UTAM’s sole activity is to manage certain assets of, or under the administration of, the University of Toronto (U of T or the University).
We do not have any other clients, and our entire focus is on managing these assets prudently, and in accordance with our client's directions. We work in close collaboration with the University to ensure that we fully understand its investment objectives along with all other considerations, and we reflect these in the management of its assets.
UTAM works closely with the University and takes direction from the University administration and its governance bodies. UTAM staff meet regularly with the UTAM Board, the University administration, the Investment Committee (which reports directly to the President of the University), and various University governance bodies.
The investment mandate for each of the three portfolios that UTAM manages on behalf of the University is provided below
The University of Toronto Master Trust
(Pension Fund or Pension)
The University of Toronto Master Trust consists of the assets of the University of Toronto Pension Plan. The change in assets of the Pension Fund is primarily the net result of employer and employee pension contributions, pension payments to retirees and investment income earned on invested assets. At December 31, 2017 the assets in this trust were $5.0 billion (2016: $4.4 billion).
The investment mandate of the University of Toronto Master Trust is outlined in the Statement of Investment Policies and Procedures, which can be found here.
The Long Term Capital Appreciation Pool
(LTCAP or Endowment)
The Endowment primarily represents certain of the University’s endowment funds. The change in assets of this pool is largely the net result of endowment contributions, withdrawals made to fund endowment projects, and investment income earned on invested assets. At December 31, 2017 the assets in this pool were $2.9 billion (2016: $2.6 billion).
The investment mandate of LTCAP is outlined in the University Funds Investment Policy, which can be found here.
The Expendable Funds Investment Pool
EFIP consists of the University’s expendable funds that are pooled for investment purposes over the short and medium term. The nature of these assets, which primarily represent the University’s working capital, means that the total assets in EFIP can fluctuate significantly over time and during any single year. The change in assets of EFIP reflects the combined effect of many factors, such as student tuition fees, University expenses for salaries, expenses for maintaining facilities, government grants, and investment income earned on invested assets. At December 31, 2017 the assets in this pool were $2.0 billion (2016: $1.8 billion).
The investment mandate of EFIP is outlined in the University Funds Investment Policy, which can be found here.