The era of passive investing is passing, John Graham says
The CEO of the $529-billion pension asset manager is happy to see 2022 – marked bylockdowns, Russia’s invasion of Ukraine, supply chain upheaval, high inflation and soaring interest rates – in the rear-view mirror.
For most of the past 20 years, Mr. Graham suggests, investors of all stripes capitalized on a series of tailwinds helping the global economy. Those included cheap borrowing rates, low inflation and what seems in hindsight like a relatively benign political environment. In combination, those factors provided a rising tide for investors, and passive investing strategies gained hugely in popularity.
CPP manages money for the Canada Pension Plan, the primary national retirement program for working Canadians, with about 21 million contributors and beneficiaries. Since it was created in 1997, CPPIB has increasingly embraced active management, shifting a greater share of its investments into assets such as real estate, infrastructure and private equity, in addition to public stocks and bonds.
In spite of the many challenges roiling markets, he also enumerated some positive signals that are buoying investor sentiment: A reopening in China after draconian COVID-19 lockdowns, inflation starting to come down, a comparatively warm winter in Europe easing pressure on energy supply and a decent start to the year in equity markets.
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