Canada’s biggest pension fund, CPP Investments, said on Wednesday it has achieved a net return of 1.3% for fiscal 2023, helped by its bets on infrastructure, private equity and credit assets.
The fund had closed last fiscal with a net return of 6.8% amid upbeat global markets.
“Despite significant declines in global equity and fixed income markets during our fiscal year, our investment portfolio remained resilient,” said President and CEO John Graham.
While inflation and higher interest rates weighed on the fund’s investments in equities and fixed income, the depreciation of the Canadian dollar led to a C$25 billion ($18.70 billion) foreign-currency gain.
The fund said net assets increased to C$570 billion in the fiscal year ended March 31, from C$539 billion a year earlier.
The fund delivered a 10-year annualized net return of 10.0%.
($1 = 1.3372 Canadian dollars)
Reuters
