Alberta Investment Management Corporation Announces 2022 Net Investment Return, Exceeds Benchmark over 1, 4 and 10 Years
Challenging Global Public Markets, Strong Private Market Returns Led to Varied Performance Across Asset Classes
Edmonton, Alberta – Alberta Investment Management Corporation (AIMCo) today announced a -3.4%¹ net investment performance, exceeding its benchmark return by 1.8%, with total client assets under management standing at $158 billion for the year ended December 31, 2022. Cumulative long-term results are 5.9%, 0.6% above benchmark, and 7.2%, 0.7% above benchmark, over a 4- and 10-year period, representing net investment returns of $27 and $67 billion respectively.
“With high inflation, rising interest rates and unprecedented declines in both public equities and fixed income markets taking place simultaneously, 2022 was an extremely challenging year for investors,” said Evan Siddall, Chief Executive Officer of AIMCo. “The strength of our investment team mitigated the impact of these unique markets, allowing AIMCo to outperform.”
Infrastructure, renewable resources, and real estate portfolios posted a one-year return 16.8%, 25.7% and 4.6% respectively, each strongly outpacing their benchmark. Public equity volatility was greater than it has been since the outset of the pandemic, and returns were muted by the significant drop in both public equities and fixed income markets as interest rates rose.
“Despite the impact of short-term market conditions, we are focused on long-term performance, and our clients and their beneficiaries can be confident we are committed to ensuring they achieve their long-term goals,” added Siddall. “With the expectation that the market will remain volatile, we will make strategic shifts in our investments that will enhance our commitment to private asset classes and securing strong partnerships globally, both of which will ensure we are well placed to continue to deliver on our purpose.”
Investment Performance
Performance by Asset Class
Investment Highlights
Infrastructure
AIMCo acquired a greater stake in Howard Energy Partners. Read More
Tidewater Renewables Ltd and AIMCo closed a $150 million five-year senior secured second lien credit facility. Read More
AIMCo acquired a 100% equity stake in Cando Rail & Terminals Ltd., one of North America’s largest owners and operators of first and last mile rail infrastructure. Read More
AIMCo and Railpen took a 94% percent stake in Constantine Energy Storage. Read More
AIMCo invested in Haddington Ventures which is set to develop the world’s largest green hydrogen production and storage platform. Read More
AIMCo acquired AusNet with consortium. Read More
AIMCo, CPP, and Manulife increased commitment to BAI Communications to support acquisition-led growth plans. Read More
Real Estate
AIMCo and Ridgeback Group acquired a portfolio of U.K. build-to-rent assets. Read More
Detailed performance information will be available in AIMCo’s Annual Report to be released in June.
About Alberta Investment Management Corporation
AIMCo is among Canada’s largest and most diversified institutional investment managers with $158 billion of assets under management. AIMCo invests globally on behalf of 17 pension, endowment and government fund clients in the Province of Alberta. AIMCo manages more than 30 pools of capital on behalf of these clients. With offices in Edmonton, Calgary, Toronto, London and Luxembourg, our more than 200 investment professionals bring deep expertise in a range of sectors, geographies and industries.
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¹Total AIMCo Fund calculations do not include $22.9 billion of assets that do not meet the required conditions for inclusion in AIMCo’s excess returns as of December 31, 2022.
²AIMCo Total Fund market value includes Tactical and Overlay program notional exposures of Money Market & Fixed Income, Public Equity asset classes.