Delivering retirement security for teachers
We invest around the world to pay pensions for teachers and meet our long-term funding goals. We report on our investment performance on a semi-annual basis.
$279.4B
in net assets (as at December 31, 2025)
111%
Funding ratio
9.2%
Total-fund net return since inception
Net Assets
As at December 31, 2025 1
1 Net assets include investment assets less investment liabilities (net investments), plus the receivables from the Province of Ontario, and other assets less other liabilities.
As at December 31, 2025
Investment Performance
| As at December 31 | 2025 | 2024 | 5‑Year | 10‑Year | Since Inception |
|---|---|---|---|---|---|
| Total‑fund net return | 6.7% | 9.4% | 6.6% | 6.8% | 9.2% |
| Benchmark return | 11.7% | 12.9% | 8.8% | 7.9% | 8.0% |
| Return above (below) benchmark | (5.0%) | (3.5%) | (2.2%) | (1.1%) | 1.2% |
As at December 31, 2025
Portfolio Performance by Asset Class
Fund returns by asset class are reported in the table below.
| Fund returns (%)1 | Actual | Benchmark | Actual | Benchmark |
|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | |
| Equity | ||||
| Public equity | 15.0 | 13.9 | 23.2 | 25.8 |
| Private equity | (5.3) | 18.0 | 11.7 | 23.7 |
| Venture growth | 30.2 | 18.5 | 25.8 | 29.8 |
| 6.1 | 16.7 | 16.7 | 24.8 | |
| Fixed income | 2.6 | 2.6 | 4.8 | 4.8 |
| Inflation sensitive | ||||
| Commodities | 27.0 | 27.0 | 25.2 | 25.2 |
| Natural resources | 1.8 | 0.0 | 13.3 | 15.0 |
| Inflation hedge | (4.7) | (4.7) | 9.8 | 9.8 |
| 13.6 | 13.2 | 18.6 | 19.1 | |
| Real assets | ||||
| Real estate | (3.1) | 2.2 | (0.7) | 5.0 |
| Infrastructure | 1.8 | 7.8 | 9.1 | 8.5 |
| (0.4) | 5.3 | 4.9 | 7.0 | |
| Credit | 5.8 | 4.5 | 17.2 | 16.8 |
| Total-fund net return | 6.7 | 11.7 | 9.4 | 12.9 |
1 The total-fund net return is calculated after deducting transaction costs, management fees and investment administrative costs. Asset-class returns are calculated before deducting investment administrative costs.
Pension funding sources since 1990
As at December 31, 2025
Please note that the additional 0.8% from employer contributions (compared to the member contributions) includes original plan deficit funding and contributions related to conditional inflation protection in accordance with the terms of the Teachers’ Pension Act and the plan.
As at December 31, 2025
Eleven Year Financial review
| (Canadian $ Billions) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CHANGE IN NET ASSETS | |||||||||||
| Income | |||||||||||
| Net Investment income | 18.46 | 23.65 | 5.53 | 10.36 | 24.71 | 18.01 | 20.19 | 5.23 | 16.98 | 7.00 | 19.67 |
| Contributions | |||||||||||
| Members/transfers | 2.03 | 2.14 | 1.71 | 1.70 | 1.69 | 1.63 | 1.62 | 1.60 | 1.71 | 1.70 | 1.67 |
| Province of Ontario | 2.04 | 2.13 | 1.64 | 1.67 | 1.66 | 1.60 | 1.60 | 1.57 | 1.68 | 1.66 | 1.64 |
| Total income | 22.53 | 27.92 | 8.88 | 13.73 | 28.06 | 21.24 | 23.41 | 8.40 | 20.37 | 10.36 | 22.98 |
| Expenditures | |||||||||||
| Benefits | 8.45 | 8.12 | 7.69 | 7.21 | 6.91 | 6.70 | 6.42 | 6.14 | 5.93 | 5.72 | 5.54 |
| Investment expenses | 0.93 | 0.89 | 0.83 | 0.79 | 0.73 | 0.63 | 0.61 | 0.56 | 0.47 | 0.45 | 0.43 |
| Member services expenses | 0.09 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.06 | 0.06 | 0.05 |
| Total expenditures | 9.47 | 9.09 | 8.60 | 8.08 | 7.72 | 7.41 | 7.11 | 6.77 | 6.46 | 6.23 | 6.02 |
| Increase/(decrease) in net assets | 13.06 | 18.83 | 0.28 | 5.56 | 20.34 | 13.83 | 16.30 | 1.63 | 13.91 | 4.13 | 16.96 |
| NET ASSETS | |||||||||||
| Investments | |||||||||||
| Equity | |||||||||||
| Publicly traded | 50.02 | 37.40 | 25.36 | 21.90 | 27.22 | 42.47 | 35.84 | 31.60 | 35.13 | 38.97 | 49.85 |
| Non-publicly traded | 50.83 | 60.39 | 58.55 | 58.32 | 55.06 | 41.77 | 39.34 | 33.35 | 31.94 | 26.98 | 27.69 |
| Venture growth1 | 15.29 | 10.36 | 7.46 | - | - | - | - | - | - | - | - |
| Fixed Income | |||||||||||
| Bonds2 | 61.79 | 77.99 | 85.94 | 76.17 | 33.32 | 17.15 | 72.67 | 58.25 | 41.41 | 43.53 | 37.98 |
| Real-rate products2 | — | — | 9.87 | 9.82 | 11.87 | 17.40 | 20.44 | 19.47 | 19.96 | 31.72 | 31.13 |
| Inflation Sensitive | |||||||||||
| Commodities | 32.10 | 28.89 | 22.22 | 25.05 | 26.46 | 17.65 | 17.59 | 10.61 | 11.08 | 4.18 | 4.00 |
| Natural resources | 12.07 | 12.48 | 11.40 | 10.11 | 9.40 | 7.44 | 8.20 | 8.12 | 6.55 | 6.28 | 6.25 |
| Inflation hedge | 11.94 | 12.60 | 11.78 | 12.73 | 12.10 | 11.53 | 10.28 | 8.71 | 8.92 | - | - |
| Real assets | |||||||||||
| Real estate | 27.87 | 29.44 | 28.24 | 28.07 | 26.26 | 25.20 | 28.69 | 27.45 | 25.51 | 26.47 | 24.86 |
| Infrastructure | 34.48 | 43.15 | 39.25 | 39.75 | 26.08 | 17.79 | 16.98 | 17.80 | 18.74 | 17.83 | 15.66 |
| Real-rate products | - | - | - | - | - | 1.92 | - | 4.33 | 1.45 | - | - |
| Innovation1 | - | - | - | 7.44 | 7.09 | 3.47 | - | - | - | - | - |
| Credit1,2 | 38.33 | 37.21 | 38.56 | 35.11 | 24.30 | 17.98 | 16.31 | 15.23 | 13.58 | - | - |
| Absolute return strategies | 25.19 | 24.03 | 19.49 | 18.69 | 14.94 | 13.60 | 16.56 | 12.55 | 10.73 | 13.28 | 17.76 |
| Funding and other | (87.29) | (113.08) | (114.20) | (99.02) | (35.14) | (17.44) | (78.85) | (59.89) | (39.65) | (37.16) | (46.93) |
| Net Investments | 272.62 | 260.86 | 243.92 | 244.14 | 238.96 | 217.93 | 204.05 | 187.58 | 185.35 | 172.08 | 168.25 |
| Receivable from Province of Ontario | 4.13 | 3.77 | 3.29 | 3.30 | 3.23 | 3.18 | 3.14 | 3.22 | 3.31 | 3.27 | 3.21 |
| Other Assets | 3.89 | 3.04 | 1.58 | 1.75 | 0.61 | 1.06 | 0.98 | 0.79 | 1.59 | 1.21 | 0.44 |
| Other Liabilities | (1.24) | (1.32) | (1.28) | (1.95) | (1.22) | (0.93) | (0.76) | (0.48) | (0.77) | (0.99) | (0.46) |
| Net Assets | 279.40 | 266.34 | 247.51 | 247.24 | 241.58 | 221.24 | 207.41 | 191.11 | 189.48 | 175.57 | 171.44 |
| Accrued pension benefits | 214.54 | 213.17 | 211.39 | 206.20 | 257.48 | 257.33 | 224.67 | 192.28 | 204.32 | 189.40 | 173.27 |
| Surplus/Deficit | 64.87 | 53.17 | 36.12 | 41.04 | (15.90) | (36.09) | (17.26) | (1.17) | (14.84) | (13.83) | (1.83) |
| PERFORMANCE (%) | |||||||||||
| Total fund net return | 6.7 | 9.4 | 1.9 | 4.0 | 11.1 | 8.6 | 10.4 | 2.5 | 9.7 | 4.0 | 12.7 |
| Benchmark | 11.7 | 12.9 | 8.7 | 2.3 | 8.8 | 10.7 | 12.2 | 0.7 | 8.2 | 3.5 | 10.1 |
| Assumptions used for Financial Statement Valuation | |||||||||||
| As at December 31st (%) | |||||||||||
| Nominal discount rate | 4.65 | 4.25 | 4.00 | 4.30 | 2.50 | 2.00 | 2.50 | 3.20 | 2.95 | 3.25 | 3.25 |
| Salary escalation rate | 3.00 | 2.80 | 2.60 | 3.10 | 2.85 | 2.50 | 2.35 | 2.40 | 2.70 | 2.80 | 2.50 |
| Long-term Inflation rate | 2.00 | 1.80 | 1.60 | 2.10 | 1.85 | 1.50 | 1.35 | 1.40 | 1.70 | 1.80 | 1.50 |
| Real discount | 2.60 | 2.40 | 2.35 | 2.15 | 0.65 | 0.50 | 1.15 | 1.80 | 1.25 | 1.40 | 1.70 |
1 Effective January 1, 2023 investments formerly included in the Innovation asset class are now included in Equity - Venture growth and Credit asset classes. Prior period amounts for Equity and Credit have not been restated.
2 During 2024, investments formerly included in the Real-rate products were transferred to other investment strategies within Fixed income and Credit. Prior period comparatives for Fixed income and Credit have not been restated.