The pension firm finished the first half of the year with net assets of $204.7 billion, down from $207.4 billion at the end of 2019. (The Logic)

Talking point: Ontario Teachers’ entered 2020 with 46 per cent, or $93 billion, of its investments in fixed income. It sold off about half of much of that to offset losses from private assets like retail real estate, airports and the energy sector. Fixed income is now down to 23 per cent, or $48 billion. In October 2019, chief investment officer Ziad Hindo told The Logic his firm was getting ready for a potential recession. Teachers’ also shifted its money market exposure significantly, going from negative $79 billion in investments to negative $24 billion. The pension added a new line to its financial statement, innovation, which currently includes a $2.3 billion portfolio that contains five firms including SpaceX and Sidewalk Infrastructure Partners. That makes up one per cent of Teachers’ current assets but the fund said it could grow to as much as seven per cent.