Do the quarterly results, negative or positive, impact the long-term sustainability of the CPP?
Our strategy and our portfolio are designed to deliver the long-term real rate of return designed to help sustain the CPP as constituted. Negative as well as positive returns both need to be viewed within the context of our long-term strategy. It is certainly important to report on, and pay attention to, quarterly and annual results, but we see our primary job as focusing on investment activities with longer-term performance. After all, it is how the CPP Fund performs over the span of multiple years and decades that matters most. In just over 10 years since the CPPIB began investing in April 1999, the CPPIB has generated $37.2 billion in investment income for the Fund reflecting an annualized rate of return of 5.2 per cent. Another relevant measure is the four-year annualized investment rate of return through September 30, 2009 which was 2.3 per cent representing $8.3 billion in investment income. According to the Chief Actuary of Canada’s latest report released in 2007, and reaffirmed
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