The University Pension Plan of Ontario is reporting a 5.2 per cent total fund net return for the year, pushing its net assets from $12.8 billion in 2024 to $13.5 billion at the end of 2025.
Over a three-year period, the plan’s investments returned 8.5 per cent, according to a press release. The plan ended 2025 with a 103 per cent funded status with a surplus.
Read: UPP achieves 10.3% net return in 2024, assets increase to $12.8BN
Infrastructure (20.8 per cent) and public equities (16.2 per cent) led the way for the UPP’s asset mix, followed by positive returns from absolute return assets (12.6 per cent) and private debt (0.2 per cent). However, fixed income delivered a negative 5.7 per cent return in 2025, facing headwinds from elevated long-term interest rates.
“Diversification and increased exposure to private markets supported resilient outcomes, while our scale continues to enhance our ability to manage costs and access investment opportunities typically out of reach for smaller plans,” said Aaron Bennett, chief investment officer at the investment organization, in a press release.
Read: UPP employing transition risk management framework across portfolio: report