The Canada Pension Plan Investment Board ended its first quarter with $523 billion in assets, down from $539 billion at its fiscal year-end a quarter earlier. The fund lost 4.2 per cent on its investments for the three months ended June 30. Its five-year return dropped from 10 per cent to 8.7 per cent, and the 10-year return was down from 10.8 per cent to 10.3 per cent.  (The Logic)

Talking point: This is the second quarter in a row CPP Investments booked a net loss, as inflation, global supply-chain issues and interest-rate hikes weigh on the economy. The fund manager noted in its earnings statement that it’s still outperforming the broader market, including “leading global indices that declined, on average, well into double-digit territory.” The performance also appears strong relative to other Canadian pension funds this year. A report from Northern Trust Canada Universe found the median defined benefit plan returned -8.8 per cent in the second quarter of 2022 and -14.5 per cent for the first half of the year.