The University Pension Plan recorded a 10.3 per cent annual net return in 2024, increasing its net assets to $12.8 billion.
According to its latest annual results report, the investment organization took in $1.2 billion in net investment income during the year. The positive investment return was driven mainly by U.S. equities and absolute return strategies.
Read: UPP generates net return of 10.2% in 2023, net assets increase to $11.7BN
In 2024, the UPP reduced exposure to public equities but increased its investments in interest rate-sensitive assets and inflation-hedging assets like renewable energy, digital infrastructure and multi-residential real estate.
The fund reached $1 billion in committed or invested private assets since 2022. It was also fully funded at a 102-per-cent ratio with a surplus.
“This past year marked an important step forward — strengthening the foundation that supports our members through strong investment performance, disciplined risk management and the continued rollout of dedicated member services,” said Barbara Zvan, president and chief executive officer at the UPP, in a press release.
Read: 2023 Risk Management Conference: How UPP is focusing on active investing in its climate action plan