Our focus is on long-term performance, and our primary objectives are to meet or exceed the university’s target rates of return for all three portfolios and outperform the benchmark Reference Portfolio for the Pension and Endowment portfolios.

We are pleased to report that over the 10-year period ending in 2020, our active management approach has exceeded the university’s target returns for all three portfolios, and we have outperformed the Reference Portfolio in the Pension and Endowment portfolios. We continue to believe that we have the right systems, processes, governance and – most importantly – talented people in place to continue delivering long-term value to the university.

 10-Year Annualized Returns
Actual Net Return8.7%8.8%
Reference Portfolio Return7.7%7.7%
University Target Return5.6%5.6%

UTAM’S 10-Year Value Added as of 2020

$320 million


$211 million


$531 million

Pension + Endowment


Annualized Outperformance, Pension


Annualized Outperformance, Endowment

Over the last 10 years, UTAM has outperformed the Reference Portfolio benchmark in the Pension and Endowment portfolios by over 1% annualized, equating to over $500 million in value added for both portfolios combined.

2020 Calendar Year Performance

Cover of UTAM Annual Report 2020.
2020 Annual Report

Our 2020 Annual Report includes details about investment performance, as well as the strengths that continue to make UTAM a resilient organization, have helped us navigate the global pandemic, and have set us up well for the future.

Annual Performance for the Last 10 Years: 2011 to 2020

 Actual Return11.7%13.0%-1.6%12.4%7.1%7.4%12.7%15.1%9.3%1.2%
 Reference Portfolio Return111.8%15.8%-2.3%11.4%7.2%3.2%9.7%12.4%8.7%0.8%
 University Target Return24.7%6.2%6.0%5.8%5.5%5.6%5.6%5.2%4.9%6.3%
UTAM Value Added30.0%-2.8%0.7%1.0%-0.1%4.3%3.0%2.7%0.6%0.4%
Endowment (LTCAP)
 Actual Return11.6%12.9%-1.5%12.4%7.1%7.7%12.9%15.3%9.2%1.2%
 Reference Portfolio Return111.8%15.8%-2.3%11.4%7.2%3.2%9.7%12.4%8.3%0.7%
 University Target Return2  4.7%6.2%6.0%5.8%5.5%5.6%5.6%5.2%4.9%6.3%
UTAM Value Added3-0.2%-2.9%0.8%0.9%-0.1%4.5%3.2%2.9%0.9%0.4%
 Actual Return3.9%2.7%2.1%1.5%1.6%1.5%2.0%1.6%1.6%2.5%
 University Target Return4  3.4%2.4%2.3%0.8%0.9%1.5%1.5%1.7%1.5%2.4%
UTAM Value Added0.5%0.3%-0.2%0.8%0.7%-0.1%0.5%-0.2%0.1%0.1%
(*) All values in the table have been rounded to the nearest 0.10%. UTAM Value Added uses Actual, Reference and Target Returns before rounding and then rounds to the nearest 0.10%.
1 The Reference Portfolio was adopted by Endowment in March 2012 and by Pension in May 2012. Benchmark/Policy Portfolio used for prior periods.
2 Consumer Price Index (CPI) + 4%.
3 Actual Return minus Reference Portfolio Return.
4 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.

Portfolio Market Values for the Last 10 Years
At December 31 in Billions: 2011 to 2020

Endowment (LTCAP)$3.7$3.2$2.9$2.9$2.6$2.4$2.3$2.1$1.9$1.8
(*) Totals may not add due to rounding.