The Canada Pension Plan Investment Board returned 0.1 per cent during the second quarter of fiscal 2024, according to its latest quarterly report.
By Sept. 30, 2023, the investment organization’s net assets were $576 billion, compared to $575 billion at the end of the previous quarter. The $1 billion increase in net assets consisted of $488 million in net income and $700 million in net transfers from the CPP.
Read: CPPIB returns -0.8% in Q1 2024, with fixed income assets down due to higher interest rates
These results were driven by positive performance in credit and private equity and gains across U.S. dollar-denominated assets, which benefited from a strengthening U.S. dollar relative to the Canadian dollar, according to the report. It also noted returns were offset by losses in fixed income due to continued high interest rates and weak performance in public equities as global markets declined.
“Our diversified portfolio remains resilient and, while we expect these challenging investing conditions to persist for the near term, we are confident that our active management strategy will continue to deliver positive long-term results for CPP contributors and beneficiaries,” said John Graham, president and chief executive officer at the CPPIB, in a press release.
Read: CPPIB returns 1.3% in fiscal 2023, bracing for headwinds ahead