Item - 2026.IB15.7

The Toronto Investment Board:

1. Directed that the confidential information contained in Confidential Attachment 1 to the report (March 1, 2026) remain confidential in its entirety, as it contains information that involves the security of property belonging to the City or one of its agencies or corporations.

The Director, Capital Markets gave a verbal update on Investment Manager Updates.

The Toronto Investment Board recessed its public session to meet in closed session to consider this item as it relates to the security of property belonging to the City of Toronto and the Toronto Investment Board.

This report provides the Toronto Investment Board (Board) with a general update regarding investment managers and other related activities. It includes changes to the investment manager mandates, contracts, and most recent up-to-date fund balances.

Following a presentation from CBRE at the previous Board meeting regarding the proposed modernization of the CBRE Global Alpha Fund documentation, the investment consultant (Aon) has provided a review of these changes as described in Confidential Attachment 1. In addition, city staff received a positive external legal review of these changes. Subsequently, the changes proposed by CBRE have now been adopted and have been filed with the regulatory authorities.

The investment consultant (Aon) has also provided three additional Flash Reports regarding personnel changes at the external investment management firms of Legal & General Investment Management (LGIM), UBS Asset Management (UBS), and Addenda. These three reports are contained in Attachment 1, Attachment 2, and Attachment 3 respectively.

The report also provides the most recent fund balances and asset mix for the Long-Term Fund and Sinking Fund as at January 31, 2026 (Attachment 4).