IMCO’s CoreWeave bet powers 7.4% annual gain

Bank towers are seen from Bay Street in Toronto's financial district on June 16, 2010. Photo by THE CANADIAN PRESS/Adrien VeczanArticle contentInvestment 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 artificial intelligence cloud provider CoreWeave Inc.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe 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 real estate portfolio lost 0.5 per cent.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentCoreWeave 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.Article contentPosthasteBreaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIMCO 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.Article content“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.”Article contentIMCO 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 data centre providers and fibre networks.Article content“Regardless of who will be the AI winner, companies that provide services will succeed,” she said.Article contentLast 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.Article contentArticle contentIMCO plans to maintain that level of exposure to Canada while boosting its overall assets, the firm said in the statement.Article contentRead More IMCO recommends yen, gold and franc after souring on U.S. Meet IMCO, the investment manager flying under the radar Article contentIn 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.Article contentIn a January report, the Toronto-based pension cited the Swiss franc, Japanese yen and gold as potential alternatives to the U.S. dollar as U.S.

President Donald Trump’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.Article contentIMCO was founded in 2016 to consolidate the management of a number of retirement funds for government workers in Canada’s most populous province.Article contentBloomberg.comArticle contentTrending Posthaste: How the U.S. dollar stole the Canadian dollar's petrocurrency thunder News BYD to open 20 car dealerships in Canada this year Autos How the global energy crisis is shaking Canada from coast to coast — and could leave a lasting legacy Oil & Gas 'Time to shift that narrative' — RBC to launch $1-billion fund to help Canadian businesses grow Banking Time is on Canada’s side in CUSMA talks, former trade chief says Economy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Posthaste: How the U.S. dollar stole the Canadian dollar's petrocurrency thunder News BYD to open 20 car dealerships in Canada this year Autos How the global energy crisis is shaking Canada from coast to coast — and could leave a lasting legacy Oil & Gas 'Time to shift that narrative' — RBC to launch $1-billion fund to help Canadian businesses grow Banking Time is on Canada’s side in CUSMA talks, former trade chief says Economy