The Canada Pension Plan Investment Board (CPPIB) had a small investment loss after costs in the first quarter of the 2016 financial year but the retirement fund’s assets increased by $4 billion overall because of contributions from the Canada Pension Plan.
The CPPIB says it had $268.6 billion of net assets as of June 30, up from $264.6 billion a year earlier.
Read: CPPIB buys student housing portfolio
It received $4.2 billion in contributions from employees and employers covered by the CPP but that was offset by $200 million in net investment losses.
It says the portfolio’s gross investment return was flat for the quarter and negative 0.1% on a net basis.
CPPIB’s president and chief executive, Mark Wiseman, says the three months from April to June was a busy quarter with more than 25 investments.
Read: CPPIB to lend to U.S. hotel operator
He says there were also broad declines in major global equity and bond markets but the CPPIB received “meaningful” income from its private investment programs, which include equity in companies that don’t trade publicly.