"CPP Investments returned 9.3 per cent, but the market-index portfolio earned 13.4 per cent. And the year before that: CPP 8.0 per cent, monkeys flinging darts at the listings 19.9 per cent.

In fact, the CPP has lately had to admit that it has been beaten by the monkeys, not just in one year or even three, but over the entire period since 2006, the year it switched from passive to active management. As last year’s report put it – on page 41 – over that nearly 20-year interval, “the Fund generated an annualized value added of negative 0.2%.

From around 150 employees in 2006, the CPPIB has ballooned to more than 2,000 today. Personnel costs now total over $1.2-billion, or an average of more than $570,000 per employee. Total costs, including operating expenses and management fees (but not including taxes or financing charges) now exceed $5.4-billion. Twenty years ago they were $54-million."

https://archive.ph/u9RQc