Investment Performance

While our 2022 performance was impacted by the events of a challenging year, our results show that OPB’s long-term strategy is sound.


Total return
versus 9.4% in 2021
Funded Status
funded on a financial statement basis
Net Assets
versus $33.8 billion in 2021

Rates of Return

OPB’s annualized rates of net investment return for the one-year, five-year, 10-year and since inception periods ending December 31, 2022 are as follows:

1-year 5-year 10-year Since 1990
Total Fund return (7.8%) 3.8% 6.2% 7.6%
Benchmark return (8.1%) 3.8% 6.0% 7.4%

Note: Returns are net of all Plan administration and investment management expenses.

The Benchmark return shows what we expect the return would have been without active management. Beating the Benchmark return means we outperformed the market return and delivered additional value to the Plan.

Investment Asset Mix

Asset Categories1

Cash 0.7%
Fixed Income2 32.8%
Public Equities3 22.9%
Real Estate 18.8%
Infrastructure4 12.2%
Private Equity 13.3%
Public Market Alternatives5 4.4%

1 The asset categories and asset allocations reflect the employment of portfolio leverage and allocations of derivative positions, pooled funds, investment-related receivables and investment-related liabilities.

2 Fixed income includes government nominal and inflation-linked bonds, publicly traded corporate bonds and privately held debt.

3 Public equities include Canadian equity, global equity, emerging markets equity and public equity pooled funds.

4 Infrastructure includes directly held infrastructure investments and infrastructure pooled funds.

5 Public market alternatives include a broad range of assets, including pooled funds, equities, fixed income, credit and currencies, as well as derivatives, seeking to offer low correlation to public equities.


In 2022, IMCO voted on OPB’s behalf at
public company meetings in 57 markets
IMCO supported
shareholder proposals related to ESG issues, including climate risk disclosure, diversity, human rights risk assessment, and board compensation or board effectiveness

Acquisition Highlights

In 2022, IMCO completed its largest infrastructure acquisition and its first take-private transaction, AusNet Services Limited, a regulated energy utility in Australia. Aligning with IMCO’s climate change plans, AusNet plays a leading role in helping the state of Victoria achieve its net-zero commitment for 2050.
IMCO committed to the Macquarie GIG Energy Transition Solutions Fund, which will help accelerate the green energy transition, while producing attractive risk-adjusted returns, by investing in sustainable infrastructure assets.

As a pension plan manager, our focus is not solely on a return in a single year. With a 30-year to 50-year time horizon, we must remember to take the long view. Diversified portfolios tend to rebound well from market downturns, as we saw in the years following the 2008–2009 global financial crisis. OPB has a proven track record of successfully navigating through challenging markets and that’s exactly what we’ll continue doing, with the support of IMCO.”

Chris Kautzky
Chris Kautzky, Chief Investment Officer