www.pgcitizen.ca | Saturday, February 14, 2009 7 news news tip? call 562-2441, local 759 Canada Pension Plan Stock market jitters shrink fund Gary Norris The Canadian Press TORONTO -- The Canada Pension Plan Fund is suffering from the stockmarket cataclysm like most institutional investors, but says it has big advantages over others as it surveys a world of cutprice assets. The Canada Pension Plan Investment Board reported Friday an $8.5-billion drop in the value of the CPP Fund during the October-December quarter to $108.9 billion, as plummeting stock markets caused an investment loss of 6.7 per cent. For the first three quarters of the fiscal year, the CPP Fund's assets shrank by $13.8 billion. A nine-month investment loss of $17.4 billion or 13.7 per cent was partly offset by worker and employer contributions of $3.7 billion. But CPP Investment Board president David Denison stressed in a conference call that the fund is "strong and sustainable," and although market conditions are creating near-term declines, they offer long-term opportunities - many of them outside Canada. "The primary factor affecting performance in the quarter was the sharp decline in public equity markets," Denison said, noting that Canada's S&P/TSX index dropped 23.5 per cent in three months while the U.S. Standard & Poor's 500 fell 22.5 per cent. The board is managed independently from the Canada Pension Plan and invests surpluses in the fund to help pay the future pensions of 17 million Canadians when they retire. The pension plan admisters monthly benefits paid to retired Canadians. Other Canadian pension funds - from the Caisse de depot in Quebec, to the Teachers Pension Plan Board and OMERS in Ontario and the B.C. Investment Management Corp. in Western Canada - face investment losses because of plunging stock markets. At the CPP board, the impact of the stock-market carnage was mitigated by the fund's holdings of bonds, real estate, infrastructure and other assets. Denison added that the CPP board is not forced to sell at current low levels, and instead is "well positioned to acquire assets at attractive prices." He noted that tight credit markets are making it hard for companies and private-equity players to fund large transactions, and the CPP Fund has a "competitive advantage" in making deals because it does not depend on borrowing. The fund has 48.7 per cent of its assets in Canada and 51.3 per cent invested globally, and Denison said the foreign proportion will expand in future years. "The reality is - the sheer mathematics of Canada's percentage of global capital markets - we're going to see many more opportunities on a dollar-weighted basis outside of this country." He also said the board is insulated from any political pressure to buy Canadian. 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Only $50 per person Valid Feb 16th Only Check out details at www.powderking.com 651009 1 866 POWKING Wholesome fun for the whole Family When choosing cremation... Contact our knowledgeable, caring staff for information on a variety of cremation interment and memorialization alternatives we offer. PLANNING for TOMORROW DRIVER RESCUED -- Emergency crews rescued a woman from and SUV after a collision at Second Avenue and Queensway at about 5 p.m. Friday.The jaws of life were not needed when rescuers were able to open the passenger side door to get her out. Citizen photo by David Mah Memorial Park Cemetery City of Prince George For personal appointment call 250-561-7679 00651860 C130 simulators to train Canadian Forces pilots The Canadian Press MONTREAL -- CAE's effort to offset an expected slowdown in civil aviation was given a boost Friday when Ottawa awarded a $329.5-million contract to train Canadian Forces crews on new transport aircraft. An estimated 330 jobs will be created for three years as CAE designs and develops the simulators for Canada's new fleet of 17 C130J Hercules tactical airlift planes. Training in a new centre at CFB Trenton in eastern Ontario will add another 50 jobs over 20 years, starting in 2012. "Not only does today's announcement ensure that the men and the women of the Canadian Forces will get the best flight training, it will also create well-paying jobs now and for the 20-year lifetime of the contract not just here in Montreal but in locations across the country," Prime Minister Stephen Harper said in announcing the contract. Harper said the contract is part of the Conservative government's commitment to modernize Canada's military and provide jobs during a period of economic upheaval. The C-130J is an upgraded version of the aircraft Canada has flown for decades. The new transport will be used for missions inside the country, in foreign assignments and for humanitarian work around the world. 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