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Pension Funds

British Columbia Investment Management posts 9% fiscal-year return

British Columbia Investment Management Corp., Victoria, returned a net 9% on its investments in its fiscal year ended March 31, driven by its investments in illiquid assets and emerging markets equity, the management company for public pension and other provincial assets said in its annual report issued Tuesday.

The returns surpassed BCIMC's 7.4% custom benchmark return for the same period and helped boosts assets it managed to C$145.6 billion ($112.9 billion), up 7.5% from March 31, 2017, according to a BCIMC news release.

BCIMC returned 12.4% in the fiscal year ended March 31, 2017.

As of March 31, BCIMC returned an annualized net 9.9% over five years and 7.4% over 10 years, vs. its custom benchmark returns of 8.7% and 6.8%, respectively.

Among the various asset classes, private equity returned a net 20% (vs. its 17.8% benchmark) for the latest fiscal year; emerging markets equity, 17.9% (20.8%); renewable resources, 15.7% (7%); global equity, 11.6% (10.1%); global real estate, 10.7% (7%); infrastructure, 10.2% (7%); domestic real estate, 5.7% (6.3%); real-return fixed income, 3.8% (3.4%); mortgages, 3.5% (0.8%); Canadian public equity, 2% (1.6%); nominal fixed income, 1.9% (1.4%); and short-term fixed income, 1.1% (0.8%).

As of March 31, BCIMC's asset allocation was 44.3% public equities, 21.8% fixed income, 14.4% real estate, 8% infrastructure, 7.1% private equity, 2.5% mortgages, 1.8% renewable resources and 0.1% other strategies.