The Canada Pension Plan Investment Board says its net assets grew to top half a trillion dollars in its first quarter.

CPP Investments says its net assets for the quarter ended June 30 totalled $519.6 billion, up from $497.2 billion at March 31.

The increase came as the fund, which includes the base CPP account and additional CPP accounts, earned a return of 3.5 per cent, net of all costs, for the quarter.

The $22.4 billion increase in net assets included $17.7 billion in net income after costs and $4.7 billion in net Canada Pension Plan contributions.

CPP Investments says the results were driven by ongoing strength in public equity markets, gains from its private equity and real assets programs and contributions from credit investments.

A strong Canadian dollar partially offset some of the gains.

鈥淐PP Investments delivered solid results to open the fiscal year, vaulting the Fund well beyond the half-trillion mark in assets,鈥� CPP Investments CEO John Graham said in a statement.

鈥淒iversification from active management continues to drive long-term performance as strong 10-year returns help bolster the sustainability of the fund.鈥�

The Canadian Press

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