2022 Annual Report

2022 Annual Report

Living our purpose, delivering strong returns

Investing for a better tomorrow

Corporate strategy

Positioning for long-term success

Equity, inclusion and diversity

Standing for Ei&D



Climate action

Supporting the transition to global net-zero emissions

Economic and social impact

Contributing to a more resilient economy and society

Inspired by purpose

Our purpose—Investing for a better tomorrow—starts with fulfilling our mandate for the hundreds of thousands of contributors and beneficiaries of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Forces. We examine our investment and asset management activities through an environmental, social and governance (ESG) lens, and use our capital and influence to help drive progress on critical issues that will shape the world of tomorrow.

We stand for equity, inclusion and diversity.

Nurturing an inclusive and respectful work environment where all can belong and thrive is a top priority at PSP Investments. It contributes to our business success, to embracing our international presence, to fostering our global mindset and to creating a prosperous space within PSP Investments and beyond.


Our ambition is to become a leader in the investment industry and move our equality, inclusion and diversity (Ei&D) culture beyond PSP Investments’ walls to have influence and social impact on our industry.


Ensuring equity among all employees by removing systemic barriers, continuously raising awareness and ensuring accessibility.


Fostering an inclusive workplace with a strong sense of belonging, where employees feel valued, safe, respected and empowered to grow.


Ensuring a diverse workforce by closing the gap of under-represented groups to drive innovation, improve decision-making and build resilience.


Integrating our Ei&D ambition into our investment and stewardship practices to drive inclusive growth.

Strong governance

PSP Investments’ Board takes its responsibilities for strategy, risk, financial and human capital matters very seriously and fulfills them, in part, by encouraging frank and open discussions with senior management.

Read the Chair message

“With the pandemic continuing to disrupt and challenge lives in fiscal year 2022, risk management remained a priority for the Board.”

Martin Glynn Chair of the Board

Performance at a glance

Amidst a volatile global equity environment and rising interest rates, our fiscal year 2022 10.9% one-year return outperformed our Reference Portfolio and Total Fund Benchmark. Our long-term investment horizon is a cornerstone of our investment strategy and one of our most important distinguishing advantages.

We are Investors

“Our investment strategy incorporates assets that are sensitive to inflation and relies on a high level of diversification. We are confident that our approach will help us navigate future market developments and achieve our objectives.”


net assets under management


10-year net annualized return


5-year net annualized return


total fund 1-year net portfolio return

Our climate strategy

Climate action was a top priority in fiscal year 2022. We committed to use our capital and influence to contribute to the transition to global net-zero GHG emissions, and launched a climate strategy that is expected to reduce our portfolio GHG emissions intensity by 20 to 25% by 2026.


Our approach for achieving our commitments includes investments in green and transition assets, the latter being those that will require capital and assertive mitigation plans to reduce their carbon intensity along a science-based trajectory.

Read our Climate Strategy Roadmap

PSP Forward: impact for a better tomorrow

Fiscal year 2022 marked year one of PSP Forward — an ambitious, long-term business strategy for delivering investment performance in an increasingly complex and rapidly evolving landscape. Within our organization, there is great energy and momentum to continue to fulfill our mandate for the hundreds of thousands of contributors and beneficiaries of the public sector pension plans. Some of our accomplishments during fiscal year 2022 include: