The Canada Pension Plan Investment Board earned 3.4 per cent during the third quarter of fiscal 2024, according to its latest quarterly report.
By Dec. 31, 2023, the investment organization’s net assets were $590.8 billion, compared to $576 billion at the end of the previous quarter. The $14.6 billion increase in net assets consisted of $19.3 billion in net income and $4.7 billion in net transfers from the CPP.
Read: CPPIB returns 0.1% in Q2 2024, led by credit, private equity
These results were driven by positive performances from public equity, fixed income, credit, private equity, energy and infrastructure assets, according to the report. It also noted returns were offset by the impact of foreign exchange losses from a stronger Canadian dollar relative to the U.S. dollar.
The investment organization also reported a 10-year annualized net return of 9.3 per cent. During the decade, up to the end of the third quarter of fiscal 2024, the CPPIB contributed $319.4 billion in cumulative net income to the fund.
“Strong performance of global equity and fixed income markets during the final months of calendar 2023 contributed to the fund’s continued growth,” said John Graham, the CPPIB’s president and chief executive officer, in a press release.
Read: CPPIB returns -0.8% in Q1 2024, with fixed income assets down due to higher interest rates