-off. A balanced portfolio will lag the best-performing single market in a strong year, just as it would be expected to fall less than that market in a downturn. The gap to the 34.8% TSX return is a feature of the design, not a flaw.

• Bond contribution. With the bond index up just 0.8%, the fixed income sleeve added little this year. Bond returns can vary considerably with interest-rate movements.

• Strategy-specific drag. The Mackenzie Global Macro Fund detracted this year; alternative and macro strategies can move independently of equities in either direction.

• Forward-looking statements. The MRFP includes standard forward-looking-statement caveats. Such statements involve assumptions and uncertainties, and actual results may differ.

Investor Takeaway

For investors and advisors using iProfile for a diversified, balanced mandate, the fiscal 2026 MRFP for iProfile Portfolio – Global Neutral Balanced reads as a steady year. The 10.7% Series I return came from a globally diversified mix of equities, bonds and real property, with Canadian equity exposure the largest contributor and a global macro allocation the largest detractor. Net assets grew 28.0% to $5.0 billion.

The key to interpreting the result is to resist comparing it directly to the S&P/TSX's 34.8% gain. A balanced fund is not built to track a single equity index; it is built to blend asset classes. That blend produced a solid double-digit return this year while holding bonds and global assets that behaved differently. As always, the Series I figure excludes an investor's own advisory costs, and none of this constitutes a recommendation to act in any direction.

Conclusion

The Annual Management Report of Fund Performance for iProfile Portfolio – Global Neutral Balanced records a 10.7% Series I return for the year ended March 31, 2026, set against reference indices spanning Canadian bonds, Canadian and U.S. equities, and international equities. The portfolio's fund-of-funds structure and balanced asset mix shaped a result that participated in strong equity markets while reflecting the moderating effect of bonds and global diversification.

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 carry uncertainty. Investors who want to understand how this portfolio fits their goals should review the full filing and discuss it with their advisor in light of their own circumstances.