The Healthcare of Ontario Pension Plan earned a net return of 7.7% for 2025.
The pension fund manager says its net assets grew to $132 billion at the end of last year, up from $123 billion at the end of 2024.
HOOPP says its returns were driven by its investments in public equities, while fixed income investments delivered stable income and performed well as interest rates declined.
It says its private market investments generated positive, though more moderate, returns.
The pension fund said it was fully funded at the end of the year, meaning the plan assets exceeded future pension liabilities, with a funded status of 109%.
HOOPP manages the pension fund for more than 500,000 people and more than 870 participating employers in the health care sector in Ontario.