Public Equities and Fixed Income Portfolios Drive Solid Performance
Edmonton – The Alberta Investment Management Corporation (AIMCo) today announced a Balanced Fund net investment return of 7.6%, or $13.1 billion, for the year ended December 31, 2025.
AIMCo is a long-term investor focused on multi-year timelines. Annualized long-term results were as follows:
5.7% over a four-year period, or $31.7 billion
7.2% over a 10-year period, or $76.5 billion
AIMCo invests on behalf of pension, endowment, insurance, and government clients in Alberta. Each client determines its long-term asset mix according to its objectives and risk profile, which is a key determinant of potential returns alongside AIMCo’s execution. AIMCo’s Balanced Fund reflects a typical client mix of investments across all asset classes. AIMCo’s Total Fund reflects aggregated results of all client accounts. In 2025, AIMCo’s Total Fund returned 7.5%.
In 2025, AIMCo’s Balanced Fund and Total Fund both underperformed their respective benchmark returns by 2.7% largely reflecting a challenging year for private markets and the use of public market-linked benchmarks within private asset classes.
Total client assets under management were $194.7 billion as at December 31, 2025, compared to $179.6 billion at year-end 2024.
“AIMCo has remained focused on our clients’ long-term objectives and delivered a solid result despite a year marked by geopolitical tension and market volatility,” said Ray Gilmour, Chief Executive Officer, AIMCo. “The $13.1 billion net investment return over the past year is a testament to the team’s discipline and execution during an unprecedented period.”
In 2025, Public Equities generated a robust gain of 19.4%. The Money Market & Fixed Income portfolio achieved a return of 1.0%, along with returns of 5.8% and 7.9% for the Mortgages and Private Debt & Loan portfolios respectively. AIMCo’s Infrastructure portfolio returned 3.3%, and the Private Equity portfolio generated a return of 3.0%. The Real Estate portfolio was down 2.2% in 2025.
“Public Equities maintained impressive performance in 2025, buoyed by investor confidence in artificial intelligence-related capital investments and increased earnings expectations. Meanwhile, Fixed Income returns remained steady across all portfolios,” said Justin Lord, Chief Investment Officer, AIMCo. “Despite the challenging year for private markets, these asset classes continue to offer important diversification for our clients over the long term.”
Investment Performance*
For the Year Ended December 31, 2025
Investment Performance by Asset Class
For the Year Ended December 31, 2025
*All performance results are unaudited and net of fees and costs. Detailed performance information will be available in AIMCo’s 2025 Annual Report, which will be released in June 2026.
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than CAD$194.7 billion of assets under management as at December 31, 2025. AIMCo invests globally on behalf of pension, endowment, insurance, and government funds in the Province of Alberta. With offices in Edmonton, Calgary, Toronto, London, and Luxembourg, our more than 200 investment and risk professionals bring deep expertise in a range of sectors, geographies, and industries.
¹Public Equities, excluding direct client holdings of Absolute Return, delivered a one-year return of 19.4%, and 11.9% and 11.1% over 4- and 10-year terms respectively.