A risky investment strategy by the Alberta Investment Management Corporation (AIMCo) cost Alberta's long-term savings fund $411 million, a legislative committee heard on Monday. For 2019-20, the annual rate of return for the Heritage fund was -5.1 per cent. The committee also heard AIMCo has not hit its five-year goal for the rate of return on the heritage fund. On Monday, NDP labour and immigration critic Christina Gray said the losses incurred by the heritage fund are gravely concerning. How the government uses income from the heritage fund is set out in legislation, and the government has no plans to change it, she said.

Source: CBC News July 14, 2020 00:22 UTC