Canada Pension Plan Investment Board's investment portfolio returned a net 3.1% for the fiscal year ended March 31, the Toronto-based board announced in a news release Tuesday.
The board's portfolio returned an annualized net 7.7% and 9.9%, respectively, for the five and 10 years ended March 31.
The C$409.6 billion ($290.2 billion) pension fund investment board's portfolio returned a net 8.9% for the fiscal year ended March 31, 2019.
The pension fund's assets increased C$17.6 billion from C$392 billion as of March 31, 2019. The news release attributed the increase to C$12.1 billion in net income after all CPPIB costs and $5.5 billion in net contributions.
By asset class, marketable government bonds was the top performer for the fiscal year ended March 31, with a net return of 16.1%, followed by emerging markets private equity with a net return of 8%.
International private equity returned a net 6% for the year ended March 31, followed by real estate at a net 5.1% and non-marketable bonds at a net 4.7%; power and renewable real assets, 4.4%; international equities, 1.6%; credit, 0.5%; infrastructure, -1%; Canadian private equity, -5.1%; emerging markets equities, -9.1%; and Canadian equities, -12.2%.
As of March 31, CPPIB's actual allocation was 28.2% public equities, 24.7% private equity, 23.9% government bonds, 23.8% real assets, 12.4% credit, -9.4% external debt issuance, and -3.6% cash and absolute-return strategies.
The negative allocation in cash and absolute-return strategies represents the net amount of financing through derivatives and repurchase agreements and the current net position from absolute-return strategies, the news release said.