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Our benchmarks

How we measure our investment performance

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We measure our investment performance on an actual basis and against a range of benchmarks. Benchmarking allows board members, plan members and employees to evaluate the effectiveness of our investment strategies and activities relative to the risks taken.

On a total-fund basis and for each asset group, we work to surpass the relevant benchmarks and when we do, we describe that as “value-added” performance.

As long-term investors, the most relevant measure of our performance is over several years. So, in addition to providing one-year returns, we also track four-, five- and 10-year net returns along with net returns since 1990 – when we began our investment program – all on an actual basis and against the benchmark

As at December 31, 2023

Investment performance

 2023202215-year10-yearSince Inception
Total-fund net return1.9%4.0%7.2%7.6%9.3%
Benchmark return8.7%2.3%8.5%7.5%7.8%
Return above or (below) benchmark(6.8%)1.8%(1.3%)0.1%1.5%


Benchmark return and return above benchmark from 2022 do not add up to 4.0% due to rounding

As at December 31, 2023

Investment Asset Class Benchmarks

Asset Class
Composite Benchmark - 2023
EquityCustom Global Equity Benchmark
 Custom Global Long-term Equity
 Local Country Indices (New Zealand, Taiwan, Hong Kong, Korea and Brazil)
 MSCI AC Asia ex Japan
 MSCI All Country World ex Tobacco
 MSCI All Country Asia
 MSCI China A Onshore Share
 MSCI Country Indices (except New Zealand, Taiwan, Hong Kong, Korea and Brazil)
 MSCI Euro (EMU)
 MSCI Europe
 MSCI Asia ex Japan
 MSCI Frontier
 MSCI LATAM ex Brazil
 S&P 500
 S&P/TSX 60
Fixed IncomeCustom Canada Bond Universe (Short, Mid)
 Custom Provincial Long Bond
 Custom U.S. Treasury Index
 Custom Canada Real Return Bond
 Custom Global Fixed Income Benchmark
Real AssetsInfrastructure Brookfield Index
 Infrastructure Custom KKR Asia
 IPD Canada Annual Property Total Return Index
 IndexCustom Real Estate Debt Benchmark
 Local CPI plus 3% plus country risk premium (Infrastructure & Real Estate ex Canada)
 Custom Real Assets Benchmark
 Custom Credit Benchmark
Inflation SensitiveCustom Commodities Benchmark
 Custom Gold Benhchmark
 Custom Inflation Sensitive Benchmark
 Local CPI plus 4% plus country risk premium (Natural Resources and Non-U.S. Timber)
 NCREIF Timberland Index (U.S. Timber)
 S&P GSCI Crude Oil 3Y Forward
 S&P GSCI Industrial Metals
 S&P GSCI Precious Metals
CreditCustom Credit Benchmark
 iBoxx EUR Liquid High Yield Index (Local, USD)
 iBoxx GBP High Yield Index
 iBoxx GBP Liquid High Yield Index (USD)
 JPM EMBI Global Diversified exRussia Index
 JPM GBI-EM Global Diversified ex Russia & Global Bonds
 Markit iBoxx USD Liquid Investment Grade Index
 Markit iBoxx High Yield Index (USD, GBP, EUR)
 Markit iBoxx USD Liquid Leveraged Loans Index
 S&P European Leveraged Loan Index
Absolute Return Strategy, Money Market, OverlayCustom Alternative Reference Rates Index (USD, EUR, GBP, CHF, AUD, JPY)
 Custom Canadian CDOR Index
 Custom Currency Overlay
 Custom Equity Hedge
 Custom Funding Benchmark