Investment Management Corp. of Ontario, Toronto, announced the weighted average return of its clients' funds was a net 5.4% in the year ended Dec. 31, spokeswoman Annette Robertson said in an email.
The net return equaled its policy benchmark, said IMCO's recently released annual report. It is the first time IMCO has published investment returns in an annual report.
Founded in 2016 to consolidate the assets of small provincial pension funds and universities' pension funds, endowments and foundations, IMCO had only begun managing those assets using IMCO-developed investment strategies as of Jan. 1, 2020. As of Dec. 31, IMCO managed C$73.5 billion ($57.5 billion) in assets.
By asset class for the year, private equity had the highest return at a net 34.2% for the year ended Dec. 31 (well above its 9.3% benchmark), followed by global credit at a net 11.1% (above its 6.1% benchmark) and public equities at 10.7% (below its 12.2% benchmark).
Other asset class returns were fixed income returning a net 8.7% (above its 8.5% benchmark); diversified markets, returning a net 2.7% (equal to its 2.7% benchmark); public market alternatives, a net 2.2% (1.8%); global infrastructure, 1.6% (-10.1%); and real estate, -12.1% (-7.4%).
As of Dec. 31, the actual allocation was 37.3% public equities, 20% fixed income, 10.9% real estate, 8.5% global infrastructure, 6.5% global credit, 5.4% public market alternatives, 4.6% diversified markets, 3.8% private equity, and 3% money market and other.
