James Bradshaw of the Globe and Mail reports pension fund CEOs renew calls for Ottawa to sell key infrastructure assets:

The chief executives of Canada’s major pension funds are reviving a years-long campaign to persuade Ottawa and the provinces to sell key infrastructure such as airports, days before the release of a federal budget geared toward building up Canada’s sovereignty.

For years, Canada’s pension funds have lamented what they say is a lack of big-ticket infrastructure opportunities in Canada, as governments at all levels have held on to assets that would draw institutional investors’ interest if put up for auction.

The message to finance ministers about how to create the fiscal capacity for new investments in Canada is clear: “Look at your balance sheet and sell assets,” Gordon Fyfe, CEO of British Columbia Investment Management Corp., said at an event in Toronto held by the Economic Club of Canada on Thursday.

Mr. Fyfe cited airports, hydroelectric power and transportation assets such as highways as the sort of opportunities that grab attention from BCI, which manages $295-billion of assets, and other large funds.

That’s because they are existing assets with cash flows from stable contracts that deliver the steady but unspectacular returns that could help pay pensions.

“Especially with the deficits governments are running today, why wouldn’t they sell some of those assets to balance sheets like ours where we can hold those assets, and finance them?” Mr. Fyfe said. “They’re still in Canada. And I promise you we would compete like hell with each other, so the governments would get a very good price.”

The government could then use the proceeds from those sales to seed new projects developed from scratch, as outlined in Ottawa’s push to fast-track major nation-building projects, which often carry “much higher risk than a pension fund needs,” he said.

Deborah Orida, the CEO of the $300-billion Public Sector Pension Investment Board, said that PSP Investments owns and operates seven airports in places such as Germany, Scotland and Greece through its AviAlliance subsidiary.

“We have expertise. We’d love to apply it to our country,” she said.

The government has shown “some” interest in that pitch, she added. “We’ll see.”

All four CEOs who spoke at Thursday’s event – Ms. Orida, Mr. Fyfe, Ontario Municipal Employees Retirement System (OMERS) CEO Blake Hutcheson and Healthcare of Ontario Pension Plan (HOOPP) CEO Annesley Wallace – said they are hopeful they will be able to invest more money in Canada.

“There’s no issue with that at all, but don’t ask us to buy more public equities,” Mr. Fyfe said.

Canada’s major pension funds, which collectively manage $2.5-trillion of capital, have come under pressure from senior business leaders and finance ministers to invest more in Canada. The eight largest pension fund managers each have between 12 per cent and 50 per cent of their total assets invested domestically, according to the latest company filings.

Mr. Hutcheson of OMERS said that criticism ignores the fact that “it has been a supply problem, not a demand problem.”

“The biggest recognition the government has to make is, it’s okay for a Canadian pension fund to own a bridge or a port or an airport,” he said at Thursday’s event.

Ms. Orida and Mr. Fyfe also sounded a warning about the potential consequences for the funds’ members if Ottawa were to encroach on their independence to direct more investment to Canada.

Asked what keeps him up at night, Mr. Fyfe replied: “Interference.”

As government deficits swell, governments at all levels have turned their gaze to the vast pools of capital that pension funds manage as a potential catalyst to help spur growth and productivity with new business investment.

But “those pools of capital are there to support retirement, not government policy,” Mr. Fyfe said.

Ms. Orida also said that “losing that independence, I think, is what keeps me up at night.”

She cited the $15-billion Canada Growth Fund, which Ottawa entrusted to PSP Investments to manage in 2023, as an example of an arrangement that has worked. At its launch, pension experts raised questions about the CGF’s governance and independence.

But the fund has since committed $4.75-billion to new projects, and Ms. Orida said it shows there are ways pension funds can “help the country without having it forced upon us.”

Catherine McIntyre of The Logic also reports the Maple 8 want to buy Canadian airports and roads: 

TORONTO — The leaders of some of Canada’s biggest pension funds say governments should consider selling them public assets, like airports and roads, to bolster levels of domestic investment.

“There are a lot of great assets on the balance sheets of governments at every level,” said Gordon Fyfe, CEO of the British Columbia Investment Management Corporation (BCI), during a panel discussion at the Economic Club of Canada in Toronto Thursday morning. “Especially with the deficits they’re running, why wouldn’t they sell some of those assets to balance sheets like ours where we can hold those assets and finance them?” Fyfe said on stage. He added that pensions would gladly invest in Canadian airports, transportation and energy assets if they were available to buy.

OMERS CEO Blake Hutcheson agreed that Canadian governments need a “mind shift” about keeping big infrastructure assets private. He said part of their hesitation is that the low rate of borrowing for governments can make it cheaper for them, rather than pensions, to finance projects. “The biggest recognition the government has to make is that it is okay for a Canadian pension plan to own a bridge or a port,” said Hutcheson. 

PSP Investments chief executive Deborah Orida said Canada’s big pensions have plenty of experience investing globally in major public assets. “We have an airports platform. We own seven airports globally,” said Orida. “We have expertise and we’d love to apply it to our country.” 

Canada’s big pensions have significant infrastructure holdings globally. Ontario Teachers’ Pension Plan has held minority stakes in airports in Sydney, Brussels and Copenhagen. La Caisse bought a nearly 30 per cent stake in the Port of Brisbane after the Australian government privatized the asset in 2010. And the Canada Pension Plan Investment Board bought a 49.99 per cent stake in five Chilean toll roads in 2012 for $1.14 billion. 

Pressure for the Maple 8 to invest more in Canada has been ramping up for years, peaking with the wave of Buy Canadian sentiment triggered by U.S. President Donald Trump’s trade war. 

Earlier this month, federal Industry Minister Mélanie Joly implored the country’s big pension funds to invest more in Canada, as the government seeks $500 billion in new financing to boost the economy and lower Canada’s reliance on the U.S. 

Hutcheson said the political environment won’t change how OMERS invests in the short term. Over the medium term, however, he said Canada could benefit from the geopolitical and market shifts, including by attracting more pension investments. “We believe in this country,” he said. “We’re looking for opportunities to do more here.”

Fyfe said BCI would love to have more Canadian assets, but that investing in big new developments comes with a lot of risk that pension funds—with their responsibility to generate steady returns for retirees—aren’t always comfortable with. HOOPP CEO Annesley Wallace said HOOPP is keen to invest in new Canadian infrastructure projects if the government does enough to minimize those risks by, for example, helping facilitate the development and construction of the projects. 

Many pension leaders have historically resisted calls for domestic investment targets, emphasizing their mandates to maximize returns for their members in the long term. More recently, leaders have been warming to the idea of boosting their Canadian portfolios as the federal government signals greater support for assets that appeal to them. On the panel Thursday, however, Orida and Fyfe both emphasized that pensions need to remain free to invest without government influence. “Losing that independence is what keeps me up at night,” said Orida.

You might notice not much coverage of HOOPP's new CEO Annesley Wallace and her comments on the panel so I will embed this article from Bryan McGovern of Benefits Canada from a month ago where she stated HOOPP willing and ready to invest in Canadian infrastructure needs: 

The chief executive officer at the Healthcare of Ontario Pension Plan delivered one of the clearest signals to the Canadian market that the Maple 8 pension fund is open for business when it comes to infrastructure projects in the country.

“I think Canada needs more infrastructure projects,” said Annesley Wallace, chief executive officer at the investment organization, during a gathering for the Canadian Club Toronto last week. “There’s a real opportunity for the Canadian pension plans, including the HOOPP, to lean into those opportunities. Historically, we haven’t seen as much of those opportunities, particularly with the national level commitment, as we would have liked,”

She noted the investment organization is closely monitoring forthcoming investment opportunities, including a lineup of nation-building projects outlined by Prime Minister Mark Carney.

“My view is for sure to the extent that there are commercial models that are created around these projects and with government support, there will be lots of capital that comes to the table for investing with great success.”

Investment organizations like the HOOPP will require more clarity to navigate the investment model for these projects, she adds. The feds recently unveiled a new arm, the Major Projects Office, to fast-track projects through regulatory assessments and engage financing structures with provinces, territories, Indigenous Peoples and private investors. 

“My hope is that the Canadian pension plans can be a source of competitive advantage for the country, . . . we have capital that we would love to invest in Canada to help that economic engine and help improve productivity going forward but also because Canada needs to be competitive in order to attract, not just Canadian pension plan capital, but global capital.”

Wallace sees the HOOPP using a total portfolio approach that prevents isolating segments, an approach that makes the plan sponsor’s investment decisions stronger and more resilient. “The world is shifting and [we] must continue to shift with it.”

Wallace was named CEO at the HOOPP in April and since then, she has learned more about the intricacies of the health-care sector. She was previously executive vice-president of strategy and corporate development and president of power and energy solutions at TC Energy Corp. and also invested in infrastructure projects at the Ontario Municipal Employees’ Retirement System. 

Alright, so what are my thoughts?

I didn't participate, wasn't invited and junior was sick today (joys of daycare) so I spent my day looking after him and checking out markets when he napped.

I did try to find this panel discussion because it's four CEOs of major Canadian pension funds sharing their insights and they all know each other well.

Why wasn't I invited to moderate this panel discussion? Why did they choose fellow Greek-Canadian Vassy Kapelos and not yours truly?

Well, it's obvious, she's a lot smarter, younger, prettier and more pleasant to listen to and she really knows Canadian politics better than anyone. I'm sure she did a great job and asked the right questions.

I'm old, cynical, crusty and make some pension aficionados really nervous for some strange reason (I'm always nice and polite even when they're blowing smoke my way). 

Anyways, some quick thoughts on what was said today just from reading the articles above.

Basically the CEOs spelled it out in black and white for Ottawa. No tricks, just infrastructure treats.

They want to invest in major Canadian brownfield infrastructure assets where they can put huge capital to work and get assets that provide steady inflation-adjusted cash flows for decades to come.

And Gordon Fyfe was crystal clear, they're not interested in investing more in Canadian equities (public or private), they want to invest in airports, ports, toll roads, electricity transmission, hydroelectric power, digital infrastructure, basically the backbone of the economy.

He rightly notes that if the federal government does this right, it can reduce its debt by fully or partially privatizing these assets and have them managed professionally through a private-public partnership.

Blake Hutcheson notes that the government needs a "mind shift" to do privatize these assets and recognize that pensions can own these assets over the long run. 

Deb Orida mentioned PSP Investments' international airport assets managed by their wholly owned subsidiary Avi Alliance and she said the government is warming up to selling stakes in major airports.

Annesley Wallace has already noted that governments need to create the right conditions to attract HOOPP and other domestic and international pools of capital and they stand ready to invest when those conditions are realized.

On independence, both Gordon Fyfe and Deb Orida said that government interference keeps them up at night.

That whole AIMCo purge sent a jolt through all the Maple 8 funds. In the back of every Maple 8 CEO's mind is can this happen to us? (it can but it's not likely)

Also, independence assures a very generous compensation framework allowing them to attract and retain top talent across public and private markets to internalize asset management (and enjoy huge bonuses if they deliver solid long term returns).

Deb cited the Canada Growth Fund as a successful venture between government and a major pension fund where they can “help the country without having it forced upon us.”

Last week I discussed how the Canada Growth Fund is investing in a major greenfield on four small modular reactors (SMRs) project in the Darlington New Nuclear Project (DNNP) in Bowmanville, Ontario. Read my comment here.  

To my surprise, a few experts reached me after ward to tell me they were skeptical this new technology would work and that this project will provide reliable energy to Ontario for decades to come. 

Moreover, they told me they think costs will balloon and this project will severely strain Ontario's debt profile.

I hope these skeptics are proven wrong but as I stated, there are always risks with greenfield infrastructure projects which is why pension funds prefer brownfield ones with known revenues (not always, La Caisse invested US$2.3 billion in the UK's Sizewell C nuclear plant, getting the right terms early on; read my comment here).  

Alright, let me end it there. 

If this event is posted online, I will embed it in this post.

Below, take the time to listen to HOOPP's CEO Annesley Wallace from a month ago at the Canadian Club Toronto on the critical role HOOPP plays in securing the financial futures of its members (I covered it in more detail here).

Emma Dunkley of the Financial Times reports private equity executives flock to pensions:

Private equity professionals are on the lookout for a new home. 

Big pension funds are scooping them up as they seek refuge from a downturn in the sector that has restricted the carried interest payments that traditionally made up most of their pay, write Alexandra Heal and Mary McDougall. 

Professionals from mid-market buyout groups in particular have been flooding pension plan recruiters with their résumés in a bid to escape the private equity fundraising squeeze. 

“We are finding it easier to attract talent — not super easy, but much easier than three or four years ago,” said Ralph Berg, chief investment officer at the Ontario pension fund Omers. 

“I suspect a lot of the private equity firms are struggling to hold on to people or maybe they want to manage . . . headcounts too.” 

British Columbia Investment Management Corporation, which manages assets for public sector pensions, hired about 20 people in the past two years from buyout firms due to “fundraising issues” at those groups, a person familiar with the matter said. BCI’s private equity team has 70 people in total, according to its website. 

The experience of the Canadian pension plans is the latest sign of how a prolonged downturn, initially ushered in by 2022 interest rate increases, is rippling through the financial sector. 

The higher cost of borrowing hampered dealmaking and left firms with less cash to return to their institutional backers. This in turn reduced how much money those backers could recycle into new buyout funds.

Private equity groups raised just $592bn in the 12 months to June, their lowest tally for seven years, data from Preqin shows.  

Alexandra Heal and Mary McDougall of the Financial Times also report pension funds scoop up ex-private equity executives:

Big pension funds are scooping up private equity professionals seeking refuge from a downturn in the sector that has restricted the carried interest payments that traditionally made up most of their pay. 

Professionals from mid-market buyout groups, in particular, have been flooding pension plan recruiters with their résumés in a bid to escape the private equity fundraising squeeze. 

 “We are finding it easier to attract talent — not super easy, but much easier than three or four years ago,” said Ralph Berg, chief investment officer at the Ontario pension fund Omers. 

 “I suspect a lot of the private equity firms are struggling to hold on to people or maybe they want to manage . . . headcounts too.” 

British Columbia Investment Management Corporation, which manages assets for public sector pensions, hired about 20 people in the past two years from buyout firms due to “fundraising issues” at those groups, a person familiar with the matter said. BCI’s private equity team has 70 people in total, according to its website. 

The experience of the Canadian pension plans is the latest sign of how a prolonged downturn, initially ushered in by 2022 interest rate increases, is rippling through the financial sector. 

The higher cost of borrowing hampered dealmaking and left firms with less cash to return to their institutional backers. This in turn reduced how much money those backers could recycle into new buyout funds.

Private equity groups raised just $592bn in the 12 months to June, their lowest tally for seven years, data from Preqin shows. 

Tougher fundraising has led to lower revenue streams for buyout firms from management fees, leaving them with less cash to hire talent. Smaller firms have struggled the most with fundraising as buyout fund backers have flocked to larger groups which are seen as more reliable. 

Berg of Omers said that the red hot mergers and acquisitions market in 2021 had made that a tough year for pension funds to retain staff. 

But the more subdued dealmaking environment that has endured since meant that “people — especially juniors — have seen that there [have] been fewer deals to work on”, Berg said, adding that “they fundamentally worry that they are not . . . building up their CVs”. 

“All of a sudden,” he added, “those employers that have their own capital and don’t depend on fundraising in order to make new investments and have more sustainable [compensation] structures with a higher level of predictability now look attractive.” 

BCI declined to comment.  

Great interview with OMERS' CIO Ralph Berg explaining why the subdued dealmaking environment in private equity is making it easier to attract and retain industry people at Canada's large pensions, especially juniors who need to build their resume.

Why are they "flocking" (and I take that verb with a grain of salt) to Canada's large pension funds?

A lot of reasons, the macro environment isn't right for private equity, rates remain stubbornly high, there's too much competition, small to mid sized firms are struggling, apart from tech, exits are tough, fundraising is tough, LPs aren't re-uping as fast as before and they're far more stringent on valuations and what they expect.

All this to say, if you want to make big bucks, try sticking it out with a GP but chances are you'll lose your job as assets dwindle, or join a top LP (ie a Canadian pension fund), make a decent living building a nice private equity portfolio without the pressure of delivering returns every three to four years.

And Ralph Berg is right: “All of a sudden, those employers that have their own capital and don’t depend on fundraising in order to make new investments and have more sustainable [compensation] structures with a higher level of predictability now look attractive.”  

As far as BCI, Jim Pittman who heads that group pitched an idea to CEO Gordon Fyfe a few years ago to open an office in New York City and run the private equity team out of there and it's been working great (OMERS has an office there too).

He's been able to attract quality staff at all levels (not just juniors) and he's in a city where he can easily meet with top strategic partners and be closer to dealmaking activity. 

In short, it's a win-win for everyone especially BCI's members as their private equity team has a pulse on activity real time and it's a highly qualified team of professionals that understands value creation, how to structure a proper portfolio diversifying across sectors, geographies and vintage years and the proof is in the pudding (BCI's private equity team has some of the best long-term returns in the pension industry). 

Now, how long will tough times last in private equity? Nobody really knows, rates are coming down in the short run as central banks cut but the inflationary environment remains a wild card, and that means things might remain tough for a lot longer.

All this to say, it doesn't surprise me that Canada's large pension funds are able to attract quality people away from private equity firms.

OTPP's CEO Jo Taylor told me a long time ago that when the cycle turns in PE, it's easier to go hunting for talent and that's what is happening.

Below, fewer deals, long wait times for returns on investments. Struggles with fundraising. Even with an interest rate cut, private equity, which thrives on flipping and selling companies for a profit, is in a slump. What would it take for the industry to bounce back?

On The Big Take podcast (from last month), Bloomberg's private equity reporter Allison McNeely discusses what’s contributing to an existential slowdown that has private equity firms scrambling to find a path forward.

Listen carefully to her comments, she's spot on, great insights. 

Earlier today, UPP announced it is forming a strategic partnership with WPT Capital Advisors to expand logistics exposure:

• New partnership marks UPP's first U.S. strategy focused on investing in warehouse and distribution facilities in high-growth industrial markets, targeting long-term value creation for members

University Pension Plan (“UPP”) is pleased to announce a strategic partnership with WPT Capital Advisors (“WPT”), a leading U.S. industrial real estate sector specialist. The joint venture will pursue a disciplined investment strategy, aligned with UPP’s long-term risk and return objectives, focused on acquiring and developing warehouse and logistics properties across major U.S. supply-chain and distribution hubs. The financial terms of UPP’s commitment are undisclosed.

The partnership reinforces the Plan’s commitment to portfolio stability, providing access to inflation-protected investments that will deliver long-term pension growth and value to its members. It also marks a significant step in diversifying and expanding UPP’s real estate portfolio in a target sector, in line with its diversification goals.

“We are delighted to partner with WPT, a vertically-integrated sector specialist focused on the acquisition, development and management of industrial properties in the U.S.,” said Peter Martin Larsen, Senior Managing Director, Head of Private Markets at UPP. “This partnership builds UPP’s portfolio in warehouse and logistics assets, reflecting our commitment to strategic partnerships that can generate resilient, long-term benefits for our members. WPT’s proven track record, coupled with their deep market expertise, positions us to capitalize on strong market fundamentals and advance an important part of our investment strategy.”

This collaboration further strengthens UPP’s growing real estate platform, which already includes investments in Canadian residential development and housing supply solutions. By targeting assets with inflation-protected characteristics and pursuing a globally diversified portfolio, UPP continues to balance risk, capture opportunities, and generate reliable, long-term returns to protect members’ pensions.

About UPP

University Pension Plan Ontario (UPP) is a jointly sponsored defined benefit pension open to all Ontario university sector employers and employees. UPP manages $12.8 billion in pension assets and proudly serves over 41,000 members across five universities and 14 sector organizations. The plan invests to deliver secure, stable pension benefits for members today and for generations to come. For more information, please visit myupp.ca and follow UPP on LinkedIn. 

I'm going to keep it short and sweet today and focus on UPP's latest partnership with WPT Capital Advisors.

Back in March, JLL Capital Markets closed the sale of Elizabeth Creek Gateway, a two-building industrial facility comprising of 1.1M SF of Class A industrial product trades hands in Dallas-Fort Worth to WPT Capital Advisors:

DALLAS, Mar. 14, 2025 – JLL Capital Markets announced today the sale of Elizabeth Creek Gateway Buildings D & E, two Class A industrial buildings totaling 1,106,064 square feet within the highly sought-after AllianceTexas master-planned project in the Dallas-Fort Worth MSA.

JLL represented the seller in the transaction, and an affiliate of WPT Capital Advisors acquired the property.

Completed in 2021, the two cross-dock facilities feature 36-foot clear heights, ESFR sprinkler systems, 60-foot staging bays and ample car and trailer parking. The park is 100% leased to three tenants from diverse industries including telecommunications, government services and communications technology.

Located at 16000 and 15716 Wolff Crossing, the property offers direct access to State Highway 114 and is within a 10-minute drive of I-35W and State Highways 287, 170 and 37. Elizabeth Creek Gateway’s prime position just three miles north of Perot Field Fort Worth Alliance Airport and 20 miles from both Dallas Fort Worth International and Fort Worth Meacham International airports enhances its logistical appeal. Additionally, the property's location within the Texas Triangle – encompassing Dallas-Fort Worth, Houston and San Antonio – allows tenants to reach over 25 million people within hours.

The JLL Capital Markets Investment Sales and Advisory team was led by Industrial Group Co-Head and Senior Managing Director Trent Agnew, Senior Director Tom Weber, Director Pauli Kerr and Analyst Andrew Griffin.

“Elizabeth Creek Gateway represented a rare opportunity to acquire newer vintage, state-of-the-art product with scale within the highly sought-after AllianceTexas submarket,” said Agnew. "Combined with its strategic location, institutional-quality specifications and strong tenant roster, this opportunity attracted substantial investor interest.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About WPT Capital Advisors

WPT Capital Advisors, LLC (“WPT”) is a real estate development and investment management firm focused on the U.S. industrial warehouse and distribution sector. WPT operates a fully integrated management platform with a long history in all facets of industrial real estate, investing across diverse strategies through both public and private investment vehicles. Headquartered in Minneapolis, MN with offices in California, Colorado and New Jersey, WPT currently manages approximately US$3 billion of assets on behalf of various global investment partners.

And a year ago, WPT Capital Advisors paid $133M for Bay Area portfolio:

JLL Income Property Trust has sold Pinole Point Distribution Center, a three-building industrial park in Richmond, Calif., for $132.5 million. WPT Capital Advisors acquired the property using an $85 million acquisition loan from PCCP.

Divesting from this Bay Area property is another example of the company’s long-term strategy of recycling capital at opportunistic points across real estate market cycles. The deal netted a 50 percent gain for JLL Income Property Trust, which acquired Pinole Point in 2016.

Located at 6000, 6015 and 6025 Giant Road, the three warehouses total 518,000 square feet. The properties provide tenants access to critical transportation infrastructure, including major interstate highways, the Port of Oakland, Oakland International Airport, and the densely populated San Francisco Bay Area, where modern warehouse facilities have historically been in short supply.

The company said that selling out of its industrial portfolio’s largest vacancy freed up more than $125 million to use during the early stages of a new market cycle for core real estate. The runup in valuations across the warehouse property sector was “highly accretive” to its portfolio’s performance.  

Why did I share these articles with you? Because I wanted to understand who WPT Capital Advisors (WPT Capital) is and why UPP chose them to form a strategic partnership to invest in logistics properties in the United States.

You can view all their properties here but the key thing is that WPT Capital is aligned with UPP's values and commitment to sustainable investing and it's managing a perfect amount of capital where UPP can be a meaningful long term partner.

Remember the big pension funds can pick and choose very large partners but smaller mid-sized pension plans like UPP prefer mid-sized partners where they can have a more meaningful relationship and secure meaningful co-investments and/ or joint ventures to reduce fee drag. 

And even though financial details weren't disclosed, I am willing to bet UPP made a significant commitment to fund this partnership (my best guess is  roughly $300 million).

But wait, isn't US logistics expensive? Yes and no, it depends on the markets and WPT Capital's focus offers UPP a way to gain exposure in markets which are underserved.   

As far as inflation protection, real estate and infrastructure assets offer embedded protection in their contracts/ leases  so that too appeals to UPP as it wants to mitigate this risk. 

Go back to read my comment where UPP’s CEO Barbara Zvan  discussed the plan's shift to inflation-proof and climate assets (click here to read it).

More recently, Barb discussed building a pension plan from scratch (read my comment here). 

Below, CEO Barbara Zvan explains how the University Pension Plan Ontario was designed to be green “from the get-go”, while maintaining a laser focus on value creation. Most pension plan CEOs have faced the challenge of integrating ESG factors into their investment plans and business models, but Zvan highlights how UPP leveraged its opportunity to build them into the foundations.

Powerlifting program PDFs offer structured routines, progression strategies, and nutrition tips to enhance strength training. Popular options like Kizen 6 Week Bench and Juggernaut 2.0 provide detailed workout plans.

1.1 What is a Powerlifting Program?

A powerlifting program is a structured plan designed to improve strength in the three main lifts: squat, bench press, and deadlift. These programs are tailored to individual goals, experience levels, and training preferences. They typically include detailed workout schedules, sets, reps, and weights, often incorporating periodization strategies to optimize progress. Many programs, such as the Kizen 6 Week Bench Peaking Program or Juggernaut 2.0, also provide guidance on accessory exercises, nutrition, and recovery. Whether for beginners or advanced lifters, powerlifting programs aim to enhance overall strength, technique, and competition readiness. They are available in PDF formats, making them easily accessible and customizable for personal use.

1.2 Benefits of Using a Powerlifting Program PDF

Using a powerlifting program PDF provides a structured and organized approach to strength training. It offers clear workout schedules, progression strategies, and nutrition advice, ensuring consistent improvement. PDFs are easily accessible and customizable, allowing lifters to tailor programs to their goals and experience levels. They often include detailed guidance on accessory exercises, recovery techniques, and periodization, which are crucial for avoiding plateaus. Many programs, like the Kizen 6 Week Bench Peaking Program, also offer theoretical explanations, helping users understand the rationale behind the training. This makes PDFs a valuable resource for both beginners and advanced lifters, providing a comprehensive roadmap to achieving strength and competition readiness.

1.3 How to Choose the Right Powerlifting Program

Choosing the right powerlifting program involves assessing your experience level, strength goals, and training preferences. Beginners should opt for programs like TSA’s 16-week plan, which focuses on building foundational strength. Intermediate lifters may benefit from programs such as Juggernaut 2.0, offering higher volume and progression strategies. Advanced lifters can explore peaking programs like Kizen 6 Week Bench for competition prep. Consider whether the program aligns with your goals, such as strength gains or hypertrophy. Consider the program’s structure, including periodization strategies and accessory exercises. Additionally, ensure the program provides clear guidance on nutrition and recovery. Finally, seek programs with community support or resources, such as Lift Vault, to aid in your journey.

Types of Powerlifting Programs

Powerlifting programs vary by experience level, from beginner plans like TSA’s 16-week to advanced options such as Kizen 6 Week Bench for competition prep.

2.1 Beginner Powerlifting Programs

Beginner powerlifting programs are designed to build foundational strength and technique in the squat, bench press, and deadlift. These programs typically last 12-16 weeks, focusing on progressive overload and consistency. Popular options include TSA’s 16-week beginner program, which emphasizes proper form and gradual strength increases. Another well-regarded program is Wendler’s 5/3/1, which uses percentage-based training to ensure steady progress. These programs often include detailed workout schedules, nutrition advice, and recovery tips, making them ideal for those new to powerlifting. They prioritize simplicity and consistency, helping lifters establish a strong base before advancing to more complex training. This structured approach ensures beginners can safely and effectively improve their strength and technique over time.

2.2 Intermediate Powerlifting Programs

Intermediate powerlifting programs are tailored for lifters with a solid foundation in the squat, bench press, and deadlift. These programs typically last 12-16 weeks, focusing on strength progression and technique refinement. Popular options include the Juggernaut 2.0 and TSA Intermediate programs, which incorporate periodization strategies to avoid plateaus. These programs often blend strength-focused work with hypertrophy exercises to enhance muscle growth and power. They may also introduce undulating periodization, alternating between high-intensity and volume-focused phases. Intermediate programs emphasize understanding one’s weaknesses and adjusting training accordingly. Accessories like pull-ups and lunges are commonly included to address imbalances. Recovery techniques and nutrition guidance are also highlighted to support increased training demands. These programs help bridge the gap between foundational strength and advanced powerlifting goals.

2.3 Advanced Powerlifting Programs

Advanced powerlifting programs are designed for experienced lifters seeking to maximize strength and refine technique. These programs often span 16-24 weeks, incorporating complex periodization strategies like block periodization. They focus on peaking for competitions, with detailed plans for deload weeks and recovery. Advanced programs may include high-intensity techniques such as low-volume, high-intensity training or specialized exercises targeting weak points. Accessories like weighted pull-ups and deficit deadlifts are common. Recovery techniques, such as contrast showers and mobility work, are emphasized to maintain performance. Programs like the Advanced Powerlifting Program PDF offer tailored lifting charts and schedules, ensuring lifters can push their limits safely. These programs require a deep understanding of one’s body and training history, making them ideal for seasoned athletes aiming to break through plateaus and achieve elite-level strength.

Key Components of a Powerlifting Program

A powerlifting program includes main lifts (squat, bench, deadlift), assistance exercises, periodization strategies, and nutrition/recovery guidelines. These elements ensure balanced strength development and competition readiness.

3.1 The Main Lifts: Squat, Bench Press, and Deadlift

The squat, bench press, and deadlift are the cornerstone exercises in any powerlifting program. These lifts target major muscle groups and are essential for building overall strength. The squat develops leg and core strength, while the bench press focuses on chest, shoulders, and triceps. The deadlift works the entire body, emphasizing posterior chain strength. In most programs, these lifts are performed with a focus on progressive overload, increasing weight or volume over time. They are typically structured with specific sets, reps, and rest periods, such as 3-5 sets of 1-5 reps for strength gains. Accessory exercises often support these main lifts by addressing weaknesses and improving technique. Proper form and consistency are crucial for long-term progress and injury prevention.

3.2 Assistance Exercises for Strength and Hypertrophy

Assistance exercises play a vital role in powerlifting programs by targeting specific muscle groups to improve strength and hypertrophy. Exercises like pull-ups, dips, lunges, and leg press help address weaknesses in the main lifts. For example, pull-ups enhance lat strength, benefiting the deadlift, while dips improve tricep and chest development, aiding the bench press. These exercises are typically performed with higher volumes, such as 3-4 sets of 8-12 reps, to promote muscle growth. Hypertrophy-focused exercises like leg curls and face pulls are also included to balance strength gains with muscle development. Incorporating these exercises ensures well-rounded progress and supports the main lifts, making them a cornerstone of any effective powerlifting program.

3.3 Periodization Strategies

Periodization strategies in powerlifting programs involve organizing training into specific phases to optimize strength gains and prevent overtraining. Common approaches include block periodization, where focus shifts between strength and hypertrophy, and undulating periodization, which alternates intensity and volume weekly. Linear periodization progressively increases intensity over time, while daily undulating periodization varies rep ranges and intensity daily. These strategies help athletes peak for competitions and sustain long-term progress. For example, a 16-week program might dedicate 4 weeks to foundation building, followed by 4 weeks of strength focus, and finish with a peaking phase. Proper periodization ensures balanced development and avoids plateaus, making it a cornerstone of effective powerlifting programming.

3.4 Nutrition and Recovery Guidelines

Nutrition and recovery are critical components of any powerlifting program, ensuring optimal performance and muscle repair. A balanced diet rich in protein, carbohydrates, and healthy fats supports muscle growth and energy levels. Hydration is equally important, with recommendations to drink plenty of water daily. Sleep plays a vital role in recovery, with 7-9 hours per night being ideal. Additionally, techniques like foam rolling, stretching, and deload weeks help prevent overtraining and injury. Many programs emphasize the importance of tracking macronutrient intake and adjusting caloric consumption based on training phases. Recovery strategies also include rest days, active recovery, and stress management to maintain overall well-being. Proper nutrition and recovery practices are essential for sustaining progress and achieving long-term strength goals in powerlifting.

Popular Powerlifting Programs Available as PDFs

Popular powerlifting programs like Kizen 6 Week Bench, Juggernaut 2.0, Jacked and Tan 2.0, Wendler 5/3/1, and TSA programs are widely available as downloadable PDFs, offering structured training plans for various goals.

4.1 Kizen 6 Week Bench Peaking Program

The Kizen 6 Week Bench Peaking Program is a popular choice for lifters aiming to maximize their bench press strength. Designed for intermediate to advanced lifters, this program focuses on structured workouts to peak bench press performance. It incorporates dynamic effort and maximum strength training, with detailed explanations in the accompanying PDF. The program is part of a larger 16-week powerbuilding plan and is available for free, making it accessible to many. Silent Mikke, Bart Kwan, and Omar Isuf collaborated on this program, ensuring a well-rounded approach to bench press development. The PDF provides theoretical insights, helping users understand the methodology behind the training. This program is ideal for those seeking a focused, results-driven bench press routine.

4.2 Juggernaut 2.0 Powerbuilding Program

The Juggernaut 2.0 Powerbuilding Program is a comprehensive training plan designed for lifters seeking to build both strength and muscle mass. Created by Silent Mikke, Bart Kwan, and Omar Isuf, this program is part of a larger 16-week structure, with the first four weeks available for free as a detailed PDF. It incorporates undulating periodization, alternating between strength-focused and hypertrophy-oriented phases. The program is suitable for all experience levels, from beginners to advanced lifters, and includes a mix of compound movements and accessory exercises. The PDF provides a clear framework, making it easy to follow and adapt. This program is ideal for those looking to balance powerlifting performance with muscle growth, offering a well-rounded approach to training.

4.3 Jacked and Tan 2.0 Program

The Jacked and Tan 2.0 Program is a high-intensity powerlifting and hypertrophy-focused training plan designed for lifters seeking significant strength and muscle gains. It combines maximal effort strength training with high-volume hypertrophy work, making it ideal for those who enjoy challenging workouts. The program requires lifters to identify their weaknesses, both in strength and aesthetics, to tailor exercise selection effectively. Known for its demanding nature, it is often described as “masochistic” due to its intense structure. The program is well-suited for intermediate to advanced lifters who can handle higher volumes and are committed to consistent progression. It offers a balanced approach to building both powerlifting performance and overall muscle development, making it a popular choice among dedicated trainees.

4.4 Wendler 5/3/1 Program

The Wendler 5/3/1 Program is a renowned powerlifting system designed by Jim Wendler, focusing on progressive overload and strength development. It operates on a 4-day training split, targeting the squat, bench press, deadlift, and overhead press. Each lift follows a specific progression cycle, using percentages of the lifter’s 1RM to determine weights. The program is known for its simplicity and effectiveness, making it suitable for both beginners and advanced lifters. Over time, lifters have reported significant strength gains, such as improvements in squat, bench, and deadlift numbers. The 5/3/1 method emphasizes consistency and gradual progression, allowing athletes to build strength sustainably. Its structured approach and adaptability have made it a popular choice among powerlifters seeking long-term development.

4.5 TSA Intermediate and Beginner Programs

TSA offers both intermediate and beginner powerlifting programs, designed to cater to different experience levels. The TSA Intermediate Program is a 9-week plan, ideal for lifters with some experience, focusing on strength progression and technique refinement. The TSA Beginner Program spans 16 weeks, providing a comprehensive foundation for new powerlifters. Both programs include detailed training schedules, exercise variations, and nutritional advice. They emphasize gradual progression, ensuring lifters build strength and confidence over time. These programs are structured to help athletes transition smoothly from foundational training to more advanced powerlifting routines. Available as PDFs, they are accessible and easy to follow, making them popular choices for those seeking structured guidance in their powerlifting journey.

Creating a Custom Powerlifting Program

Custom programs assess strength levels, set realistic goals, and track progress. They tailor training to individual needs, ensuring periodized plans for optimal results and sustained growth.

5.1 Assessing Current Strength Levels

Assessing current strength levels is crucial for creating an effective custom powerlifting program. This involves determining one-rep max (1RM) for the squat, bench press, and deadlift. Many programs, such as the Wendler 5/3/1, use percentage-based training, which requires accurate 1RM values. For instance, the Kizen 6 Week Bench Peaking Program and Juggernaut 2.0 emphasize the importance of understanding current strength to tailor workouts. Additionally, tracking progress over time helps in adjusting the program. Some lifters use RPE (Rate of Perceived Exertion) alongside 1RM to gauge effort and avoid overtraining. Accurate assessments ensure that the program is challenging yet sustainable, promoting steady progress and minimizing injury risks. Regular testing and adjustments are key to long-term success.

5.2 Setting Realistic Goals and Milestones

Setting realistic goals and milestones is essential for a successful powerlifting program. Start by identifying short-term and long-term objectives, such as increasing your one-rep max (1RM) or mastering proper form. Programs like the Kizen 6 Week Bench Peaking Program and Wendler 5/3/1 emphasize progressive overload, helping you gradually increase strength. Break larger goals into smaller, achievable milestones, such as adding 5-10 pounds to your lifts every 4-6 weeks. Track progress through regular testing and adjustments. A well-structured plan, like the TSA Intermediate Program, ensures steady improvement. Stay consistent, and celebrate small victories to maintain motivation. A coach or experienced lifter can also provide guidance to keep you on track. Realistic goals ensure sustainable progress and prevent burnout.

5.3 Tracking Progress and Adjustments

Tracking progress is crucial for optimizing a powerlifting program. Use a workout log or spreadsheet to record lifts, weights, and reps. Programs like Kizen 6 Week Bench and Juggernaut 2.0 emphasize consistent tracking to monitor strength gains. Regularly test one-rep maxes (1RM) to assess progress. Adjustments may involve increasing volume, intensity, or modifying exercises based on performance. Recovery and nutrition should also be evaluated to ensure optimal results. For example, the TSA Intermediate Program incorporates deload weeks to prevent burnout. Stay flexible and make data-driven decisions to refine your training. Tracking progress ensures accountability and helps maintain momentum toward your goals. Adjustments keep the program effective and tailored to your needs.

Training Schedules and Templates

Training schedules and templates organize workouts, ensuring consistency. Popular options include 4-day and 5-day splits, with sample plans like TSA Intermediate and Juggernaut 2.0. These templates distribute main lifts like squats, bench presses, and deadlifts across the week, often with dedicated rest days. Many programs, such as the 6-week bench peaking program, include video demos for proper form. Templates also incorporate accessory exercises and recovery techniques, providing a balanced approach to strength training. These structured plans help lifters stay focused and track progress effectively, whether following a 4-day or 5-day schedule.

6.1 4-Day Training Split

A 4-day training split is a popular structure for powerlifters, allowing for focused development of the squat, bench press, and deadlift. Typically, the program is divided into four days: Day 1 for squat and accessory work, Day 2 for bench press and related exercises, Day 3 for deadlift and lower-back recovery, and Day 4 for overhead press or additional accessory work. This split ensures each main lift is trained with adequate frequency and recovery time. Many PDF programs, such as the TSA Intermediate and Juggernaut 2;0, incorporate this structure, providing detailed sets, reps, and rest periods. The 4-day split balances intensity and volume, making it suitable for both intermediate and advanced lifters. It also allows for flexibility, enabling lifters to customize based on their strengths and weaknesses.

6.2 5-Day Training Split

A 5-day training split is a common approach in powerlifting programs, allowing for dedicated focus on each main lift and accessory work. Typically, the program is structured with one day per main lift: squat, bench press, and deadlift, with two additional days for accessory exercises and recovery. This split enables higher training volume and specificity, making it ideal for intermediate to advanced lifters. Many PDF programs, such as the TSA Intermediate and Jacked and Tan 2.0, incorporate this structure, providing detailed workout plans with sets, reps, and rest periods. The 5-day split promotes consistent progress and recovery, ensuring lifters can maximize their strength gains while minimizing overtraining. It’s a versatile option for those seeking a balanced yet intense training regimen.

6.3 Sample Weekly Training Plan

A sample weekly training plan in a powerlifting program PDF typically outlines a structured schedule with specific days for main lifts, accessory work, and recovery; For example, Monday might focus on the squat, Wednesday on the bench press, and Friday on the deadlift. Each main lift day includes variations or accessory exercises to target weaknesses. Accessory days, often on Tuesdays and Thursdays, might involve hypertrophy work like pull-ups, rows, and lunges. Recovery days, such as Saturdays, could include light cardio or mobility work. Sundays are often reserved for rest or active recovery. This balanced approach ensures consistent progress while allowing for adequate recovery. Many programs, like the TSA Intermediate and Jacked and Tan 2.0, provide detailed weekly templates in their PDFs to guide lifters effectively.

Accessories and Recovery

Accessories like pull-ups and lunges target muscle imbalances, while recovery techniques such as foam rolling and stretching enhance mobility and reduce muscle soreness for optimal performance.

7.1 Common Accessory Exercises

Accessory exercises are crucial for addressing muscle imbalances and enhancing overall performance. Pull-ups, lunges, and core workouts are popular choices, targeting specific muscle groups. These exercises improve stability and strength, reducing injury risk. Many powerlifting program PDFs include variations like incline bench press for upper chest development and deficit deadlifts to strengthen the posterior chain. Accessory work can be tailored to individual needs, ensuring a well-rounded approach to strength training; By incorporating these exercises, lifters can support their main lifts and achieve better overall results in their powerlifting journey.

7.2 Recovery Techniques for Powerlifters

Recovery is essential for optimizing strength and preventing injuries. Common techniques include foam rolling, stretching, and massage to improve muscle flexibility and reduce soreness. Deload weeks, where training intensity is reduced, allow the body to recover fully. Nutrition plays a key role, with adequate protein intake and hydration supporting muscle repair. Sleep is also critical, as it aids in muscle recovery and overall performance. Additionally, techniques like ice baths and compression garments can help reduce inflammation and promote healing. Proper recovery strategies ensure powerlifters can train consistently and achieve long-term progress in their programs.

Advanced Topics in Powerlifting Programming

Explore block periodization and peaking strategies to maximize strength gains and competition readiness, ensuring optimal performance through structured training phases and precise planning.

8.1 Block Periodization

Block periodization divides training into focused phases, each targeting specific goals like strength, hypertrophy, or competition prep. It optimizes adaptation by dedicating blocks to foundational strength, intensity, and peaking. This approach prevents overtraining by cycling volume and intensity, ensuring lifters peak for competitions. Programs like the 16-week TSA intermediate program use block periodization effectively, balancing progression and recovery. Each phase builds on the previous, enhancing overall performance. This structured method is ideal for advanced lifters seeking precise control over their training cycle, ensuring maximum results when it matters most.

8.2 Peaking Strategies for Competition

Peaking strategies in powerlifting programs are designed to maximize strength for competition. These strategies often involve tapering volume and intensity in the final weeks to ensure optimal performance. Programs like the Kizen 6 Week Bench Peaking Program and TSA Intermediate Program incorporate deload weeks to allow recovery while maintaining strength. Techniques include reducing accessory work, focusing on main lifts, and using RPE (Rate of Perceived Exertion) to fine-tune efforts. Proper peaking ensures lifters are fresh and strong for meet day, avoiding overtraining. These strategies are crucial for competitors aiming to achieve personal records and excel on the platform, making them a cornerstone of advanced powerlifting programming.

Resources and Communities

Lift Vault offers a wide range of free powerlifting programs, while Reddit communities provide valuable discussions and support for lifters of all levels.

9.1 Lift Vault and Other Program Repositories

Lift Vault is a premier destination for powerlifting enthusiasts, offering a vast library of free program PDFs, including detailed workout plans and video tutorials. It caters to all experience levels, from beginners to advanced lifters, providing customizable options to suit individual goals. The platform also features community-driven content, fostering engagement and knowledge sharing among users. Additionally, other repositories like Powerlifting to Win and Ben Pollack’s programs offer specialized training regimens. These resources are invaluable for those seeking structured guidance, whether for competition prep or personal strength development. With such diverse options, lifters can easily find a program that aligns with their specific needs and aspirations.

9.2 Online Communities and Forums

Online communities and forums are vital resources for powerlifters, offering support, advice, and access to program PDFs. Platforms like Reddit’s r/powerlifting and Facebook groups dedicated to strength training provide spaces for lifters to share experiences and gain insights. These communities often feature discussions on various programs, including Kizen, Juggernaut, and TSA, with members sharing their progress and tips. Additionally, specialized forums cater to specific demographics, such as female and gender-non-binary lifters, fostering inclusivity and tailored advice. Many of these communities also host free resources, including downloadable PDFs, video tutorials, and expert guidance, making them indispensable for anyone seeking to enhance their powerlifting journey. Engagement in these forums can significantly accelerate learning and improvement.

Powerlifting program PDFs are invaluable resources for lifters of all levels, offering structured guidance to enhance strength and technique. They provide detailed workout plans, nutrition advice, and recovery strategies, ensuring a holistic approach to training. Whether you’re a beginner or an advanced lifter, these PDFs cater to diverse goals, from competition prep to general strength building. Consistency and patience are key to seeing results, as progress in powerlifting is gradual. By leveraging these resources and staying committed, lifters can optimize their performance and achieve their full potential. The availability of free and customizable programs makes it easier than ever to embark on a successful powerlifting journey.

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John Woodside of Canada's National Observer reports young Canadians accuse the Canada Pension Plan of mismanaging climate risks:

Travis Olson, Aliya Hirji, Rav Singh, and Chloe Tse, with support from Goldblatt Partners LLP and Ecojustice, are challenging the Canada Pension Plan Investment Board in court. Photo by Joshua Best / Courtesy of Ecojustice

Travis Olson, a 22-year-old from Camrose, Alta., is worried that his pension is at risk from climate breakdown and has joined three other young people and two law firms to hold the Canada Pension Plan accountable.

In a lawsuit Olson filed Monday at the Ontario Superior Court of Justice alongside Aliya Hirji, Rav Singh and Chloe Tse, the plaintiffs allege the Canada Pension Plan Investment Board is violating its legal obligations to protect their pensions from climate risk. 

The lawsuit specifically alleges the pension fund, which is the largest in Canada and sixth largest in the world, has breached its legal duties to its beneficiaries by “failing to prudently identify, assess or manage climate-related financial risks.”

The case is the first time a Canadian investor has been sued for the alleged mismanaging of climate risks.

“I don't think I've ever heard someone my age talking about their pension, but it's something that's incredibly important,” Olson told Canada’s National Observer. “Especially because when we retire that needs to be there for us.”

The Canada Pension Plan owns $714.4 billion worth of assets and manages the retirement savings of 22 million Canadians. But projections from the Office of the Chief Actuary suggest that contributions from those paying into the fund are becoming increasingly insufficient to pay benefits, meaning that the pension fund’s investments will be more important for future payouts. 

“As a result, the adequacy of the [pension board]’s investment strategy, particularly in the face of the magnitude and severity of climate-related risks, is critical to the CPP’s survival and its ability to meet its financial obligations on any given day, including any given day after 2050,” according to the lawsuit.

In lawsuit filed Monday, four young Canadians allege the Canada Pension Plan is mismanaging their retirement savings by underestimating climate-related financial risks — the first legal challenge of its kind.

Research from Ortec Finance suggests that pension funds could see investment returns plummet 50 per cent by 2040 — if global warming reaches 3.7C — with declines of nearly 60 per cent in more severe warming scenarios. 

Olson, who would turn 65 in 2068, said he is concerned. “The future comes faster than you expect it to,” he said.

The lawsuit is not seeking financial damages or compensation. Rather, it is pressing the court to confirm the pension fund has a legal obligation to better manage climate risks in the interest of all contributors young and old, as well as to disclose its investment and portfolio-level climate risk assessments and the models it uses to quantify climate-related financial risk. 

Climate commitment rollbacks

Frank Switzer, managing director of the Canada Pension Plan communications department, said the fund takes climate change into account when investing, and intends to fight the challenge in court “if necessary.”

“An action against CPP Investments and its efforts to maintain the sustainability of the CPP, is an action against the retirement security of 22 million Canadians,” he said in a statement. 

Switzer did not respond when asked to clarify whether the fund believes a court clarifying its fiduciary duty represents an action against the retirement security of Canadians. 

Karine Peloffy, a lawyer with Ecojustice, which is representing the young people along with Goldblatt Partners LLP, said the applicants are bringing the case precisely because they are concerned about long-term sustainability.

“They are far from the only contributors and beneficiaries to raise concerns about CPP Investments’ climate-related risk management,” she said. 

Earlier this year, the Canada Pension Plan quietly walked back its net-zero by 2050 commitment. In its most recent annual report, the fund said its decision to ditch net-zero targets was due to “recent legal developments in Canada” — a likely reference to the federal anti-greenwashing rules put forward in the Competition Act, known as C-59, last year. Those rules require companies making green claims, like reaching net-zero, to substantiate them using internationally recognized methodology. 

“There is increasing pressure to adopt standardized emissions metrics and interim targets, many of which don’t reflect the complexity of a global investment portfolio like ours,” the CPPIB said at the time. “Forcing alignment with rigid milestones could lead to investment decisions that are misaligned with our investment strategy. 

“To avoid that risk — and to remain focused on delivering results, not managing legal uncertainty — we have made a considered decision to no longer maintain a net-zero by 2050 commitment.”

Mere weeks after the CPPIB walked back its net-zero target, the country’s next-largest public pension fund, the Caisse de dépôt et placement du Québec (CDPQ), published its climate action plan and related transition financing framework, which doubled down on climate action — blowing a hole through the rationale the CPPIB put forward. 

CPP fossil fuel investments

The Canada Pension Plan has invested at least $22.6 billion in fossil fuels. Pension watchdog Shift estimates the figure could be nearly double, however without transparent granular disclosures from the fund it’s impossible to say. 

According to Shift’s analysis, the $22.6 billion worth of fossil fuel investments likely only refer to fossil fuel producers and do not include related companies and infrastructure, such as gas-fired power generation or gas distribution assets. 

Among the fund’s investments are a 98 per cent ownership stake in Encino Energy, one of the largest oil and gas producers in the United States; a 90 per cent stake in Teine Energy, a private company developing oil and gas in western Canada; a 43.5 per cent stake in Nephin Energy, a gas producer and pipeline company in Ireland; and a 49.9 per cent stake in Peru’s largest exporter and transporter of gas Transportadora de Gas del Perú S.A..

According to Shift, Canadian pension funds could invest in high-carbon industries and use their capital and influence to speed up decarbonization goals. But to pursue such a strategy, the assets they invest in must have credible, profitable and Paris Agreement-aligned transition pathways. 

“The only credible pathways for decarbonizing fossil fuel assets in line with climate safety require a planned phase-out of oil, gas and coal production and the early retirement of related infrastructure, alongside rapid declines in fossil fuel demand,” the Shift report reads. “Such net-zero-aligned pathways would expose asset owners to significant investment risk.”

“CPPIB has provided no indication that it intends to pursue such decarbonization pathways for its fossil fuel holdings, or explained how its holdings could generate risk-adjusted returns in the long-run.”

Olivia Raimonde and Layan Odeh of Bloomberg also report Canada Pension Plan sued by young people over climate risks:

The Canada Pension Plan Investment Board was sued by a group of young people who claim the pension fund is putting their benefits in jeopardy by mismanaging climate-related financial risks.

Aliya Hirji, Travis Olson, Ravneet Singh and Chloe Tse, who don’t plan to retire until after 2050, allege in the lawsuit that the country’s largest pension fund breached its legal duties to them by failing to “prudently identify, assess or manage climate-related risks.” The suit, filed in Ontario’s Superior Court of Justice, also calls out the pension plan for its continued investments in fossil fuels.

CPPIB is “flying blind to the real risks of climate change and failing to protect the pensions of young Canadians,” Karine Peloffy, a lawyer and sustainable finance lead at Ecojustice who’s representing the investors with attorneys from Goldblatt Partners LLP, said in a statement. 

CPPIB said in a statement that it intends to take whatever steps are necessary to uphold the interests of all Canadians who contribute to the pension plan. Climate change is “one of many material factors we consider in managing risk and pursuing opportunities across the whole economy over the long term,” CPPIB added.

Groups of young people in several nations have sued governments and major energy companies for allegedly contributing to future climate change or failing to address it. Perhaps the most prominent of these — a case against the United States government alleging it had violated their rights to life, liberty and property by encouraging fossil fuel consumption — was dismissed by a federal appeals court in 2020. The U.S. Supreme Court declined to hear the case in March.

The four Canadian workers, all under the age of 33, are seeking a range of declarations, including that CPPIB act “in the best interests of all contributors and beneficiaries,” and an order that CPPIB disclose more information about the climate-related risks in its investment portfolio.

“I’m part of this case because I want to protect the financial interests of hardworking young people like me who want to be able to retire when we are older,” said Olson, who’s one of plaintiffs, in a statement. “My financial future is on the line.”

CPPIB has said said it doesn’t intend to sell fossil fuel assets, but rather invest in the energy transition. The pension fund has reported a 41 per cent decline in its portfolio’s carbon footprint since fiscal 2020 and says on its website that it remains committed to sustainability. However, CPPIB announced in May that it dropped its commitment to achieve net zero emissions by 2050, three years after making the pledge.

Toronto-based CPPIB currently manages the retirement funds of more than 22 million Canadians with almost $732 billion of assets under management, making it the world’s sixth-largest pension fund.

Ecojustice said the case against CPPIB is 100 per cent funded by organizations and individuals who share the Canadian nonprofit’s vision as the country’s largest environmental law charity.

Alright, it's Monday and what better way to kick this busy earnings week off than bringing attention to a lawsuit against Canada's national pension fund for mismanaging climate risks.

These young people have inspired me. 

Later this week, I'm going to sue CPP Investments and all of Canada's Maple 8, for not investing enough in oil and gas over the last decade, losing billions in returns in the process, money that could have helped contributors and beneficiaries.

And then I'm going to sue them for foolishly being underweight Mag-7 (now Mag-10) shares and completely missing the AI bubble underway.

How do you like them apples, eh?

In all seriousness, what is this 1960's style eco-hippy nonsense? What the hell are they teaching young Canadians at our universities? Certainly not critical thinking. 

A big part of the blame lies with the Maple 8, all toppling over themselves since the pandemic broke out to prove they are global leaders in sustainable investing and "good stewards of capital". 

Don't get me wrong, sustainable investing is important, the world is changing, no doubt about it but let's not overdo it with all this sustainable investing hoopla and get down to the nuts and bolts of pensions.

Climate risk is just one of many risks but for me, nothing trumps the risk of a pension fund not meeting its financial obligations over the long run. That really is the biggest existential risk any pension plan faces, not having enough assets to meet long term liabilities.

In this regard, CPP Investments is doing a great job according to the Chief Actuary of Canada. It has delivered strong long term returns and has more than enough assets to meet its long term liabilities.

Also, in terms of sustainable investing, CPP Investments has a clear policy which anyone can read and download here.  

In terms of reporting, it clearly states:

CPP Investments is committed to public transparency of our sustainable investing activities. We publish material sustainability-related disclosures, guided by ISSB standards, in our Annual Report. We also publish a Proxy Voting Report, a Green Bond Impact Report, and a Modern Slavery Report annually. The Sustainable Investing section of our website provides additional information on our work. 

What else? Some of the statements above are outrageous. For example, this: 

Research from Ortec Finance suggests that pension funds could see investment returns plummet 50 per cent by 2040 — if global warming reaches 3.7C — with declines of nearly 60 per cent in more severe warming scenarios. 

Talk about fear mongering at its worst! Neither Ortec nor Soros and Druckenmiller for that matter have any clue what will happen if the world warms up by 3.7 degrees C. This is all conjecture and quite frankly, I'd take it with a grain of salt.

There are many views in climate science, the world is warming but what actually causes global warming and what humans can do about it is a hotly debated topic among top scientists.

Lastly, I was not aware CPP Investments is not longer maintaining its 2050 net zero commitment, probably because it might interfere with its mandate but I will personally ask them to explain this decision in detail as I too find it a bit odd.

One thing this lawsuit might do is bring about more transparency at CPP Investments which is already a global leader in transparency and that might be a good thing.

Below, four young people in Canada are taking the sixth largest pension fund manager in the world to court, claiming it is breaching its duty to invest in their best interests by failing to protect their pensions from climate risk.

Represented by lawyers from Ecojustice and Goldblatt Partners LLP, Aliya Hirji, Travis Olson, Rav Singh, and Chloe Tse, allege that the Canada Pension Plan Investment Board (CPP Investments) is breaching its legal duties by subjecting pension contributions to undue risk of loss from poorly managed climate risk.

The case argues that CPP Investments’ reported climate modelling drastically underestimates the financial risks of climate change to the Canada Pension Plan. This marks the first time a Canadian investor has been sued for mismanaging climate risks. 

Globally, it is the first climate case against a pension fund investment manager anchored in the duty of impartiality and even-handedness in a multi-generational context — in other words, the duty to act fairly towards young contributors who will retire after 2050 when climate-related financial risks will be even greater. 

Give me a break, I've never seen or heard so much hogwash but let CPP Investments make its case in court and let the facts speak for themselves. 

Rian Howlett , Laura Bratton and Ines Ferré of Yahoo Finance report Dow, S&P 500, Nasdaq surge to records as tame inflation cements Fed rate cut bets:

US stocks surged to record highs on Friday as investors digested a crucial inflation report that helped cement expectations for the Federal Reserve’s next policy moves.

The Dow Jones Industrial Average rose 1%, or over 450 points. The S&P 500 gained 0.8%, while the Nasdaq Composite jumped 1.2%.

The September inflation data released on Friday morning came in cooler than expected. The headline Consumer Price Index rose 3% on an annual basis, the highest level since May but softer than forecasts for a 3.1% gain. Month-over-month, prices rose 0.3%, a slight cooling from August's reading and also below expectations.

The report was delayed by more than a week due to the ongoing government shutdown, and was the first major economic release since the closure began, giving investors a long-awaited pulse check on the economy.

The CPI data did little to shake the near-unanimous investor confidence in a coming rate cut from the Fed next week — and more beyond that. Around 99% of bets are on a quarter-point cut next week, while some 96% of traders expect another slash in December.

Meanwhile, President Trump injected fresh uncertainty into trade negotiations with key US partners, announcing Friday he would cancel trade talks with Canada. Trump cited a Canadian advertisement against his signature tariffs plan which features the voice of former President Ronald Reagan.

In corporates, Intel (INTC) shares pared significant gains after the chip giant reported third-quarter revenue that topped Wall Street estimates.

"We believe we're well-positioned to play a more significant role in AI," Intel's head of investor relations John Pitzer said in an interview with Yahoo Finance.

Ford extends gains 13% to hit session high

Ford (F) rallied as high as 13% on Friday afternoon after the carmaker posted better-than-expected earnings. 

Gold slips to cap volatile week

Gold (GC=F) retreated less than 1% on Friday to cap a volatile week.

Futures for the precious metal fluctuated between positive and negative territory, hovering near $4,122 per troy ounce on Friday afternoon.

Gold plunged 5.5% from record levels on Tuesday, but was able to recover some of those losses to close out the week down more than 1.5%.

The company outpaced third quarter estimates with adjusted earnings per share figures of $0.45 (vs. expectations of $0.36) and revenue of $47.185 billion versus expectations of $43.7 billion. 

Sean Conlon and Pia Sing of CNBC also report Dow rallies 400 points for first close above 47,000 ever following mild inflation report:

U.S. stocks closed at new heights on Friday as cool inflation data spurred optimism among investors that the Federal Reserve can stay on its rate-cutting path, boosting the U.S. economy and justifying higher valuations for equities.

The Dow Jones Industrial average rose 472.51 points, or 1.01%, to 47,207.12, securing its first close above the 47,000 level ever. The S&P 500 added 0.79% to 6,791.69, while the Nasdaq Composite climbed 1.15% to 23,204.87. All three major averages closed at records.

The September consumer price index report — which was delayed because of the U.S. government shutdown — rose 0.3% on the month, bringing the annual inflation rate to 3%, according to the Bureau of Labor Statistics. That’s just below the 0.4% and 3.1% that economists polled by Dow Jones had expected. When excluding food and energy, core CPI came in at 0.2% last month and 3% on a 12-month basis, also lighter than the Dow Jones forecasts for 0.3% and 3.1%, respectively.

Following the CPI data, traders increased their bets that the Fed will cut rates at both its remaining two meetings this year. Odds for a December cut initially jumped to 98.5% from roughly 91% odds before the data, per the CME FedWatch tool. Odds for a cut next week remained above 95%.

Hopes that more rate cuts would stimulate economic activity sent bank stocks higher during the trading day, with key names such as JPMorgan, Wells Fargo and Citigroup each rising 2%. Other names in the financials sector, including Goldman Sachs and Bank of America, similarly advanced.

To be sure, the headline annual rate did represent a slight uptick from the prior month. Most government economic data — including weekly and monthly jobs figures — remains postponed because of the shutdown.

“There was little in today’s benign CPI report to ‘spook’ the Fed and we continue to expect further easing at next week’s Fed meeting,” said Lindsay Rosner, head of multi sector fixed income investing at Goldman Sachs Asset Management. “A December rate cut also remains likely with the current data drought providing the Fed with little reason to deviate from the path set out in the dot plot.”

The markets largely ignored a proclamation from President Donald Trump that he was ending trade negotiations with Canada because of an advertisement used by Ontario featuring former President Ronald Reagan “speaking negatively” about tariffs. The ad, which Trump deemed “FAKE,” quotes Reagan’s presidential radio address from April 1987, in which the former president says that “trade barriers hurt every American worker and consumer” in the long run.

Ontario Premier Doug Ford said later Friday that his province is going to pause airing the ad after this weekend’s World Series games so that U.S.-Canada trade talks can restart.

Major indexes notched their second winning week in a row, with all three gaining around 2%. The S&P 500 is now up 15% for the year, and the Nasdaq is up 20%. 

Stocks are responding to earnings beats this season with significant returns, Barclays says

The earnings beats seen this third-quarter reporting season are driving higher-than-average equity returns, according to Barclays.

“Though we’re still in the early innings of reporting season (just 34% of S&P 500 market cap is expected to have reported results by the end of this week), stocks are reacting positively to EPS beats thus far,” said strategist Venu Krishna in a note. “Companies beating the consensus estimate have delivered a median beat of ~6% (~8% cap weighted) and outperformed [S&P 500 Equal-Weighted Index] by 67 [basis points] over the first trading session after reporting results, compared to a [long-term] median of 33 [basis points].”

“Given the small number of misses to date, we will get a better sense of the average reaction to an EPS miss later in the season,” he continued. “The reaction to beats is an incremental indicator that a strong earnings season will be unusually critical to sustaining further upside for US equities, considering the elevated [implied volatility] into results highlighted by our derivatives strategists combined with long institutional and systematic equity positioning.”

Another earnings week, some companies did better than others. GM, Ford did well, Netflix and Tesla disappointed. Deckers Outdoor (DECK) got clobbered today after guiding lower.

Next week is an even bigger week with Meta, Amazon, Google and Microsoft all reporting as well as Apple. 

This week they ran a lot of megacap tech shares up. Advanced Micro Devices (AMD) was up 8% today after IBM said its chips can be used for qantum computing. Shares are up 108% this year:

Of course, quantum computing stocks popped earlier this week after Trump said the US government might buy stakes in some of them but they didn't hold their gains.

Alphabet (Google) shares hit another record high as the company gets set to report next week and all eyes will be on its search data and how they're holding up in this new AI enabled world.

 Alphabet and Meta remain cheap relative to other Mag-7 stocks trading at 26 times forward P/E.

A complete list of companies whose shares are making a new high is available here.  

If you want to make money in these markets, I suggest you track these shares closely and buy when they dip.

Below, you will find the top performing large cap stocks this week (full list here): 

In other news, cooler-than-expected inflation reading keeps Fed on course for a rate cut next week.

The Fed is more worried about employment than inflation at this stage but it will be interesting to see what happens when inventories run out and companies start passing on the tariffs to consumers. 

We aren't there yet and Trump might tell companies to wait for corporate tax cuts before passing on the tariff so it remains a little murky as to how this will all play out. 

Below, the CNBC Investment Committee debate their strategies when stocks are at record highs. Great discussion, listen to their positioning.

Next, Fundstrat’s Tom Lee joins CNBC to explain why he still sees upside for stocks and crypto heading into year-end. He discusses the Fed’s rate cuts, gold’s peak, Bitcoin and Ethereum.

Third, Warren Pies, 3Fourteen Research, joins 'Closing Bell' to discuss how far stocks can continue to rise, the power of the retail investor and much more.

Fourth, Lo Toney, Plexo Capital, joins 'Closing Bell' to discuss the megacap tech earnings next week, if it's too early to know more about AI profits and much more.

Fifth, Chase Lochmiller, Crusoe Co-Founder & CEO, joins CNBC's 'Squawk on the Street' to discuss the company’s $10 billion valuation, the build-out of AI data centers in energy-rich regions, and how Crusoe is tackling power constraints.

Lastly, Chanos & Company President and Founder Jim Chanos says it's a "party like it's 1999" in credit markets. He speaks to Bloomberg's Scarlet Fu.