CANADA - The Canada Pension Plan (CPP) is expected to more than double its assets to C$250bn (US$248.9bn) by 2016.
During Q3, the CPP fund's investment performance was marginally negative, with a return of negative 0.14%, which was consistent with the seasonal timing of cash flows to and from the CPP, the quarter also saw an outflow of C$1.7bn for CPP benefits.
For the first nine months of the fiscal year, the CPP fund grew C$2.8bn, comprised of C$2.2bn in CPP contributions not needed to pay current pension benefits and $0.6bn in investment income, representing an investment rate of return of 0.54%.
David Denison, president and CEO of the CPP Investment Board, said: "The CPP fund's results during the quarter reflected the markets' volatility, and in the early part of 2008, we are seeing volatility intensify.
"As market participants with a very long term investment horizon, we expect, and are prepared, to manage the fund through difficult markets like these periodically. These short term fluctuations are within our risk parameters, given that we are investing the fund for decades and generations."
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