AIMCo Posts 7.2% H1 Return as Portfolio Shifts Toward Canadian Energy, U.S. Tech

Led by surging public equities investments, the Alberta Investment Management Corp. reported a 7.2% return in the first half of 2026, as its assets crossed the C$200 billion threshold for the first time, reaching C$210.7 billion ($150.6 billion) as of June 30.

The strong performance came alongside a notable shift in AIMCo’s public equity positioning, with the fund increasing its exposure to the Canadian energy sector while taking a more selective approach to U.S. equities.

According to its mid-year performance report, AIMCo’s investment portfolio gained C$13.6 billion during the first six months of 2026.

“That’s C$13.6 billion for our clients, earned as markets grappled with conflict in the Middle East, U.S. trade policy uncertainty and changing inflation expectations,” CIO Justin Lord said in a video statement.

AIMCo reported four- and 10-year annualized returns of 9.9% and 7.8%, respectively, and earned C$89.1 billion in net investment returns over the 10-year period.

Public equities were AIMCo’s top performer, which the fund attributed to solid corporate earnings, artificial intelligence growth and broad global market gains. Fixed income, private credit, private mortgages and infrastructure also contributed to the results, while private equity offset some of those gains due to slow deal activity and reduced valuations on certain tech companies. 

A look at its public equity portfolio holdings compared with those owned at the same time last year shows a notable shift, with its investment activity indicating a tilt toward domestic energy and a more selective U.S. equities portfolio.

The most significant moves came in Canadian energy, as the fund increased its shares in Calgary, Alberta-based Cenovus Energy more than tenfold to more than 5.5 million shares midyear from roughly 500,000 shares one year earlier. AIMCo also acquired nearly 2.8 million shares of energy delivery company Enbridge, also based in Calgary, a new position for the fund. The moves signal an increase in the portfolio’s exposure to Canada’s oil and gas sector.

At the same time, the fund reworked its passive U.S. equity exposure, reducing its holdings in the SPDR S&P 500 ETF by 77%, while increasing its position in the Vanguard S&P 500 ETF to nearly 2 million shares from 1.1 million. The expense ratio for the Vanguard S&P 500 ETF is 0.03% per year. The gross expense ratio for the State Street SPDR S&P 500 ETF Trust is 0.0945% per year.

Within individual U.S. equities, the fund increased its Microsoft holdings by 18% and more than doubled its Nvidia holdings, bolstering exposure to companies linked to AI and cloud infrastructure. Meanwhile, it moderately pared back positions in Alphabet and Meta. The portfolio also added new exposure to semiconductor and data storage names, including a new position in Micron Technology, alongside a $10 million investment in notes issued by Western Digital.

As of the end of the first half, AIMCo’s asset allocation was split into public equities and absolute return investments (38%); private markets (31%); and money market and fixed-income assets (31%).

Private market holdings included infrastructure, real estate, renewable resources and private equity. The money market and fixed income category incorporates traditional money market funds, fixed-income securities, mortgages, real return bonds, private debt and loans.

AIMCo invests on behalf of pension, endowment, insurance and government fund clients in the Canadian province of Alberta.