Performance Reports to U of T’s Business Board

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.