Talking point: CPP chief executive John Graham described the quarter as “volatile… amid slowing growth and escalating geopolitical tensions.” The results land as some large pension funds reconsider their U.S. allocations, with more funds hedging against U.S.-dollar risk and issuing more debt in other currencies, which they may use to invest in different markets. For its part, CPP cut its exposure to the U.S. market from 62 per cent to 61 per cent in the latest quarter, down from 64 per cent a year earlier. Graham stressed the fund’s need to maintain a long-term view on investments and make decisions based on fundamentals.