CPPIB said the first-quarter loss was driven primarily by 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.”
“Financial markets experienced the most challenging first six months of the year in the last half century, and the Fund’s first fiscal quarter was not immune to such widespread decline,” John Graham, chief executive of CPPIB, said in a statement. In his statement, Graham said the portfolio is set up to withstand a double-digit percentage loss once every 20 years, and noted that CPPIB beat returns for leading global indices in the first quarter. The global indices declined, on average, well into double-digit territory, he said.
And yet managers keep their jobs. Oh the Liberal patronage.
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