The Canada Pension Plan Investment Board returned negative 0.8 per cent during the first quarter of fiscal 2024, according to its latest quarterly report.
By June 30, 2023, the investment organization’s net assets reached $575 billion, compared to $570 billion at the end of fiscal 2023. The report noted a net loss of $5 billion was offset by $9 billion in net transfers from the CPP.
Investments in public equities and renewable energy, along with gains by external portfolio managers, contributed to the quarter’s results. Investments in credit and real assets were relatively flat in local dollar terms, said the report, with fixed income assets declining in value due to higher interest rates instigated by central banks.
“The quarter’s results reflect gains across most asset classes, which were offset by the impact of foreign exchange losses due to a stronger Canadian dollar relative to the U.S. dollar,” said John Graham, president and chief executive officer at the CPPIB, in a press release. “While we anticipate periods of uncertainty to persist, we expect our portfolio will continue to be resilient and create value for CPP contributors and beneficiaries for generations to come.”