TORONTO: The Canada Pension Plan Investment Board (CPPIB) on Thursday said net assets rose by 21.4% to the end of March 2021 from a year earlier thanks to a record net annual return of 20.4%.

CPPIB said net assets increased to C$497.2 billion ($410.40 billion) on the fiscal year-end, up from C$409.6 billion a year prior.

Most asset classes made gains over the period, with Canadian public equities and energy and resources real assets being the most profitable, returning 40.8% and 45.8% respectively.

Real estate investments, which struggled during the coronavirus pandemic, lost 4.1% for the fund during the fiscal year after gaining 5.1% in the previous year while marketable government bonds lost 10.9% in 2021 compared with gains of 16.1% in 2020.

"The Fund performed exceptionally well in fiscal 2021, with all investment departments capitalizing on improving global equity markets following the steep declines observed at the end of fiscal 2020," said John Graham, President and Chief Executive Officer, CPP Investments."

Graham was appointed to his new role in February 2021 after former CEO Mark Machin tendered his resignation over a trip to the United Arab Emirates where he received a vaccination against COVID-19.