TORONTO 鈥� The sa国际传媒 Pension Plan Investment Board says its net return amounted to a loss of 0.8 per cent last quarter.
The country's largest pension fund manager says its net assets as of June 30 totalled $575 billion, up from $570 billion at the end of the previous quarter.
Chief executive John Graham says the gains were offset by higher interest rates as well as a stronger Canadian dollar compared to the U.S. dollar and other major currencies.
The Toronto-based fund manager says investments in public equities and renewable energy as well as gains by external portfolio managers all added to the quarter's results, while investments in credit and real assets stayed fairly flat.
However, CPP Investments says fixed income assets declined in value due to higher interest rates set off by central banks, and foreign exchange losses negated any other gains.
Over a 10-year period, CPP Investments says its cumulative net income totalled $314 billion, with a 9.8 per cent net nominal return and a 7.1 per cent net real return.
This report by The Canadian Press was first published Aug. 10, 2023.
The Canadian Press
