Item - 2021.IB12.6

The Toronto Investment Board:

1.  Maintained the current asset mix as provided in the City Council-approved Investment Policy in Attachment 1 to the report (May 17, 2021) from the Director, Capital Markets.

2.  Agreed to review the asset mix after all investment managers (including those in the real assets category) have been funded and four years of performance have been completed.

3.  Agreed to complete any further asset mix reviews at a time after the pandemic, or other major global events.

4.  Adopted the clarifying word changes in the updated Investment Plan as provided in Attachment 2 to the report (May 17, 2021) from the Director, Capital Markets.

At its meeting on March 9, 2021, the Toronto Investment Board requested the Investment Consultant, in consultation with relevant City staff to compile information to help inform a conversation at the next meeting of the Toronto Investment Board on a potential asset mix study and report to the next meeting of the Board. This report aims to inform a conversation on a potential asset mix study.

Subsequent discussions with the investment consultant, City staff, and the Board Chair led to a request to review various sections of the Investment Policy (Attachment 1) and the Investment Plan (Attachment 2).  An updated version of the Investment Plan with clarifying wording changes along with a summary of changes is provided.