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
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 |
Investment Asset Class Benchmarks
Investment Asset Class | Composite Benchmark - 2022 | |
---|---|---|
Equity | S&P/TSX 60 | |
S&P 500 | ||
MSCI All Country World ex Tobacco | ||
MSCI All Country Asia | ||
MSCI Euro (EMU) | ||
MSCI Europe | ||
MSCI Asia ex Japan | ||
MSCI Frontier | ||
MSCI LATAM ex Brazil | ||
MSCI Country Indices (except New Zealand, Taiwan, Hong Kong and Brazil) | ||
Local Country Indices (New Zealand, Taiwan, Hong Kong and Brazil) | ||
Custom Global Long-term Equity | ||
Custom Global Equity Benchmark1 | ||
Fixed Income | Custom Canada Bond Universe (Short, Mid)1 | |
Custom Provincial Long Bond1 | ||
Custom U.S. Treasury Index1 | ||
Custom Canada Real Return Bond1 | ||
Custom Global Fixed Income Benchmark1 | ||
Real Assets | IPD Canada Annual Property Total Return Index | |
Custom Real Estate Debt Benchmark1 | ||
Local CPI plus 3% plus country risk premium (Infrastructure & Real Estate ex Canada) | ||
Custom Real Assets Benchmark1 | ||
Custom Credit Benchmark | ||
Inflation Sensitive | Goldman Sachs Commodities Index | |
Goldman Sachs Commodities Index 3 Month Forward | ||
NCREIF Timberland Index (U.S. Timber) | ||
Local CPI plus 4% plus country risk premium (Natural Resources and Non-U.S. Timber) | ||
Custom Gold Benchmark1 | ||
Custom Commodities Benchmark1 | ||
Custom Inflation Sensitive Benchmark1 | ||
Credit | 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 | ||
JP Morgan Emerging Markets Bond Index Global Diversified | ||
Custom China Sovereign Debt1 | ||
Custom Credit Benchmark1 | ||
Innovation | Custom Innovation Benchmark2 | |
Absolute Return Strategy, Money Market, Overlay | Custom Canadian CDOR Index | |
Custom Alternative Reference Rates Index (USD, EUR, GBP, CHF, AUD, JPY) | ||
Custom Equity Hedge1 | ||
Custom Currency Overlay1 | ||
Custom Funding Benchmark1 |
1 Benchmarked to itself for total fund portfolios
2 The Innovation asset class was established in 2020, considered an active program and is benchmarked to itself during the initial 3-to-5-year incubation period.