(Bloomberg) -- Ontario Teachers’ Pension Plan gained 1.9% last year, underperforming its benchmark by a wide margin, as it lowered valuations on real estate ...
-- Ontario Teachers’ Pension Plan gained 1.9% last year, underperforming its benchmark by a wide margin, as it lowered valuations on real estate and infrastructure investments hit by higher interest rates.The write-downs also stemmed from “asset-specific events that negatively impacted select investments,” the pension plan said in a statement Tuesday, without specifying more. The falling valuations cut into gains from holdings including credit and stocks.
“What we want that team to do is to be really thoughtful and careful about what we add to the portfolio to try and diversify our returns and our performance,” Taylor said. “How is it going forward? I think it’s gonna be another tough year in real estate in 2024, the returns available will be marginally positive.”
“We raised that by about 60 basis points to reflect higher interest rates. I don’t think many people have done that yet, but we felt we needed to do that to be a bit more realistic,” Taylor said.
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