Investments
We provide globally diversified investment management, outsourced chief investment officer (OCIO), and other investment advisory services to a number of public sector-based pension funds and pools of investment capital.
We develop investment strategies to best serve our client’s specific objectives by utilizing our various pooled Investment Entities. Performance of our Investment Entities is reported publicly through our Vestcor Annual Report and externally audited annual financial statements. Specific client integrated portfolio reporting is typically customized to specific needs and in most cases annually examined in accordance with the CFA Institute’s Global Investment Performance Standards (“GIPS®”).
The Investment Entity Profiles, supplied to clients by Vestcor, provide an overall description, set of operating characteristics, and applicable investment guidelines for each pooled investment fund. Management also retains the right from time to time to set more restrictive operating guidelines, in the best interests of the Fund, as part of their internal Investment Procedures Manual.
Vestcor Investment Entity ProfilesThe Quarterly Market Updates are provided as an overview of Vestcor’s investment activities and the general financial market conditions experienced during the noted reporting period.
Please note that the Updates are specific to Vestcor’s activities and are presented for information purposes only. They do not constitute investment advice in any way, and no guarantee is provided as to their completeness or appropriateness. We recommend that readers consult a professional advisor with respect to their own specific financial matters.
Quarterly Market Update at September 30, 2024Quarterly Market Update at June 30, 2024Quarterly Market Update at March 31, 2024Quarterly Market Update at December 31, 2023Quarterly Market Update at September 30, 2023Quarterly Market Update at June 30, 2023Quarterly Market Update at March 31, 2023Quarterly Market Update at December 31, 2022Quarterly Market Update at September 30, 2022Quarterly Market Update at June 30, 2022Quarterly Market Update at March 31, 2022Quarterly Market Update at December 31, 2021Quarterly Market Update at September 30, 2021Quarterly Market Update at June 30, 2021Quarterly Market Update at March 31, 2021Quarterly Market Update at December 31, 2020Quarterly Market Update at September 30, 2020Quarterly Market Update at June 30, 2020Quarterly Market Update at March 31, 2020Quarterly Market Update at December 31, 2019Quarterly Market Update at September 30, 2019Quarterly Market Update at June 30, 2019Quarterly Market Update at March 31, 2019Quarterly Market Update at December 31, 2018Quarterly Market Update at September 30, 2018Quarterly Market Update at June 30, 2018Quarterly Market Update at March 31, 2018Quarterly Market Update at December 31, 2017Quarterly Market Update at September 30, 2017Quarterly Market Update at June 30, 2017Quarterly Market Update at March 31, 2017Quarterly Market Update at December 31, 2016Vestcor has set out the following guidelines relating to investment activities, in line with industry best practices.
Trade Matching StatementUnder Canadian securities regulation, institutional investors such as Vestcor are required to provide their broker/dealers and securities custodians with certain details to facilitate the settlement of a security trade. In particular, an institutional investor must provide details with respect to the underlying client accounts managed by it, and must instruct the custodian to release funds and/or securities to the clearing agency. The dealer, in turn, must issue a customer trade confirmation containing required information pertaining to the trade.
The Canadian Securities Administrators have issued National Instrument 24-101 to mandate registrants including dealers to take all necessary steps to match a trade as soon as practicable after the trade is executed and in any event, currently no later than noon on the business day following the day on which the trade was executed. Dealers are required to enter into either a written trade-matching compliance agreement or obtain signed trade-matching statements from their institutional clients before they can execute trades on their behalf.
Vestcor has opted to issue a signed Trade Matching Statement for our brokers/dealers (see below).
Vestcor Trade MatchingAs an investment manager, Vestcor follows the Chartered Financial Analysts (CFA) Institute’s guidelines for best execution of securities trades and trade monitoring and oversight. These practices have been combined into a Trade Management and Best Execution Policy, available below.
Trade Management and Best Execution GuidelinesVestcor follows Responsible Investment Guidelines in executing its ownership responsibilities. As a long-term investor, Vestcor seeks to enhance shareholder value for the benefit of the funds under our management. Our Responsible Investment Guidelines are based on two objectives:
- Maximize risk-adjusted investment returns; and
- Protect accumulated assets.
In 2022, Vestcor released its inaugural Responsible Investment Report, outlining the active investment related activities that the organization has committed to under the direction of the Guidelines.
Copies of our Responsible Investment Report and Responsible Investment Guidelines are available below.
Responsible Investment Report 2023Responsible Investment Report 2022Responsible Investing GuidelinesOn behalf of its clients, Vestcor is an active investor in private equity, real estate and infrastructure assets. Our program focuses on fund investments (i.e., limited partnerships), co-investments and, under certain circumstances, direct investment involvement. We also have a successful track record of direct co-investment in private business opportunities with like-minded investors in our home province of New Brunswick and the larger Atlantic Canada region.
Private Market and Co-Investment Program OverviewVestcor interacts with various broker/dealer counterparties on behalf of our clients. Our arrangements with counterparties are documented in Counterparty Selection, Monitoring and Approval Guidelines, available here:
Counterparty Selection, Monitoring and Approval Guidelines