The Canada Pension Plan Financial commitment Board (CPPIB), the country’s biggest general public pension fund, on Wednesday eked out a 1.1% return on its investments in the initially quarter, strike by a much better Canadian greenback.

“The strengthening of the Canadian dollar from all big currencies in June dampened our returns all round,” reported Main Executive Officer Mark Machin.

A stronger Canadian dollar implies that overseas earnings are not value as significantly when they are converted back to the fund’s domestic currency. The fund derives the the greater part of its earnings from abroad.

The CPPIB, which manages Canada’s countrywide pension fund and invests on behalf of twenty million Canadians, explained its net assets totalled $four hundred.6 billion as of June 30, 2019, when compared with $392. billion at the conclusion of the earlier quarter.

© Thomson Reuters 2019

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