Item - 2026.IB17.7

The Director, Capital Markets and Treasury recommends that:

1. The Toronto Investment Board receive this report for information.

2. The Toronto Investment Board direct that the confidential information contained in Confidential Attachments 1, 2 and 3 remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.

This report provides the Toronto Investment Board (Board) with updates on recent investment manager reviews by Aon, the Board's investment consultant; implementation of the Board's decision to transition the Multifactor Equity Strategy mandate to a new investment manager; and the most recent fund balances and asset mix information for the Long-Term Fund and Sinking Fund.

Aon recently completed a due diligence review of the C WorldWide Global Equities Strategy. The Board is currently undertaking a Global Equities Strategy and Manager Study, and the results of Aon's review will be considered as part of this broader work.

The report also provides an update on a leadership change within Fiera Capital's Fixed Income Solutions Team. Aon has reviewed the leadership change and its implications for the investment strategy. Further details regarding Aon's assessment are provided in Confidential Attachment 2.

Aon also recently completed a review of the CBRE Global Alpha Fund. Further details regarding Aon's review and assessment are provided in Confidential Attachment 3.

Further details regarding Aon's investment manager reviews and assessments are provided in Confidential Attachments 1, 2 and 3.

The report also provides an update on the planned transition of the Multifactor Equity Strategy mandate, including the wind-down of the existing mandate and the ongoing onboarding of the selected replacement investment manager, and includes the current funding status and asset mix for the Long-Term Fund and Sinking Fund as at July 31, 2026 (Attachment 4).

The Global Equities Strategy and Manager Study will result in consulting costs associated with retaining Aon to undertake the study. These costs will be funded from the Toronto Investment Board's approved operating budget, and no additional budget authority is required.