Alberta Investment Management Corp. (AIMCo) has reported a net return of 8.0% for 2023, short of its benchmark return of 9.3%.
AIMCo’s investment portfolio saw mixed results, with public equity investments generating a strong 15.8% return. However, losses in real estate (-8.4%) offset these gains. Fixed income investments earned 7.7%, private equity 6.7%, infrastructure 3.8%, and renewable resources 1.6%. Mortgages earned 4.5%, while private debt and loan holdings returned 9.6%.
Despite the underperformance against its benchmark, AIMCo CEO Evan Siddall highlighted the challenges faced by global markets in 2023, including high inflation, rising interest rates, and geopolitical factors. He commended the investment teams for seizing opportunities and mitigating risks to deliver a solid return for clients.
In 2023, AIMCo’s total fund returned 6.9%, compared to a benchmark return of 8.7%. The investment manager manages $160.6 billion in assets on behalf of pension, endowment, insurance, and government clients in Alberta.
