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The Alberta Investment Management Corp.’s total fund generated a net return of 6.9 per cent in 2023, 1.8 percentage points below its 8.7 per cent benchmark.

As of Dec. 31, 2023, the AIMCo’s total assets under management were $160.6 billion, compared  to $158 billion in 2022. Its balanced fund generated a net return of eight per cent, or $8.9 billion, falling short of its benchmark return of 9.3 per cent. Annualized long-term results were 5.3 per cent over a four-year period and 7.3 per cent over a 10-year period, representing net investment returns of $22.5 billion and $62.2 billion, respectively.

Read: AIMCo reporting 4.5% return in first half of 2023, lifted by global equities

In 2023, the investment organization saw positive returns in public equities (15.8 per cent), private debt and loan (9.6 per cent), fixed income (7.7 per cent), private equity (6.7 per cent), mortgages (4.5 per cent), infrastructure (3.8 per cent) and renewables (1.6 per cent), while real estate recorded a loss (negative 8.4 per cent).

“During 2023, persistently high inflation and interest rates and challenging geopolitical factors combined to affect global markets,” said Evan Siddall, chief executive officer at the AIMCo, in a press release. “Our investment teams continued to seize opportunities and effectively mitigate emerging risks to deliver a solid return for our clients and the Albertans they serve.”

Read: AIMCo returns -3.4% for 2022, citing declines in public equities, fixed income