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 2019, 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 Return8.5%8.5%
Reference Portfolio Return7.5%7.5%
University Target Return5.8%5.8%

UTAM’S 10-Year Value Added as of 2019

$307 million


$204 million


$511 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.

2019 Calendar Year Performance

2019 Annual Report

Our 2019 Annual Report contains a detailed analysis of performance during the year and looks at UTAM through the lens of the traditional four P’s – philosophy, people, process and performance – that are the hallmarks of successful investment managers.

Performance Update to U of T’s Business Board

2019 Mid-Year Update

Performance from January 1, 2019 to June 30, 2019

On October 6, 2019, UTAM presented its semi-annual update on investment performance to the University of Toronto’s Business Board. Daren Smith, UTAM’s President and Chief Investment Officer, reported that the Pension and Endowment portfolios managed by UTAM gained 7.8% and 7.7%, respectively, net of all investment-related fees and expenses during the first six months of 2019. These returns were 4.7% higher than the university’s target return of 3.1% (inflation + 4% per year) for Pension and 4.6% higher for Endowment but were below the benchmark Reference Portfolio return by 2.4% in Pension and 2.5% in Endowment.

Annual Performance for the Last 10 Years: 2010 to 2019

 Actual Return113.0%-1.6%12.4%7.1%7.4%12.7%15.1%9.3%1.2%9.5%
 Reference Portfolio Return215.8%-2.3%11.4%7.2%3.2%9.7%12.4%8.7%0.8%9.4%
 University Target Return36.2%6.0%5.8%5.5%5.6%5.6%5.2%4.9%6.3%6.3%
UTAM Value Added4-2.8%0.7%1.0%-0.1%4.3%3.0%2.7%0.6%0.4%0.1%
Endowment (LTCAP)
 Actual Return112.9%-1.5%12.4%7.1%7.7%12.9%15.3%9.2%1.2%9.3%
 Reference Portfolio Return2 15.8%-2.3%11.4%7.2%3.2%9.7%12.4%8.3%0.7%9.4%
 University Target Return3  6.2%6.0%5.8%5.5%5.6%5.6%5.2%4.9%6.3%6.3%
UTAM Value Added4-2.9%0.8%0.9%-0.1%4.5%3.2%2.9%0.9%0.4%-0.1%
 Actual Return2.7%2.1%1.5%1.6%1.5%2.0%1.6%1.6%2.5%2.2%
 University Target Return5  2.4%2.3%0.8%0.9%1.5%1.5%1.7%1.5%2.4%1.4%
UTAM Value Added0.3%-0.2%0.8%0.7%-0.1%0.5%-0.2%0.1%0.1%0.7%
(*) 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 Includes returns for private market investments from January 1, 2007.
2 The Reference Portfolio was adopted by Endowment in March 2012 and by Pension in May 2012. Benchmark/Policy Portfolio used for prior periods.
3 Consumer Price Index (CPI) + 4%.
4 Actual Return minus Reference Portfolio Return.
5 One-year Canadian T-bill index plus 50 basis points.

Portfolio Market Values for the Last 10 YearsAt December 31 in Billions: 2010 to 2019

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