Healthcare of Ontario Pension Plan reports 9.7% return in 2024, pushing net assets to $123 billion
The Healthcare of Ontario Pension Plan (HOOPP) recorded a 9.7% return over the course of 2024, bringing its net asset level to $123 billion by year end.
HOOPP’s funded status stood at 111% on December 31, 2024, remaining strong even after the introduction of benefit improvements, including a full cost of living adjustment for retired and deferred members, and a benefit formula improvement for eligible active members who had service in the Plan in 2023.
In a statement accompanying the results, HOOPP attributed the plan’s strong performance in spite of volatile economic conditions largely to a strategy that utilizes Canadian bonds as its investment foundation, allowing HOOPP to continue to diversify.
“As I like to say, HOOPP is a buyer when others are sellers,” Chief Investment Officer, Michael Wissell, said. “As a result of our focus on ensuring liquidity, the global economic volatility we saw in 2024 was an opportunity for us rather than a barrier to success.”
Other highlights from the report include:
- More than $60 billion of the plan’s assets are invested in Canada, accounting for about half of its total holdings. 27% of the fund is in U.S. investments.
- HOOPP holds $40 billion in total government bond holdings as of Dec. 31, 2024.
- Public equities delivered the biggest returns by asset class for HOOPP in 2024 at 17.9%. Real estate was lowest, at 1.4%.
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