The Canada Pension Plan Investment board is reporting a 3.6 per cent return for the second quarter of its latest fiscal year, according to its latest quarterly report.
As of Sept. 30, 2024, the CPPIB’s net assets totalled $675.1 billion, up from $646.8 billion at the end of the previous quarter. It reported a 10-year annualized net return of 9.1 per cent and a year-to-date net return of 4.6 per cent.
Read: CPPIB returns 8% in latest fiscal year, net assets increase to $632BN
A $28.3 billion net asset increase was credited to a $23.1 billion gain in net income and $5.2 billion in net transfers from the Canada Pension Plan.
The investment organization attributed its performance to the rising prices of U.S. equities and fixed income gains from interest rate cuts observed in developed markets, while the appreciation of the Canadian dollar against the U.S. dollar negatively impacted foreign exchange.
In a press release, John Graham, president and chief executive officer at the CPPIB, said the fund’s portfolio is performing as designed. “Despite heightened market volatility during the quarter, our diversified investment portfolio delivered stable returns, with positive performance across asset classes and geographies.”
Read: CPPIB generates net return of 8% as of Q1 2024, net assets increase to $632.3BN