Performance
Our focus is on long-term performance, and our primary objectives are to meet or exceed the University’s target rates of return for both portfolios, and to outperform the benchmark Reference Portfolio for the Endowment portfolio.
We are pleased to report that over the 10-year period ending in 2023, our active management approach has exceeded the University’s target returns for both portfolios, and we have outperformed the Reference Portfolio in the Endowment portfolio.
10-Year Annualized Returns: 2014 to 2023
| Endowment | EFIP | |
|---|---|---|
| Actual Net Return | 7.9% | 1.9% |
| Reference Portfolio Return | 6.6% | n/a |
| University Target Return | 6.6%1 | 1.5%2 |
All returns are net of all fees and expenses, including UTAM expenses.
1 Consumer Price Index (CPI) + 4%.
2 One-year Canadian T-bill index plus 50 basis points for all years prior to 2020 and then a combination of cash and fixed income indexes.
UTAM Value Added as of 2023
$389.1million
Endowment 10-year value added
$86.5million
EFIP 10-year value added
$475.6million
Endowment + EFIP 10-year value added
1.4percentage points (annualized)
Endowment 10-year outperformance
0.4percentage points (annualized)
EFIP 10-year outperformance
Over the last 10 years, UTAM’s active management approach has driven outperformance in the Endowment and EFIP, generating over $475 million of value-add for both portfolios combined.
We’re fortunate to be backed by a team of investment professionals who’ve been entrusted with carefully managing the university’s assets. As an institution that aspires to change the world for the better, we need a solid financial foundation – and UTAM is one of its cornerstones.
2023 Calendar Year Performance
2023 Integrated Annual Report
UTAM’s 2023 Integrated Annual Report combines the past year’s portfolio performance and responsible investing efforts.
Annual Performance for the Last 10 Years: 2014 to 2023
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Endowment (LTCAP) | ||||||||||
| Actual Return | 12.9% | -8.9% | 14.9% | 11.6% | 12.9% | -1.5% | 12.4% | 7.1% | 7.7% | 12.9% |
| Reference Portfolio Return | 15.1% | -13.0% | 10.2% | 11.8% | 15.8% | -2.3% | 11.4% | 7.2% | 3.2% | 9.7% |
| UTAM Value Added (percentage points)1 | -2.2 | 4.1 | 4.7 | -0.2 | -2.9 | 0.8 | 0.9 | -0.1 | 4.5 | 3.2 |
| EFIP | ||||||||||
| Actual Return | 6.7% | -2.9% | 0.0% | 3.9% | 2.7% | 2.1% | 1.5% | 1.6% | 1.5% | 2.0% |
| UTAM Value Added (percentage points) | 1.0 | 0.1 | 0.4 | 0.5 | 0.3 | -0.2 | 0.8 | 0.7 | -0.1 | 0.5 |
Totals may not add due to rounding. All returns are net of all fees and expenses, including UTAM expenses.
1 Actual Return minus Reference Portfolio Return.
Portfolio Market Values for the Last 10 Years
At December 31 in Billions: 2014 to 2023
| Portfolio | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|
| Endowment (LTCAP) | $4.2 | $3.8 | $4.2 | $3.7 | $3.2 | $2.9 | $2.9 | $2.6 | $2.4 | $2.3 |
| EFIP | $3.9 | $3.9 | $3.0 | $3.1 | $2.5 | $2.2 | $2.0 | $1.8 | $1.5 | $1.4 |
| Total | $8.2 | $7.7 | $7.2 | $6.8 | $5.7 | $5.1 | $4.9 | $4.4 | $3.9 | $3.7 |
Totals may not add due to rounding.