The Canada Pension Plan Investment Board says it earned a net return of 1.0% in its first quarter, helped by its investments in public equities and across private asset classes.
The pension fund manager finished the quarter ended June 30 with $646.8 billion in net assets, up from $632.3 billion at the end of the previous quarter.
The $14.4-billion increase in net assets for the quarter included $6.3 billion in net income and $8.1 billion in net transfers from the Canada Pension Plan.
CPP Investments said the gains came from its investments in public equities and across private asset classes, particularly in credit and U.S.-dollar denominated assets.
The strength was partially offset by its investments in government bonds, which were hurt as markets around the world reduced their expectations of rate cuts by central banks.
The fund’s 10-year annualized net return was 9.1%.