Murray Wood: It's getting better all the time
Even if it seems - as the rejoinder in the Beatles' song observed - 'it couldn't get much worse,' Murray Wood suggests w...
TORONTO — Canada has flown under the radar of large international investors in recent years, but that’s changing as Ottawa and the provinces talk of plans for new investments, the head of the Canada Pension Plan Investment Board said Thursday.
“I have gotten more calls from these people expressing a curiosity about Canada that I haven’t heard in my time here at CPP Investments,” John Graham said.
“Canada’s coming back on the investing community’s radar, and they’re curious.”
Prime Minister Mark Carney has criss-crossed the globe working to highlight Canada as a destination for foreign investment as the government looks to strengthen the economy in the face of U.S. tariffs that have upended the relationship with the country’s largest trading partner.
Graham said the talk coming from both Ottawa and the provinces is promising.
“The ambition that we hear from the provinces and the federal government, we think it’s really, you know, interesting in that it’s going to create a whole set of opportunities that historically investors haven’t had access to,” he said.
However, Graham said converting the curiosity of foreign investors into direct investment will take work.
CPP Investments and the Public Sector Pension Investment Board are partnering with the federal government to hold an investment conference in September to highlight opportunities here. The summit is expected to attract some of the world’s largest investors as well as CEOs and other leaders.
Ottawa has also announced the Canada Strong Fund, a new sovereign wealth fund that is meant to kick-start investment in major infrastructure projects.
Carney has said the government is open to selling public assets if the proceeds could help fund new infrastructure.
The November federal budget and April spring economic statement both mention exploring new ownership options for the country’s federally owned airports.
Graham says CPP Investments has an affinity for large-scale, long-duration assets such as infrastructure and will be interested in looking at any opportunities that may come available.
The comments came as CPP Investments reported a return of 7.8 per cent for its 2026 fiscal year as its net assets climbed to $793.3 billion at March 31, up from $714.4 billion at the end of its 2025 fiscal year.
The increase for the year included $56.9 billion in net income and $22 billion in net transfers from the Canada Pension Plan.
The returns were helped by its holdings in public equities, while its real assets, particularly energy and infrastructure assets, also contributed to the gains.
The results for the year fell short of the fund’s benchmark portfolio which returned 13.2 per cent for the same period, as it was boosted by relatively heavier exposure to the large technology companies that outpaced the broader market for the year.
Tech stocks have soared as excitement about AI sparked a flood of investment and spending in the sector, while also raising concerns about a possible bubble.
Graham said the fund’s diversification has not been rewarded but that it is the prudent thing to do as it looks to balance the risks against potential returns.
This report by The Canadian Press was first published May 21, 2026.
The Canadian Press
