Our focus is on long-term performance, and our primary objectives are (1) to meet or exceed the University’s target rates of return for both portfolios and (2) to outperform the benchmark Reference Portfolio for the Endowment portfolio.

We are pleased to report that over the 10-year period ending in 2021, our active management approach has exceeded the University’s target returns for both portfolios, and we have outperformed the Reference Portfolio in Endowment portfolio. 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 Return10.2%1.9%
Reference Portfolio Return8.7%n/a
University Target Return5.8%1.6%

UTAM’S 10-Year Endowment Value Added as of 2021






Endowment + EFIP


Annualized Outperformance, Endowment


Annualized Outperformance, EFIP

Over the last 10 years, UTAM’s active management approach has driven outperformance in the Endowment and EFIP, generating $420 million of value-add 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: 2012 to 2021

Endowment (LTCAP)
 Actual Return14.9%11.6%12.9%-1.5%12.4%7.1%7.7%12.9%15.3%9.2%
 Reference Portfolio Return110.2%11.8%15.8%-2.3%11.4%7.2%3.2%9.7%12.4%8.3%
 University Target Return2  8.8%4.7%6.2%6.0%5.8%5.5%5.6%5.6%5.2%4.9%
UTAM Value Added34.7%-0.2%-2.9%0.8%0.9%-0.1%4.5%3.2%2.9%0.9%
 Actual Return0.0%3.9%2.7%2.1%1.5%1.6%1.5%2.0%1.6%1.6%
 University Target Return4  -0.4%3.4%2.4%2.3%0.8%0.9%1.5%1.5%1.7%1.5%
UTAM Value Added0.4%0.5%0.3%-0.2%0.8%0.7%-0.1%0.5%-0.2%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. 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 YearsAt December 31 in Billions: 2012 to 2021

Endowment (LTCAP)$4.2$3.7$3.2$2.9$2.9$2.6$2.4$2.3$2.1$1.9
(*) Totals may not add due to rounding.