CPPIB CEO John Graham speaks at the Canadian Chamber of Commerce’s Annual General Meeting in Ottawa in 2022.Sean Kilpatrick/The Canadian Press
CPP Investments says it had a net return of 0.5 per cent in its third quarter for a growth rate well below its longer-term track record.
The independent investment manager for the Canada Pension Plan says it ended the third quarter with $780.7-billion in net assets, up from $777.5-billion in the previous quarter.
John Graham, chief executive of CPP Investments, says the fund experienced a volatile quarter amid slowing growth and escalating geopolitical tensions.
He says the fund remains resilient and that it has stayed focused on the long term.
The fund had a 7-per-cent net return over the first three quarters of the year, while its 10-year annualized net return stands at 8.4 per cent.
The $3.2-billion increase in net assets in the quarter came after $4-billion in net income and $800-million in net outflows to the CPP.