Public equities drive 2.1% mid-year return as AimCo assets climb to $182.9 billion
Alberta Investment Management Corp. (Aimco) is examining potential investments in energy and utility corridors promoted by Prime Minister Mark Carney’s government, Financial Post reported.
Chief Investment Officer Justin Lord said “the possibility of an energy/utility corridor across Canada … would be of interest for the team.”
He noted this would involve Aimco’s infrastructure team and local partnerships to support diversification of the economy and energy egress routes.
The corridor initiative, which includes projects in Eastern Canada, Western Canada, and the Arctic, is designed to reduce reliance on the United States and counter tariffs imposed by US President Donald Trump’s administration, according to Financial Post.
Carney’s government is seeking to draw tens of billions of dollars from Canada’s largest pension investors, including Aimco, collectively known as the Maple Eight.
Aimco posted a 2.1 percent return in its balanced fund for the first half of 2025, Bloomberg reported.
The total fund returned 2 percent, and assets under management rose to $182.9bn.
Lord said public market portfolios, particularly equities, drove the mid-year gains, while emerging markets, Canadian stocks, fixed income and private credit helped offset weaker results from private equity, infrastructure and real estate.
Financial Post reported that Aimco’s first-half performance was supported by public equities, money markets, fixed income, mortgages, private debt and loans.
Lord said muted returns in illiquid assets could improve after year-end private valuation updates, citing “solid operating results” in infrastructure portfolios and early signs of recovery in some real estate sub-sectors.
Aimco is increasing allocations to private credit and infrastructure while slightly reducing global equities, Bloomberg noted.
Lord said pension plans with favourable funding positions are looking to reduce risk in the current valuation environment.
He added that Aimco continues to see “robust” private credit deal flow in Europe and opportunities across developed markets.
Lord also highlighted that Canadian opportunities must remain competitive relative to global options.
“Canada is our backyard. Alberta is our backyard. Certainly in a period of time where we have heightened geopolitical and trade risk, there is a an attractiveness to being able to invest at home and in your home currency as well,” he told Financial Post.
The Crown corporation has been through leadership changes since late 2024, when Alberta’s government dismissed CEO Evan Siddall and replaced the board over concerns about costs.
Former Prime Minister Stephen Harper was named chair, with Ray Gilmour appointed interim CEO.
The balanced fund’s 10-year net annualised return is 7 percent, while the four-year figure is 6.3 percent, Financial Post reported.
