TORONTO, April 1 (UPI) -- The University of Toronto reported a $1.3 billion loss, about 29.5 percent of its portfolio, on its pension and endowment investments last year.
Bill Moriarty, president of the University of Toronto Asset Management team said the losses were attributed to the fund's large exposure to equity markets and hedge fund investments and strategy, The Globe and Mail reported.
University Provost Cheryl Misak said student aid has been maintained by dipping into reserve accounts but fewer merit-based scholarships will likely be handed out this year.
The university is Canada's largest and has the largest portfolio. Its losses far surpass the average 18 percent losses major Canadian pension funds experienced last year, The Globe and Mail said.
The school has cut payouts from endowment funds for the coming year, officials said.
Meanwhile, the country's second- and third-largest universities, the University of British Columbia and McGill University in Montreal, said their investments were down about 20 percent, the newspaper reported.