The country’s largest pension fund posted $23 billion in net income for the third quarter of 2021, up from $14.6 billion for the same period last year. The fund’s total assets under management grew to $475.7 billion, $19 billion more than last quarter. (The Logic)

Talking point: The results mark a turnaround for the fund, which reported a 3.7 per cent loss in its investment portfolio at the start of the pandemic. The most recent quarter, which ended December 31, 2020, shows modest gains in its energy assets which rose from $7.3 billion as of March 31, 2020 to $8.3 billion, while real estate assets plunged from $43.7 billion to $38.5 billion for the same period. CPP Investments noted that it’s comfortable with the level of risk in its portfolio, despite the pandemic, and that it continues “to refine a series of scenarios relating to the COVID-19 pandemic in an attempt to assess the potential financial impact on our investment portfolios.”