UTAM - University of Toronto Asset Management Corporation

UTAM’s latest Annual Report

Our 2025 Annual Report combines a detailed review of investment performance with updates on our responsible investing approach. You can also download UTAM’s stand-alone 2025 Financial Statements, as well as access current and past investment and climate-related reports.

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Our commitment to Responsible Investing

As we support the University of Toronto’s commitment to advancing sustainability, UTAM has assumed a leadership role in responsible investing among university asset managers. We consider environmental, social and governance (ESG) factors across all areas of investment and risk management.

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UTAM is the investment manager for the University of Toronto’s Endowment portfolio and short-term working capital assets. Our sole focus is investing university assets.

Our mission is to produce strong investment results over the long term, advancing the University of Toronto’s goals for its portfolios through skilled investment management, leadership in responsible investing and prudent risk management.

In working to generate strong returns in the portfolios UTAM manages, we analyze and evaluate the factors that can affect investment outcomes over the long term. Our work is grounded in a deep commitment to responsible investing: we integrate ESG considerations into our investment decision-making, our practices as an active owner (via proxy voting and engagement) and our disclosure and reporting.

This integrated approach means we don’t treat responsible investing as a separate topic in UTAM’s reporting and communications. Our consideration of potential ESG impacts is woven through all sections of this website, notably Investing, Managing Risk and Stewardship.

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As we manage the University’s Endowment and short-term working capital funds, we apply UTAM’s proven processes and wide-ranging investment expertise.

Since our founding in 2000, we’ve steadily evolved UTAM’s investment, risk management and operational processes, judiciously testing, learning and innovating as we strive for excellence. In managing U of T’s assets to achieve clearly defined risk and return objectives, we work closely with U of T’s senior leadership and the expert advisors of the university’s designated Investment Committee, as well as our carefully selected investment managers and strategic partners.

UTAM was created by a university for a university. Every investment decision we make is ultimately aimed at supporting the efforts of students, faculty and staff at U of T – Canada’s largest academic institution and a leading global centre of learning and research.

Performance

As we invest for the long term, UTAM strives to generate returns that exceed the University of Toronto’s expectations and specified targets.

10-year returns

The Endowment portfolio has generated an annualized net return of 8.4% over the 10-year period ending December 31, 2025. This result has exceeded both the university’s target return of 6.7%, as well as the Reference Portfolio return of 8.1%. The Endowment’s outperformance compared to the Reference Portfolio over the same period represents a cumulative gain of more than $97 million.

The Expendable Funds Investment Pool (EFIP) portfolio has returned 2.6% over the same 10-year period, outperforming its target return, for a cumulative gain of almost $116 million.

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Investment Impact

Under UTAM’s management, the returns generated from the University of Toronto’s Endowment help support promising students, innovative programs and faculty-driven research. Each year, we share a few examples of that support in action via investment impact stories in the UTAM annual report. You can access all of the stories here in a searchable online archive.