The Investment Management Corp. of Ontario is reporting a 7.4 per cent weighted average net return for its clients’ portfolios in 2025.
As at Dec. 31, 2025, the IMCO’s total client assets under management increased to $90.7 billion, compared to in $86 billion in 2024. In 2025, roughly a third of its AUM were invested in Canada.
Read: IMCO returns 9.9% in 2024, driven by public equities
Public equities was the largest contributor to the IMCO’s absolute portfolio gains, earning 19.1 per cent. Private market returns were subdued, and movements in the U.S. dollar relative to the Canadian dollar detracted from total returns.
Three-year returns were 7.6 per cent, while five-year returns continued to reflect the impact of a legacy asset mix and investments that weren’t aligned to the IMCO’s overall investing strategy. Expenses declined by 10 per cent year-over-year, bringing cost per $100 of AUM to 62 basis points.
“Our focus is on generating consistent returns for our clients by building well diversified growth-oriented portfolios while avoiding large, concentrated positions, unnecessary complexity, efforts to market time and the pursuit of outperformance in areas where we do not have any clear advantage,” said Bert Clark, president and chief executive officer of the IMCO, in a press release. “In an uncertain environment, that disciplined approach continued to deliver solid results for our clients.”