$241.6B
in net assets
107%
Funding ratio
9.7%
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 Assets1
(as at December 31, 2021)
1Net assets include investment assets less investment liabilities (net investments), plus the receivables from the Province of Ontario, and other assets less other liabilities
Investment Performance
| 2021 | 2020 | 4-year | 5-year | 10-year | Since Inception | |
|---|---|---|---|---|---|---|
| Total-fund net return | 11.1% | 8.6% | 8.1% | 8.4% | 9.3% | 9.7% |
| Benchmark return | 8.8% | 10.7% | 8.0% | 8.1% | 8.4% | 8.0% |
| Return above or (below) benchmark | 2.3% | (2.1)% | 0.1% | 0.4% | 0.9% | 1.7% |
Portfolio Performance by Asset Class (all figures as at December 31)
| Fund returns (%)1 | Actual | Benchmark | Actual | Benchmark |
|---|---|---|---|---|
| 2021 | 2021 | 2020 | 2020 | |
| Equity | ||||
| Public equity | 9.0 | 13.1 | 15.2 | 11.2 |
| Private equity | 29.0 | 17.5 | 13.5 | 12.3 |
| 21.3 | 15.5 | 13.2 | 12.1 | |
| Fixed income | ||||
| Bonds | (9.4) | (9.4) | 24.6 | 24.5 |
| Real-rate products | (1.4) | (1.4) | 12.8 | 12.8 |
| (6.3) | (6.3) | 20.7 | 20.6 | |
| Inflation sensitive | ||||
| Commodities | 7.9 | 7.9 | 4.3 | 4.2 |
| Natural resources | 28.1 | 24.1 | (11.2) | (8.5) |
| Inflation hedge | 8.0 | 8.0 | (4.4) | (4.4) |
| 11.4 | 10.9 | (2.4) | (1.6) | |
| Real assets | ||||
| Real estate | 2.5 | 8.8 | (13.7) | (4.7) |
| Infrastructure | 7.9 | 1.2 | 2.6 | 7.5 |
| 5.4 | 5.3 | (7.6) | (0.1) | |
| Innovation2 | 39.0 | 39.0 | 16.3 | 16.3 |
| Credit | 3.5 | 1.2 | 2.6 | 1.5 |
| Total-fund net return | 11.1 | 8.8 | 8.6 | 10.7 |
1 The total-fund net return is calculated after deducting transaction costs, management fees and investment administrative costs. Asset-class returns are before deducting investment administrative costs.
2 Benchmarked to actual return during an incubation period, after which it will be measured against an active benchmark.
Detailed Asset Mix
(as at December 31, 2021)
Active management adds to the plan’s assets
(as at December 31, 2021)
*The additional 0.9% includes original plan deficit funding and contributions related to conditional inflation protection.