Healthcare of Ontario Pension Plan, Toronto, returned a net gain of 9.7% in 2024, above the benchmark return of 8.7%.
Net assets totaled C$123 billion ($85.5 billion) at the end of 2024, up from C$112.6 billion at the end of 2023, said a March 12 release.
For the 10- and 20-year periods, HOOPP delivered average annualized net returns of 7.5% and 8.7%, respectively, versus comparative benchmarks of 5.5% and 7%, according to the latest annual report.
In 2023, HOOPP returned a net 9.1%.
All asset classes in the portfolio recorded positive net returns for 2024. The top performers were public equities (17.9%), private equity (12.7%), infrastructure (12.3%), private credit (11.3%), fixed income-bonds (1.9%) and real estate (1.4%).
“As I like to say, HOOPP is a buyer when others are sellers,” said Michael Wissell, HOOPP’s chief investment officer, in the release. “As a result of our focus on ensuring liquidity, the global economic volatility we saw in 2024 was an opportunity for us rather than a barrier to success.”
By geography, as of Dec. 31, Canada accounted for 50% of the plan's assets, followed by the U.S. (27%), Europe (14%), Asia-Pacific (7%) and other (2%). While HOOPP does not provide asset allocation data, the pension fund noted in the release that it is one of the biggest investors in Canadian bonds, with more than C$40 billion in total Canadian government bond holdings as Dec. 31.
Canadian bonds, HOOP said in the release, “remain the backbone of the Fund’s investing strategy,” adding that “as markets fluctuate, bonds serve as liquid collateral, which supports other investments. Having liquidity also allows HOOPP to continue diversifying its portfolio across asset classes and geographies."
