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 2025, 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: 2016 to 2025
| Endowment | EFIP | |
|---|---|---|
| Actual Net Return | 8.4% | 2.6% |
| Reference Portfolio Return | 8.1% | n/a |
| University Target Return | 6.7%1 | 2.2%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 2025
$97.1million
Endowment 10-year value added
$115.9million
EFIP 10-year value added
$213.0million
Endowment + EFIP 10-year value added
+0.3percentage 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 $213 million of value-add for both portfolios combined.
Underpinning all of our efforts is a bedrock commitment that UTAM has helped us put into action for a quarter-century: to invest strategically and responsibly in pursuit of a brighter future.
2025 Calendar Year Performance
2025 Annual Report
UTAM’s 2025 Annual Report combines the past year’s portfolio performance and responsible investing efforts.
Annual Performance for the Past 10 Years: 2016 to 2025
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Endowment (LTCAP) | ||||||||||
| Actual Return | 10.8% | 14.9% | 12.9% | -8.9% | 14.9% | 11.6% | 12.9% | -1.5% | 12.4% | 7.1% |
| Reference Portfolio Return | 11.8% | 16.8% | 15.1% | -13.0% | 10.2% | 11.8% | 15.8% | -2.3% | 11.4% | 7.2% |
| UTAM Value Added (percentage points)1 | -1.0 | -1.9 | -2.2 | 4.1 | 4.7 | -0.2 | -2.9 | 0.8 | 0.9 | -0.1 |
| EFIP | ||||||||||
| Actual Return | 4.6% | 6.4% | 6.7% | -2.9% | 0.0% | 3.9% | 2.7% | 2.1% | 1.5% | 1.6% |
| UTAM Value Added (percentage points) | 0.6 | 0.4 | 1.0 | 0.1 | 0.4 | 0.5 | 0.3 | -0.2 | 0.8 | 0.7 |
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 Past 10 YearsAt December 31 in Billions: 2016 to 2025
| Portfolio | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Endowment (LTCAP) | $5.4 | $4.9 | $4.2 | $3.8 | $4.2 | $3.7 | $3.2 | $2.9 | $2.9 | $2.6 |
| EFIP | $3.9 | $4.0 | $3.9 | $3.9 | $3.0 | $3.1 | $2.5 | $2.2 | $2.0 | $1.8 |
| Total | $9.3 | $8.9 | $8.2 | $7.7 | $7.2 | $6.8 | $5.7 | $5.1 | $4.9 | $4.4 |
Totals may not add due to rounding.