The Alberta Investment Management Corp. is reporting a total fund net investment return of 7.5 per cent for 2025, underperforming its benchmark return by 2.7 per cent.
As at Dec. 31, 2025, its total client assets under management were $194.7 billion, compared to $179.6 billion at year-end 2024. The investment organization’s balanced fund posted a net return of 7.6 per cent, or $13.1 billion, underperforming its benchmark by 2.7 per cent.
Read: AIMCo returns 12.3% in 2024, driven by public equities
In a press release, the investment organization attributed the underperformance of both funds to a challenging year for private markets and the use of public market-linked benchmarks within private asset classes.
In 2025, the AIMCo’s public equities portfolio generated a gain of 19.4 per cent, followed by private debt and loans (7.9 per cent), mortgages (5.8 per cent), infrastructure (3.3 per cent), private equity (three per cent) and money market and fixed income (one per cent). Its real estate portfolio returned negative 2.2 per cent, while renewable resources posted a return of negative 0.5 per cent.
“Public equities maintained impressive performance in 2025, buoyed by investor confidence in artificial intelligence-related capital investments and increased earnings expectations,” said Justin Lord, the AIMCo’s chief investment officer, in the release. “Meanwhile, fixed income returns remained steady across all portfolios. Despite the challenging year for private markets, these asset classes continue to offer important diversification for our clients over the long term.”
Read: AIMCo returns 6.9% in 2023, driven by equities, fixed income