CANADA - The Canada Pension Plan (CPP) reserve fund returned 10.9% in 2005 to reach a total C$92.5bn at year-end, as it continued to diversify its portfolio.
The CPP posted a 2.4% in the fiscal third quarter, earning $2.2bn for the three months ending 31 December and $9.2bn across the full year.
CPP Investment board CEO David Denison said the fund had continued diversifying its portfolio by investing in real estate, private equity and real return bonds.
One of our notable recent transactions is a $660m investment in two major shopping centres that will complement the Canadian office properties in the real estate portfolio. Overall, our real estate holdings now total $4bn, he said.
As at 31 December, the CPP fund included 56.6% ($52.4bn) of publicly traded stocks, 29.7% ($27.4bn) of government bonds, 8.4% ($7.7bn) of real return assets, and 4.3% ($4bn) of private equity.
The CPP said contributions were expected to exceed benefits paid until 2022, based on actuarial projections.
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