TORONTO — The Canada Pension Plan Investment Board says it earned a return of 1.1 per cent, net of its costs in its most recent quarter.
Chief executive Mark Machin says the investments achieved solid net income in local-dollar terms, but the Canadian dollar strengthened in June and dampened the returns.
The result for the quarter ended June 30 came as its net assets grew to $400.6 billion, up from $392.0 billion at the end of the previous quarter.
The increase included $4.1 billion in net income after expenses and $4.5 billion in net Canada Pension Plan contributions.
The fund, which includes the base CPP and additional CPP accounts, earned 10-year and five-year annualized net nominal returns of 10.5 per cent each.
The Canada Pension Plan Investment Board invests the money not needed by the Canada Pension Plan to pay current benefits.
The Canadian Press