Braden Dennis

having some pretty bad takes here to say the least.

So CPP Investment Board came out with its annual report, which I just said.

Now, their fiscal year ended March 31st, 2026.

So just keep that in mind, especially if you're trying to compare

For example, returns of a certain index last year to CPP.

You have to make sure you're comparing the right timeframe here.

Now, keep in mind, CPP investments mandate is not to be the S&P 500.

Its mandate is really to maximize long-term returns.

while minimizing the risk of loss without undue risk of loss while considering the factors that affect the funding of the Canadian pension plan.

For fiscal 2026, CPP achieved returns of 7.8%, and again that was for the year ending March 31st, 2026.

There were a lot of bad takes, like I said, on Twitter.

Common one was to compare the returns to the S&P 500 or the S&P TSX, both of which absolutely would have crushed CPP during that time frame.

I think S&P 500 around 17%, TSX 34%, big part because of natural resources, precious metals were up.

The problem is that

All of those are all equity investment, and they're simply not appropriate for benchmarking the performance of CPP, right?

So when you look at CPP, the type of assets that they have, yes, they do have public equities, but it's really broken down into five big buckets, and I'm just sharing here for our Join TCI subscribers.

And you'll see and you can find the document pretty easily.

And what I'm referring to is just the the key performance indicators.

So you can go in the legend and click on that.

It'll bring you to page 34 of the annual report where they break down the asset allocation.