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The Canada Pension Plan Investment Board says it earned a net return of 1.9% for its third quarter.

Chief executive John Graham says the gains came due to a rebound in public equity markets, while the fund’s private asset values remained relatively flat.

The county’s largest pension fund manager says its net assets at Dec. 31 totalled $536 billion, up from $529 billion at the end of the previous quarter.

CPP Investments says the increase included $10 billion in net income, less $3 billion in net Canada Pension Plan outflows.

The fund noted that it typically receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments topping contributions in the final part of the year.

For the nine months ended Dec. 31, CPP Investments says the fund posted a net return of negative 2.2%.