The Canada Pension Plan Investment Board, Toronto, lost 1.3% on investments in the fiscal first quarter after equity markets declined.
The board lost C$1.7 billion ($1.63 billion) in the quarter ended June 30, according to a statement Wednesday.
Canada's benchmark Standard & Poor's/TSX Composite declined 6.2% in the quarter.
The fund had C$129.7 billion in assets at the end of June, up from C$127.6 billion at the end of March. The fund returned 15% in the last fiscal year.