The British Columbia Investment Management Corp. saw a return of 3.5 per cent and increased its assets under management from $228.6 billion to $233 billion during the fiscal year ending March 31, 2023.
According to the investment organization’s annual results, the $3.9 billion increase reflected investment gains of $6.8 billion and $2.8 million in net withdrawals. Over the past 10 years, the BCI has seen annualized returns of 8.5 per cent.
“We have been preparing for a difficult market economic environment and our results are a testament to the merits of our proactive approach to risk management, portfolio diversification and active investing,” said Gordon J. Fyfe, the BCI’s chief executive officer and chief investment officer, in a press release.
The annual results were led by the strong performance of the alternative portfolios. Its infrastructure and renewables portfolio saw the strongest returns, rising 9.2 per cent, followed by real estate (up 7.2 per cent), private equity (4.7 per cent) and real estate debt (4.6 per cent).
The BCI’s public markets portfolios was less successful. Allocations to Canadian equities dipped 3.1 per cent, followed by nominal bonds (down 2.1 per cent). On the other hand, allocations to global equities and short-term fixed income grew by 2.3 per cent and 5.8 per cent, respectively.