REFILE-UPDATE 2-Canada pension plan warns of more Brexit uncertainty

Thu Aug 11, 2016 10:52am EDT
 
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(Removes incorrect day of week in second paragraph)

* Investment gains slow to 1.5 pct in latest quarter

* Fund achieved 3.7 percent gain in last fiscal year

* CEO says Brexit uncertainty to be protracted

By Matt Scuffham

TORONTO, Aug 11 (Reuters) - The Canada Pension Plan Investment Board warned on Thursday of more uncertainty following Britain's decision to leave the European Union after the vote curbed gains in its investments during the last quarter.

The CPPIB, which manages Canada's national pension fund, reported gross investment returns of 1.5 percent for the first quarter ended on June 30, a slowdown from the 3.7 percent gain it achieved in the fiscal year to March 31.

Chief Executive Officer Mark Machin, who is British, said global investors had experienced ongoing volatility during the quarter, generating mixed results across major equity markets.

In an interview, he said there had been "very extreme volatility" immediately after the June 23 "Brexit" vote, followed by a rebound that was only partially reflected in first-quarter results.   Continued...