CPPIB reports 8% return as equities surge, plans change to benchmarks

“We’ve navigated through some pretty choppy water, pretty well," CPPIB CEO John Graham, seen in 2021, said in an interview. Canada Pension Plan Investment Board reported an 8-per-cent return in its last fiscal year, driven by strong gains from public and private equities, though the pension fund’s chief executive officer is now preparing to weather a tougher climate for investors.

“The portfolio is performing as designed,” CEO John Graham said in an interview. “We’ve navigated through some pretty choppy water, pretty well.” Public stocks had the strongest gains with a one-year return of 13.8 per cent. Private equity investment, which make up 31 per cent of CPPIB’s portfolio, gained 10.4 per cent in spite of a stalled market where few deals were getting done. And the pension fund’s credit portfolio gained 10.8 per cent.

The hot performance of stock markets, and particularly a cluster of the largest U.S. technology companies, has created challenges for investors such as CPPIB that seek to spread their investments – and their risks – across a broad array of assets and countries. “Something that we are firm believers in is the long-term value of diversification, especially for the scale of the portfolio that we’re managing,” he said.

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