City of Toronto Investment Report for the Six Month Period Ending June 30, 2020

As at June 30, 2020, approximately 80 percent of both the Sinking Fund and the Long Term Fund were managed by external investment managers selected by the Toronto Investment Board. At the end of 2019, four external fixed income managers controlled approximately 70 percent of the assets while two global equity pooled fund managers oversaw 7 percent of these funds. A third global equity pooled fund manager started in February 2020 resulting in a total equity exposure of 10 percent at the fund level by June 30, 2020. The balance of these funds remain in cash and short-term securities until additional external fund managers can be funded. Selection and contract negotiations for an additional global equity pooled fund manager and real asset managers continues in 2020. All funds managed are compliant with the Council-approved Investment Policy.