OMERS portfolio down 2.7% in 2020

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The Canadian Press

The fund manager said widespread lockdowns in its investments, which include retail properties and hit the transportation and entertainment sectors, explain more than half of its shortfall against its benchmark for the year.

OMERS ‘portfolio also includes significant allocations to financial services and dividend-paying energy businesses, sectors that did not fully recover during the market rally late last year.

OMERS said it was also affected by a rebound in the Canadian dollar after it fell sharply at the start of the pandemic.

The fund manages investments to pay retirement benefits for municipal employees in communities across Ontario.

Its capitalization on a smoothed value basis was maintained at 97%.

“We are a long-term investor who pays pensions over decades, and given the strength of our team and our strategy, this year alone will not define us,” said the CEO of ‘OMERS, Blake Hutcheson.

“We are committed investors and asset managers with high quality, diversified assets globally and believe in the strong investment future of our portfolio for over 500,000 members and for our over 1,000 employers. in Ontario. ”

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