British Columbia Investment Management Corp., Victoria, returned 14.7% on its investments for the fiscal year ended March 31, helping to raise its total assets to C$114 billion (US$105.3 billion), it was announced in a statement released Thursday.
The return net of all costs exceeded BCIMC's custom benchmark return of 12.5%, adding C$1.7 billion in value.
“Overweighting global equities and underweighting fixed income were the main drivers of the double-digit returns,” said Doug Pearce, CEO and chief investment officer, in the statement.
BCIMC's asset allocation is 47.6% public equities, 22% fixed income, 17.4% real estate, 5.6% combined renewable resources and infrastructure, 4.8% private placements, and 2.6% mortgages.
In the previous fiscal year, ended March 31, 2013, BCIMC's investment return, net of costs, was 9.5%, outpacing its 7.8% benchmark return.
On an annualized basis for periods ended March 31, BCIMC returned, net of costs: for five years, 11.4% compared to its 10.1% benchmark; 10 years, 7.5% compared to its 6.7% benchmark; 15 years, 7% compared to 6.4% for its benchmark; 20 years, 8.1% compared to its 7.8% benchmark.
Pension funds represent 82.7% of the total assets BCIMC oversees.