Investment Overview

Calgary Foundation has a robust management and governance structure in place to monitor and maintain its primary endowment portfolio. The Foundation’s objective is to earn a real rate of return over the long term that preserves the purchasing power of the endowment, 6.0% over a moving 10-year period. This target is an aggregate of the Foundation’s spending policy rate of 5.0%, which is the amount it grants to charities and spends on charitable activities, and a 1.0% provision for operating cost recovery.

The Foundation recognizes that it must take on some risk to execute its strategy, and that there are uncertainties and complexities when investing in capital markets. Accordingly, the Foundation utilizes the expertise of external investment managers that work in accordance with the Foundation’s Statement of Investment Policy to implement its investment strategy. This policy formulates the objectives and principal governance for prudent investment of the endowment and uses a total return strategy that adds capital gains to other potential income sources to achieve the long-term return objective.

Calgary Foundation Target Asset Mix

  • Canadian Money Market 2%
    Mawer Investment Management
  • Canadian Bonds 13%
    TD Asset Management Inc.
  • Private Debt 10%
    Alcentra Ltd.
    Crescent Capital
    MGG Investment Group
    Pemberton Asset Management
    Star Mountain Capital
  • Canadian Equities 12.5%
    Mawer Investment Management
    TD Asset Management Inc.
  • Global Small Cap Equities 5%
    Arrowstreet Capital
  • U.S. Equities 9%
    TD Asset Management Inc.
  • E.A.F.E. Equity 8.5%
    Mawer Investment Management
    TD Asset Management
  • Emerging Market Equities 5%
    Phillips, Hager & North Investment Management
  • Real Assets 25%
    Crestpoint Real Estate Investments Ltd.
    Fidelity International
    I Squared Capital
    New American Bridges
    Palistar Capital
    Partners Group Direct Infrastructure
    Stonepeak Partners
    Walton Street Capital, L.L.C.
  • Private Equity 10%
    Pomona Capital
    GI Partners
    TDR Capital
Calgary Foundation Asset Mix as of March 31, 2023

Endowment Portfolio Performance Summary

Annualized Gross Returns, June 30, 2023

1 year
2 years
3 years
4 years
5 years
7 years
10 years
Download the latest Endowment Portfolio Performance Report
Download the latest Endowment Portfolio Performance Report