The Canada Pension Plan Investment Board (CPP Investments) announced Aug. 14 that it ended its first quarter of fiscal 2021 on June 30, 2020, with net assets of $434.4 billion. This compares to $409.6 billion at the end of fiscal 2020 on March 31, 2020.

CPP Investments says the $24.8 billion increase in net assets for the quarter consisted of $22.9 billion in net income after all CPP Investments costs and $1.9 billion in net Canada Pension Plan (CPP) contributions.

The Fund, which includes the combination of the base CPP and additional CPP accounts, achieved 10-year and five-year annualized net nominal returns of 10.7% and 8.9%, respectively. For the quarter, the Fund returned 5.6% net of all CPP Investments costs. 

"While global financial markets experienced a strong rebound from March, significant uncertainty in health, social and economic conditions persists," said Mark Machin, President & Chief Executive Officer, CPP Investments. "Amid this environment, CPP Investments delivered solid performance, while our investment teams were active in creating long-term value across our diversified programs."

The Fund's growth this quarter is attributed to gains in a broad range of asset classes. “Global public equity markets experienced a significant return to positive performance in the first quarter, which is reflected in the Fund's public holdings. The strengthening Canadian dollar against most major currencies offset some of these gains,” says CPP Investments.

Inflows from the CPP were lower than historic averages reflecting initial forecasts of the impact on employment of the COVID-19 pandemic.