Alberta’s Public Service Pension Plan is reporting a 14.8 per cent investment return in 2024, pushing its assets under management to $21 billion as at the end of the year.
Over a four-year period, the plan’s portfolio returned 8.5 per cent. However, it underperformed its benchmark by 0.3 per cent in 2024, primarily driven by poor relative performance in the real estate asset class, according to a press release.
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The $7.5 billion equity portfolio delivered the plan’s strongest return for the year at 26.9 per cent, driven primarily by U.S. equities. Alternatives returned 6.4 per cent in 2024 with mixed performance from real estate (negative 1.6 per cent) and renewable resources (2.4 per cent) but strong returns from infrastructure (12.2 per cent) and private equity (13.6 per cent).
Fixed income returned 5.9 per cent, led by private debt and loans (8.7 per cent), mortgages (6.3 per cent), universe bonds (4.6 per cent) and long bonds (4.3 per cent).
“We continue to actively engage with our service providers the Alberta Pensions Services Corp. and [the Alberta Investment Management Corp.] whose diligent services are critical to our success,” said Lynette Martin, chief executive officer at PSPP, in a press release. “Our collaborative work lays the foundation for prudent administration and the structured investment of plan funds.”
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