Alberta Investment Management Corporation Delivers 12.6% Investment Return in 2024

Public equity, fixed income, infrastructure portfolios drive strong performance in challenging investment environment

EDMONTON, AB, April 3, 2025 /CNW/ - Alberta Investment Management Corporation (AIMCo) today announced a Balanced Fund net investment return of 12.6%, or $15.1 billion, for the year ended December 31, 2024. This result was approximately 0.8 percentage point below the benchmark return of 13.4%. AIMCo's annualized long-term results were 7.8% or $35.0 billion over a four-year period, which exceeded the benchmark by approximately 1.7 percentage points. Returns for the ten-year period were 7.4% or $70.4 billion, which was approximately 0.4 percentage point above benchmark.

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 along with AIMCo's execution. AIMCo's Balanced Fund reflects a typical client mix of investments across all asset classes. AIMCo's Total Fund return reflects the aggregated results of all client accounts. In 2024, the Total Fund returned 12.3%, which was approximately 1.5 percentage points below its 13.8% benchmark return.

"With its focus on long-term strategy, the AIMCo team delivered strong results for our clients during 2024, with total assets under management reaching $179.6 billion compared to $160.6 billion at the end of 2023," said Ray Gilmour, Interim Chief Executive Officer, AIMCo. "This progress is a testament to the team's ability to evaluate and seize opportunities, while skillfully navigating the volatile global investment landscape."

In 2024, Public Equities generated a significant gain of 24.7%. The Money Market & Fixed Income portfolio achieved a return of 4.6%, and the Mortgages and Private Debt & Loan components of that portfolio had positive returns of 6.4% and 8.7%, respectively.

"2024 proved to be another exceptional year for returns from public markets, particularly in global equities, which was responsible for the majority of this performance," said Justin Lord, Senior Executive Managing Director, Global Head of Public Markets, AIMCo. "Fixed income returns were positive despite the volatile rate environment, and our high-quality credit exposure contributed to our clients' portfolios."

Additionally, AIMCo's Infrastructure portfolio returned 12.0%, and the Private Equity portfolio generated a return of 11.8%. The Real Estate portfolio was down 2.0% in 2024.

"AIMCo was pleased with the solid performance of our infrastructure and private equity assets, which provide diversification and inflation protection in our clients' portfolios," said Peter Teti, AIMCo's Executive Managing Director, Global Head of Private Equity. "The real estate portfolio continued to be negatively affected by difficult market conditions during 2024, particularly in the office sector."

Investment Performance¹

For the Year Ended December 31, 2024

Investment Performance by Asset Class

For the Year Ended December 31, 2024

Detailed performance information will be available in AIMCo's 2024 Annual Report, which will be released in June 2025.

About Alberta Investment Management Corporation (AIMCo) 

AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$179.6 billion of assets under management as at December 31, 2024. 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 professionals bring deep expertise in a range of sectors, geographies, and industries. For more information on AIMCo please visit www.aimco.ca and follow us on LinkedIn. 

SOURCE Alberta Investment Management Corporation