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Alberta Investment Management Corp. says its balanced fund earned a net return of 8.0% for 2023, short of its benchmark return of 9.3%.

The investment manager says its public equity investments earned 15.8%, while its fixed-income holdings earned 7.7%.

The firm’s private equity portfolio generated a return of 6.7%, while infrastructure investments earned 3.8%, and its renewable resources portfolio returned 1.6%.

AIMCo’s real estate portfolio lost 8.4%, while mortgages earned 4.5%, and private debt and loan holdings returned 9.6%.

In 2023, AIMCo’s total fund returned 6.9% compared to a benchmark return of 8.7%.

AIMCo, which had $160.6 billion in assets under management at the end of 2023, invests on behalf of pension, endowment, insurance and government clients in Alberta.

“During 2023, persistently high inflation and interest rates and challenging geopolitical factors combined to affect global markets,” AIMCo chief executive Evan Siddall said in a statement.

“Our investment teams continued to seize opportunities and effectively mitigate emerging risks to deliver a solid return for our clients and the Albertans they serve.”