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 third quarter, the Plan’s investments generated a return of +3.99%, underperforming the Plan’s policy benchmark by 0.86%.

The third quarter of 2025 was highlighted by strong equity markets as major indexes rallied to all-time highs, driven by easing concerns over trade policy, interest rate cuts from major central banks, and resilient corporate earnings. In addition, Government of Canada bond yields generally drifted lower during the quarter, supporting prices of fixed income securities.  

The Plan’s positive absolute returns were driven by returns in Public Equities, with Emerging Markets Equity and Canadian Equity leading the way. However, relative performance continued to lag, as Public Equities, Private Equity, and Inflation Sensitive asset classes struggled to meet their benchmarks. 

As at September 30, 2025, the LAPP portfolio generated a four-year annualized return of +5.55%, outperforming the policy benchmark return of +5.29% by 0.26%.  On an absolute basis, the best performing asset classes over four years were Global Developed Equity, Canadian Equity, and Infrastructure. 

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