CPPIB sees flat return for second fiscal quarter due to foreign currency declines

The Canada Pension Plan Investment Board saw a net return of 0.6 per cent for the second fiscal quarter of 2018.

With a total net assets of $368.3 billion as of Sept. 30, 2018, the fund added $1.7 billion during the quarter.

“While returns were relatively flat in the second quarter, our teams performed well against our underlying investment strategy,” said Mark Machin, president and chief executive officer of the CPPIB, in a press release. “Foreign currency exchange-rate declines relative to the Canadian dollar were the fund’s main headwind during the quarter, offsetting strong local currency performance.”

Read: CPPIB to partner with science-based seeding platform

In this time of heightened volatility, Machin emphasized the fund’s work in executing large-scale transactions during the quarter, making investments that are intended to meet the fund’s long-term objectives.

During its second quarter these deals included a private equity co-investment of US$130 million in Anastasia Beverly Hills Inc., an upscale cosmetics company; an investment in the WestConnex toll road project in Sydney, Australia; and the additional US$1.75 billion commitment, with the Goodman Group, to the Goodman China Logistics Partnership, raising the pension fund’s total equity commitment to the partnership to US$5 billion.

The CPPIB is also currently preparing for the incoming Canada Pension Plan enhancements, which will be phased in gradually Jan. 1, 2019.

Read: CPP enhancements to increase total benefits by 44% by 2070: study

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