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Annual Report

IMCO delivers third straight year of strong returns


Polina Sims

"2025 was another year of solid investment results for IMCO, reflecting the consistency and discipline of our approach. In a complex and volatile environment, we delivered outcomes that met or exceeded client objectives while reinforcing the resilience of our portfolio and our organization."
- Bert Clark, President & CEO, IMCO


Resilient Returns

7.4%

One-year weighted average net return in 2025

Increased Size & Scale

$90.7B

In AUM

~$1B

Returned by partial realization of CoreWeave

~$3.5B

Returned to clients to meet their obligations

3rd

Straight year

Greater Toronto's Top Employers

10%

Decline in expenses, bringing cost per $100 of AUM to 62 basis points, the lowest in three years

96%

Scored on Global SWF's 2025 Governance, Sustainability and Resilience Scorecard

Delve into the themes and priorities that shaped our work this year, from key investment decisions to the opportunities we see ahead.