Canada's CPP delivers third-quarter returns of 1.9% as stock markets rebound

Reuters
2023-02-10

Feb 9 (Reuters) - Canada's biggest pension fund CPP Investments said on Thursday it delivered returns of 1.9% in the third quarter, helped by a rebound in equity markets.

CPP Investments, which manages Canada's national pension fund and invests on behalf of millions of Canadians, said its net assets rose 1.3% to C$536 billion ($399 billion) at the end of its third fiscal quarter of 2023, helped by gains in private equity, real estate and credit investments.

"Despite the enduring global economic headwinds, our active management strategy enabled us to outperform markets over the first nine months of our fiscal year," Chief Executive Officer John Graham said in a statement.

"While we expect these market pressures to persist in 2023, our resilient portfolio continues to deliver strong, long-term results," he added.

CPP has delivered five-year annualized net returns of 8.1% and 10-year annualized returns of 10%, according to the statement.

Over the third quarter, CPP allocated $100 million to General Atlantic Investment Partners and $180 million for a 10% stake in Tricor Group, among other investments. ($1 = 1.3433 Canadian dollars)

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'Silva)

((Mehnaz.Yasmin@thomsonreuters.com;))

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