News & Updates
Manitoba's Healthcare Employees' Pension Plan posts 16.1% return in 2024, topping decade-long 7.4% growth trend
October 17, 2025
Manitoba’s Healthcare Employees’ Pension Plan (“HEPP”) recorded a 16.1% return over the course of 2024, its second highest on record, according to its annual report to members.
The results exceeded the plan’s 14.5% benchmark for the year. In addition, the fund has grown at an average annual rate of 7.4% for the last decade.
In a statement accompanying the results, CEO Kelly Poole said HEPP is well positioned for the future, with total assets over $12 billion.
Other highlights from the report include:
- HEPP’s public market equity returns were strong in 2024, with U.S. equity market returns leading the way at 36%. Canadian equity market returns were 21.7%.
- HEPP’s Canadian real estate holdings returned 3% for the year, driven by a 6% rise in retail properties and a 3% rise in industrial properties and in multi-family residential properties.
- The bulk of the HEPP’s exposure is in global public equities, accounting for 57% of the fund’s holdings. Notably, infrastructure only accounts for 6.5% of the fund as of the date of the report, but the long-term target weight for this asset class is at 10%. Consequently, HEPP continues to commit funds for their global infrastructure investment program.
Click ‘More Information’ below to review the report:
