Performance Overview

Our portfolio performance is measured using two key metrics:

• Long-term returns on invested assets in excess of the Funding Policy’s discount rate.
• The Plan’s ability to exceed the return of the policy benchmark on a 4-year annualized basis.

In 2022, we met these performance goals. Our four-year net annualized return of 8.1% is well ahead of the benchmark policy return of 6.1%.

In 2022, significant sources of value add were contributed by Private Equity and Infrastructure. Private Equity contributed a net return of 11.3% compared to a benchmark return of -10.4% representing value-added of 21.7%. Infrastructure provided an additional return of 12.2% over its benchmark. Overall, public and private asset classes have substantially contributed to the Plan’s four-year value-added objectives with a stronger impact from Private investments.