Led by its public and private investments, the British Columbia Investment Management Corporation’s portfolio returned 10% in fiscal 2025, up from 7.5% one year earlier but short of its benchmark’s 12.3% return. The gain raised its gross assets under management to C$295 billion ($216 billion).
For the fiscal year that ended March 31, global public equities and private equities were the top-performing assets for the pension fund, gaining 14.3% and 13.4%, respectively. They were followed by emerging markets equities and Canadian equities, which returned 12.8% and 12.7%, respectively, followed by private debts’ 10.2% rise.
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The worst-performing asset class—and the only one not to produce a positive return—was real estate equity, which declined 1.8%.
“Despite the severe market turbulence leading up to our March 31 year-end, we did an excellent job in fiscal 2025 rolling out a resilient, defensive-leaning investment strategy closely aligned with our clients’ long-term investment needs,” BCIM CEO and CIO Gordon Fyfe said in a statement.
Over the past five and 10 years, the BCIM reported annualized asset gains of 8.9% and 7.4%, respectively, compared with the benchmark’s return of 9.0% and 7.1%, respectively, over the same periods. The pension fund registered annualized returns of 8.6% and 7.8%, respectively, over the past 15 and 20 years, while at the same time, its benchmark returned 7.8% and 7.2%, respectively
Private equity is by far the fund’s top-performing asset class over the long term, with annualized returns of 16.2%, 16.1% and 13.9% over the past 10, 15 and 20 years, respectively. Global public equities followed with annualized returns of 11.3%, 12.7% and 9.4%, respectively, during the same time periods. Meanwhile, short-term bonds were the worst-performing asset class over the long term, returning 2.3%, 2.3% and 2.7%, respectively, over those periods.
“As we continue to face market uncertainty, we are actively modelling client portfolios against a range of risk scenarios,” Fyfe said in the statement. “In all market conditions, great deals can still be found, and we continue to leverage our strong liquidity position to transact across asset classes globally.”
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