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November 29, 2004 Investment income from the Heritage Fund continues to benefit Albertans Edmonton… The Alberta Heritage Savings Trust Fund contributed almost half a billion dollars to Alberta’s General Revenue Fund (GRF) in the first six months of the fiscal year as reported in the 2004-05 Second Quarter Update. The Fund’s net income for the six months ended September 30, 2004 amounted to $498 million. The Fund’s forecast investment income for the fiscal year 2004-05 is $954 million, an increase of $307 million from the original budget forecast of $647 million. Since March 31, 2004, the fair value of the Fund’s investments increased by $33 million, however, this increase was offset by transfers to the GRF resulting in a net decrease in the Fund’s overall fair value. As of September 30, the fair value of the Heritage Fund stood at $11.9 billion down from $12.4 billion at the end of the last fiscal year. The second quarter saw record oil prices and the energy sector led all other sectors in the TSX Index, increasing by 11.2 per cent this quarter. The Canadian dollar rose to an 11 year high affecting the value of the Heritage Fund’s U.S. equity investments when translated into Canadian dollars, resulting in lower investment returns. The government’s key policy to achieving long-term sustainable performance for the Heritage Fund is to maintain a diversified portfolio, a long-term focus and an exceptional investment management team. Albertans can be assured that the Heritage Fund is strong. The Fund has played a major role in the province becoming debt free. In its 28-year history, more than $26 billion has been allocated to Albertans’ fiscal priorities such as debt repayment, health care, education and infrastructure. Go to: - 30 -
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