The Investment Management Corp. of Ontario, Toronto, delivered a net return of 5.6% return for the fiscal year ended Dec. 31, below the benchmark return of 6.6%.
For the four-year period ended 2023, IMCO had an annualized net return of 2.9%, slightly above the benchmark of 2.8%, said an April 5 release. In 2022, IMCO returned a net -8.1%.
As of Dec. 31, 2023, assets totaled C$77.4 billion ($58.4 billion), up from C$73.3 billion at the end of 2022.
All asset classes except for real estate delivered positive returns in 2023. The top performer was public equities, which returned a net 18%; followed by global credit (7.7%), fixed income (5.9%); private equity (5.7%); global infrastructure (4.9%); and public market alternatives (1.4%).
Meanwhile, the worst performer, real estate, returned a net -13%. No returns were provided for money markets.
According to the annual report issued in tandem with the release, as of Dec. 31, the actual asset allocation was 22% fixed income/government bonds, 22% public equities, 14% real estate, 13% infrastructure, 11% private equity. 10% global credit, 6% public market alternatives and 2% money markets and other.
"In a year marked by persistent inflation and market volatility, our results reflect the success of the strategic changes we have made to clients' asset mix and our new strategies at the asset class levels," said Bert Clark, president and CEO of IMCO, in the release.
IMCO was founded in 2016 to consolidate the assets of small provincial pension funds and universities' pension funds, endowments and foundations.
