The Canada Pension Plan Fund grew to $121.3 billion at the end of the July-September quarter, gaining $800 million over the prior quarter.

The increase came from inflows of contributions not needed to pay current pension benefits, while investments posted a loss of $56 million on “the recent volatility in financial markets generally and the negative impact of the strengthening Canadian dollar on foreign investment returns,” the CPP Investment Board said in a news release.

The CPPIB said the CPP fund has grown $4.7 billion for the first six months of the fiscal year.

For the four-year period ended Sept. 30, the fund earned $38.6 billion in investment income, representing a rolling four-year annualized investment rate of return of 11.5%.

At Sept. 30, equities represented 64.6% or $78.4 billion consisting of 56.5% public equities valued at $68.5 billion and 8.1% private equities valued at $9.9 billion.

Fixed income, including bonds and money market securities, made up 24.9% of the portfolio or $30.2 billion.

Canada’s chief actuary estimates that CPP contributions will exceed annual benefits paid through 2019. The fund is expected to grow to about $250 billion by 2016.

The CPP Investment Board invests the funds not needed by the Canada Pension Plan to pay benefits on behalf of 16 million Canadian contributors and beneficiaries.