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Total Fund Management

Total Fund Management

Total Fund Management

Total Fund Management (TFM) articulates CPP Investments’ investment objectives, designs and recommends the Investment Portfolios, and systematically deploys the balancing programs in order to manage Fund’s exposures, leverage, and liquidity over all horizons. TFM is also responsible for management and execution of the Total Fund’s financing, collateral and trading needs (excluding credit).

TFM ensures our investing activities collectively produce the best possible portfolio for the Fund that maximizes long-term returns without taking undue risk. This is achieved through:

  • Designing and recommending optimal investment portfolios at all horizons which benefit from the Fund’s structural and developed advantages and the three general sources of investment returns – diversification, security selection and strategic positioning;
  • Building and operating an investment process that supports total portfolio aims;
  • Balance-sheet management, including leverage and liquidity;
  • Managing the Total Fund’s financing activities; and
  • Overseeing global trading and execution of all public assets (excluding credit) across all major markets on behalf of all investment departments and the Balancing Portfolio.

Teams within TFM:

Applied Research and Models (ARM)

Delivers impactful research and develops quantitative models and analytical tools that support the department in its management of the Fund.

Exposure, Leverage & Liquidity Management (ELLM)

Responsible for management and delivery of the Fund’s exposures, leverage and liquidity. The integrated group dynamically manages the balancing portfolio and the balance sheet to optimize the trade-offs between exposures, leverage and liquidity. Additionally, the group manages the Total Fund’s financing activities, including collateral optimization and sourcing of liquidity through unsecured, secured and synthetic financing.

Portfolio Design & Construction (PD&C)

Delivers tactical and strategic portfolio design and construction. This group is responsible for recommending the Fund’s risk appetite and allocation at all relevant horizons.

Trading

Oversees global trading and execution of all public assets (excluding credit) across all major markets on behalf of all investment departments and the Balancing Portfolio.

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