Investment Results

As the administrator of the Plan, LAPP Corporation develops and maintains an investment policy – known as the Statement of Investment Policies and Procedures (SIPP) – that establishes the investment principles, policy guidelines, and the investment management approach of the Plan’s assets. Alberta Investment Management Corporation (AIMCo) is responsible for the day-to-day investment management of LAPP’s portfolio of assets in accordance with the SIPP. By legislation, the Government of Alberta has designated AIMCo as the sole provider of investment management services to LAPP.

During the first quarter, the Plan’s investments generated a return of +0.73%, outperforming its policy benchmark by 0.32%.

Markets in the first quarter of 2026 began with notable strength but sold off strongly by quarter’s due to spiking energy prices – itself, a direct result of the outbreak of the Iran war. This reignited inflation fears and made central banks more cautious with their monetary policy outlooks. During the quarter, the US dollar continued to weaken and conversely, the Canadian dollar exhibited notable strength. 

The Plan’s positive absolute returns were driven by returns in Public Equities, with Emerging Markets Equity and Canadian Equity continuing leading the way. Relative performance was also positive, with notable strength in Emerging Markets Equity, Global Developed Equity, and Private Mortgages. 

As at March 31, 2026, the LAPP portfolio generated a four-year annualized return of +6.35%, underperforming the policy benchmark return of +6.75% by 0.40%.  On an absolute basis, the best performing asset classes over four years were Global Developed Equity, Canadian Equity, and Emerging Markets Equity. 

For detailed quarterly investment results of the Plan, visit Funding and Investment.