Investment Management Corp. of Ontario, Toronto, delivered a weighted average net return of its clients' portfolios of -8.1% for the year ended Dec. 31, vs. a consolidated benchmark return of -8.4%.
IMCO's assets under management totaled C$73.3 billion ($54.1 billion) at the end of 2022, said a Thursday release, down from C$79 billion at the end of 2021.
IMCO posted a weighted average net return of 9.6% in 2021.
For the three-year period ended Dec. 31, IMCO posted an annualized weighted average net return of 2%, vs. a consolidated benchmark return of 1.6%, a spokeswoman confirmed by email.
By asset class, private equity performed the best in 2022, returning a net 12% (well above the -9.1% performance by its benchmark); followed by global infrastructure, which returned a net 7.4% (above the benchmark's -3.7%); and public market alternatives, which returned a modest net 1.9% (below its benchmark of 3.6%).
All other asset classes lost ground for the year with fixed income (-19.2% net return), public equities (-13.5%) and global credit (-7.7%) faring the worst. These returns compared to their respective benchmark performances of -19.1%, -11.9% and -12.8%.
Finally, real estate was basically flat for the year, slipping 0.3%, well below the 12% return of its benchmark.
"We continue to increase our private market exposure alongside our strategic partners, which was a huge returns' driver for us in 2022," said CIO Rossitsa Stoyanova in the release. "On the other hand, our absolute returns' performance was driven mainly by losses in public equities and fixed income, as both public markets and bonds took an unprecedented hit."
Ms. Stoyanova added that ESG integration will "continue to play a growing role in our strategies," citing that companies that "strategically manage material ESG risks and turn them into opportunities will outperform their peers in the years to come."