The net of fees return was 10.1% for pension and endowment clients, and 3.9% for government and specialty fund clients.
Annually, the board and management agree on active return targets consistent with top quartile return on active risk. Since 2009, AIMCo has earned its clients value add of $4.0 billion net of fees.
In 2015, AIMCo earned a net of fees return of 9.1%, outperforming its active return target by 1.8%, resulting in value add return of $1.5 billion net of fees on total investment income of $7.5 billion net of fees.
AIMCo’s value add performance in 2015 was its strongest since inception, with strong outperformance across nearly all strategies. Record levels of value add were achieved in several asset classes, most notably Public Equities, Infrastructure, and Private Equity. Fixed Income and Real Estate strategies also contributed significant value add overall.
|Rate of Return||9.1%||9.9%||12.5%||10.2%||4.8%|
|Return relative to Benchmark||$1,515||($401)||$589||$1,284||$715|
AIMCo and its clients work together to identify the most appropriate benchmarks against which performance should be measured. In 2015, AIMCo adjusted certain benchmarks to achieve greater alignment with our clients.
|AIMCo Asset Class Benchmarks||Benchmark|
|-||For year ended December 31, 2015|
|Cash and Money Market||FTSE TMX Canada 91-Day T-bill Index|
|Short-Term Bonds||FTSE TMX Canada Short-Term All Government Bond Total Return Index|
|Medium-Term Bonds, Including Mortgages||FTSE TMX Canada Universe Bond Total Return Index|
|Long-Term Bonds||FTSE TMX Canada Long-Term All Government Bond Total Return Index|
|Private Debt and Loan||FTSE TMX Canada Short-Term Overall Index|
|Inflation Sensitive and Alternative||-|
|Real Estate, Canadian & Foreign||REALpac/IPD Canadian All Property Index – Large Institutional Subset|
|Real Return Bonds||FTSE TMX Canada Real Return Bond Total Return Index|
|Infrastructure||Total CPI 1 Month Lagged + 450 bps (5-year rolling average)|
|Timberlands||Total CPI 1 Month Lagged + 450 bps (5-year rolling average)|
|Canadian Public||S&P/TSX Composite Total Return Index|
|Global Public||MSCI World Net Total Return Index|
|Global Small Cap Public||1/3 S&P/TSX Small Cap Total Return Index, 2/3 MSCI World Small Cap Net Total Return Index|
|Private Equity||MSCI All Country World Net Total Return Index|