Ontario Teachers’ Pension Plan reported $247.5 billion in net assets at the end of 2023, virtually unchanged from a year earlier. The fund’s 1.9 per cent annual return underperformed its benchmark portfolio by nearly seven per cent. (The Logic)

Talking point: The fund logged big losses in infrastructure and real estate, which it attributed to valuation adjustments in both portfolios due to high interest rates and certain “asset-specific events.” Those losses counteracted positive returns in equities and credit. Relatively low exposure to the stock market also prevented Teachers’ from benefiting from 2023’s rally. The public equity asset class gained 20 per cent but only represented 10 per cent of Teachers’ portfolio. The firm also announced Tuesday that it is forming a new property division separate from its real estate subsidiary Cadillac Fairview to focus specifically on investment opportunities outside Canada.