Highlights:
Net assets increase by $45.8 billion
10-year net return of 8.8%
CPP Investments recognized once again for its transparency, as we ranked first among Canadian peers and second among 75 pension funds globally in the 2025 Global Pension Transparency Benchmark
TORONTO, Nov. 14, 2025 /CNW/ - Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $777.5 billion, compared to $731.7 billion at the end of the previous quarter.
The $45.8 billion increase in net assets for the quarter consisted of $39.8 billion in net income and $6.0 billion in net transfers from the Canada Pension Plan (CPP). CPP Investments routinely receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments exceeding contributions in the final months of the year.
The Fund, composed of the base CPP and additional CPP accounts, generated a 10-year annualized net return of 8.8%. For the quarter, the Fund's net return was 5.4%. Since CPP Investments first started investing the Fund in 1999, and including the second quarter of fiscal 2026, it has contributed $539.4 billion in cumulative net income.
For the six-month fiscal year-to-date period, the Fund increased by $63.1 billion consisting of $47.3 billion in net income, plus $15.8 billion in net transfers from the CPP. For the period, the Fund's net return was 6.5%.
"CPP Investments delivered good results this quarter. The Fund continues to benefit from our diversified approach and from owning high-quality assets around the world," said John Graham, President & Chief Executive Officer, CPP Investments. "At the same time, many markets are pricing assets at robust levels. In this environment, we remain disciplined in line with our purpose to help pay pensions not only today, but for many decades to come, through many different economic cycles."
Returns from public equities drove performance this quarter, reflecting investor optimism around artificial intelligence, resilient corporate earnings and expectations of continued monetary easing in developed markets. Investments in private assets, particularly in credit, private equity, infrastructure and energy, also performed well. Foreign exchange movements, primarily from a stronger U.S. dollar, further enhanced overall results. CPP Investments' diversified portfolio spans multiple asset classes and geographic markets and is intentionally constructed to be less concentrated than public market indices, enhancing the Fund's resilience as it continues to grow over time.
Performance of the Base and Additional CPP Accounts
The base CPP account ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $706.0 billion, compared to $668.0 billion at the end of the previous quarter. The $38.0 billion increase in net assets consisted of $37.0 billion in net income and $1.0 billion in net transfers from the base CPP. The base CPP account's net return for the quarter was 5.5% and the 10-year annualized net return was 8.9%.
The additional CPP account ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $71.5 billion, compared to $63.7 billion at the end of the previous quarter. The $7.8 billion increase in net assets consisted of $2.8 billion in net income and $5.0 billion in net transfers from the additional CPP. The additional CPP account's net return for the quarter was 4.2% and the annualized net return since inception was 6.3%.
The additional CPP was designed with a different legislative funding profile and contribution rate compared to the base CPP. Given the differences in its design, the additional CPP has had a different market risk target and investment profile since its inception in 2019. As a result of these differences, we expect the performance of the additional CPP to generally differ from that of the base CPP.
Furthermore, due to the differences in its net contribution profile, the additional CPP account's assets are also expected to grow at a much faster rate than those in the base CPP account.
CPP Investments Net Nominal Returns1
(For the period ended September 30, 2025)
Base CPP
Five-Year
8.2 %
10-Year
8.9 %
Additional CPP
Five-Year
4.9 %
Since Inception
6.3 %
1 After CPP Investments expenses.
Long-Term Financial Sustainability
Every three years, the Office of the Chief Actuary of Canada, an independent federal body that provides checks and balances on the future costs of the CPP, evaluates the financial sustainability of the CPP over a long period. In the most recent triennial review published in December 2022, the Chief Actuary reaffirmed that, as at December 31, 2021, both the base and additional CPP continue to be sustainable over the long term at the legislated contribution rates.
The Chief Actuary's projections are based on the assumption that, over the 75 years following 2021, the ...
