British Columbia Investment Management Corp., Victoria, returned a net -0.2% for the fiscal year ended March 31, vs. its benchmark return of -0.3%, it announced Tuesday.
BCIMC’s assets declined 1.4% to C$121.9 billion ($93.6 billion) over the fiscal year.
Among the various asset classes, private equity returned 25.5% (vs. its 19.1% benchmark); global real estate, 17.6% (7%); infrastructure, 11.5% (8%); renewable resources, 6.7% (7%); domestic real estate, 5.3% (5.3%); mortgages, 3.2% (2%); short-term fixed income, 0.8% (0.5%); nominal bonds, 0.6% (0.8%); global public equity, -2% (-1.2%); real-return bonds, -2.1% (-2.2%); all-weather strategy, -5.9% (8.8%); Canadian public equity, -5.9% (-6.6%); and emerging markets equity, -8.2% (-10.2%).
As of March 31, BCIMC had an asset allocation of 47.5% public equities, 21.4% fixed income, 14.4% real estate, 5.9% infrastructure, 5.6% private equity, 2.3% mortgages, 1.5% all-weather strategy and 1.4% renewable resources.
“BCIMC continued to provide value-added performance during a year of market volatility and high competition for quality assets,” said Gordon J. Fyfe, CEO and chief investment officer, in its annual report released Tuesday. “Despite a challenging year for investors, our investment activities generated $133 million in additional value for our pension clients.”
For the four, 10, 15 and 20 years ended March 31, BCIMC returned an annualized 9.4%, 6.6%, 6.9% and 7.8%, beating its benchmarks of 8%, 5.9%, 6.3% and 7.4%, respectively, in each of those periods.
