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Pension Funds

PSP Investments returns 9.8% for fiscal year, tops benchmark

PSP Investments, which manages the assets of the C$153 billion ($118.2 billion) Public Sector Pension Investment Board, Ottawa, returned a net 9.8% in the fiscal year ended March 31, above the policy benchmark of 8.7%, a news release said.

The best-performing asset class was infrastructure, which returned a net 19.3% compared to its 12.1% benchmark return, followed by real estate at a net 13.6% return, vs. its 12.3% benchmark return; private equity, 12.9% vs. its 17.6% benchmark; natural resources, 11.2% vs. its 3.1% benchmark; public markets, 8.3% vs. its 7.7% benchmark; and private debt, 8.2% vs. its 2.3% benchmark.

The overall five-year annualized net return was 10.5%, above the policy benchmark's 9.4% return. Its 10-year net annualized return of 7.1% was above the return objective of 5.8%.

As of March 31, the actual allocation was 50.1% public markets, 15.2% real estate, 12.7% private equity, 9.8% infrastructure, 5.8% private debt, 3.2% natural resources, and the rest in cash and cash equivalents.