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CPP Investments’ return in fiscal 2026 fell short of the 13.2 per cent generated by its benchmark portfolio. (Credit: Jeenah Moon\/Bloomberg) <\/p>\n CPP Investments’ return in fiscal 2026 fell short of the 13.2 per cent generated by its benchmark portfolio. (Credit: Jeenah Moon\/Bloomberg) <\/p>\n
The Canada Pension Plan Investment Board<\/a> posted a net return of 7.8 per cent in the fiscal year ended March 2026, with the fund growing to $793.3 billion.<\/p>\n The $78.9 billion increase in net assets in fiscal 2026 consisted of $56.9 billion in net income and $22 billion in net transfers from the Canada Pension Plan<\/a> (CPP).<\/p>\n Public equities, particularly in the United States, drove the investment performance, while energy and infrastructure investments and steady gains in credit also contributed meaningfully, said John Graham, chief executive of CPP Investments.<\/p>\n These gains were partially offset by foreign exchange movements, driven by the depreciation of the U.S. dollar against major currencies including the Canadian dollar, and by losses in government bonds as market expectations for major central bank interest policies shifted, he said.<\/p>\n Conflict in the Middle East<\/a> that began near the end of the CPP Investments\u2019 fiscal year rocked global equities markets and stoked global inflation. In the 2025 calendar year, CPP Investments\u2019 net return was 7.7 per cent.<\/p>\n CPP Investments\u2019 return in fiscal 2026 fell short of the 13.2 per cent generated by its benchmark portfolio, which the pension management organization said is heavily influenced by a concentration in public equities and particularly exposure to large-cap technology and communication services companies tied to artificial intelligence.<\/p>\n However, the fund\u2019s 10-year return outperformed the aggregated benchmark portfolios, generating 0.7 per cent \u201cvalue add\u201d per year, net of costs.<\/p>\n At the end of the fiscal year in March 2026, 48 per cent of the fund\u2019s assets were in the United States, up from 47 per cent a year ago, and a steady 12 per cent of the portfolio was invested in Canada.<\/p>\n Graham said the fund\u2019s strong performance in a year of geopolitical uncertainty, market volatility and currency movements demonstrated the strength of the fund\u2019s diversified portfolio and global reach, with a 10-year annualized net return is 8.8 per cent.<\/p>\n