British Columbia Investment Management Corp., Victoria, returned a net 12.4% in the fiscal year ended March 31.
The net return exceeded its 11.7% benchmark, BCIMC announced Tuesday. BCIMC's assets increased 11.2% to C$135.5 billion ($101.7 billion) over the fiscal year.
Among the various asset classes, global equity returned a net 19% (vs. its 18.4% benchmark); Canadian public equity, 18% (18.7%); emerging markets equity, 17.8% (20.9%); other strategies-all weather, 14.3% (9.8%); infrastructure, 9.6% (7%); global real estate, 9% (7%); private equity, 9% (6.1%); renewable resources, 7.7% (7%); domestic real estate, 6% (5.6%); mortgages, 3.7% (2.1%); nominal fixed income, 2.7% (1.5%); short-term fixed income, 0.6% (0.5%); and real-return fixed income, -1.1% (-0.5%).
As of March 31, BCIMC's asset allocation was 48.3% public equities, 19.2% fixed income, 13.5% real estate, 8.1% infrastructure, 5.8% private equity, 2.1% mortgage, 1.5% each renewable resources and other strategies-all weather.
"I am proud of the BCIMC team and the strategic investment decisions they made to generate $680 million in additional value, as well as deploying new capital into long-term investments. This is a significant contribution to securing our clients' financial futures," said Gordon J. Fyfe, CEO and chief investment officer, in a news release. "Although annual returns provide us with a short-term perspective, it is the longer term that matters. Over the 20-year period, we have exceeded their actuarial return requirements and have added $7.7 billion in cumulative value add."
For the four, 10, 15 and 20 years ended March 31, BCIMC returned an annualized 10.1%, 6.6%, 7.4% and 7.7%, outperforming its benchmarks of 9%, 6%, 6.8% and 7.3%, respectively, in each of those periods.
