The Public Sector Pension Investment Board says it earned a 4.4 per cent return for its most recent financial year as it faced a challenging market environment. 

The investment manager says net assets under management grew to $243.7 billion as of March 31, up from $230.5 billion a year earlier, helped by $2.9 billion in net transfers from the federal government and $10.2 billion generated from net income.

PSP Investments says its gains for the year topped its reference portfolio which returned 0.2 per cent.

The results came as the fund's capital markets investments, which includes its public market equities and fixed Income, gained 0.3 per cent, while its private equity holdings returned 3.3 per cent and its credit investments gained 13.1 per cent.

PSP Investments says its real estate holdings returned 0.2 per cent and infrastructure investments gained 19.0 per cent. Natural resources assets returned 10.9 per cent.

The board invests money for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.

This report by The Canadian Press was first published June 7, 2023.