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IMCO achieves 9.9% return in 2024
Strong returns driven by disciplined, long-term investment approach
2024 HIGHLIGHTS
- Delivered positive absolute returns across all asset classes, except real estate
- Grew assets under management (“AUM”) to $86 billion, up from $77.4 billion in 2023
- Over five years, grew AUM to $86 billion from $73.3 billion and distributed over $7 billion to clients
- Became Strategic Asset Allocation advisor to clients
- Recognized as a Greater Toronto Top Employer for a second consecutive year
TORONTO (April 9, 2025) – The Investment Management Corporation of Ontario ("IMCO") announced today that the weighted average net return of its clients’ portfolios was 9.9 per cent for the year that ended Dec. 31, 2024. This was IMCO's strongest performance since inception. Assets under management ("AUM") rose to $86 billion.
"While we don't measure success based solely on one-year returns, we are pleased with our 2024 results. They reflect the strength of our disciplined, long-term approach to investing," said Bert Clark, President and Chief Executive Officer of IMCO. "We avoid unnecessary complexity and focus on building well-diversified, cost-effective portfolios for our clients, with strong liquidity management."
Except for real estate, IMCO delivered positive absolute returns across all asset classes in 2024, led by public equities and private equity. In public equities, IMCO’s mix of passive, factor and focused fundamental investment strategies delivered strong absolute returns of 24.2 per cent. Private equity’s 16.4 per cent return was driven by solid operating performance across a diversified set of portfolio companies. Total returns also benefited from the appreciation of the US dollar.
"We believe that helping our clients select the optimal asset mix, while avoiding market timing, big bets and unnecessary complexity, and pursuing outperformance in a very targeted way, positions us to effectively navigate an uncertain environment for our clients," said Rossitsa Stoyanova, Chief Investment Officer of IMCO.
Over the last five years, IMCO has adjusted asset class strategies and helped clients modify their target asset mixes, with a view to generating better long-term investment results. IMCO results now reflect that work at the asset class and client portfolio design level.
Read IMCO's 2024 Annual Report
ADDITIONAL BACKGROUND
2024 NET INVESTMENTS AND RATES OF RETURN BY ASSET CLASS
As of December 31, 2024
| Asset Class |
Net Investments (C$ billions) |
1-Year Return1 (%) |
5-Year Return2 (%) |
|---|---|---|---|
| Public Equities | $20.0 | 24.2% | 10.3% |
| Fixed Income | $18.9 | 0.0% | (1.8%) |
| Global Infrastructure | $11.3 | 8.0% | 6.8% |
| Real Estate3 | $9.4 | (0.8%) | (3.1%) |
| Private Equity | $9.1 | 16.4% | 17.1% |
| Global Credit | $8.6 | 8.1% | 4.2% |
| Public Market Alternatives4 | $1.8 | 6.2% | 2.9% |
| Money Market & Other5 | $0.7 | - | - |
| Leverage6 | ($4.2) | - | - |
| Total IMCO7 | $75.6 | 9.9% | 4.2% |
1 Net investment returns reflect new performance reporting policy for the 1-year return.
2 Net investment returns reflect new performance reporting policy for the 1-year (2024) component of the 5-year inception-to-date ("ITD") return.
3 Real Estate is net of certain assets (mortgages) and investment-related liabilities (debentures), totaling $1.3 billion.
4 Public Market Alternatives discontinued effective July 1, 2024.
5 Money Market & Other includes other assets and strategies for portfolio rebalancing and asset allocation purposes and are included in the total return.
6 Leverage, employed by IMCO's clients as part of their strategic asset allocation, is applied at the total portfolio level rather than within a specific asset class.
7 Excludes investments of $4.6 billion that do not align with our investment strategies.
ASSETS UNDER MANAGEMENT BY ASSET CLASS
As of December 31, 2024
| Asset Class | (C$ billions) | (%) |
|---|---|---|
| Fixed Income/Government Bonds | $20.8 | 24% |
| Public Equities | $20.0 | 23% |
| Real Estate | $11.5 | 14% |
| Global Infrastructure | $11.3 | 13% |
| Private Equity | $9.5 | 11% |
| Global Credit | $8.7 | 10% |
| Money Market & Other | $2.3 | 3% |
| Public Market Alternatives | $1.9 | 2% |
| Total | $86.0 | 100% |
Percentages shown are approximate due to rounding.
REGIONAL ALLOCATION OF ASSETS UNDER MANAGEMENT
As of December 31, 2024
| Region | (%) |
|---|---|
| United States | 52% |
| Canada | 29% |
| Europe | 11% |
| Asia Pacific | 6% |
| Other regions | 2% |
| Total | 100% |
ABOUT IMCO
The Investment Management Corporation of Ontario ("IMCO") manages $86 billion of assets on behalf of its clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest.
CONTACT
Annette Robertson
Corporate Communications, IMCO
Email: annette.robertson@imcoinvest.com