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Our performance
On this page
- Investments
- Performance
Results that members can count on
Our investment program has one goal: to earn sufficient long-term returns, at an appropriate level of risk, that will deliver stable retirement income to our members today and tomorrow. Our focus remains to generate sustainable, long-term returns and build on the financial foundation that UPP members can count on.
2025 investment highlights
$13.5B
Net assets, up from $12.8B in 2024
5.2%
Annual net rate
of return1
8.5%
Three-year annualized
net return1
$0.7B
Net investment
income
A look at the portfolio
In 2025, the total fund delivered a net return of 5.2% while maintaining a fully funded status. This contributed to an annualized three-year net return of 8.5%1 Public equities and absolute return strategies were the primary contributors to positive 2025 returns. Gains were partly offset by fixed income and real estate performance.
Asset mix and returns by asset class
As at December 31, 2025
| Assets | Year-end 2025 | Year-end 2024 | Annualized over three years | ||
|---|---|---|---|---|---|
| Asset mix (%) | 1-year net return (%) | Asset mix (%) | 1-year net return (%) | 3-year net return (%) | |
| Return enhancing | 53.1 | 11.9 | 53.6 | 20.4 | 15.1 |
| Public equity | 33.1 | 16.2 | 32.8 | 28.0 | 21.1 |
| Private equity | 4.8 | (3.7) | 5.5 | 0.5 | (1.8) |
| Private debt | 4.2 | 0.2 | 5.1 | 7.2 | 4.5 |
| Absolute return | 11.0 | 12.6 | 10.2 | 14.7 | 12.0 |
| Interest rate sensitive | 42.9 | (5.1) | 43.4 | (2.1) | (0.1) |
| Fixed income | 35.3 | (5.7) | 39.3 | (2.1) | (0.4) |
| Inflation-sensitive bonds | 7.6 | (2.2) | 4.1 | – | – |
| Inflation sensitive | 10.0 | 12.6 | 7.7 | 1.8 | 4.9 |
| Infrastructure | 7.5 | 20.8 | 5.2 | 8.4 | 11.8 |
| Real estate | 2.5 | (6.0) | 2.5 | (6.7) | (5.8) |
| Total fund operating cash | (6.0) | 12.5 | (4.7) | 9.8 | 9.3 |
| Total | 100.0 | 5.2 | 100.0 | 10.3 | 8.5 |
All figures as at December 31, 2025, and expressed in Canadian dollars unless otherwise noted.
1 Net returns are net of external costs including investment management fees, performance fees and transaction costs.
Asset class overview
The Plan’s asset mix is diversified across a broad range of asset classes, organized under three categories: return enhancing, interest rate sensitive, and inflation sensitive. Under this structure, we divide our total fund assets based on their exposure to key economic drivers as well as their risk-return characteristics and roles in funding the pension.
Thoughtful diversification and a mix of passive and active strategies across these categories help us capture opportunity and spread investment risk across factors such as geography, currencies, sector, duration, and asset classes. They also help manage short-term volatility and ensure we maintain a resilient portfolio.
Return enhancing assets
Return enhancing assets: include public and private equities, private debt, and absolute return strategies—generally reduce funding risk over the long term by delivering higher relative rates of return. They can, however, display higher relative volatility (a measure of market risk) in the short term.
Interest rate-sensitive assets
Interest rate-sensitive assets: allocations to assets such as fixed income generally reduce funding risk over the long term by helping offset the effects of changing interest rates on UPP’s pension liabilities. This includes long-dated government bonds, which are a stable source of long-term returns and help align our fixed income portfolio with the interest rate sensitivity of our liabilities.
Inflation sensitive assets
Inflation sensitive assets: real assets such as real estate and infrastructure provide stable long-term returns, with cash flows and values more closely linked to inflation. The positive sensitivity to inflation helps mitigate the impact of inflation on the long-term value of the Plan’s liabilities, which are linked to salary levels and partially indexed to changes in inflation.
Total fund operating cash
Total fund operating cash: being able to dynamically change our exposures in a fast-moving market is an important part of our strategy. Proactive liquidity planning helps us maintain our desired asset mix and meet our liability obligations while remaining a reliable source for markets when liquidity is scarce.
“Our Investment team understands how important pension security is for our members. Our duty to those who have entrusted us with their retirement savings is to ensure our Plan assets are invested prudently, in the right combination, for long-term sustainability.”
James Kwon
Director of Portfolio Construction