IMCO Returns -8.1% but Beats Benchmark
Posted on 04/13/2023
The Investment Management Corporation of Ontario (IMCO) has announced that the weighted average net return of its clients’ portfolios was -8.1% in 2022. The benchmark was -8.4%.
Since inception, over three years, annualized returns are 2%, beating the benchmark at 1.6%. IMCO’s assets under management now equal CA$ 73.3 billion. IMCO’s clients are public-sector entities, and individual investment plans may vary, impacting the net return on investment for the year.
IMCO noted: “The range of returns across IMCO’s client portfolios was -9.1% to 1.6% in 2022.” Bert Clark, President and CEO, wanted to remind investors that the benchmark was beaten: “Although 2022 was the most turbulent year for markets in recent memory, we outperformed our benchmark and delivered added value for the third straight year, reaffirming the effectiveness of our long-term approach to helping clients build resilient portfolios,” said Clark. Rossitsa Stoyanova, CIO, said last year “Was a challenging year and we were certainly disappointed in these returns. We remain focused on our strategy for navigating short-term turbulence by maintaining discipline in executing our long-term investment strategy, systematic rebalancing, and effective liquidity management to capitalize on investment opportunities arising from temporary dislocations.” Stoyanova said IMCO will focus on private markets and ESG investing in 2023. In 2022, IMCO released its climate plan, to have net zero emissions by 2050.
