Investment Management Corp. of Ontario earned 7.4 per cent last year thanks to strong equity gains and a roughly $1 billion return from trimming its position in
cloud provider CoreWeave Inc.
The pension manager’s stock holdings gained 19.1 per cent in 2025, while private equity rose 6.5 per cent, according to a statement Thursday. Its
portfolio lost 0.5 per cent.
CoreWeave added 77 basis points to IMCO’s total net return, contributing more than any other single holding, Chief Investment Officer Rossitsa Stoyanova said in an interview.
IMCO invested $150 million in CoreWeave in 2023. The company’s valuation soared as big technology companies demanded its cloud services to power new AI models, and it went public in March 2025.
“The investment thesis was realized a lot faster than what we expected,” Stoyanova said, noting that IMCO doesn’t usually take big, concentrated positions. “It was a good surprise, but at the same time, we had to trim the position significantly.”
IMCO declined to disclose the size of its current stake in CoreWeave, which Stoyanova referred to as “right sized.” It also has AI-related bets in other
providers and fibre networks.
“Regardless of who will be the AI winner, companies that provide services will succeed,” she said.
Last year, the money manager’s assets climbed to $90.7 billion at year-end. The U.S. accounted for 53 per cent of that total, Canada 29 per cent and Europe 12 per cent, largely in line with its 2024 allocation.
IMCO plans to maintain that level of exposure to Canada while boosting its overall assets, the firm said in the statement.
In addition to trimming its CoreWeave stake, IMCO also decreased its U.S. dollar exposure, according to Stoyanova. The U.S. dollar weakened by close to five per cent against the loonie last year, reducing total returns by about 1.5 per cent.
In a January report, the Toronto-based pension cited the Swiss franc, Japanese yen and gold as potential alternatives to the U.S. dollar as
’s policies pressure the greenback. Canada’s response to U.S. trade pressures — particularly through increased investment in large-scale infrastructure — may broaden domestic investment opportunities, IMCO said at the time.
IMCO was founded in 2016 to consolidate the management of a number of retirement funds for government workers in Canada’s most populous province.