Ontario Teachers’ delivers 9.5% total-fund net return in first half of 2026
2026 mid-year highlights:
- Net assets at $303.2 billion.
- Six- and 12-month total-fund net returns of 9.5% and 14.5%.
- Long-term returns of 7.8% over ten years and 9.4% since inception.
- Fully funded for the 13th straight year and the plan’s sponsors have indicated that they will file the valuation with appropriate regulatory authorities.
TORONTO (August 10, 2026) - Ontario Teachers’ Pension Plan Board (Ontario Teachers’) today announced a total-fund six-month net return of 9.5%, with net investment income of $26.6 billion. The one-year total-fund net return was 14.5%. Net assets are $303.2 billion, up $23.8 billion from year-end (all figures are as at June 30, 2026, and in Canadian dollars, unless noted).
“We delivered a strong start to 2026, with a total-fund net return that is ahead of our target at this point in the year. These results were broad based with positive returns across asset classes, with the most significant contributions coming from venture growth, public equities, and inflation-sensitive assets,” said Jo Taylor, President and Chief Executive Officer. “We have entered the second half of the year with good momentum to deliver our annual performance objectives.”
As the plan’s obligations extend decades into the future, longer-term performance is a key measure of success. Ontario Teachers’ has delivered an annualized total-fund net return of 9.4% since inception in 1990. The five- and 10-year annualized net returns were 7.7% and 7.8%, respectively.
The table below summarizes Ontario Teachers' portfolio mix by asset class for the current period and previous year-end.
Detailed Asset Mix
| As at June 30, 2026 | As at Dec. 31, 2025 | |||
|---|---|---|---|---|
| Asset Class | $ billions | % | $ billions | % |
| Equity | ||||
| Public equity | 61.1 | 21% | 50.0 | 18% |
| Private equity | 48.0 | 16% | 50.8 | 19% |
| Venture Growth | 25.9 | 9% | 15.3 | 6% |
| 135.0 | 46% | 116.1 | 43% | |
| Fixed income | 62.7 | 21% | 61.8 | 23% |
| Inflation sensitive | ||||
| Commodities | 30.1 | 10% | 32.1 | 12% |
| Natural resources | 13.1 | 4% | 12.1 | 4% |
| Inflation hedge | 12.5 | 4% | 11.9 | 4% |
| 55.7 | 18% | 56.1 | 20% | |
| Real assets | ||||
| Real estate | 28.2 | 10% | 27.9 | 10% |
| Infrastructure | 44.8 | 15% | 34.5 | 13% |
| 73.0 | 25% | 62.4 | 23% | |
| Credit | 39.3 | 13% | 38.3 | 14% |
| Absolute Return Strategies | 24.5 | 8% | 25.2 | 9% |
| Funding and other1 | (91.9) | (31%) | (87.3) | (32%) |
| Net investments2 | 298.3 | 100% | 272.6 | 100% |
1 Includes funding for investments (term debt, bond repurchase agreements, implied funding from derivatives, unsecured funding, and liquidity reserves) and overlay strategies that manage the foreign exchange risk for the total fund.
2 Comprises investments less investment-related liabilities. Total net assets of $303.2 billion as at June 30, 2026 (As at December 31, 2025 – $279.4 billion) include net investments and other net assets and liabilities of $4.9 billion as at June 30, 2026 (As at December 31, 2025 – $6.8 billion).
Funding Status
As of January 1, 2026, the plan was fully funded with a $31.2 billion preliminary funding surplus, underscoring its long-term financial health and sustainability. The plan’s co-sponsors, the Ontario Teachers’ Federation (OTF) and the Government of Ontario, have elected to file the preliminary valuation with appropriate regulatory authorities.
Corporate News
- Cathy Cranston was appointed Board Chair of Ontario Teachers’ Pension Plan, effective January 1, 2027. Ms. Cranston, who has served on the board since 2019, was appointed by the Government of Ontario and the Ontario Teachers’ Federation, the Plan’s co-sponsors. She will succeed current Board Chair Steve McGirr, who will retire at the end of the year after serving his full term.
- Adam Howard was appointed to Ontario Teachers’ Pension Plan’s board for a term that runs until December 31, 2028. Mr. Howard was appointed by the Government of Ontario.
- Ontario Teachers’ published its 2026-2030 Climate Strategy, which introduced a 2030 target of $70 billion in Climate Transition Aligned (“CTA”) assets, encompassing private market investments in companies that are decarbonizing their operations and those enabling the global energy transition.
Investment Highlights
- Space Exploration Technologies Corp. (SpaceX), a spaceflight, telecommunications, and artificial intelligence company, listed its shares on the NASDAQ stock exchange, a significant milestone for the first investment made by Teachers' Venture Growth. SpaceX was a significant contributor to Ontario Teachers' total-fund net return in the first half of the year.
- Welcomed Integrum as a new shareholder in Allworth Financial, a U.S.-based registered investment adviser, as part of an expanded strategic investor group.
- Invested alongside joint venture partner DW Effectum Residential in the German residential market through the acquisition of four fully let multi-family residential assets in southern Germany.
- Established a new real estate joint venture with Equus Capital Partners, targeting core and core-plus assets in key markets across the U.S. The JV completed the acquisition of Ashton Logistics Park, a two-building Class A industrial portfolio located in Virginia.
- Participated in the financing supporting Kraken’s spin-out from Octopus Energy Group, a UK energy technology platform providing software and AI solutions to utilities.
- Co-led the Series F primary financing round for Ramp, a financial operations platform helping businesses streamline finance functions.
- Acquired a portfolio of royalties on critical minerals in Western Australia. The portfolio provides exposure to lithium, tin, and tantalum.
- Co-led a secondary share transaction in Vinted, a leading European second-hand marketplace.
- Subsequent to the period-end, completed the sale of all equity interests in Aethon III LLC, Aethon United LP, and related entities and interests. Aethon’s natural gas assets are primarily located in the Haynesville Shale formation.
- Subsequent to the period-end, reached an agreement to sell a 40% stake in Caruna, Finland’s largest electricity distribution company.
About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $303.2 billion as at June 30, 2026. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.
Media Contact:
Dan Madge
Ontario Teachers' Pension Plan
Email: media@otpp.com
Note to editors: Please see attachment:
2026 Interim Financials (PDF)
Forward-Looking Statements
This news contains forward-looking information and statements (“forward-looking statements”) that are intended to enhance the reader’s ability to assess the future financial and business performance of Ontario Teachers’.
The forward-looking statements include all information and statements regarding Ontario Teachers’ current beliefs, targets, intentions, plans, and expectations concerning its objectives, future performance, strategies, and financial results, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking statements often but not always use words such as “trend,” “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “contribute”, “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.
Because the forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond Ontario Teachers’ control or are subject to change, actual results or events could differ materially from those expressed or implied. Although Ontario Teachers’ believes that the estimates and assumptions inherent in the forward looking information and statements are reasonable, such information and statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such information or statements due to their inherent uncertainty.
Ontario Teachers’ forward-looking statements speak only as of the date of this interim report or as of the date they are made and should be regarded solely as Ontario Teachers’ current plans, estimates and beliefs.
Ontario Teachers’ does not intend or undertake to publicly update such statements to reflect new information, future events, and changes in circumstances or for any other reason, except as required by law.