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Investing for

Fiscal '24 Year In Review

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At a Glance

As at March 31, 2024


Fund Net Assets


Net Annual Return


Net Income


10-Year Net Return


10-Year Cumulative Net Income

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CPP Investments has been investing and growing the Canada Pension Plan (CPP) Fund for 25 years, helping to make sure that you and more than 22 million Canadians have a financial foundation when it’s time to retire.

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Stronger Than Ever

2024 marks a significant milestone as the CPP Fund has surpassed $600 billion – growing by $62.3 billion since last year to $632.3 billion, several years ahead of initial expectations.

This past year the CPP Fund earned $46.4 billion in net income and an 8.0% net return – continuing to deliver the performance needed to help create retirement security for generations of Canadians.

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A word from our president

View video transcript
“As we mark 25 years of investing for Canadians, I’m proud that we remain committed to earning your trust each and every day.”

—John Graham, President and CEO

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Long-Term Focus

We are investing for generations of Canadians and are focused on helping to ensure the financial sustainability of the CPP Fund over the long term. Our investment returns have consistently exceeded expectations for more than 10 years and the Fund is projected to be financially sustainable for at least the next 75 years.

These projections are calculated by the Office of the Chief Actuary, an independent federal body that provides checks and balances on the CPP, and reports on the CPP’s financial sustainability every three years. The most recent triennial report was published in December 2022 and reconfirmed the long-term financial sustainability of the CPP, which includes the expectations of our investment returns.


The long-term investment performance of the CPP Fund has been strong: we’ve earned an annualized net return of 9.2% over a 10-year period.

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10-Year Cumulative Net Income

$336.7 Billion

total fund size

cumulative net income since inception



Figures are reported for the fiscal year as at March 31.

25 Years of Investing

CPP Investments was created to help ensure the CPP is strong and financially sustainable for generations of Canadians. Since our inception in 1999, we have made a number of strategic decisions that have set up the CPP Fund to outpace initial projections, growing from an initial transfer of $12 million to $632.3 billion in total net assets, due in large part to the $432.4 billion in cumulative net income earned to date.

Recognized as one of the top-performing pension funds in the world*

*Global SWF, May 2024 Report, 10-year returns from FY14-FY23

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Cumulative net income earned since 1999

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Our Investment Strategy

Our investment approach helps ensure the long-term financial sustainability of the CPP Fund.

We invest in many types of assets, made here at home and in more than 50 countries globally.

And, while Canada makes up about 3% of the world’s capital markets, 12% of our portfolio is invested here, as we recognize the great investment opportunities in our home market.

We diversify our investments because it helps us maximize returns without undue risk. It also allows us to manage factors that may affect the funding of the CPP – such as employment rates, wage growth and life expectancy – which are specific to Canada.

Asset Class Composition

March 31, 2024

Geographic Composition

March 31, 2024

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Invested in



Transaction Highlights

Sustainable Investing

We believe that companies that effectively manage sustainability-related factors are more likely to create value over the long term. This includes how well the assets we hold adapt alongside the global economy on the path to net zero. We've committed to achieving net-zero greenhouse gas emissions across the Fund and our operations by 2050. We are actively progressing towards our net-zero goals with investments in green and transition assets increasing to $83 billion in 2024, with a target of at least $130 billion by 2030. We also continue to pursue opportunities to decarbonize our own operations, using carbon credits only for any remaining emissions.


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Through our decarbonization investment approach, we’ve partnered with more than 15 companies to help them reduce their operating emissions.

Case Studies

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Dogger Bank Wind Farm

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407 ETR

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Merlin Entertainments

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Pattern Energy

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Looking Ahead

At CPP Investments, we like to say we don’t look at the next quarter – we’re firmly focused on the next quarter century. As CPP Investments looks to the future, we will continue to pursue the best possible investments for the long term, always managing the CPP Fund in the best interests of generations of Canadians.

Read further

More on our investment strategy here.
More on global diversification here.

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