Robust long term returns and actuarial assurance support latest quarterly results
CPP Investments’ total net assets reached $780.7 billion at the end of the third quarter of fiscal 2026, reflecting steady growth despite a challenging global backdrop.
As of December 31, 2025, the fund increased from a record $777.5 billion in the previous quarter, marking a $3.2 billion rise over three months. The quarterly gain was supported by $4.0 billion in net income, partially offset by $0.8 billion in net transfers paid out to the Canada Pension Plan.
For the first nine months of the fiscal year, the fund expanded by $66.3 billion. That growth included $51.3 billion in net income and $15.0 billion in net transfers from the CPP. The fund posted a 7.0 per cent net return for the fiscal year to date, while its 10 year annualized net return stood at 8.4 per cent, underscoring continued long term strength.
President and CEO John Graham acknowledged the uncertain environment but emphasized the organization’s disciplined approach.
“The Fund remained resilient, and we stayed focused and disciplined as a patient investor. To meet obligations to current and future CPP beneficiaries we must hold to our long-horizon perspective and let fundamentals drive our conviction and decisions,” Graham said.
Public equities contributed positively during the quarter, although gains were more moderate compared with previous periods as markets grappled with slower economic growth and geopolitical pressures. Private equity, credit and infrastructure holdings also added value. However, the appreciation of the Canadian dollar reduced the value of foreign investments when translated back into Canadian currency.
The latest 32nd Actuarial Report reaffirmed the long term sustainability of both the base and additional CPP accounts under current contribution rates, reinforcing confidence in the plan’s financial footing for decades ahead.
At quarter end, the base CPP account held $705.0 billion in net assets, while the additional CPP account totaled $75.7 billion.
Overall, the third quarter results highlight CPP Investments’ ability to navigate market volatility while maintaining a focus on delivering durable returns that support the retirement security of millions of Canadians.
