Canada Pension Plan Investment Board earned a 5.4-per-cent return in its last fiscal quarter, driven by its stock portfolio and a strengthening U.S. dollar.

The country’s largest pension fund manager had $777.5-billion of assets as of Sept. 30, which was the end of its second fiscal quarter. That was up from $731.7-billion in the previous quarter.

The fund returned $39.8-billion of new income in the quarter, as investors continue to be bullish on artificial intelligence, central banks have cut benchmark interest rates, and corporate earnings have mostly held up well in spite of tariffs and trade tensions. A stronger U.S. dollar relative to the loonie also helped boost results, as the CPPIB ultimately pays pensions in Canadian dollars.

CPPIB also had a $6-billion surplus in transfers fro

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