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(Bloomberg) — Canada Pension Plan Investment Board returned 5.4% in the last quarter, boosted by stocks and the strong US dollar.
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Net assets rose to C$777.5 billion ($554.7 billion) in the three months ended Sept. 30, up from C$731.7 billion in the previous period, according to a statement Friday.
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Returns from public equities reflect investor optimism around artificial intelligence and expectations of continued monetary easing in developed economies, the statement said. “Many markets are pricing assets at robust levels,” Chief Executive Officer John Graham said, adding that the pension plan remains “disciplined” in this environment.
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Investments in private assets — particularly credit, private equity, infrastructure and energy — performed well, with the strength of the greenback enhancing overall results.
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The pension is among North America’s largest investors with a significant presence in the US. Almost half of CPPIB’s portfolio was invested in the US as of March 31, and its exposure to the US dollar represented 52% of its foreign currency exposure, which totaled C$552.4 billion during the period. Canada’s largest pension fund plans to further boost its investments in India and is eyeing opportunities in real assets such as energy, infrastructure and real estate.
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The Toronto-based pension plan is revamping its growth-equity companies — which sit within the private equity strategy — after a period of uneven returns, Bloomberg News reported Thursday. The changes include leaning more on third-party managers to source deals and shifting some assets into another group.
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During the quarter, the pension plan invested $100 million into the preferred equity issuance of Canada’s CI Financial, which was recently taken private by Mubadala Capital. CPPIB also made a majority investment in US-based insurance brokerage OneDigital, alongside funds managed by Stone Point Capital. The transaction values OneDigital at more than $7 billion.
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CPPIB also made several fund commitments across its private equity and real asset units, including $300 million into Blue Owl’s real estate fund and $150 million to Great Hill Equity Partners’ buyout fund.
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