Managed by CPP Investments, the CPP Fund is designed to deliver long-term results and weather short-term volatility. Canadians can count on a solid retirement foundation – today and for generations to come.
Fiscal 2025 Year in Review
For more than 25 years, CPP Investments has been working to grow the Canada Pension Plan (CPP) Fund to help build a strong financial foundation for more than 22 million Canadians in retirement.
All figures in Canadians dollars unless otherwise noted.
Financial Strength
The CPP Fund is strong, resilient and built to last. Managed by CPP Investments, it is designed to deliver long-term results and weather short-term volatility. Canadians can count on a solid retirement foundation — today and for generations to come.
In an uncertain world, Canadians want a pension fund they can count on. That’s why the CPP Fund was designed to support millions of people in retirement.
At CPP Investments, we have built a robust, well-diversified and stable portfolio — investing across asset types in Canada and around the world to create long-term value for Canadians. Through market cycles, our steady investment approach supports the long-term financial strength of the CPP Fund.
Every three years, the Office of the Chief Actuary reviews the CPP’s long-term sustainability. Its latest report projects that the CPP will remain sustainable for at least the next 75 years — with the CPP Fund projected to reach $3 trillion by 2050.
Delivering Results
The strength of our long-term strategy is reflected in the CPP Fund’s strong and consistent performance. Canadians can take comfort that the team at CPP Investments is working diligently to help ensure the CPP Fund remains financially strong.
In 2025, the CPP Fund surpassed $700 billion — and it continues to deliver real value for millions of Canadians.
All investment departments contributed to the $59.8 billion in net income we earned for the CPP Fund this fiscal year — one of the highest levels recorded in our history. Our net return of 9.3% reflects the strength of our strategy and the resilience of our diversified portfolio.
Our work makes a difference. Since we began investing, we’ve generated $492.1 billion in cumulative net income. That’s long-term financial strength for Canadians — made possible with the help of CPP Investments. In fact, in 2024, about six million Canadians received CPP benefits.
The CPP Fund has once again been ranked by Global SWF, a pension industry specialist, as one of the top-performing global pension funds based on 10-year returns (2015 to 2024).
Cumulative net income since inception of the Fund
March 31, 2025
1999
2025
8.3%
Our investment strategy is designed to deliver a well-balanced diversified portfolio. Over 10 years, we’ve earned an annualized net return of 8.3%.
Figures are reported for the fiscal year as at March 31
Investing for Canadians
Our portfolio is diversified across sectors, themes, asset types and geographic markets to help capture the best opportunities, keeping the Fund strong.
Through our active management approach, we have built a diversified portfolio designed to stay resilient through a wide range of market conditions.
We invest across asset classes, regions and strategies to tap into global opportunities — and help cushion the impact of potential downturns.
By staying disciplined and focusing on high-quality opportunities, we are delivering consistent, dependable long-term returns for Canadians — now and for generations to come.
Asset Class Composition
March 31, 2025
Private Equities
Public Equities
Government Bonds
Credit
Infrastructure
Real Estate
We invest in Canada and around the world to help ensure the CPP’s long-term financial strength. Diversifying the portfolio helps protect the CPP Fund from risks tied to employment, wages and life expectancy in Canada.
Geographic Composition
March 31, 2025
Canada 12%
Asia pacific 17%
Europe 19%
Latin America 5%
United States 47%
Looking Ahead
At CPP Investments, our focus is on helping to ensure that the CPP Fund remains financially strong — now and for generations to come. Looking ahead, we will continue to pursue the most promising opportunities for long-term growth, ensuring the CPP Fund is managed in the best interests of Canadians.
Please enter valid email id