Our performance

On this page

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.

2023 annual report

UPP delivered strong results in 2023, ending the year fully funded with a 10.2% annual rate of return—staying well-equipped to deliver a secure, dependable pension promise to members today and tomorrow.

2023 investment highlights


net assets up from $10.8B in 2022


annual net rate of return1


funded with a $0.2B surplus2


net investment income

1 Net returns are net of investment management and performance fees.
2On a smoothed asset basis.
All figures as at December 31, 2023, and expressed in Canadian dollars unless otherwise noted

A look at the portfolio

The total fund delivered a net return of 10.2% in 2023, driven primarily by strong performance in public equity, absolute return, and fixed income. Gains were slightly offset by losses in private equity and real estate, both of which have been broadly impacted by higher interest rates.

Asset mix and returns by asset class

As at December 31, 2023

Assets Year-end 2023 Year-end 2022
Asset mix % Net return % Asset mix % Net return %
Return enhancing 55.8 13.1 62.7 (7.9)
Public equity 34.0 19.5 38.8 (14.1)
Private equity 5.6 (2.1) 6.3 (3.0)
Private debt 6.8 6.1 8.7 3.9
Absolute return 9.4 8.8 8.9 16.0
Interest rate sensitive 41.8 7.2 40.0 (12.2)
Fixed income 41.8 7.2 40.0 (12.2)
Inflation-sensitive bonds
Inflation sensitive 6.9 0.6 6.2 10.6
Infrastructure 3.5 6.7 2.5 6.8
Real estate 3.4 (4.6) 3.7 12.5
Short-term money market and funding (4.5) 5.7 (8.9) 2.2
Total 100.0 10.2 100.0 (9.1)

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: 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: allocations to assets such as fixed income generally reduce funding risk over the long term by helping offset the effects of changing interest rates to our assets and 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: assets such as real estate and infrastructure provide stable long-term returns while helping mitigate the impact of inflation on the long-term value of the Plan liabilities, which are linked to salary levels and partially indexed to changes in inflation.

Short term money market and funding: 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


We are always looking for ways to improve your experience. Please tell us about your experience below.

Your responses will be kept confidential. To protect your privacy, please do not enter your account or personal information.

Customize your experience through accessibility adjustments