CPP Investments earned 1 per cent in first quarter, net assets totalled $731.7B

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The Canada Pension Plan Investment Board says it earned a net return of one per cent for its first quarter.

CPP Investments chief executive John Graham says shifting trade dynamics and broader geopolitical uncertainty fuelled renewed volatility in global markets during the quarter.

“Through these events, the fund remained resilient, supported by our diversified investment strategy, including broad geographic exposure that helps offset shifts in the employment, wage and demographic trends that determine CPP contributions,” Graham said in a statement Thursday.

“We remain focused on creating long-term value for the benefit of CPP contributors and beneficiaries.”

The fund noted that while markets declined early in the period, public equities rebounded by quarter end, contributing to overall performance.

It said energy assets and strong results from its external manager programs also contributed to returns, however it faced headwinds from a weakening U.S. dollar relative to the loonie amid tariff-related uncertainty.

The investment manager said its net assets stood at $731.7 billion at June 30, up from $714.4 billion at the end of the previous quarter.

It said the increase included $7.5 billion in net income and $9.8 billion in net transfers from the Canada Pension Plan.

The fund noted it routinely receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments exceeding contributions in the final months of the year.

The fund’s 10-year annualized net return was 8.4 per cent.