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The Canada Pension Plan Investment Board’s assets returned 1.9 per cent during the third quarter of fiscal 2023, according to its latest quarterly report.

By Dec. 31, 2022, the investment organization’s net assets reached $536 billion, up from $529 billion at the end of September. The $7-billion increase consisted of $10 billion in net income, less $3 billion in net CPP outflows, according to a press release.

Read: CPPIB generated 0.2% returns in fiscal Q2 despite global market declines

For the nine-month fiscal year-to-date period, the value of the CPPIB’s assets dropped by $12 billion, but was offset by $9 billion in net CPP contributions.

“Our diversified portfolio delivered gains this quarter due to a rebound in public equity markets, while our private asset values remained relatively flat,” said John Graham, president and chief executive officer of the CPPIB, in a press release.

“Despite the enduring global economic headwinds, our active management strategy enabled us to outperform markets over the first nine months of our fiscal year. While we expect these market pressures to persist in 2023, our resilient portfolio continues to deliver strong, long-term results.”

Read: CPPIB ends fiscal year with 6.8% return, despite final quarter contractions