PSP Investments, which manages the assets of the C$135.6 billion ($101 billion) Public Sector Pension Investment Board, Ottawa, returned a net 12.8% in the fiscal year ended March 31, nearly one percentage point above the policy benchmark, a news release said.
The best-performing asset class was private debt, which returned a net 27.5% compared to its 12.4% benchmark return, followed by natural resources at a net 19.5% vs. its 5.3% benchmark return; public markets, 16% vs. 14.9% for its benchmark; infrastructure, 14.4% vs. 5.2% for its benchmark; real estate, 10.8% vs. 6.2% for its benchmark; and private equity, -3.4% vs. 9.3% for its benchmark. The overall policy benchmark had a net return of 11.9%.
The overall five-year annualized net return was 10.6%, above the policy benchmark's 9.4% return.
As of March 31, the actual allocation was 56.9% public markets, 15.2% real estate, 11.7% private equity, 8.2% infrastructure, 3.3% private debt, 2.7% natural resources, and the rest in cash and cash equivalents.
