2025 HIGHLIGHTS

• Earned a 2025 investment return of 7.4% and achieved a 7.6% return over three years.
• Grew assets under management (AUM) to $90.7 billion while distributing approximately $3.5 billion to clients in 2025. Since 2020, IMCO has distributed approximately $11.1 billion to clients.
• Expenses declined by 10% year over year, bringing cost per $100 of AUM to 62 basis points, reflecting IMCO’s ongoing focus on cost management.

TORONTO (April 9, 2026) – The Investment Management Corporation of Ontario (“IMCO”) announced today that the weighted average net return of its clients’ portfolios was 7.4 per cent for the year ended Dec. 31, 2025. Assets under management increased to $90.7 billion.

“Despite an uncertain geopolitical environment and foreign currency headwinds, we delivered a solid 7.4 per cent return,” said Bert Clark, President and Chief Executive Officer. “Our focus is on generating consistent returns for our clients by building well diversified growth-oriented portfolios while avoiding large, concentrated positions, unnecessary complexity, efforts to market time and the pursuit of outperformance in areas where we do not have any clear advantage. In an uncertain environment, that disciplined approach continued to deliver solid results for our clients.”

Public Equities were the largest contributor to IMCO’s absolute portfolio gains, earning 19.1 per cent. Private market returns were subdued, and movements in the U.S. dollar relative to the Canadian dollar detracted from total returns.

IMCO has played an increasingly active role in client asset mix over the last three years, which contributed to more consistent overall client returns. Three-year returns were 7.6 per cent while five-year returns continued to reflect the impact of a legacy asset mix and investments that were not aligned to IMCO's overall investing strategy.

“Our results over the last three years highlight the value of our investment approach,” said Rossitsa Stoyanova, Chief Investment Officer. “As the investment horizon extends, performance increasingly reflects our diversified asset mix, systematic management of currency exposure, cost efficiency, and targeted pursuit of outperformance. This approach is designed to deliver resilient outcomes across market cycles for our clients.”

As a Canadian institutional investor managing assets on behalf of Ontario’s public sector, IMCO sees a growing opportunity to deploy more capital at home where its clients’ beneficiaries live and work. Today, approximately one-third of IMCO’s $90.7 billion in assets under management is invested in Canada. IMCO will look to maintain this approximate exposure level while growing overall assets under management.

IMCO enters 2026 with a well-diversified portfolio, strong operational foundations and a collaborative culture focused on delivering long-term results for Canadian public-sector clients.

Learn more about IMCO's 2025 results and access our Annual Report here.