Alberta Investment Management Corporation, the province’s sovereign wealth fund with around $180 billion in assets under management, said returns for the year totalled $15.1 billion, or 0.8 per cent below its internal target for the year. The fund’s 10-year returns totalled $70.4 billion, or 7.4 per cent, which was 0.4 per cent higher than its target. (The Logic)

Talking point: AIMCo’s annual results are loosely in line with its goals, but the pension fund is facing significant pressure to boost returns while cutting overhead costs. In a surprise move last November, the Alberta government fired AIMCo’s entire board, citing ballooning operating costs and lacklustre financial performance. It later appointed former prime minister Stephen Harper as its new chair, and earlier this year AIMCo laid off 19 non-investment employees and closed offices in New York and Singapore. In fiscal 2024, public equities contributed AIMCo’s biggest gains, growing 24.7 per cent, while real estate, with a two per cent loss, was the worst performer.