Investment Management Corp. of Ontario, Toronto, delivered a weighted average net return of its clients' portfolios of 9.6% for the year ended Dec. 31, vs. a consolidated benchmark return of 8.5%.
IMCO's assets under management climbed to C$79 billion ($61.8 billion) at the end of 2021, up 7.8% from a year earlier, the firm said in a news release Monday.
By asset class, private equity performed the best in 2021, returning a net 19.2% (above the 16.9% performance by its benchmark); followed by public equities, which returned 16.3% (above the benchmark's 15.6%); real estate, 13% (4.2%); and global infrastructure, 12.3% (21.7%).
Public market alternatives and global credit delivered modest net returns of 3.1% and 2.9%, respectively, for the year, but still bested their respective benchmark returns of zero and 1.4%, the news release added.
The only asset class to slip into the red, fixed income, returned a net -1.8% in 2021, but still slightly outperformed its benchmark return of -1.9%.
IMCO's asset allocation as of Dec. 31 was 34.3% public equities; 22.4% fixed income; 12.5% real estate; 8.2% global infrastructure; 7.8% global credit; 6.4% public market alternatives; 6% private equity; and the rest in money markets and other assets, based on figures in the news release.
Founded in 2016 to consolidate the assets of small provincial pension funds and universities' pension funds, endowments and foundations, IMCO posted a weighted average net return of its clients' funds of 5.4% in 2020, equaling its policy benchmark.