The value of assets held by the Canada Pension Plan grew to $120.5 billion as of the end of June.

That’s up $3.9 billion from three months earlier.

“While the CPP Fund benefited from strong Canadian equity markets this quarter, the strength of the Canadian dollar against most major currencies largely offset gains in foreign equities in the portfolio,” a CPP statement said.

Equities make up almost two-thirds of the CPP fund ($78 billion), while almost a quarter of the CPP’s total assets are in bonds ($29.7 billion).

Real estate, infrastructure, money market securities and other investments make up the rest of the assets.

The CPP said its four-year annualized investment return was 12.2% as of June 30, down from 13.6% at the end of March.

The CPP Fund is expected to grow to $250 billion within the next 10 years, according to projections from the chief actuary of Canada.

CPP contributions are expected to exceed annual benefits paid until 2022. After that, the fund will use its investment income to pay CPP benefits.