Teachers pension fund: Main position trades in 4Q14 (Part 1 of 11)
OTPP’s portfolio value slightly increases
The Ontario Teachers’ Pension Plan, or OTPP, also referred to as “Teachers,” is the largest single-profession pension plan in Canada. The fund had $140.8 billion in net assets as of December 31, 2013.
Teachers filed its third-quarter 13F earlier this month. In this series, we’ll go through some of the top Teachers holdings traded in the quarter that ended in December. The fund’s portfolio was valued at $13.2 billion, up from $12.4 billion in the previous quarter. The portfolio included 691 stocks.
Position highlights in 4Q14
During the fourth quarter, the fund almost halved its position in the iShares MSCI Emerging Markets ETF (EEM) to 25,910,917 shares, down from 48,910,917 shares in 3Q14. The fund added new stakes in PRA Health Sciences (PRAH), Qualcomm (QCOM), and TRW Automotive Holdings (TRW). It raised its stakes in Macerich Co. (MAC), Bank of America (BAC), and Amazon.com (AMZN). Notable positions sold were those in Shire PLC (SHPG) and Citizens Financial Group (CFG), and stakes were lowered in Canadian Natural Resources (CNQ) and Republic Services (RSG).
More about OTPP
OTPP is an independent organization. It invests in pension fund assets. It administers the pensions for 307,000 active and retired teachers in Ontario. In April, OTPP said it saw a 10.9% rate of return for the year ending December 31, 2013. This boosted net assets to $140.8 billion—up from $129.5 billion at the end of 2012.
A release from OTPP cited CEM Benchmarking’s data for the ten years ending in 2012. It said, “OTPP’s total returns and value-added returns were the highest among large, global peer pension funds.”
In the next part of this series, we’ll discuss OTPP’s new position in PRA Health Sciences.
Continue to Part 2
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