Canada Pension Plan Investment Board (CPP Investments) ended its fiscal year on March 31, with net assets of $714.4 billion, compared to $632.3 billion at the end of fiscal 2024. The $82.1 billion increase in net assets consisted of $59.8 billion in net income and $22.3 billion in net transfers from the Canada Pension Plan (CPP).
The Fund, which consists of the base CPP and additional CPP accounts, generated a net return of 9.3% for the fiscal year. Since the CPP is designed to serve multiple generations of beneficiaries, evaluating the performance of CPP Investments over extended periods is more suitable than in single years. The Fund returned a 10-year annualized net return of 8.3%, according to CPP’s financial results.
Since CPP Investments first started investing the Fund in 1999, it has contributed $492.1 billion in cumulative net income, which is approximately 70% of its value today, with the balance attributed to net contributions, it said.
John Graham
“The Fund’s performance during the fiscal year was strong, with all investment departments contributing to one of the highest levels of annual net income in our history — despite market headwinds in the final quarter,” said John Graham, President & CEO. “The Fund remains on solid financial footing and is well-positioned to deliver long-term value for current and future generations of Canadians.”
On a calendar-year basis, the Fund delivered a 14.2% net return, reflecting strong global equity market growth during that period, compared to a lower return environment in the last quarter of the fiscal year, it said.
CPP said the multi-strategy platform it employs continues to deliver value. Strong returns across multiple assets classes were instrumental in driving the Fund’s fiscal year results. Public equities, especially in the U.S. and China, delivered gains despite geopolitical and trade-related headwinds in the fourth quarter. Investments in private equities and infrastructure contributed positively to returns, as did credit, which benefited from tightening credit spreads. The strengthening of other currencies against the Canadian dollar was a significant contributor to gains across our asset classes for the year.
“Our portfolio – diversified across sectors, themes, asset types and geographic markets – is built for the long term. And while we’re not immune to short-term market shifts, our strategy is designed to remain resilient despite periodic fluctuations,” added Graham. “Our investment strategy continues to deliver, earning $492.1 billion in cumulative net income since we started investing the Fund more than 25 years ago. By investing today in high-quality opportunities – from technology to infrastructure – we’re positioning the Fund to deliver steady returns over the long term.
“In times of uncertainty, Canadians can take comfort in knowing that the CPP is designed to support them in retirement. At CPP Investments, our team is working diligently to help ensure the Fund remains financially strong for generations to come. In fact, in 2024, approximately six million Canadians received their CPP benefits.”
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
About Us
Canada’s Entrepreneur is the number one community media platform in Canada for entrepreneurs and business owners. Established in 2016, our podcast team has interviewed over 800 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.
The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 250,000 + audio downloads, 50,000 + average monthly social impressions, 15,000 + engaged social followers and 120,000 newsletter subscribers. Canada’s Entrepreneur is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story
