AIMCo CEO Taking Long-Term View on Recovery
AIMCo’s CEO is anticipating a slow recovery for the Alberta Heritage Savings Trust Fund, given the impact of the pandemic on economic and market conditions.
Speaking during a CBC radio interview last week, Kevin Uebelein likened the expected recovery to a marathon, but emphasized that the fund is built to withstand downturns.
“The diversification that’s inherent in a fund like this, a $17 billion fund, and the ability to take a really long-term view is going to see us through it,” said Uebelein.
The fund reported a loss for the 2019-2020 fiscal year, but a report for the first quarter of 2020-2021 shows a 5.0% rate of return for the quarter and a 9.2% 10-year rate of return.
Income from the Heritage Fund supports government programs like health care, education and infrastructure. AIMCo is the fund’s investment manager.