CPPIB breaks winning streak with $23-billion loss amid 'market turbulence'

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.”

The pension management organization said positive results in the first quarter came from gains by external portfolio managers, quantitative trading strategies and investments in energy and infrastructure. “However, our active management strategy – diversified across asset classes and geographies – moderated the impact on the Fund, preserving investment value.”

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.

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