Public equities led the Ontario Municipal Employees’ Retirement System’s 4.8% net investment return for the first half of 2026, which raised its asset value to C$151.6 billion ($108.8 billion) as of June 30.
As the fund’s top-performing asset class, public equities rang up a 12.2% return during the first six months of 2026, followed by private credit and real estate assets, which earned 7.8% and 5.5%, respectively. Meanwhile, private equity lagged with a meager 1.1% return.
The asset allocation for OMERS’ portfolio is 24% public equities, 22% infrastructure, 16% private equity, 15% private credit, 15% real estate, 13% public credit, 13% government bonds and -18% cash and funding, which reflects borrowing or funding obligations that offset the investments.
“As we move through the remainder of 2026, we are actively managing our existing portfolio and assessing opportunities to deploy capital in ways that meet our risk-adjusted returns,” OMERS President and CEO Blake Hutcheson said in a statement.
Evidence of OMERS’ active management can be seen in its 13F-HR filings with the U.S. Securities and Exchange Commission for the year’s first two quarters, as it rotated several tech stocks. It lowered its holdings of Apple, Amazon, Microsoft and Nvidia, while increasing its shares in Meta, Micron, Intel and AMD [Advanced Micro Devices].
As of June 30, the pension fund’s holdings in Apple and Amazon were reduced by 32.6% and 22.4%, respectively, from March 31, followed by Microsoft and Nvidia, which were pared back by 19.8% and 17.1%, respectively. Meanwhile, OMERS increased its shares in Intel tenfold and its shares in Micron by 303.4%. It also more than doubled its stake in Meta and raised its AMD holdings by nearly 50%.
Major Tech Stock Reductions
| Company | Q1 shares | Q2 shares | Change |
| Apple | 2,851,506 | 1,923,152 | -928,354 (-32.6%) |
| Amazon | 2,821,565 | 2,190,282 | -631,283 (-22.4%) |
| Microsoft | 1,379,795 | 1,106,164 | -273,631 (-19.8%) |
| Nvidia | 4,780,413 | 3,964,779 | -815,634 (-17.1%) |
| Intel | 159,187 | 1,590,519 | +1,431,332 (+899.0%) |
| Micron | 85,236 | 343,820 | +258,584 (+303.4%) |
| Meta | 318,367 | 710,539 | +392,172 (+123.2%) |
| AMD | 80,983 | 120,487 | +39,504 (+48.8%) |
Source: SEC
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Tags: OMERS, Ontario Municipal Employees Retirement System Infrastructure