CPP Investments closed the first quarter of fiscal 2026 with net assets of $731.7 billion, up 2.4% from $714.4 billion last quarter. The fund earned $7.5 billion in net income and received $9.8 billion in net transfers from the Canada Pension Plan—so 56.6% of the asset increase came from contributions.
The quarter’s net return was 1.0% after expenses. Public stocks rebounded late in the period and energy holdings helped, but a weaker US dollar versus the Canadian dollar clipped results.
“Shifting trade dynamics and broader geopolitical uncertainty fueled renewed volatility,” CEO John Graham said, stressing diversification and a long-term focus.
Long-run figures were steady but split by account design. The 10-year annualized net return for the whole fund was 8.4%. On a real basis, the base CPP’s 10-year return was 5.7%, comfortably above the chief actuary’s 3.69% long-term assumption. The additional CPP’s real return since its 2019 launch was 2.5%, below its 3.27% assumption.
Breaking it down, base CPP net assets rose to $668.0 billion from $655.8 billion. The $12.2 billion gain came from $7.3 billion in net income and $4.9 billion in net transfers. Quarterly return was 1.1%.
Meanwhile, additional CPP net assets rose to $63.7 billion from $58.6 billion. The $5.1 billion gain was almost entirely contribution-driven: $4.9 billion in net transfers and only $0.2 billion in net income. Quarterly return was 0.2%.
The additional CPP is built to grow faster through contributions and carries a lower market-risk target. That design explains its low 0.2% quarterly return and the large role of transfers in asset growth.
CPP Investments sold mature holdings to free up capital and leaned into data centres, credit, and select software names. Examples include funding for data-centre projects in Japan and Ontario, credit investments tied to AI/data infrastructure, and new or follow-on positions in firms such as Acronis, IFS, and OpenAI. After quarter-end, it agreed to more real-asset exits in Peru, India, and the UK, and received an equity stake in Bunge as part of the Bunge–Viterra merger.
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