Heritage Savings Trust Fund

Latest update

On November 6, 2023, The Standing Committee on the Alberta Heritage Savings Trust Fund met and approved the Alberta Heritage Savings Trust Fund 2022-23 Annual Report and reviewed the 2023-24 First Quarter Heritage Fund Report for the ending June 30, 2023.  

Per the Alberta Heritage Savings Trust Fund Act, the Standing Committee holds an annual public meeting with Albertans on the Heritage Fund's investment activities and results. The next Heritage Fund annual meeting has been set for November 30, 2023.

Annual Report Update

In 2022-23, the Heritage Fund saw a return of 2.6 per cent. Despite economic challenges in the first half of the year, the Fund still managed to surpass its passive benchmark by 1.2 per cent.
Over five years, the Heritage Fund saw investment returns of 6.4 per cent, and over 10 years, the Heritage Fund has returned 8.4 per cent. The government increased the long-term target return for the Heritage Fund due to persistent inflation. 

Net assets of the Heritage Fund grew by $2.5 billion from the previous year to a market value of $21.2 billion. This primarily stems from the Alberta government’s decision to keep investment income in the Heritage Fund, instead of transferring it to the General Revenue Fund. This means that $1.25 billion in investment income was retained in the Fund, in addition to a deposit of $753 million from the government’s 2022-23 surplus. 

2023-24 First Quarter Heritage Fund Update

In the first quarter ending June 20, 2023, the Heritage Fund earned a return of 2.0 per cent. 

The Heritage Fund’s fair value of assets on June 30, 2023, was $21.6 billion, an increase from the $21.2 billion recorded from the previous fiscal year.

Publications

Annual Reports (from 1976-77 to current)

Quarterly Reports (from 2005-06 to current)

Statement of Investment Policies and Goals (effective date January 9, 2023)

About the Heritage Fund

The Heritage Fund was established in 1976 to collect a portion of Alberta’s non-renewable resource revenue for future generations. The initial investment to the Heritage Fund was $2.2 billion, which has grown to $21.2 billion as of March 31, 2023. 

The Alberta Heritage Savings Trust Fund Act creates and establishes the mandate and governance structure for the Heritage Fund. The Act states that the mission of the Heritage Fund is to provide prudent stewardship of the savings from Alberta’s non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans.

In spring 2023, the Act was amended to make it easier to retain investment income within the Heritage Fund. Alberta’s government can now retain all the Fund’s investment income unless Treasury Board approves a withdrawal of some portion. The Act continues to require that a portion of the investment income be retained within the Heritage Fund to help maintain its real value.

The Alberta Investment Management Corporation (AIMCo) invests the Heritage Fund in a globally diversified portfolio across many asset classes, such as stocks, bonds, and real estate.

Legislation

See the Alberta Heritage Savings Trust Fund Act.

Glossary

See commonly used terms related to the Heritage Fund.

Committee and others responsible for management

Standing Committee on the Alberta Heritage Savings Trust Fund

To view the current members of the Heritage Fund Standing Committee, meeting information and contact information, please visit the Standing Committee website.

Treasury Board and Finance Contact

Lowell Epp, Assistant Deputy Minister, Treasury and Risk Management, Alberta Treasury Board and Finance

Investment Manager

Evan Siddall, Chief Executive Officer, Alberta Investment Management Corporation (AIMCo)

Auditor

Doug Wylie, FCPA, FCMA, ICD.D, Auditor General of Alberta

Contact

Hours: 8:15 am to 4:30 pm (open Monday to Friday, closed statutory holidays)
Phone: 780-427-3035
Toll free: 310-0000 before the phone number (in Alberta)

Address:
Heritage Fund
9th Floor, Queen Elizabeth II Building
9820 107 Street
Edmonton, Alberta  T5K 1E7

Online

Government of Alberta feedback form

Contact your MLA

See contact information for your MLA at the Legislative Assembly of Alberta website.