The Fund

CWIPP is built for the long-term, so the results over many years are more important than short-term performance, which can be affected by fluctuating interest rates and temporary market volatility.

With strong 2025 investment performance of 9.9%, CWIPP began 2026 with a meaningful impact for members: 7,700 members and pensioners received a pension increase, as nearly a quarter of our active employer groups were provided with an average increase of 3.6% to pensions earned to date.

2025 was another strong year for equities, with double-digit returns across all developed market regions and emerging markets. Non U.S. equity markets outperformed the U.S. equity market for the first time in the last three years due to easing inflation, more aggressive central bank interest rate cuts, and strong corporate earnings. A weakening U.S. dollar adversely impacted U.S. equity market returns in Canadian dollar terms. The Canadian equity market was a stand-out performer in 2025 on the strength of gold mining companies and other commodities producers. The U.S. market continues to be driven by a narrow group of companies driven by the Artificial Intelligence (AI) investment theme, although there has been an increase in volatility among these companies as fears of a bubble grow.

Fixed income (bond) performance was more muted, with low single-digit returns for 2025. Real estate and infrastructure investments struggled in 2025, although there have been positive signs of recovery.

The CWIPP Fund grew by almost $200M in 2025, from $880M at the beginning of 2025 to $1.074B by year-end!

The Fund’s growth reflected a combination of positive cash flows (more money going in than being paid out) and strong investment returns. The CWIPP Fund returned 1.49% for the quarter and 9.9% for the year ending December 31, 2025.

Several factors contribute to CWIPP’s overall health and ensure the sustainability of the plan. The assets for all participating groups are pooled together and managed with a long-term view. The investment strategy includes a target asset mix that dictates how the Fund will be allocated across various asset classes (e.g., equities, bonds, and alternative investments). This asset mix is intended to generate strong returns with a prudent level of risk and help the Fund weather marketplace volatility.

Investment returns as of December, 2025

5-year
annualized return

7.5%

10-year
annualized return

8.7%

On your own, you may not have access to sophisticated investment management expertise, investment options, or to lower fees than you’d have to pay at other financial institutions.

CWIPP has access to all these things.

Subject to CWIPP’s well-documented Statement of Investment Policies and Procedures (SIPP), our professional investment managers invest in many different types of investments, and in markets located in different parts of the world. This helps protect the plan against downturns in any one sector or region.

The target asset mix for the plan remained unchanged in 2025.

Target asset mix as of December, 2025

Annual Report

The CWIPP annual report offers key insights into CWIPP’s Fund performance – featuring a financial results summary, and membership update – and provides insights into the innovative services that continue to evolve to meet member needs and enhance their CWIPP experience. We encourage you to explore our 2025 CWIPP Annual Report for an in-depth look into our activities, achievements, and strong financial performance over the past year.