TORONTO - The Canada Pension Plan Investment Board said Wednesday the value of its funds under management grew by $11.1-billion in the first quarter as capital markets clawed themselves further away from their lows.
The CPP Investment Board reported that the value of the fund rose to $116.6 billion in the April-June period of fiscal 2010, an increase from $105.5 billion at the end of the previous quarter.
The rise in assets was primarily from the a $7.6 billion increase in investment income, and $3.5 billion of contributions that weren't paid out as benefits.
The results were a turnaround from the previous quarterly report, which saw an $8.5-billion drop in the value of the CPP Fund.
"We are pleased with the $11.1 billion increase in the Fund and the positive 7.1 per cent return for the first quarter," said president and CEO David Denison.
"With no need to use current income to pay benefits for another 11 years and with approximately $28 billion of additional cash inflows anticipated between now and 2019, we will maintain the strategic asset weightings for the portfolio."
