Canada Pension Plan Investment Board, Toronto, returned a net -4.2% for the quarter ended June 30, the first quarter of its 2023 fiscal year, said a news release Thursday.

CPPIB, which manages the assets of the Canada Pension Plan, said the pension fund’s net assets totaled C$523 billion ($406.1 billion) as of June 30, down 3% from C$539 billion three months earlier.

The C$16 billion quarterly decrease in net assets consisted of a net investment loss of C$23 billion and C$7 billion in net transfers from the plan, the board said in the news release.

For the five and 10 years ended June 30, the portfolio returned an annualized net 8.7% and 10.3%, respectively, CPPIB added.

In the first quarter of fiscal year 2022, the fund had returned a net 3.5%.

CPPIB has a fiscal year-end of March 31.

CPPIB attributed the first-quarter fiscal 2023 results to “losses in public equity strategies, due to the broad decline in global equity markets,” while investments in private equity, credit and real estate “contributed modestly to the losses this quarter.” However, gains by external portfolio managers, quantitative trading strategies and investments in energy and infrastructure “contributed positively to this quarter’s results,” the release added.

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