Performance

We are a long-term investor and our longer-term results remain strong. Our net 10-year annualized return is 7.2 per cent, while the net annualized return since inception is 7.9 per cent. This has exceeded what is required to fund the Plan and puts us in a good position to weather short-term volatility.

Total Portfolio investment performance

Total Portfolio Investment Performance chart

The Total Portfolio return is net of management fees, transaction costs and investment administration expenses.

Our Total Portfolio delivered a net return of 5.3 per cent in 2023, driven mostly by gains in public and private equity, credit, government bonds and multi-strategy investments while returns on real estate and infrastructure were more muted. Some risk-mitigation strategies did not perform well, challenged by a rising and highly volatile equity market. Elevated interest rates also made it more expensive to fund our Total Portfolio. We continue to deliver on our plan sustainability objective and have retained our fully funded status for the 15th consecutive year.

More information on our 2023 performance can be found in the 2023 Funded Status Report.