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, 2024
Investment performance
| 2024 | 2023 | 5-year | 10-year | Since Inception | |
|---|---|---|---|---|---|
| Total-fund net return | 9.4% | 1.9% | 6.9% | 7.4% | 9.3% |
| Benchmark return | 12.9% | 8.7% | 8.6% | 7.7% | 7.9% |
| Return above or (below) benchmark | (3.5%) | (6.8%) | (1.7%) | (0.4%) | 1.3% |
As at December 31, 2024
Investment Asset Class Benchmarks
| Investment Asset Class | Composite Benchmark - 2024 | |
|---|---|---|
| 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 | ||
| Real Assets | Sector Adjusted MSCI/REALPAC Canada Annual Property Index (All Assets) | |
| Custom Real Estate Debt Benchmark | ||
| Local CPI plus 3% plus country risk premium (Infrastructure & Real Estate ex Canada) | ||
| 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 Inde | ||
| S&P European Leveraged Loan Index | ||
| JP Morgan Emerging Markets Bond Index Global Diversified | ||
| Custom China Sovereign Debt | ||
| Custom Credit Benchmark | ||
| Absolute Return Strategy, Money Market, Overlay | Canadian Overnight Repo Rate Average | |
| Alternative Reference Rates Index (USD, EUR, GBP, CHF, AUD, JPY) | ||
| Custom Equity Hedge | ||
| Custom Currency Overlay | ||
| Custom Funding Benchmark | ||