Thread by @yomeeks

This is your daily pension announcement: let's see how AIMCO is doing investing the Heritage Savings Trust Fund!
The latest quarterly report is available here. It is about the same size as ATRF. So good comparison. #AbLeg #Spoileralert #handsoffmypension
alberta.ca/heritage-savin…

Q2 for AIMCO returned 2.6% versus a bench of 2.1%. Not bad. The large print on the front page says the six month return is 7.7%. But it does not show the six month benchmark which was 8.8%.

That is sub-optimal performance. The value add is NEGATIVE 1.1% #thatsbad #AbLeg #notgood

What should the value add be:

"In the SIP&G, the Ministry of Treasury Board and Finance expects that the investments held by the Fund will return approximately 100 basis points, or 1% per annum, above the policy benchmark."

1% value add goal #thathurts

#AbLeg #swingandamiss

But six months is really too short to make conclusions:

Heritage Fund 5 year 6.8% (bench 7.4%, value add -0.6%)
Heritage Fund 10 year 8.8% (bench 8.6%, value add 0.2%)

Nowhere near 1% value add target. Not even close. #AbLeg #aimcofail

In addition to the relative results, Heritage Fund also has a absolute 5 year investment target: CPI+450 bps+100bps
(this is entirely appropriate as a goal; long exp req)
The most recent 5 year expectation was 7.0%, The actual performance was 6.8%. That's a fail. #AbLeg #fail

But the really interesting reading for Travis (who seems to be in hiding) is the investment cost.

Heritage fund annualized cost 0.80%

ATRF fund annualized cost 0.76%

Hold the phone! You mean it costs more to invest with AIMCO than ATRF? Yes, yes it does. #ABLeg

UCP MLAs better start calling me. I got receipts. All that crap from Travis about saving $40 million per year by investing with AIMCO is just horse shit. #AbLeg #fail

Where is Travis? Since this shit show has now spawned lawsuits.