The manager of Canada Pension Plan assets said it generated net income of $56.9 billion in the fiscal year that ended March 31, taking net assets to $793.3 billion. The gain trailed the fund’s benchmark portfolio by 5.4 per cent. (The Logic)

Talking point: CEO John Graham was sanguine about underperforming his benchmark, stating that public markets have surged because of large U.S. companies and a handful of “AI-related heavyweights”—the kind of concentration risk that his diversified fund is designed to avoid. Graham said CPP Investments “challenged” its assumptions and determined that better short-term results would have come at the expense of long-term returns. Nevertheless, he said, the fund has adjusted the way it assesses and manages “AI-related exposures,” refined its private equity strategy and is reviewing how it spreads money across geographies and industries.

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