The Canada Pension Plan Investment Board (CPP Investments) released its fiscal year end results on May 24, showing a net return of 1.3 per cent in 2023, or a 10-year net annualized return of 10 per cent. The fund ended its fiscal year on March 31 with net assets of $570-billion, up from $539-billion at the end of fiscal 2022.

The plan says it was able to outperform major indexes, despite significant declines in global equity and fixed income markets during the year. “Results reflect returns on investments in infrastructure and certain U.S. dollar-denominated private equity and credit assets, which benefited from foreign exchange,” CPP Investments says in a statement about the release of its annual results.

They continue, attributing a measure of their success to external investment managers and active management. “Our performance was partially offset by significant declines in both equities and fixed income across major markets as high inflation and rising interest rates weighed heavily on both asset classes.