Canada’s Public Sector Pension Investment Board reported a 7.2 per cent return in fiscal 2024. Gains of 17.5 per cent in its stock portfolio were offset by a 15.9 per cent loss in its real estate assets. The fund’s overall assets increased 8.7 per cent to $264.9 billion, making it the third-largest pension fund in the country. (The Logic)

Talking point: PSP’s returns outperformed the 6.4 per cent in its internal benchmark portfolio, but were below a government reference portfolio made up of stocks and bonds, which returned 11.5 per cent for the year. The fund has been shifting its real estate portfolio away from office buildings, which continue to have high vacancy rates post-pandemic, and toward logistics and housing. PSP CEO Deborah Orida said she’s preparing for prolonged uncertainty and volatility in the investment environment, as high interest rates and geopolitical tensions continue to weigh on markets.