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.