UTAM’s latest Annual Report
Our 2024 Annual Report combines a detailed review of investment performance with updates on our responsible investing approach. You can also download UTAM’s stand-alone 2024 Financial Statements, as well as access current and past investment and climate-related reports.

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.

UTAM’s 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.
Investment Impact
Supporting Indigenous Students
In 2017, a committee comprised of University of Toronto students, faculty and staff, in collaboration with Indigenous Elders, released a report entitled Answering the Call: Wecheehetowin.
Investment Impact
Accelerating materials science
When Prof. Anatole von Lilienfeld arrived at the University of Toronto in 2022 from the University of Vienna, he was preceded by his reputation as one of Europe’s leading materials scientists.

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 8.1% over the 10-year period ending December 31, 2024. This result has exceeded both the University’s target return of 6.6%, as well as the Reference Portfolio return of 7.2%. The Endowment’s outperformance compared to the Reference Portfolio over the same period represents a cumulative gain of more than $249 million.
The Expendable Funds Investment Pool (EFIP) portfolio has returned 2.3% over the same 10-year period, outperforming its target return, for a cumulative gain of more than $92.2 million.
News
The Long View: UTAM’s 2024 Annual Report
June 9, 2025
UTAM is pleased to announce the release of our 2024 Annual Report, which provides a comprehensive overview of the performance of the Endowment and short-term working capital portfolios managed on…
Continued progress reflected in UTAM’s Carbon Footprint Report and TCFD Report
June 9, 2025
2024 Carbon Footprint Report We’re pleased to share the release of our 2024 Carbon Footprint Report. This year’s report reflects continued, steady progress towards our long-term goal of net zero…
EOS 2024 Annual Review and UTAM’s Engagement Highlights
June 9, 2025
EOS at Federated Hermes, a specialized stewardship service provider engaged by UTAM since 2019, has released its 2024 Annual Review. The review represents EOS’s focus and progress in engagement with…
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