AIMCo assets climb to $194.7bn as balanced and total funds miss benchmarks
Alberta Investment Management Corporation (AIMCo) underperformed its benchmarks by 2.7 percentage points in 2025, even as its Balanced Fund delivered a 7.6 percent net investment return, or $13.1bn, for the year ended December 31, 2025.
The 7.6 percent Balanced Fund result compares with a 7.5 percent return for AIMCo’s Total Fund.
AIMCo said the Balanced Fund and Total Fund “underperformed their respective benchmark returns by 2.7 percent,” citing “a challenging year for private markets” and the use of public market‑linked benchmarks in private asset classes.
The Balanced Fund reflects a typical client mix of investments across all asset classes, while the Total Fund represents aggregated results for all client accounts.
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 AIMCo identifies as a key determinant of potential returns alongside its execution.
Over longer horizons, AIMCo reported annualized Balanced Fund returns of 5.7 percent over four years, or $31.7bn, and 7.2 percent over 10 years, or $76.5bn. For the Total Fund, four- and 10-year annualized returns were 5.7 percent and 6.7 percent, respectively.
Client assets under management totalled $194.7bn as at December 31, 2025, compared with $179.6bn at year-end 2024.
By asset class, performance in 2025 varied.
Public Equities generated a gain of 19.4 percent.
The Money Market & Fixed Income portfolio returned 1.0 percent, while Mortgages returned 5.8 percent and Private Debt & Loan returned 7.9 percent.
Infrastructure returned 3.3 percent, and the Private Equity portfolio generated a 3.0 percent return. The Real Estate portfolio declined 2.2 percent, and Renewable Resources returned (0.5) percent in 2025.
On a one-year, four-year, and 10-year basis to December 31, 2025, AIMCo reported the following asset class performance:
Money Market & Fixed Income returned 1.0 percent over one year, 0.2 percent over four years, and 1.8 percent over 10 years.
Mortgages returned 5.8 percent, 2.8 percent, and 3.7 percent over the same periods. Private Debt & Loan delivered 7.9 percent, 8.1 percent, and 6.2 percent.
Public Equities & Absolute Return together returned 18.6 percent over one year, 11.4 percent over four years, and 10.9 percent over 10 years.
Public Equities, excluding direct client holdings of Absolute Return, delivered a one-year return of 19.4 percent, and 11.9 percent and 11.1 percent over four- and 10-year terms, respectively.
Private Equity returned 3.0 percent over one year, 5.4 percent over four years, and 10.4 percent over 10 years.
Real Estate posted returns of (2.2) percent, (2.1) percent, and 1.9 percent over one-, four-, and 10-year periods. Infrastructure returned 3.3 percent, 8.8 percent, and 8.9 percent over those horizons, while Renewable Resources returned (0.5) percent, 6.7 percent, and 9.1 percent.
Ray Gilmour, chief executive officer of AIMCo, said the firm “has remained focused on our clients’ long-term objectives” despite geopolitical tension and market volatility. He said AIMCo produced a $13.1bn net investment return over the past year.
Justin Lord, chief investment officer at AIMCo, said public equities posted solid results in 2025, backed by investor interest in artificial intelligence-related capital investments and rising earnings expectations.
He said fixed income returns were stable across portfolios and that, despite a weak year for private markets, the asset mix still offers “diversification for our clients over the long term.”
AIMCo said all performance results are unaudited and net of fees and costs.
It plans to provide detailed performance information in its 2025 Annual Report, to be released in June 2026.
