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
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 benchmark | 2.3 | (2.1) | 0.1 | 0.4 | 0.9 | 1.7 |
Benchmarks for asset groups
| Investment Asset Class |
Composite Benchmark - 2020 | |
|---|---|---|
| Equity | S&P/TSX 60 | |
| S&P 500 | ||
| MSCI All Country World ex Canada ex Tobacco | ||
| MSCI China | ||
| MSCI Europe | ||
| MSCI Japan | ||
| MSCI China A Onshore | ||
| Custom Global Private Capital | ||
| Custom Global Long Term Equity | ||
| Custom Global Equity Benchmark | ||
| Fixed Income | Custom Canada Long Bond Universe | |
| Custom Provincial Long Bond | ||
| Custom U.S. Treasury Index | ||
| Custom Canada Real Return Bond | ||
| Custom Money Market Benchmark | ||
| Custom Global Fixed Income Benchmark | ||
| Credit | Markit iBoxx USD Liquid Investment Grade Index | |
| Markit iBoxx USD Liquid High Yield Index | ||
| Markit iBoxx USD Liquid Leveraged Loans Index | ||
| Custom Emerging Markets Local Currency Sovereign Debt Benchmark | ||
| Custom Credit Benchmark | ||
| Real Assets | 5.0% + IPD Canada Capital Growth (Real Estate excluding Brazil) | |
| Custom Real Estate Debt Benchmark | ||
| Local CPI plus 4% plus country risk premium (Real Estate Brazil) |
||
| Custom Global Infrastructure Index | ||
| Custom Real Assets Benchmark | ||
| Inflation Sensitive | Goldman Sachs Commodities Index | |
| Goldman Sachs Commodities Index 3 Month Forward | ||
| NCREIF Timberland Index (U.S. Timber) | ||
| Custom Global Natural Resources Index | ||
| Custom Gold Benchmark | ||
| Custom Commodities Benchmark | ||
| Custom Inflation Sensitive Benchmark | ||
| Innovation | Custom Innovation Benchmark¹ | |
| Absolute Return Strategy, Money Market, Overlay | Custom Canadian CDOR Index | |
| Custom U.S. LIBOR Index | ||
| Custom Equity Hedge | ||
| Custom Currency Overlay | ||
| Custom Funding Benchmark | ||