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2023 CEO Letter

It has been another challenging year for investors and Canadians. We remained in a period of low returns and the cost of living continued to rise.

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A Year In Review

A Year In Review
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A Year in
Review

(And why it matters to you and your retirement)

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At CPP Investments, we invest and help grow the Canada Pension Plan Fund so money will be there for you when you retire.

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So… how is the Fund performing?

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In just over 20 years, we’ve helped grow the CPP Fund to $570 Billion.

$36 Billion
1999 CPP assets

In just over 20 years, we’ve helped grow the CPP Fund to $570 Billion.

$570 Billion
2023 net assets

In less than 10 years from now, it is expected to almost double.

Over $1 Trillion
2031 projected assets

In fact, the CPP is projected to be financially sustainable for at least the next 75 years.

That's not when the CPP Fund is expected to end. This is simply the minimum review period as set out in CPP legislation. 

Who assesses the Fund?

Who assesses the financial sustainability of the CPP?

The sustainability of the CPP is assessed by the Office of the Chief Actuary of Canada, an independent unit separate from both CPP Investments and the Government of Canada.

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In just over 20 years, we’ve helped grow the CPP Fund to $570 Billion.

$36 Billion
1999 CPP assets

In just over 20 years, we’ve helped grow the CPP Fund to $570 Billion.

$570 Billion
2023 net assets

In less than 10 years from now, it is expected to almost double.

Over $1 Trillion
2031 projected assets

In fact, the CPP is projected to be financially sustainable for at least the next 75 years.

That's not when the CPP Fund is expected to end. This is simply the minimum review period as set out in CPP legislation. 

Who assesses the Fund?

Who assesses the financial sustainability of the CPP?

The sustainability of the CPP is assessed by the Office of the Chief Actuary of Canada, an independent unit separate from both CPP Investments and the Government of Canada.

read report
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What’s behind our success?

 

Rather than focus on the short term, long–term growth and stability is the name of the game.

 

We don’t plan just for tomorrow, but the tomorrows to come.

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This past year, our one-year returns were relatively modest.

1-Year Return
$8 Billion
net income
1.3%
net nominal return

However, the best measure of our success is not how we perform in any single year...

10-Year Returns
$320 Billion
net income
10.0%
net nominal return

but how we perform over many.

What’s the difference between nominal and real returns?
$386 Billion
Net income since inception in 1999

What’s the difference between nominal and real returns?

Nominal returns are the amount of money earned before factoring in inflation, while real returns deduct the impact of inflation and are typically lower than nominal returns. (Real returns are helpful when evaluating performance over long periods of time, like the 75 years in the Chief Actuary’s report.)

This past year, our one-year returns were relatively modest.

1-Year Return
$8 Billion
net income
1.3%
net nominal return

However, the best measure of our success is not how we perform in any single year...

10-Year Returns
$320 Billion
net income
10.0%
net nominal return

but how we perform over many.

What’s the difference between nominal and real returns?
$386 Billion
Net income since inception in 1999

What’s the difference between nominal and real returns?

Nominal returns are the amount of money earned before factoring in inflation, while real returns deduct the impact of inflation and are typically lower than nominal returns. (Real returns are helpful when evaluating performance over long periods of time, like the 75 years in the Chief Actuary’s report.)

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It’s this gradual, steady growth that helps us navigate periods of economic uncertainty — like that we’ve seen in the past few years — and stay on course to help the CPP provide a secure base for retirement for contributors and beneficiaries now and for generations to come.

 

For instance, despite major declines in many financial markets in the past fiscal year, our portfolio stayed strong, delivering stable returns while outperforming major indexes.

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A word from our president.

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How does it all work?

The money you contribute to CPP is used to provide benefits to retired Canadians today. Money that is not needed to pay out benefits is invested by CPP Investments to maximize returns as safely and securely as possible to grow the Fund for future generations. Instead of just letting it sit there, our skilled global investors take this large pool of money and put it to work.

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How do we invest?

Just like Canada is enriched by its diversity, CPP Investments is defined by its diversification. Through our active management approach to investing, our portfolio includes many types of investments, allowing us to maximize returns without taking on outsized risk.

What is active management?
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
9%
Infrastructure
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
9%
Real Estate
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
13%
Credit
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
12%
Fixed Income
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
24%
Public Equities
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
33%
Private Equities
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
14%
Canada
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
36%
United States
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
18%
Europe
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
26%
Asia Pacific
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
6%
Latin America

What is active management?

We see active management as the best way to generate additional returns and outperform major public indexes. We do this by constructing broadly diversified investment portfolios. As well, our highly skilled investment teams select and actively manage individual investments within portfolios. We believe our comparative advantages support our ability to generate incremental returns and manage the Fund in the best interests of the CPP’s contributors and beneficiaries. In fiscal 2023, we earned $2 billion above our benchmarks and this money – compounded since inception of active management – amounts to $47 billion.

Learn More

How do we invest?

Just like Canada is enriched by its diversity, CPP Investments is defined by its diversification. Through our active management approach to investing, our portfolio includes many types of investments, allowing us to maximize returns without taking on outsized risk.

What is active management?
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
9%
Infrastructure
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
9%
Real Estate
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
13%
Credit
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
12%
Fixed Income
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
24%
Public Equities
We invest in a wide range of assets — infrastructure like wind farms and toll roads, real estate in major cities, stock in public companies and private businesses, and more.
Breakdown of investments by asset class
33%
Private Equities
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
14%
Canada
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
36%
United States
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
18%
Europe
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
26%
Asia Pacific
We also invest in 55 countries around the world. By having such a broad approach to investing, we’re better able to weather challenges that might affect one type of investment or region of the world.
Percentage of net assets by region
6%
Latin America

What is active management?

We see active management as the best way to generate additional returns and outperform major public indexes. We do this by constructing broadly diversified investment portfolios. As well, our highly skilled investment teams select and actively manage individual investments within portfolios. We believe our comparative advantages support our ability to generate incremental returns and manage the Fund in the best interests of the CPP’s contributors and beneficiaries. In fiscal 2023, we earned $2 billion above our benchmarks and this money – compounded since inception of active management – amounts to $47 billion.

Learn More
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As part of our focus on generating long-term returns, we’ve made a commitment that our entire investment portfolio and operations will achieve net-zero greenhouse gas emissions by 2050.

 

In fact, our own operations are already carbon neutral. More details on our commitment can be found here.

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Here for your future

Whether you’re retiring this year or in the decades to come, you can feel secure knowing the CPP will provide a foundation for your retirement.

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We’re here to do the long, steady work needed to help secure your retirement… and the retirements of generations of Canadians in the future.

Annual Report 2023
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