CPPIB earned 1.1 per cent in most recent quarter, CPP Fund now tops $400 billion

Canada Pension Plan Investment Board President and Chief Executive Officer Mark Machin pictured on Parliament Hill, in Ottawa on November 1, 2016. The Canada Pension Plan Investment Board says it earned a return of 1.1 per cent, net of its costs in its most recent quarter.Chief executive Mark Machin says the investments achieved solid net income in local-dollar terms, but at the same time the Canadian dollar strengthened against all major currencies in June and dampened the returns. THE CANADIAN PRESS/Adrian Wyld

TORONTO - The Canada Pension Plan Investment Board says it earned a return of 1.1 per cent, net of its costs in its most recent quarter.

Chief executive Mark Machin says the investments achieved solid net income in local-dollar terms, but the Canadian dollar strengthened in June and dampened the returns.

The result for the quarter ended June 30 came as its net assets grew to $400.6 billion, up from $392.0 billion at the end of the previous quarter.

The increase included $4.1 billion in net income after expenses and $4.5 billion in net Canada Pension Plan contributions.

The fund, which includes the base CPP and additional CPP accounts, earned 10-year and five-year annualized net nominal returns of 10.5 per cent each.

The Canada Pension Plan Investment Board invests the money not needed by the Canada Pension Plan to pay current benefits.

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