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(Bloomberg) — Ontario Municipal Employees Retirement System returned 4.8% in the first half of the year, gaining C$6.9 billion ($5 billion) from a strong US dollar and rising stock market.
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The pension “had a pleasing start to 2026” despite “an increasingly complex global dynamic,” Chief Executive Officer Blake Hutcheson said in a statement Tuesday.
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Net assets rose to C$151.6 billion as of June 30. Every asset class delivered positive returns, with stocks and private credit advancing 12.2% and 7.8%, respectively. Currency appreciation, particularly of the US dollar, added a net 1.4% to returns.
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Private equity holdings eked out a 1.1% gain, held back by “market headwinds,” according to the statement.
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“We’re in a fairly high inflation, fairly high interest-rate environment and a fairly slow-growth environment in a global context,” Hutcheson said in an interview. That combination makes it difficult for operating companies to have a “leap in value,” he added.
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Omers is seeing opportunities in public equities, credit and real estate, Hutcheson said.
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The Toronto-based pension plan invested C$1 billion into Canadian equities in the first half of the year and plans to add at least C$10 billion of investments in the country over the next five years, Hutcheson said. Canada makes up 25% of Omers’ portfolio, with 52% invested in US holdings.
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Omers sold several assets since the start of the year, including specialty care management company Paradigm. It also announced the sale of utility and infrastructure provider Network Plus.
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(Updates with comments from the CEO starting in the fifth paragraph.)
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