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The Ontario Teachers’ Pension Plan Board says it earned a total-fund net return of 8.6% last year.

The pension fund manager says net assets totalled $221.2 billion at Dec. 31, 2020, up $13.8 billion from a year earlier.

Ontario Teachers’ said it earned $18.0 billion in investment income in 2020.

Ontario Teachers’ chief investment officer Ziad Hindo said the pandemic highlighted the importance of robust portfolio diversification across different assets, geographies and sectors.

The results were a result of significant exposure to fixed income and performance by the fund’s public and private equity assets, Hindo said

The pension plan was fully funded as of Jan. 1 with a funding ratio of 103%.