Investment Performance
| Calendar Year (Net of Fees) | |||||
|---|---|---|---|---|---|
| 2016 | 2015 | 2014 | 2013 | 2012 | |
| Rate of Return | 5.8% | 9.1% | 9.9% | 12.5% | 10.2% |
| Benchmark | 5.5% | 7.2% | 10.5% | 11.6% | 8.2% |
| Return Relative to Benchmark (millions) | $226 | $1,515 | ($401) | $589 | $1,284 |
AIMCo earned a total fund net return of 5.8% in 2016. The net of fees return was 6.2% for pension and endowment clients and 3.5% for government and specialty fund clients.
Asset Class Performance
| As of December 31, 2016 | Annualized Net Returns (%) | Calendar Year Net Returns (%) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Class | Market Value ($MM) | 1YR | 2YR | 3YR | 4YR | 5YR | 2016 | 2015 | 2014 | 2013 | 2012 |
| Total AIMCo Fund Aggregate1,2 | $95,690 | 5.8 | 7.4 | 8.3 | 9.3 | 9.5 | 5.8 | 9.1 | 9.9 | 12.5 | 10.2 |
| Benchmark | 5.6 | 6.4 | 7.7 | 8.7 | 8.6 | 5.6 | 7.2 | 10.5 | 11.6 | 8.2 | |
| Balanced Funds Aggregate | $80,869 | 6.2 | 8.1 | 9.1 | 10.3 | 10.6 | 6.2 | 10.1 | 11.2 | 14.0 | 11.9 |
| Benchmark | 6.1 | 7.0 | 8.6 | 9.7 | 9.7 | 6.1 | 8.0 | 11.9 | 13.0 | 9.6 | |
| Government Funds Aggregate | $14,821 | 3.5 | 3.7 | 4.0 | 4.0 | 3.7 | 3.5 | 3.9 | 4.4 | 4.0 | 2.9 |
| Benchmark | 2.7 | 3.0 | 3.4 | 3.4 | 3.1 | 2.7 | 3.3 | 4.3 | 3.4 | 1.7 | |
| Money Market & Fixed Income3 | $33,410 | 2.0 | 2.8 | 4.8 | 3.3 | 3.5 | 2.0 | 3.6 | 8.9 | (1.3) | 4.3 |
| Benchmark | 1.1 | 2.2 | 4.4 | 2.5 | 2.5 | 1.1 | 3.4 | 8.7 | (3.0) | 2.6 | |
| Money Market | $8,592 | 0.9 | 0.9 | 0.9 | 1.0 | 1.1 | 0.9 | 0.9 | 1.1 | 1.4 | 1.4 |
| Benchmark | 0.5 | 0.6 | 0.7 | 0.8 | 0.8 | 0.5 | 0.6 | 0.9 | 1.0 | 1.0 | |
| Universe Bonds | $7,324 | 3.4 | 3.7 | 5.7 | 4.4 | 5.0 | 3.4 | 4.1 | 9.8 | 0.6 | 7.5 |
| Benchmark | 1.7 | 2.6 | 4.6 | 3.1 | 3.2 | 1.7 | 3.5 | 8.8 | (1.2) | 3.6 | |
| Long Bonds | $8,064 | 2.4 | 3.3 | 8.2 | 4.8 | 4.9 | 2.4 | 4.1 | 18.8 | (4.9) | 5.3 |
| Benchmark | 1.3 | 2.9 | 7.7 | 3.8 | 3.8 | 1.3 | 4.5 | 17.9 | (7.0) | 4.0 | |
| Segregated Short-Term Fixed Income4 | $797 | 1.2 | 2.0 | 2.3 | 2.3 | 2.3 | 1.2 | 2.7 | 3.1 | 2.1 | 2.6 |
| Segregated Long-Term Fixed Income5 | $2,194 | 1.2 | 1.9 | 2.1 | 2.0 | 2.0 | 1.2 | 2.5 | 2.7 | 1.7 | 2.0 |
| Private Mortgages | $3,012 | 1.9 | 3.5 | 5.6 | 4.3 | 4.4 | 1.9 | 5.1 | 9.8 | 0.5 | 4.8 |
| Benchmark | 1.7 | 2.6 | 4.6 | 3.1 | 3.2 | 1.7 | 3.5 | 8.8 | (1.2) | 3.6 | |
| Private Debt and Loan Pool | $801 | 4.4 | 5.3 | 5.9 | 6.4 | 6.8 | 4.4 | 6.1 | 7.0 | 8.1 | 8.5 |
| Benchmark | 1.0 | 1.8 | 2.2 | 1.5 | 2.4 | 1.0 | 2.6 | 3.1 | (0.5) | 6.1 | |
| Real Return Bonds | $2,625 | 3.5 | 3.2 | 6.5 | 1.4 | 1.7 | 3.5 | 3.0 | 13.5 | (12.5) | 3.1 |
| Benchmark | 2.9 | 2.8 | 6.2 | 1.0 | 1.4 | 2.9 | 2.8 | 13.2 | (12.1) | 2.9 | |
| Inflation Sensitive6 | $19,976 | 5.9 | 8.6 | 8.2 | 8.8 | 9.5 | 5.9 | 11.4 | 7.5 | 10.6 | 12.1 |
| Benchmark | 5.8 | 6.7 | 7.5 | 8.0 | 8.8 | 5.8 | 7.7 | 8.9 | 9.7 | 12.2 | |
| Real Estate | $12,704 | 4.6 | 6.6 | 7.3 | 8.5 | 9.9 | 4.6 | 8.7 | 8.8 | 12.2 | 15.5 |
| Benchmark | 5.8 | 6.9 | 7.0 | 7.9 | 9.1 | 5.8 | 8.0 | 7.1 | 10.9 | 13.8 | |
| Private Infrastructure | $5,323 | 9.6 | 12.8 | 10.7 | 8.7 | 8.5 | 9.6 | 16.0 | 6.5 | 2.9 | 8.1 |
| Timberlands | $1,220 | 10.1 | 7.1 | 3.7 | 9.4 | 7.4 | 10.1 | 4.2 | (2.8) | 28.4 | (0.4) |
| Benchmark | 5.7 | 5.9 | 7.9 | 7.5 | 7.9 | 5.7 | 6.1 | 12.0 | 6.4 | 9.5 | |
| Equities | $42,171 | 8.1 | 10.2 | 11.0 | 14.6 | 14.7 | 8.1 | 12.4 | 12.5 | 26.2 | 15.2 |
| Benchmark | 8.7 | 9.5 | 10.5 | 14.3 | 13.9 | 8.7 | 10.2 | 12.6 | 26.6 | 12.0 | |
| Canadian Equity | $10,004 | 20.3 | 5.6 | 7.8 | 9.6 | 10.0 | 20.3 | (7.4) | 12.3 | 15.4 | 11.6 |
| Benchmark | 21.1 | 5.4 | 7.1 | 8.5 | 8.2 | 21.1 | (8.3) | 10.6 | 13.0 | 7.2 | |
| Global Equity7 | $27,571 | 4.7 | 12.0 | 12.2 | 17.0 | 17.1 | 4.7 | 19.8 | 12.7 | 32.4 | 17.4 |
| Benchmark | 4.1 | 10.2 | 11.2 | 15.8 | 15.4 | 4.1 | 16.6 | 13.4 | 30.7 | 13.6 | |
| Global Small Cap Equity8 | $1,358 | 12.1 | 12.8 | 11.8 | 18.7 | 15.0 | 12.1 | 13.6 | 9.8 | 42.0 | 1.5 |
| Benchmark | 18.5 | 12.9 | 10.8 | 15.2 | 12.1 | 18.5 | 7.7 | 6.6 | 29.3 | 0.4 | |
| Private Equity | $3,238 | 1.2 | 6.9 | 8.6 | 8.1 | 8.5 | 1.2 | 13.0 | 11.9 | 6.7 | 9.9 |
| Benchmark | 7.7 | 12.3 | 12.7 | 17.1 | 16.4 | 7.7 | 17.1 | 13.5 | 31.1 | 13.6 | |
1 Includes tactical overlays of $134 million.
2 Total ending market value includes $0.8 million of client-directed currency derivatives. These assets are non-discretionary and not actively managed by AIMCo.
3 Includes government policy loans.
4 Includes investments held in the Sustainability and Credit Union Deposit Guarantee Fund.
5 Includes investments held in the Debt Retirement Account, Special Area Long-Term Account and Agriculture Crop Insurance portfolios.
6 Includes Innovative Investing and AIMCo Strategic Opportunities Pool market values and returns.
7 Includes Global Market Equity, LSH, Portable Alpha Global and Emerging Market Equity pool market values and returns.
8 Effective date of performance and benchmark return is February 16, 2012, when position was initiated.
Performance Benchmarks
| Money Market and Fixed Income | Combination of benchmarks of the sub asset classes |
| Money Market | FTSE TMX Canada 91-Day T-bill Index |
| Fixed Income Mid-Term | FTSE TMX Canada Universe Bond Total Return Index |
| Fixed Income Long-Term | FTSE TMX Canada Long-Term All Government Bond Total Return Index |
| Mortgages | FTSE TMX Canada Universe Bond Total Return Index |
| Real Return Bonds | FTSE TMX Canada Real Return Bond Total Return Index |
| Private Debt and Loan | FTSE TMX Canada Short-Term Overall Index |
| Segregated Assets – Short Term | FTSE TMX Canada 30-Day T-bill Index |
| Segregated Assets – Long Term | FTSE TMX Canada 91-Day T-bill Index, FTSE TMX Canada Short-Term Government Index, FTSE TMX Canada Mid-Term Government Index |
| Illiquid Markets | Combination of benchmarks of the sub asset classes |
| Real Estate | REALpac/IPD Canadian All Property Index – Large Institutional Subset |
| Infrastructure | Total CPI 1 Month Lagged + 450 bps (5-year rolling average) |
| Timberlands | Total CPI 1 Month Lagged + 450 bps (5-year rolling average) |
| Private Equities | Total CPI 1 Month Lagged + 650 bps (5-year rolling average) |
| AIMCo Strategic Opportunities | MSCI World Net Total Return Index |
| Innovative Investing | Total CPI 1 Month Lagged + 650 bps (5-year rolling average) |
| Equities | Combination of benchmarks of the sub asset classes |
| Canadian Equity | S&P/TSX Composite Total Return Index |
| Global Equity | MSCI World Net Total Return Index |
| Emerging Markets Equity | MSCI Emerging Markets Net Total Return Index |
| Global Small Cap Equity | 33% S&P/TSX Small Cap Total Return Index, 67% MSCI World Small Cap Net Total Return Index |
| Global Minimum Variance | MSCI World Minimum Volatility Optimized in CAD Total Return Index |