Alberta Investment Management Corp., Edmonton, returned a net 12.3% for 2024, below the 13.8% return for its benchmark, said a news release April 3.
For the four- and 10-year periods ended Dec. 31, AIMCo returned an annualized net 7.4% and 6.9%, respectively, compared with their respective benchmarks of 6.1% and 6.5%.
Total assets amounted to C$179.6 billion ($124.8 billion) as of Dec. 31, up from C$160.6 billion at the end of 2023.
In 2023, AIMCo returned a net 6.9%.
By asset class, the top performers in 2024 were public equities, which returned a net 24.7%, followed by infrastructure (12%), private equity (11.8%), private debt and loans (8.7%), mortgages (6.4%), money market and fixed income (4.6%) and renewable resources (1.9%).
The poorest performer, real estate, returned a net -2%.
Asset allocation data was not provided.
“2024 proved to be another exceptional year for returns from public markets, particularly in global equities, which was responsible for the majority of this performance,” said Justin Lord, senior executive managing director-global head of public markets, in the news release. “Fixed-income returns were positive despite the volatile rate environment, and our high-quality credit exposure contributed to our clients’ portfolios.”
Peter Teti, executive managing director-global head of private equity, added in the release: “The real estate portfolio continued to be negatively affected by difficult market conditions during 2024, particularly in the office sector.”
More detailed performance information will be available when AIMCo’s 2024 annual report is released in June.
AIMCo weathered a tumultuous 2024. On Nov. 7, the provincial government of Alberta terminated the entire board of AIMCo and its CEO, Evan Siddall, citing underperformance and rising costs.
The province then appointed Ray Gilmour as the interim CEO.
