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Our performance and track record

Since 1990, we have skillfully navigated economic cycles and market downturns to deliver stable returns for our members.

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$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.

See our latest financial reports

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

 202220215-year10-yearSince Inception
Total-fund net return4.011.17.38.59.5
Benchmark return2.38.86.87.57.8
Return above or (below) benchmark1.82.30.40.91.7

As at December 31, 2022

Portfolio Performance by Asset Class

Fund returns by asset class are reported in the table below. 

Fund returns (%)1ActualBenchmarkActualBenchmark
 2022202220212021
Equity    
Public equity(12.5)(10.2)9.013.1
Private equity6.1(3.9)29.017.5
 0.1(5.9)21.315.5
Fixed income    
Bonds(5.9)(5.9)(9.4)(9.4)
Real-rate products7.37.3 (1.4)(1.4)
 (3.5)(3.5)(6.3)(6.3)
Inflation sensitive    
Commodities19.519.57.97.9
Natural resources29.628.228.1 24.1
Inflation hedge9.29.28.08.0
 19.218.711.410.9
Real assets    
Real estate(3.5)6.72.58.8
Infrastructure18.715.17.91.2
 8.311.15.45.3
Innovation2(12.1)(12.1)39.039.0
Credit3.60.03.5 1.2
Total-fund net return4.02.311.18.8

 

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)20222021202020192018201720162015201420132012
PERFORMANCE (%)           
   Total fund net return4.011.18.610.42.59.74.012.711.510.612.7
   Benchmark2.38.810.712.20.78.23.510.110.19.311.0
INVESTMENT ASSET MIX           
Investments           
Equity           
   Publicly traded21.9027.2242.4735.8431.6035.1338.9749.8548.2747.6248.43
   Non-publicly traded58.3255.0641.7739.3433.3531.9426.9827.6920.5814.2711.08
Fixed Income           
   Bonds76.1733.3217.1572.6758.2541.4143.5337.9835.1930.5328.87
   Real-rate products9.8211.8717.4020.4419.4719.9631.7231.1330.3626.3731.14
Inflation Sensitive           
   Commodities25.0526.4617.6517.5910.6111.084.184.009.038.216.97
   Natural resources10.119.407.448.208.126.556.286.252.872.622.17
   Inflation hedge12.7312.1011.5310.288.718.92-----
Real assets           
   Real estate28.0726.2625.2028.6927.4525.5126.4724.8622.0919.2416.86
   Infrastructure39.7526.0817.7916.9817.8018.7417.8315.6612.6611.689.65
   Real-rate products--1.92-4.331.45-----
Innovation7.447.093.47--------
Credit35.1124.3017.9816.3115.2313.58-----
Absolute return strategies18.6914.9413.6016.5612.5510.7313.2817.7615.8412.2012.27
Overlay(0.22)(0.46)0.830.27(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 Investments244.14238.96217.93204.05187.58185.35172.08168.25152.39138.90127.26
CHANGE IN NET ASSETS           
   Net Investment income10.3624.7118.0120.195.2316.987.0019.6716.2613.7214.75
   Net Contributions3.373.353.233.223.173.393.363.313.223.082.94
   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 assets5.6520.3413.8316.301.6313.914.1316.9613.7111.2412.43
Net Assets247.24241.58221.24207.41191.11189.48175.57171.44154.48140.76129.62
   Accrued pension benefits206.20257.48257.33224.67192.28204.32189.40173.27172.73148.57166.01
Surplus/Deficit41.04(15.90)(36.09)(17.26)(1.17)(14.84)(13.83)(1.83)(18.25)(7.81)(36.49)