August 17, 2020
Victoria, British Columbia — British Columbia Investment Management Corporation (BCI) today published our 2019-2020 corporate annual report.
Our managed net assets increased to $171.3 billion, reflecting investment gains of $4.0 billion and $13.8 billion of client net contributions.
Over the five-year period ending March 31, 2020, BCI generated a 6.0 per cent annualized rate of return against a benchmark of 5.2 per cent, representing $4.4 billion in added value. The annualized rate of return for the 10-year period was 8.5 per cent compared to a benchmark of 7.2 per cent, representing $11.2 billion in added value.
Despite the extraordinary societal and financial circumstances resulting from the COVID-19 global pandemic during the fourth quarter, our annualized return for the combined pension plan clients stands in positive territory at 3.0 per cent, net of all fees, slightly lagging the benchmark by 0.25 per cent. BCI’s return represents a $253 million relative underperformance for the year, compared to a $2.0 billion outperformance in fiscal 2019.
Further details of BCI’s investment returns are available in the media release issued July 30, 2020.
This year, BCI marks 20 years of investing globally on behalf of British Columbia’s public sector. In recognition of our 20th anniversary, the 2019-2020 corporate annual report includes a timeline of key achievements in our history.