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CPPIB Gains 12% in FY 2011

Submitted by Leo Kolivakis on 05/19/2011 21:16 -0400

The Canada Pension Plan Investment Board (CPPIB) released its FY 2011 results, CPP Fund Totals $148.2 Billion at 2011 Fiscal Year-End:

The
CPP Fund ended its fiscal year on March 31, 2011 with net assets of
$148.2 billion, compared to $127.6 billion at the end of fiscal 2010.
The $20.6 billion increase in assets after operating expenses marks a
new all-time high for the Fund. The Fund increase resulted from $15.5
billion in investment income and $5.4 billion in net CPP contributions.
The portfolio returned 11.9% for fiscal 2011, compared to 14.9% in the
prior fiscal year.

“Fiscal 2011 was an excellent performance
year, with the Fund benefiting from strong results across all asset
categories and geographies,” said David Denison, President and CEO, CPP
Investment Board. “By adhering to our long-term strategy during and
following the recent financial crisis, the Fund has benefited from the
recovery in the global public equity markets and has generated total
investment income of $31.7 billion over the past two fiscal years.

“During
fiscal 2011 we were able to take advantage of the deep expertise of
our investment teams to make some notable additions to our private
equity, infrastructure, real estate and private debt holdings.”

Some highlights:

Partnering
alongside Onex Corporation, we completed the largest global private
equity transaction during calendar 2010: the acquisition of Tomkins plc
with an equity investment of $1.1 billion. This was the second consecutive year that we were involved in the largest global private equity transaction.

On
the real estate front, we successfully acquired interests in two prime
Manhattan office buildings whose combined value is $1.6 billion,
representing an equity investment of $700 million. In London, we
acquired a 25% interest for $468 million in Westfield Stratford City, a
new 1.9 million square foot retail and entertainment development next
to the 2012 London Olympics site. In Australia, we purchased a 42.5%
stake for $604 million in the ING Industrial Fund, a portfolio of prime
industrial properties.

We also completed our largest
infrastructure investment to date with two concurrent transactions
involving the acquisition of a 40% interest in the 407 Express Toll
Route outside Toronto as well as an interest in a toll road in Sydney,
Australia. Our total initial investment amounted to $4.1 billion, a
portion of which we then syndicated to a group of other institutional
investors for a combined interest of approximately 29%.

Our
Private Debt group has now grown to 22 professionals. Last year we
established a team in our London office and have made great strides in
expanding the European reach of the program. Since its inception less
than three years ago, our Private Debt Group has completed 41
transactions totaling $4.4 billion.

Five and 10-year Returns
Although
CPPIB reports on a quarterly and annual basis, longer-term results are
more relevant given the multi-generational nature of the CPP itself.
For the five-year period ending March 31, 2011, the CPP Fund generated
an annualized rate of return of 3.3%, or $20.9 billion of cumulative
investment income. For the 10-year period, the Fund had an annualized
rate of return of 5.9%, or $51.8 billion of cumulative investment
income.

“Our 10-year annualized
rate of return has recovered to a level that is consistent with the
4.0% prospective real rate of return that the Chief Actuary has
incorporated in his latest report confirming the sustainability of the
CPP, even though the sharp equity markets decline experienced in 2008
and 2009 continues to weigh down the five- and 10-year returns ,” said
Mr. Denison. “We remain confident that we have designed the mix of
assets within the CPP Fund so that it is well positioned to achieve the
4.0% real rate of return required over the longer term.”

Performance Against Benchmarks
CPPIB
measures its performance against a market-based benchmark, the CPP
Reference Portfolio, representing a passive portfolio of public market
investments that can reasonably be expected to generate the long-term
returns needed to help sustain the CPP at the current contribution
rate. CPPIB’s strategy is to invest actively with a view to outperform
the passive benchmark.

In fiscal
2011, total portfolio returns outperformed the CPP Reference Portfolio
by 2.07 % or $2.7 billion. For the five-year period since the
inception of the CPP Reference Portfolio, the cumulative outperformance
was 1.80% or $1.7 billion.

“Many of our investment programs
such as real estate and infrastructure are very long-term in nature,
and we are pleased that the benefits of those programs are
materializing as private market valuations start to reflect the
economic recovery of the past two years,” Mr. Denison said. “The full
range of CPPIB’s investment programs contributed to the Fund’s strong
absolute and value-added returns in fiscal 2011 showing the benefit of
the broad diversification we have achieved.”

Portfolio
performance by asset class is included in the table below (click on
image to enlarge). A more detailed breakdown of performance by
investment department is included in the CPPIB Annual Report for Fiscal
2011, which is available on www.cppib.ca.

Long-term Sustainability Reaffirmed
The Chief Actuary of Canada conducts a financial review of the Canada Pension Plan every three years. In
his latest triennial review completed in November 2010, the Chief
Actuary reaffirmed that the CPP remains sustainable at the current
contribution rate of 9.9% throughout the 75-year period of his report.
The report also indicates that CPP contributions are expected to
exceed annual benefits paid until 2021, providing a 10-year period
before a portion of the investment income from the CPPIB will be needed
to help pay pensions.

Asset Mix
We
continued to diversify the portfolio by risk/return characteristics and
geography during fiscal 2011. At the end of fiscal 2011, the Fund’s
assets were valued at $148.2 billion, a year-over-year increase of
$20.6 billion net of operating expenses of $328 million or 24 basis points.

Canadian
assets represented 48.3% of the investment portfolio, and totaled
$71.7 billion. Foreign assets represented 51.7% of the investment
portfolio, and totaled $76.6 billion.

Equities represented 53.5% of the investment portfolio or $79.4 billion. That
amount consisted of 38.2% public equities valued at $56.7 billion and
15.3% private equities valued at $22.7 billion.

Fixed
income, which included bonds, other debt, money market securities and
debt financing liabilities represented 30.1% or $44.6 billion.

Inflation-sensitive assets represented 16.4% or $24.3 billion. Of those assets:

7.3% consisted of real estate valued at $10.9 billion;

6.4% was infrastructure valued at $9.5 billion; and

2.7% was inflation-linked bonds valued at $3.9 billion.

More details on CPPIB's FY 2011 results are provided in their Annual Report 2011.
I urge my institutional investors to read this and other annual reports
very carefully as a lot of time and effort is put into them. CPPIB's
President & CEO, David Denison, delivers his message starting on
page 5. Below, I focus on a few passages:

As we implemented our active management strategy over the
past five years, we began building internal capabilities for investment
areas in which we have comparative advantages. These
advantages include our very long investment horizon, the relative
certainty of both our asset base and the amount and timing of future
cash inflows to the CPP Fund, and the large scale of our investment
portfolio. We also forged relationships with external managers
who have proven skills and capabilities that complement those we create
internally.

A key strategy goal for the past five
years was to increase the proportion of the CPP Fund’s holdings in
private market investments. In particular, private equity, real estate,
infrastructure and private debt. Our comparative advantages are
especially valuable in these areas. Achieving scale in private market
investing is challenging. Success requires experienced and skillful
teams able to originate and complete what are often very complex
transactions. Over the past five years we have increased our private
asset holdings from $7.8 billion to $46.8 billion, and from 8.8% to
31.6% of total Fund assets. This is a testament to the many talented and
dedicated professionals we now have within the CPP Investment Board.

Having internal teams focused on
private market investing not only plays to our comparative advantages,
we also believe it to be a very cost effective approach for the CPP
Fund. As an example, we estimate that it would cost between $200
million and $250 million per year to have an infrastructure portfolio
comparable in size and composition to our own managed externally,
compared to the total costs of approximately $24 million we incurred in
fiscal 2011 to manage this internally.

Since the start of our active strategy,
we have also diligently increased the scalability of our public market
investing programs. There are now six distinct investment units
within our public markets area, all executing active programs that
capitalize on our comparative advantages. Two
indicators of growing scalability are: we increased the number of
fundamental research analysts in our Global Corporate Securities unit
from six to 26 over the last two years and the notional size of our
long/short investment program has grown to $17.4 billion from $4.3
billion.

Building human capital is equally important in building organizational
capabilities which is why we continue to focus on the ongoing work we do
to ingrain our culture based upon our Guiding Principles of Integrity,
Partnership and High Performance and to develop our people. This year we
significantly increased the time and attention devoted to talent
assessment, development and succession planning. These efforts are
critical to our long-term success and remain a priority for fiscal 2012.

We also made very good progress in improving operational capabilities
which represent another important aspect of organizational scalability.
In planning for this decade’s doubling of the CPP Fund, we know we have
to build very strong operational, technology and data management
infrastructure. The aim is to handle much greater volume and diversity
of activities without requiring a proportionate increase in staff and
other resources. To achieve this, we need very well-designed and
integrated processes for research, transactions, risk management,
valuation, analysis and operational requirements across the
organization. This is no simple task. In fiscal 2011, we made great
strides in capitalizing on the new portfolio record keeping and
performance measurement systems we implemented April 1, 2010. We also
greatly improved our management of the vast quantities of data that are
essential to our investment, research and risk management activities.

While I could cite numerous other areas of progress in fiscal 2011, I
would also say that there is still much for us to do in order to achieve
the kind of operational scalability that is our goal and this will
remain an area of focus for fiscal 2012.

Looking ahead to fiscal 2012 and beyond, we continue to believe that CPP
Investment Board’s strategy is sound and will enable us to create
long-term value for the CPP Fund that we manage.

Successful execution of our strategy requires us to be increasingly global in our orientation. So,
a key priority for us in fiscal 2012 will be to further expand the
staffing and breadth of activities in London and Hong Kong. We will also
assess other geographic locations where it may be important for us to
establish a presence with a view to potentially opening additional
offices in fiscal 2013.

Our key corporate objectives for fiscal 2012 are:

Executing our investment programs strategies – continue to focus across all investment departments to refine and expand our investment programs and capabilities;

Balancing scalability and complexity – focus on creating sustainable and scalable processes across the organization to effectively manage the growth of the CPP Fund;

Building scale in emerging markets – strengthen our investment footprint in key emerging markets with a focus on Asia and Latin America; and

Development and continuity of leadership and talent – introducing programs that focus on developing management talent and capabilities.

I like David Denison. Whenever I email him, he always
responds in a timely and polite manner (same goes for Mark Wiseman,
CPPIB's CIO). I also like what I'm reading above. A lot of critics take
shots at CPPIB without understanding the benefits of how these
investments are managed. It's easy for some stupid traders to piss all
over CPPIB because they're not managing hundreds of billions. Myopic
traders do not understand the problem of scalability these large funds
run into.

As reported by Bloomberg, the results beat the 11 percent average return
of the country’s pension funds over 12 months as Canadian stocks
surged, according to an April 20 report by RBC Dexia’s
investment services unit. The Canadian benchmark Standard &
Poor’s/TSX Composite Index rose 16 percent in the period.

Moreover, private-equity investments abroad were among the best
assets in the year, with holdings in developed markets
increasing more than 19 percent and those in emerging markets
posting a 17 percent return. Both investments reversed declines
from a year earlier.

CTV reports that another sign of the current deal-making environment occurred this month,
after the end of CPPIB’s latest fiscal year, when Microsoft Corp.
announced its $8.5-billion (U.S.) deal for Skype Technologies. CPPIB had
been part of an investor group that bought a 65-per-cent stake in Skype
from eBay in late 2009, and the pension fund has now more than tripled
its money on its original $300-million investment.
Skype was one of their best private equity deals ever.

When you have the deep pockets and long-term horizon of CPPIB, you have
to take advantage, buying up assets that others are liquidating for all
sorts of reasons, and then sit on them and wait for the recovery. It
sounds deceptively easy but it isn't. The way you go about buying
private market assets (though debt or equity) is very important when
managing risk, and you have to be well diversified among sectors and
geographical locations.

As far as public markets, the focus is on alpha but there is still way
too much beta in the portfolio. Their size is the problem but they've
made great strides addressing scalability. When you're the size of CPPIB
or the Caisse for that matter, you're better off investing in global
equities and not being too exposed to Canadian equities because you
don't want to get caught long Canada when our fortune turns.

Yesterday I spoke with a Montreal hedge fund manger who manages roughly
$260 million in an equity market neutral fund. Great fund and capacity
will be reached at $700 million but the manager told me "we're too small
for CPPIB because they don't want to represent more than 10% of any
fund and they write big tickets." That's why if you look at CPPIB's investment partners in public markets, they're all large asset managers and many of them are overlay managers who can easily take on large mandates.

Finally, the Canadian Press reports
that CPPIB is prepared for any expanded role, if that's what the
Canadian government wants: "We're not advocating one way or another on
reforms, but if it does
translate into CPP expansion and we're asked to manage it — we can do
it," Denison said.

You know where I stand on this issue. I'd much rather see expanded CPP
run by CPPIB and other public sector pension plans than some half-baked
private sector solution in the form of PRPPs. I have concerns about the
size of CPPIB, including the size of their staff, operating expenses,
and the benchmarks they use for compensation (need more clarification),
but I'd much rather have CPPIB manage our pensions than handing over
more gifts to banks and insurance companies who will end up screwing it
up, costing us more over the long-term.

***Feedback from CPPIB***

Mark Wiseman, CIO at CPPIB was kind enough to share these thoughts on scalability:

On
scalability, we do acknowledge that the fund is large and will get
larger, but if used properly, scale can be a huge advantage to us. For
example, very few institutions could have written the $4 billion
cheque to acquire a 40% interest in the 407--- a great asset that will
provide the fund with stable returns for the next 87 years. And, in
terms of our size, we are still much smaller than then most of our
international peers (i.e. Norway), at the same time that the
capitalization of global private and public markets continues to
expand substantially—much of that growth in emerging markets. Scale
does make it tough to do things like Venture Capital, but other
countries (Sweden and Australia for instance) are actually worried
about their institutions being sub-scale and are thinking about
consolidation. And, don’t forget about private assets managers like
Blackrock, Pimco and others whose AUM is, in many cases, measured in
trillions of dollars. Suffice it to say, I think that there is a very
long way to go before our clear economies of scale become diseconomies.

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Fri, 05/20/2011 - 09:13 | 1295082 Arch Duke Ferdinand

Canadians Banished at U.S. Border...

http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/05/banished-at-b...

Seven Reasons Food Shortages Will Become A Global Crisis...

http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/03/7-reasons-foo...

Five Reasons Canada's Four Western Provinces is the Safest Quadrant on our Planet...

http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/03/why-canadas-f...

Fri, 05/20/2011 - 08:52 | 1295040 gulf breeze

Your solar stocks are booming please show us a 15 min chart.

Fri, 05/20/2011 - 10:52 | 1295379 Leo Kolivakis

Waiting for LDK to base and will back up the truck again!!!!!!!!

Fri, 05/20/2011 - 07:56 | 1294942 mogul rider

That's great Leo, I beat your record in my account every year for 30 years and you want me to forfeit my savings?

I don't think so. Besides I'll draw upon when I need it, not when some slathering bifocalled civil serpent tells me I can (Not you Leo,).

That is the problem with socialism, it requires me to forfeit my financial freedom for the sake of every other deadbeat vwho decided to party instead of savings their cash.

That is why my extended family and I take measures to ensure no civil serpent or politician will ever nationalize our assets in the name of Big Brother.

But for the rest of Canada - fill yer boots

I hope you are feeling well BTW

Fri, 05/20/2011 - 07:58 | 1294945 Leo Kolivakis

Thanks for asking, I have never felt better, both mentally and physically strong. On your comment, if you are able to do well trading, great for you. My comment is for 99% of the people out there who are stuck in crappy mutual funds investing in their DC plans.

Fri, 05/20/2011 - 07:43 | 1294924 Jack Sheet

It's the 40% interest in the 407 Express Troll Route that did it

Thu, 05/19/2011 - 23:08 | 1294401 ISEEIT

Leo,

I understand that you get tore up on ZH. I always feel empathy for you when that happens. Maybe Angry Americans have been made cruel by the fate they have subjected themselves too?

Canada has proven to be a much better "shining city on a hill" than we.

Good for you.

Bad for us, hence the anger?

Thu, 05/19/2011 - 23:05 | 1294400 ISEEIT

Leo,

I understand that you get tore up on ZH. I always feel empathy for you when that happens. Maybe Angry Americans have been made cruel by the fate they have subjected themselves too?

Canada has proven to be a much better "shining city on a hill" than we.

Good for you.

Bad for us, hence the anger?

Thu, 05/19/2011 - 23:25 | 1294459 akak

leo has been rightfully torn up in this forum simply for being an unabashed apologist for, and defender of, a corrupt, statist, and demonstrably sociopathic power elite, and for their manipulated, unsustainable, Ponziesque and failing financial and monetary systems. leo mocks and condemns those of us who demand truth, transparency, reform and justice, and so we justifiably condemn him.

Fri, 05/20/2011 - 09:38 | 1295136 cdskiller

I agree, akak, he often deserves to be called out in no uncertain terms because he doesn't own up to being a tool. He's dangerous, but he's not a sociopath.

I do think his contributions are of very little use, here. They would be appropriate on a CBC business channel, which is probably his ambition.

Fri, 05/20/2011 - 10:49 | 1295377 Leo Kolivakis

cdskiller...Lol!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thu, 05/19/2011 - 23:01 | 1294377 patience...

I was curious Leo, do pension funds ever loose money?

Fri, 05/20/2011 - 08:03 | 1294960 Bindar Dundat

Ever hear the term " unfunded liability"? The arrogance of some Americans never ceases to amaze me. You have screwed up your economy and have done your part to destroy the wealth of the middle class and when someone shows you they "get it", you piss all over them.

Bindar Dundat

CPPIB Gains 12% in FY 2011

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