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, 2025
Investment performance
| As at December 31 | 2025 | 2024 | 5‑Year | 10‑Year | Since Inception |
|---|---|---|---|---|---|
| Total‑fund net return | 6.7% | 9.4% | 6.6% | 6.8% | 9.2% |
| Benchmark return | 11.7% | 12.9% | 8.8% | 7.9% | 8.0% |
| Return above (below) benchmark | (5.0%) | (3.5%) | (2.2%) | (1.1%) | 1.2% |
As at December 31, 2025
Investment Asset Class Benchmarks
| Asset Class | Benchmark Description |
|---|---|
| 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 ASEAN | |
| MSCI Frontier | |
| MSCI LATAM ex Brazil | |
| MSCI Emerging Markets EMEA | |
| 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 Benchmark | |
| Fixed Income | Custom Canada Bond Universe (Short, Mid) |
| Custom Provincial Long Bond | |
| Custom U.S. Treasury Index | |
| Custom Canada Real Return Bond | |
| Custom Global Fixed Income Benchmark | |
| Custom Inflation Linked Bonds |
| Asset Class | Benchmark Description |
|---|---|
| Real Assets | Sector Adjusted MSCI/REALPAC Canada Annual Property Index (All Assets) |
| MSCI Real Estate Fund Indices (US, Europe, UK, Australia) | |
| Custom Real Estate Debt Benchmark | |
| Local CPI plus 3% plus country risk premium (Infra & Real Estate ex Canada, US, Europe, UK, Australia) | |
| Custom Real Assets Benchmark | |
| Inflation Sensitive | Goldman Sachs Commodities Index |
| Goldman Sachs Commodities Index 3 Month Forward | |
| S&P GSCI Crude Oil 3 Year Forward | |
| S&P GSCI Industrial Metals | |
| S&P GSCI Precious Metals | |
| NCREIF Timberland Index (U.S. Timber) | |
| Local CPI plus 4% plus country risk premium (Natural Resources and Non‑U.S. Timber) | |
| Custom Gold Benchmark | |
| Custom Commodities Benchmark | |
| Custom Inflation Sensitive Benchmark | |
| 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 Debt | |
| Custom Credit Benchmark | |
| Absolute Return Strategies, Funding, Overlay | Canadian Overnight Repo Rate Average |
| Alternative Reference Rates Index (USD, EUR, GBP, CHF, AUD, JPY, NZD, DKK) | |
| Custom Equity Hedge | |
| Custom Currency Overlay | |
| Custom Funding Benchmark |