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Management may attribute that to bad luck. After all, how could anyone have anticipated a global pandemic? On the other hand, during a wild bull market you will never hear money managers telling their clients, decided to forego performance pay this quarter because, frankly, we just got lucky. They would be boasting about their investment savvy all the way to the bank.A major difficulty in measuring CPPIB performance is that 48.5 per cent of its portfolio is in private investments and real assets, which cannot be marked to market in real time.

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