The Investment Management Corp. of Ontario, an entity that manages assets for public sector clients in Ontario, announced Wednesday that the fund returned 9.9% in 2024.
The institutional investor’s assets under management grew to C$86 billion ($62 billion), up from C$77.4 billion at the end of 2023.
The fund’s returns were primarily driven by public and private equity, with the two asset classes returning 24.2% and 16.4%, respectively. Fixed income, the asset class with the largest allocation at IMCO, was flat for the year.
Global credit returned 8.1% during the year, and global infrastructure returned 8%. Real estate was the fund’s only asset class reporting a loss, falling 0.8% in 2024.
“We believe that helping our clients select the optimal asset mix, while avoiding market timing, big bets and unnecessary complexity, and pursuing outperformance in a very targeted way, positions us to effectively navigate an uncertain environment for our clients,” said Rossitsa Stoyanova, IMCO’s CIO, in a statement.
IMCO allocates 24% of its assets to fixed income, 23% to public equities, 14% to real estate, 13% to infrastructure, 11% to private equity, 10% to global credit, 3% to money markets and “other,” and 2% to public market alternatives.
“While we don’t measure success based solely on one-year returns, we are pleased with our 2024 results. They reflect the strength of our disciplined, long-term approach to investing,” said Bert Clark, IMCO’s president and CEO, in a statement. “We avoid unnecessary complexity and focus on building well-diversified, cost-effective portfolios for our clients, with strong liquidity management.”
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Tags: Bert Clark, Canada, IMCO, Investment Management Corporation of Ontario, Rossitsa Stoyanova