Returns for some of Canada’s biggest pension funds were weak in first half 2024 and fiscal year 2023, as their real estate investments suffered losses, according to a report from Morningstar DBRS.
But overall results were positive for each the four pensions funds that reported interim results for the period ended June 30, 2024.
CDPQ, OMERS, and OTPP gained around 4 percent each while CPPIB, based on the one quarter of results, delivered a 1 percent portfolio return.
Private credit will continue to attract capital, but there may be some shift away from office real estate and private equity given their more limited return prospects.
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