Investment results

Market conditions

Within the plan, Canadian Equity was the best performer in the first quarter, returning 10.22%. Marketwise, S&P/TSX Composite Index was up 8.05%. S&P 500 index was up 4.75%. MSCI EAFE Index was up 2.09%. FTSE Canada Universe Bond Index was up 5.04%. The following table depicts the performance of the Plan’s fund (per cent return).

Performance

Asset class Market value
($ millions)
2021
Jan-Mar
(%)
2021
YTD
(%)
2020
Annual
(%)
2019
Annual
(%)
2018
Annual
(%)
2017
Annual
(%)
2016
Annual
(%)
Fixed income
Cash and short-term 146.3 -0.2 -0.2 0.4 1.6 1.3 0.7 0.7
Bonds 11,857.2 -7.5 -7.5 11.3 10.3 0.5 3.4 3.2
Equities
Canadian equities 4,109.1 10.2 10.2 1.6 20.4 -8.3 9.3 12.5
U.S. equities 3,581.5 5.7 5.7 15.4 23.9 3.0 14.1 6.3
International equities 3,604.0 1.5 1.5 10.8 17.1 -8.1 25.4 3.7
Real estate, private equity and infrastructure 6,025.2 2.7 2.7 7.4 11.8 17.4 13.1 10.0
Currency overlay 0.0
Total (DB component)* 29,339.2 -0.32 -0.32 9.43 14.69 0.89 10.42 7.93
Benchmark --- -1.59 -1.59 10.25 16.79 -1.94 8.59 6.72

*Numbers may not add up due to rounding.

Investment highlights

  • The fund’s third quarter return was -0.32%.
  • As of March 31, 2021, the fund held assets of $29.3 billion.
  • The fund had net cash outflows of $8.9 million in the first quarter.
  • We added $795.3 million to Fixed Income, $25.7 million to Real Estate, and $19.3 million to Infrastructure.
  • We withdrew $507.3 million from U.S. Equity, $200.0 million from High Yield Credit, $100.1 million from  Canadian Equity, $23.8 million from Private Equity, $20.8 million from Currency Overlay and $2.4 million from Private Debt.

Fund Assets - October 2000 to March 31, 2021

Asset-mix highlights

  • As at March 31, 2021, 59.0% of assets were invested in equities and alternative investments compared to the asset mix target of 54.9%. These investments were within the allowable range and were made up of 14.0% Canadian Equities, 12.2% U.S. Equities, 12.3% International Equities, 11.0% Real Estate, 5.0% Private Equity and 4.5% Infrastructure.
  • 41.0% of assets were invested in bonds and short-term investments, compared to an asset mix target of 45.1%. This included 10.9% real return bonds, 29.5% nominal bonds and private debt and 0.6% in cash and short-term investments and currency overlay.

*Numbers may not add up due to rounding.