$247.2B
in net assets
106%
Funding ratio
9.5%
Total-fund net return since inception
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.
Net Assets
(as at December 31, 2022)
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, 2022
Investment Performance
| 2022 | 2021 | 5-year | 10-year | Since Inception | |
|---|---|---|---|---|---|
| Total-fund net return | 4.0 | 11.1 | 7.3 | 8.5 | 9.5 |
| Benchmark return | 2.3 | 8.8 | 6.8 | 7.5 | 7.8 |
| Return above or (below) benchmark | 1.8 | 2.3 | 0.4 | 0.9 | 1.7 |
As at December 31, 2022
Portfolio Performance by Asset Class
Fund returns by asset class are reported in the table below.
| Fund returns (%)1 | Actual | Benchmark | Actual | Benchmark |
|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | |
| Equity | ||||
| Public equity | (12.5) | (10.2) | 9.0 | 13.1 |
| Private equity | 6.1 | (3.9) | 29.0 | 17.5 |
| 0.1 | (5.9) | 21.3 | 15.5 | |
| Fixed income | ||||
| Bonds | (5.9) | (5.9) | (9.4) | (9.4) |
| Real-rate products | 7.3 | 7.3 | (1.4) | (1.4) |
| (3.5) | (3.5) | (6.3) | (6.3) | |
| Inflation sensitive | ||||
| Commodities | 19.5 | 19.5 | 7.9 | 7.9 |
| Natural resources | 29.6 | 28.2 | 28.1 | 24.1 |
| Inflation hedge | 9.2 | 9.2 | 8.0 | 8.0 |
| 19.2 | 18.7 | 11.4 | 10.9 | |
| Real assets | ||||
| Real estate | (3.5) | 6.7 | 2.5 | 8.8 |
| Infrastructure | 18.7 | 15.1 | 7.9 | 1.2 |
| 8.3 | 11.1 | 5.4 | 5.3 | |
| Innovation2 | (12.1) | (12.1) | 39.0 | 39.0 |
| Credit | 3.6 | 0.0 | 3.5 | 1.2 |
| Total-fund net return | 4.0 | 2.3 | 11.1 | 8.8 |
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.
2 Benchmarked to actual return during an initial incubation period, after which it will be measured against an active benchmark. Starting January 1, 2023, the innovation asset class will be compared to an active benchmark.
Pension funding sources since 1990
(as at December 31, 2022)
*The additional 0.9% includes original plan deficit funding and contributions related to conditional inflation protection.
As at December 31, 2022
Eleven Year Financial review
| (Canadian $ Billions) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PERFORMANCE (%) | |||||||||||
| Total fund net return | 4.0 | 11.1 | 8.6 | 10.4 | 2.5 | 9.7 | 4.0 | 12.7 | 11.5 | 10.6 | 12.7 |
| Benchmark | 2.3 | 8.8 | 10.7 | 12.2 | 0.7 | 8.2 | 3.5 | 10.1 | 10.1 | 9.3 | 11.0 |
| INVESTMENT ASSET MIX | |||||||||||
| Investments | |||||||||||
| Equity | |||||||||||
| Publicly traded | 21.90 | 27.22 | 42.47 | 35.84 | 31.60 | 35.13 | 38.97 | 49.85 | 48.27 | 47.62 | 48.43 |
| Non-publicly traded | 58.32 | 55.06 | 41.77 | 39.34 | 33.35 | 31.94 | 26.98 | 27.69 | 20.58 | 14.27 | 11.08 |
| Fixed Income | |||||||||||
| Bonds | 76.17 | 33.32 | 17.15 | 72.67 | 58.25 | 41.41 | 43.53 | 37.98 | 35.19 | 30.53 | 28.87 |
| Real-rate products | 9.82 | 11.87 | 17.40 | 20.44 | 19.47 | 19.96 | 31.72 | 31.13 | 30.36 | 26.37 | 31.14 |
| Inflation Sensitive | |||||||||||
| Commodities | 25.05 | 26.46 | 17.65 | 17.59 | 10.61 | 11.08 | 4.18 | 4.00 | 9.03 | 8.21 | 6.97 |
| Natural resources | 10.11 | 9.40 | 7.44 | 8.20 | 8.12 | 6.55 | 6.28 | 6.25 | 2.87 | 2.62 | 2.17 |
| Inflation hedge | 12.73 | 12.10 | 11.53 | 10.28 | 8.71 | 8.92 | - | - | - | - | - |
| Real assets | |||||||||||
| Real estate | 28.07 | 26.26 | 25.20 | 28.69 | 27.45 | 25.51 | 26.47 | 24.86 | 22.09 | 19.24 | 16.86 |
| Infrastructure | 39.75 | 26.08 | 17.79 | 16.98 | 17.80 | 18.74 | 17.83 | 15.66 | 12.66 | 11.68 | 9.65 |
| Real-rate products | - | - | 1.92 | - | 4.33 | 1.45 | - | - | - | - | - |
| Innovation | 7.44 | 7.09 | 3.47 | - | - | - | - | - | - | - | - |
| Credit | 35.11 | 24.30 | 17.98 | 16.31 | 15.23 | 13.58 | - | - | - | - | - |
| Absolute return strategies | 18.69 | 14.94 | 13.60 | 16.56 | 12.55 | 10.73 | 13.28 | 17.76 | 15.84 | 12.20 | 12.27 |
| Overlay | (0.22) | (0.46) | 0.83 | 0.27 | (0.38) | (0.27) | 0.51 | - | - | - | - |
| Funding for investments | (98.80) | (34.68) | (18.27) | (79.12) | (59.51) | (39.38) | (37.67) | (46.93) | (44.50) | (33.84) | (40.18) |
| Net Investments | 244.14 | 238.96 | 217.93 | 204.05 | 187.58 | 185.35 | 172.08 | 168.25 | 152.39 | 138.90 | 127.26 |
| CHANGE IN NET ASSETS | |||||||||||
| Net Investment income | 10.36 | 24.71 | 18.01 | 20.19 | 5.23 | 16.98 | 7.00 | 19.67 | 16.26 | 13.72 | 14.75 |
| Net Contributions | 3.37 | 3.35 | 3.23 | 3.22 | 3.17 | 3.39 | 3.36 | 3.31 | 3.22 | 3.08 | 2.94 |
| Net Expenditures | (8.08) | (7.72) | (7.41) | (7.11) | (6.77) | (6.46) | (6.23) | (6.02) | (5.77) | (5.56) | (5.26) |
| Increase/(decrease) in net assets | 5.65 | 20.34 | 13.83 | 16.30 | 1.63 | 13.91 | 4.13 | 16.96 | 13.71 | 11.24 | 12.43 |
| Net Assets | 247.24 | 241.58 | 221.24 | 207.41 | 191.11 | 189.48 | 175.57 | 171.44 | 154.48 | 140.76 | 129.62 |
| Accrued pension benefits | 206.20 | 257.48 | 257.33 | 224.67 | 192.28 | 204.32 | 189.40 | 173.27 | 172.73 | 148.57 | 166.01 |
| Surplus/Deficit | 41.04 | (15.90) | (36.09) | (17.26) | (1.17) | (14.84) | (13.83) | (1.83) | (18.25) | (7.81) | (36.49) |