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The Canada Pension Plan Investment Board says its net assets grew 4% over the past three months, yielding a record 10-year annualized net return of nearly 12%.

CPP Investments says its net assets for the quarter ended Sept. 30 totalled $541.5 billion, up from $519.6 billion at the end of the previous quarter.

The quarter-over-quarter increase came as the fund, which includes the base CPP account and additional CPP accounts, earned a return of 3.8%, net of all costs, in its second quarter.

The $21.9-billion increase in net assets comprised $19.8 billion in net income after costs and $2.1 billion in net Canada Pension Plan contributions.

Chief executive John Graham said the quarterly results were driven by a boost in the value of all private equity programs, contributions from real assets and credit investments, and gains from foreign exchange as the fund enjoyed a rebound in the U.S. dollar against the loonie.

Public equity active programs were “flat,” he added.

He said the annualized net return of 11.6% reflects the benefits of diversification and “investment selection.”

Almost $150 billion was invested in public equities, compared to $141.2 billion in private equities and $108.7 billion in government bonds. Real assets totaled $111.5 billion and credit $81 billion, a release said.

“As we emerge from the impact of the global pandemic, our teams continue to execute across the organization to deliver sustainable long-term growth for the fund,” Graham said in a statement Friday.