CPP Investment Board, Toronto, returned -0.29% for the year ended March 31, ahead of its custom benchmark of -2.7%. The funds C$6.5 billion (US$6.6 billion) in government contributions helped bring total assets to C$122.7 billion. Infrastructure investments returned 23.6%; inflation-linked bonds, 9.3%; international equities, 8.5%; and private real estate, 8.2%. Public real estate lost 24.2%, while international equities lost 13.9%, largely because of the Canadian dollars rise against the U.S. dollar.
Asset allocation as of March 31 was 39.3% international equity, 25.5% fixed income, 23.5% domestic equity, 5.6% real estate, 3.8% inflation-linked bonds and 2.3% infrastructure.