We’re pleased to announce the release of our 2018 Annual Report, which includes the performance of the Pension, Endowment and short-term working capital investments that we manage on behalf of the University of Toronto. The report also contains an in-depth look at how we bring together the many building blocks of our investing approach.

UTAM’s processes and systems are designed to deliver value to U of T and its diverse stakeholders. To help us deliver this value, we work closely with the university’s leadership, the Investment Committee and our carefully selected investment managers and partners. To provide further insight into what we do and how we do it, we invited some of these individuals and organizations to share their perspectives in this year’s report.

Over the past year, global equity markets struggled and fixed-income returns were below average, and this impacted the returns generated by the university’s Pension and Endowment portfolios: -1.6% and -1.5% respectively (net of investment fees and expenses). UTAM’s active management approach outperformed the benchmark Reference Portfolio by 0.7% in Pension and 0.8% in Endowment. While disappointed with the one-year returns, we remain pleased with the longer-term results – the Pension and Endowment portfolios generated approximately 7.8% per year over the last 10 years, which exceeded the university’s target return (by about 2.1%) and the benchmark Reference Portfolio return (by about 1.1%).

“2018 was a challenging market environment for investing, but our focus remains on the long term,” says Daren Smith, UTAM’s President and Chief Investment Officer. “And we believe that we have the right systems, processes, governance and – most importantly – talented people in place to continue delivering value to the University of Toronto.”

Download the 2018 Annual Report