The five-year return compares to a benchmark annualized net return of 7.3%, while the benchmark 10-year net return was 8% and the benchmark 20-year return was 6.9% net.
BCI’s net assets under management increased by C$11.5 billion ($9.2 billion) during the year to reach C$211.1 billion at the end of fiscal 2022.
During the previous year, BCI posted a net return of 16.5%, below the benchmark return of 17.1%.
BCI’s asset mix as of March 31 was 37% fixed income, including private debt; 30.5% public shares; 15.9% real estate equity; 11.8% private equity; 9.5% renewable infrastructure and resources; 3.7% real estate debt; and -8.4% from other strategies, including “leveraged liabilities and client currency hedging,” based on press release numbers.
Within fixed income, short-term securities delivered a net return of -0.3% in fiscal 2022, compared to a net return of 0.1% for the benchmark; nominal bonds posted a net return of -3.9% (-4.2% for the benchmark); and private debt, a net 7.3% (benchmark 2.2%).
Among public equities, Canadian equities generated a net return of 19% in fiscal 2022, below the benchmark’s net return of 20.2%; global public equities, 5.7% (benchmark 9%) and emerging market public equities, -10.6% (-11.9%).
Overall, public equities “generated positive returns as markets continued to recover from 2020 lows,” BCI said in the statement. Despite “outstanding gains, equity market volatility persisted, influenced by the COVID-19 pandemic and the Russian government’s invasion of Ukraine,” the company added.
Within private markets, private equity generated a net return of 29.7% in fiscal 2022, above its benchmark return of 19.5%; and infrastructure and renewable resources generated a net return of 12.1% (benchmark 6.8%).
Regarding its private equity portfolio, BCI said in the statement that “timely partial and full exits from direct investments supported the strong performance for the year.”