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Northwest Territories Heritage Fund

Fonds du patrimoine des Territoires du Nord-Ouest · Canada · North America · Founded 2012 · Sub-national permanent fund · Not an IFSWF member

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Focus

Northwest Territories Heritage Fund: what it invests in

Financial services
Fixed incomePublic equities

Geography Domestic and global

Scale

Northwest Territories Heritage Fund: how big it is, and on what basis

C$52.5M (31 March 2025)
Net assets or equityAs of

In US dollars: about USD 0.037B. Converted at CAD 1.4362 per USD, 31 March 2025

2024-25 return 7.62%

Transparency

Northwest Territories Heritage Fund: what it publishes

7.5 of 10 Band 4 of 5

Published 6 · Partly 3 · Not published 1

Our 10 item score. It measures what is public, not how well a fund is run.

Net total valueS1
C$52.5M (about USD 36.6M, March 2025)
As of
2024-25 returnS1
7.62%
As of
Share of resource revenue savedS1
25%
As of
2024-25 contributionS1
C$482,204
As of
Equity capS1
25%
As of
Withdrawals locked untilS1
2032
As of
Transparency scoreS1
7.5 of 10
As of

At a glance. The Northwest Territories Heritage Fund saves a quarter of the territory's net resource revenue, mostly from diamond mining, for future residents. Nothing can be withdrawn until 2032. It held C$52.5M (about USD 36.6M) at March 2025, about 80 percent in high-grade Canadian bonds and 20 percent in global equities, and returned 7.62 percent in 2024-25. S1 S3

Key points

  • Portfolio grew from C$26.35M in 2020 to C$52.21M in 2025. S1
  • Contribution fell to C$482,204 in 2024-25 from C$3.2M, as resource revenue and diamond mining declined. S1
  • Mix at March 2025: bank bonds 70.1 percent, equities 19.3 percent, provincial bonds 10.5 percent. S1
  • Equities capped at 25 percent by regulation; bonds must be rated A or better. S1
  • After 2032, withdrawals need special legislation and may not exceed 5 percent of value a year. S1
  • A 2026 legislative review recommends an arm's-length Heritage Fund Investment Board. S4

Interesting facts

  • It began with three seed deposits of C$250,000 each before devolution in April 2014. S1
  • Its fixed income yielded 4.13 percent to maturity at March 2025. S1
  • The government keeps an arm's-length relationship with the fund manager and does not direct specific investments. S1

Mandate and goals

Save part of today's non-renewable resource revenue for future generations of Northwest Territories residents. S1

  • Maximise long-term growth without undue risk. S1
  • Protect capital through high-quality bonds. S1
  • Build the fund for 20 years before any transfers. S1

How it invests

IndustriesFinancial services. Sector agnostic S1
Asset classesFixed income, Public equities S1
StagesPublic markets S1
GeographyDomestic and global. Canadian bonds; globally diversified equities S1
Direct / through funds / co-investNo / No / No S1
Managed in house0 percent S1
Ticket sizeNo private deals S1
External managersA single external fund manager since 1 April 2019 S1
Co-investment programmeNone S1

Asset mix: Bank bonds 70.1%, Equities 19.3%, Provincial bonds 10.5% (as of 2025-10-21) S1

Published criteria

  • Majority in Canadian federal, provincial or Schedule I bank bonds. S1
  • Minimum A rating for fixed income. S1
  • Equities up to 25 percent. S1

Past investments

The fund has not published a list of investments.

Case studies

Saving through a resource slowdown S1

  • What: Deposits track resource revenue, which fell as diamond mining slowed.
  • When: 2024-25
  • Size: C$482,204 contributed
  • Why: The fund saves 25 percent of net resource revenue each year.
  • Outcome: Growth now relies mainly on returns, 7.62 percent in the year.

Reviewing the Heritage Fund Act S4

  • What: A legislative committee reviewed the Act and proposed a legal savings purpose and an arm's-length investment board.
  • When: June 2026
  • Size: Not published
  • Why: Prepare governance ahead of the 2032 withdrawal date.
  • Outcome: Recommendations to the Legislative Assembly, not yet law.

Investment process

The Financial Management Board is trustee and delegates administration to its Secretary, who directs an external manager within the Act and regulations. S1

CommitteeRole
Financial Management BoardTrustee of the fund S1
Standing Committee on Government OperationsStatutory review of the Act S4
  1. Resource revenue share deposited each year. S1
  2. External manager invests within regulations. S1
  3. Annual report and audit tabled in the Legislative Assembly. S1

How to approach: Department of Finance page; no route for proposals. S5

Size and returns

  • Headline size: C$52.5M (31 March 2025) (Net assets or equity, as of 2025-10-21) S1 S3
  • In US dollars: about USD 0.037B. Converted at CAD 1.4362 per USD, 31 March 2025
  • Portfolio value: C$52.21M (Portfolio value, as of 2025-10-21) S1
  • Return, Fiscal 2024-25: 7.62 percent S1
  • Size over time (CAD million): 2020 26.35, 2021 28.68, 2022 37.03, 2023 43.0, 2024 45.82, 2025 52.21 S1

Leadership

NameTitle
Caroline WawzonekMinister of Finance and Deputy Premier S1 S6
Mandi BolstadDeputy Secretary to the Financial Management Board S1

Governance and transparency

  • Legal basis: Northwest Territories Heritage Fund Act and Regulations S1
  • Oversight: Legislative Assembly; Financial Management Board as trustee S1
  • Auditor: Metrix Group LLP S1
  • No transfers out for 20 years; then 5 percent cap. S1
  • Statutory review report tabled June 2026. S4

Transparency score: 7.5 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, asset allocation, audited financial statements, governance and mandate documents, named leadership. S1 S4
  • Partly published: long-term returns, geographic or sector split, regular reporting schedule. S1
  • Not published: holdings or deal list. S1

History

DateEvent
2012-08-01Fund established. S1
2014-04-01Devolution; 25 percent deposits begin. S1
2019-04-01External manager appointed. S1
2025-03-31Portfolio passes C$50M. S1
2025-10-21Annual report tabled. S1
2026-06-02Statutory review report. S4
2032Earliest year for transfers out. S1

For family offices

A small, bond-heavy savings fund run by one external manager, with no private markets or co-investment activity. S1

Reports

Common questions

How big is the fund?

C$52.5M at 31 March 2025, about USD 36.6M. S1

Where does its money come from?

25 percent of net resource revenue each year. S1

When can money be withdrawn?

Not before 2032, then up to 5 percent of value a year with special legislation. S1

What did it return?

7.62 percent in 2024-25. S1

All sovereign wealth funds in North America · All sub-national permanent funds · All funds in Canada

Sources

  1. S1Northwest Territories Heritage Fund, Annual Report 2025
  2. S2IFSWF, our members
  3. S3Frankfurter, ECB reference rates, 31 March 2025
  4. S4Standing Committee on Government Operations, statutory review of the Heritage Fund Act
  5. S5GNWT Department of Finance, Heritage Fund page
  6. S6NWT Legislative Assembly, Caroline Wawzonek

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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