Despite crude oil prices being elevated throughout last year, Alberta Investment Management Corp. (AIMCo) reported a loss of 3.4% for 2022.
The fund manger, which is responsible for the investments of pension, endowment, and government funds in Alberta, blamed the loss on declines in both public equities and fixed-income markets.
Total client assets under management by AIMCo stood at $158 billion at the end of 2022.
The fund reported that its loss last year came as its money market and fixed-income investments lost a combined 8.1%, while its public equity investments fell by 10%.
The losses were offset by the fund's real estate portfolio, which returned 4.6% for the year, its infrastructure investments, which gained 16.8%, and its renewable resource investments that returned 25.7%.
