PSP Investments outperforms 10-year benchmarks and posts solid performance in fiscal 2026

Highlights at March 31, 2026:

• 10-year net annualized return stands at 8.8%.
• Net investment gains above the Reference Portfolio totalled $8.6 billion over five years and $14.5 billion over ten years, achieved within funding risk tolerance.
• Net return of 6.5% recorded in fiscal 2026.
• Net assets under management grew to $320.6 billion, an increase of $20.9 billion or 7%.
• Track record of solid investment returns helped drive surplus funding positions.
• Operating costs ratio decreased to 24.7 basis points (bps) compared to 27.9 bps in the previous year.

^{All figures are in Canadian dollars unless otherwise noted.}

MONTRÉAL, June 16, 2026 /PRNewswire/ -- The Public Sector Pension Investment Board (PSP Investments) ended its fiscal year on March 31, 2026, with net assets under management of $320.6 billion, up 7.0% from the prior year. The fund generated a one-year net return of 6.5% and a 10-year net annualized return of 8.8%. These results support the long-term sustainability of the pension plans of the federal Public Service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force. PSP Investments' one-year net return exceeded the actuarial discount rates required to meet the long-term pension obligations of the plans it serves, which remain in a strong overall funding position.

PSP Investments' $320.6 billion in assets under management is the result of sustained long-term investment performance combined with ongoing pension plan contributions. Investment returns earned by PSP Investments represent approximately 70% of net assets under management, while fund transfers received from the Government of Canada since April 1, 2000, represent the remaining 30%.

"Despite heightened volatility and uncertainty, PSP Investments delivered solid results and continued to strengthen the long-term funding position of the pension plans we support," said Deborah K. Orida, President and CEO, PSP Investments. "Our long-term results, the stability of the returns, and the funding of the plans are the best indicators of how we are fulfilling our role as a pension investor."

By delivering strong, stable returns over the long-term, PSP Investments continues to fulfill its mission to support the retirement security of the people who protect and serve Canada.

Long-term performance anchors portfolio resilience
Over the long term, PSP Investments' strategy continues to generate value for contributors and beneficiaries. Over the 10-year period, the Fund delivered a net annualized return of 8.8%, generating $14.5 billion in cumulative net investment gains above the Reference Portfolio.

PSP Investments' portfolio is deliberately structured to balance resilience and long-term value creation, with a diversified mix of public and private assets, global exposures, and active management. This diversification serves as a stabilization mechanism over time. Over the long term, PSP Investments' value proposition is demonstrated through a consistent track record of delivering returns above both the Reference Portfolio and the Plans' actuarial discount rates, while generating more stable outcomes than the Reference Portfolio across market cycles—an important consideration for pension investors.

One-year performance in context
For fiscal 2026, PSP Investments' one-year net return fell below the one-year Reference Portfolio by 5.2%. PSP Investments has outperformed the Reference Portfolio on a one-year basis approximately 70% of the time since inception. This year's result was largely driven by macroeconomic and market considerations that created a more challenging environment for private markets, as well as by the use of public-market-based benchmarks, which may diverge from private asset performance over shorter time horizons. Currency movements detracted 2.2% during the fiscal year, partially reversing 5.8% of currency gains recorded in fiscal 2025.

"These measures are best assessed over a full market cycle," said Ms. Orida. "Our portfolio remains well positioned to deliver long-term value. We are proud of how we have served our mandate and our country this year. In fiscal 2026, we invested over $10 billion in Canada, primarily driven by increased direct private investments and a higher allocation to Canadian equities, which performed well this year."

As at March 31, 2026, gross assets under management in Canada exceeded $75 billion, reflecting the scale of PSP Investments' domestic portfolio.  

Highlights of portfolio performance by asset class
The table below presents the annual, five-year and ten-year annualized performance of the asset classes set out in our Statement of Investment Policies, Standards and Procedures at March 31, 2026. For a detailed performance analysis of each asset class, please visit investpsp.com or download the annual report.

ASSET CLASS	NET ASSETS UNDER MANAGEMENT1	ONE-YEAR RETURN	FIVE-YEAR RETURN	TEN-YEAR RETURN
Public Market Equities	$92.8B	20.6 %	11.4 %	12.3 %
Fixed Income	$71.8B	2.3 %	3.0 %	3.2 %
Private Equity	$39.1B	5.3 %	12.7 %	12.0 %
Credit Investments	$35.1B	3.1 %	10.5 %	11.1 %
Real Estate	$27.8B	(7.3) %	(0.5) %	2.8 %
Infrastructure	$32.0B	10.1 %	15.0 %	12.7 %
Natural Resources	$19.7B	2.4 %	8.3 %	8.7 %

ASSET CLASS

NET ASSETS UNDER
MANAGEMENT¹

ONE-YEAR
RETURN

FIVE-YEAR
RETURN

TEN-YEAR
RETURN

Public Market Equities

$92.8B

20.6 %

11.4 %

12.3 %

Fixed Income

$71.8B

2.3 %

3.0 %

3.2 %

Private Equity

$39.1B

5.3 %

12.7 %

12.0 %

Credit Investments

$35.1B

3.1 %

10.5 %

11.1 %

Real Estate

$27.8B

(7.3) %

(0.5) %

2.8 %

Infrastructure

$32.0B

10.1 %

15.0 %

12.7 %

Natural Resources

$19.7B

2.4 %

8.3 %

8.7 %

________________________

1  This table excludes Cash and Cash Equivalents. All amounts in Canadian dollars, unless stated otherwise.

________________________

¹  This table excludes Cash and Cash Equivalents. All amounts in Canadian dollars, unless stated otherwise.

Cost discipline
PSP Investments holds itself to a high standard of governance in making decisions that impact costs. In fiscal 2026, the organization maintained strong discipline over its operating costs, which declined by $24 million compared with the previous year, demonstrating continued focus on efficiency and scalable operations. This resulted in an improved operating leverage, with an operating cost ratio decreasing to 24.7 basis points, compared to 27.9 basis points in fiscal 2025. This outcome reflects a disciplined approach to cost management, supported by portfolio streamlining and asset sales activities, consistent with PSP Investments' 3-year strategic plan.

In addition to operating costs, PSP Investments incurred financing and external manager costs of $1,490 million and $1,533 million, respectively, which are largely driven by portfolio strategy, asset mix, and the use of external managers. Total costs amounted to $3,942 million in fiscal 2026, compared with $3,885 million in the prior year.

As part of its ongoing commitment to cost transparency, PSP Investments is also presenting investment costs by asset classes for fiscal years 2026 and 2025.

Canada Growth Fund
Through its wholly owned subsidiary, Canada Growth Fund Investment Management Inc. (CGFIM), PSP Investments continues to serve as the independent and exclusive investment manager of the Canada Growth Fund (CGF), a $15 billion independent investment fund, operating at arm's length from the Government of Canada. In fiscal 2026, CGFIM continued to execute on its mandate to support the growth and scale of Canada's economy. CGFIM has established a strong track record of execution, with 18 completed transactions totalling approximately $5 billion in Canadian commitments.

The assets of CGF are held separately and do not impact the returns or portfolio of PSP Investments. For more information about the activities and performance of CGF visit https://www.cgf-fcc.ca/en/.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investors with $320.6 billion of net assets under management as of March 31, 2026. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn.

Media Contact: Maria Constantinescu, PSP Investments, Phone: (514) 218-3795, Email: media@investpsp.ca

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PSP Investments outperforms 10-year benchmarks and posts solid performance in fiscal 2026

USP Class VI, ISO 10993 biocompatibility evaluation, and ISO 13485:2016 quality system certification, manufactured at an FDA-registered facility

DONGGUAN, China, June 16, 2026 /PRNewswire/ -- Dongguan Ruixiang Precision Silicone Products Co., Ltd. (Ruixiang Silicone) has released a platinum-cured medical-grade silicone tubing series manufactured at an FDA-registered facility and carrying USP Class VI certification, ISO 10993 biocompatibility evaluation, and ISO 13485:2016 quality management system certification. The product is intended for use as fluid transfer components in extracorporeal cardiac assist systems, micro-infusion systems, and hemodialysis equipment, where tubing comes into direct contact with drug solutions or extracorporeal circulation pathways.

The release addresses a material problem that has persisted in conventional peroxide-cured silicone tubing. During peroxide vulcanization, the decomposition of peroxide initiators generates residual byproducts within the crosslinked matrix. When post-cure processing fails to remove these residuals completely, they gradually migrate out of the tubing matrix and into any fluid in contact with it. In drug delivery contexts, this leaching introduces contaminants into fluids in contact with the tubing. Over time, the same residuals cause the visible yellowing and surface blooming that indicate a peroxide-cured tube is no longer serviceable. Ruixiang Silicone's platinum-catalyzed addition cure process generates no such residual byproducts. The reaction proceeds through direct addition chemistry, in which vinyl and hydride siloxane groups combine to form new carbon-silicon bonds without releasing any small-molecule byproducts. Because no residuals are produced in the first place, no high-temperature post-cure cycle is required. For medical device manufacturers evaluating peroxide cure versus platinum cure silicone tubing for regulated applications, this distinction directly affects material qualification documentation requirements.

The practical result is tubing that remains colorless and transparent through extended storage and repeated autoclave sterilization. The optical clarity of the tubing also enables visual inspection of fluid lines during operation.

Dimensional Tolerances and Process

In peristaltic pump applications, wall distribution inconsistency translates directly to flow rate error over thousands of operating hours. Ruixiang Silicone holds inner and outer diameter tolerances to ±0.02 mm using a vertical extrusion process, where gravity-assisted material flow supports consistent wall distribution across the tube cross-section. The minimum processable inner diameter is 0.14 mm with a wall thickness floor of 0.1 mm. These specifications bring the product into range for micro-catheter assembly and precision infusion device manufacturing.

Production runs through GMP-compliant cleanrooms rated at ISO Class 8 (Class 100,000) and Class 300,000 per Chinese national standard GB 50073, inside a 5,000 m² facility in Dongguan, Guangdong Province.

Regulatory Certifications

Ruixiang Silicone's platinum-cured medical silicone tubing carries the following certifications:

USP Class VI: highest classification in the USP plastics testing series, required for medical consumable supply chain qualification in North America.
ISO 10993: biocompatibility evaluation per international medical device framework, the primary reference standard for European market qualification.
ISO 13485:2016: quality management system certification for medical device manufacturing.
FDA-registered facility: manufacturing site registered with the U.S. Food and Drug Administration.

"Cardiac assist and hemodialysis procurement teams run long qualification cycles. The biocompatibility and extraction data they require takes time to generate regardless of who the supplier is. We completed that process on the platinum-cure line so customers entering those device categories are working with material that already carries the documentation. At the dimensional tolerances this product operates at, wall distribution inconsistency is not recoverable in post-processing. The vertical extrusion line was built around that constraint from the start." 

— Feng Zhen Huang, CEO of Ruixiang Silicone.

About Ruixiang Silicone

Ruixiang Silicone is a Dongguan-based manufacturer of platinum-cured medical-grade silicone tubing and components, founded in 2012. The company serves extracorporeal cardiac assist systems, micro-infusion, hemodialysis, GMP biopharmaceutical, and food-grade fluid handling applications across more than 50 countries. Its products carry USP Class VI, ISO 13485:2016, LFGB, RoHS, and REACH certifications, are manufactured at an FDA-registered facility, and are biocompatibility evaluated per ISO 10993. Standard prototype turnaround for OEM and ODM customers is 48 hours. Ruixiang Silicone reports over 5,000 enterprise clients across medical device, biopharmaceutical, and food-grade fluid handling sectors.

Website: www.medicalsiliconetube.com

Media Contact
Olivia Ou
Dongguan Ruixiang Precision Silicone Products Co., Ltd.
Email: olivia@dgruixiang.com
Tel: +86 18819110575

** This press release is distributed by PR Newswire through automated distribution system, for which the client assumes full responsibility. **

Ruixiang Silicone Releases Platinum-Cured Medical Silicone Tubing for Cardiac, Infusion, and Hemodialysis Device Manufacturers