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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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$247.5B

in net assets

107%

Funding ratio

9.3%

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

As at December 31, 2023

Net Assets1

1 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, 2023

Investment Performance

 2023202225-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%

 

2Benchmark return and return above benchmark from 2022 do not add up to 4.0% due to rounding.

As at December 31, 2023

Portfolio Performance by Asset Class

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

Fund returns (%)3ActualBenchmarkActualBenchmark
 2023202320222022
Equity    
Public equity20.020.3(12.5)(10.2)
Private equity3.616.36.1(3.9)
Venture growth4(0.7)12.8(12.1)(12.1)
 7.4 17.10.1(5.9)
Fixed income    
Bonds0.60.6(5.9)(5.9)
Real-rate products7.37.3 7.37.3
 1.2 1.2(3.5)(3.5)
Inflation sensitive    
Commodities(0.5)(0.5)19.519.5
Natural resources0.23.329.6 28.2
Inflation hedge(3.0)(3.0)9.29.2
 (1.0)(0.2)19.218.7
Real assets    
Real estate(5.9)2.0(3.5)6.7
Infrastructure(2.8)7.618.715.1
 (4.1)5.38.311.1
Credit9.19.63.6 0.0
Total-fund net return1.98.74.02.3

 

3The 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.

4Effective January 1, 2023, the Innovation asset class is included in Equity - Venture growth and is benchmarked to an active benchmark. Previously, Venture growth was benchmarked to its actual return during an initial incubation period. Prior period returns for Equity and Credit have not been restated.

As at December 31, 2023

Pension funding sources since 1990

*The additional 0.9% includes original plan deficit funding and contributions related to conditional inflation protection.

As at December 31, 2023

Eleven Year Financial review

 

(Canadian $ Billions)20232022202120202019201820172016201520142013
CHANGE IN NET ASSETS           
Income           
Net Investment income5.53 10.3624.7118.0120.195.2316.987.0019.6716.2613.72
Contributions           
 Members/transfers1.711.701.691.631.621.601.711.701.671.631.55
 Province of Ontario1.641.671.661.601.601.571.681.661.641.591.53
Total income8.8813.7328.0621.2423.418.4020.3710.3622.9819.4816.80
            
Expenditures           
Benefits7.697.216.916.706.426.145.935.725.545.315.15
Investment expenses0.830.790.730.630.610.560.470.450.430.410.36
Member services expenses0.080.080.080.080.080.070.060.060.050.050.05
Total expenditures8.608.087.727.417.116.776.466.236.025.775.56
Increase/(decrease) in net assets0.285.5620.3413.8316.301.6313.914.1316.9613.7111.24
            
NET ASSETS           
Investments           
Equity           
   Publicly traded25.3621.9027.2242.4735.8431.6035.1338.9749.8548.2747.62
   Non-publicly traded58.5558.3255.0641.7739.3433.3531.9426.9827.6920.5814.27
   Venture growth57.46----------
Fixed Income           
   Bonds85.9476.1733.3217.1572.6758.2541.4143.5337.9835.1930.53
   Real-rate products9.879.8211.8717.4020.4419.4719.9631.7231.1330.3626.37
Inflation Sensitive           
   Commodities22.2225.0526.4617.6517.5910.6111.084.184.009.038.21
   Natural resources11.4010.119.407.448.208.126.556.286.252.872.62
   Inflation hedge11.7812.7312.1011.5310.288.718.92----
Real assets           
   Real estate28.2428.0726.2625.2028.6927.4525.5126.4724.8622.0919.24
   Infrastructure39.2539.7526.0817.7916.9817.8018.7417.8315.6612.6611.68
   Real-rate products---1.92-4.331.45----
Innovation5-7.447.093.47-------
Credit538.5635.1124.3017.9816.3115.2313.58----
Absolute return strategies19.4918.6914.9413.6016.5612.5510.7313.2817.7615.8412.20
Funding and other(``114.20) (99.02)(35.14)(17.44)(78.85)(59.89)(39.65)(37.16)(46.93)(44.50)(33.84)
Net Investments243.92244.14238.96217.93204.05187.58185.35172.08168.25152.39138.90
Receivable from Province of Ontario3.293.303.233.183.143.223.313.273.213.102.97
Other Assets1.581.750.611.060.980.791.591.210.440.220.14
Other Liabilities(1.28)(1.95)(1.22)(0.93)(0.76)(0.48)(0.77)(0.99)(0.46)(1.23)(1.25)
Net Assets247.51247.24241.58221.24207.41191.11189.48175.57171.44154.48140.76
Accrued pension benefits211.39206.20257.48257.33224.67192.28204.32189.40173.27172.73148.57
Surplus/Deficit36.1241.04(15.90)(36.09)(17.26)(1.17)(14.84)(13.83)(1.83)(18.25)(7.81)
            
PERFORMANCE (%)           
Total fund net return1.94.011.18.610.42.59.74.012.711.510.6
Benchmark8.72.38.810.712.20.78.23.510.110.19.3
            
Assumptions used for Financial Statement Valuation            
As at December 31st (%)            
Nominal discount rate4.004.302.502.002.503.202.953.253.253.354.20
Salary escalation rate2.603.102.852.502.352.402.702.802.502.703.00
Long-term Inflation rate1.602.101.851.501.351.401.701.801.501.702.00
Real discount2.352.150.650.501.151.801.251.401.701.652.20

 

5Effective January 1, 2023 investments formerly included in the Innovation asset class are now included in Equity - Venture growth and Credit asset classes. Priod period amounts for Equity and Credit have not been restated.