{"id":57637,"date":"2025-03-20T18:58:16","date_gmt":"2025-03-20T18:58:16","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/20\/ontario-teachers-pension-plan-ceo-says-defence-is-a-good-bet\/"},"modified":"2025-03-20T18:58:16","modified_gmt":"2025-03-20T18:58:16","slug":"ontario-teachers-pension-plan-ceo-says-defence-is-a-good-bet","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/20\/ontario-teachers-pension-plan-ceo-says-defence-is-a-good-bet\/","title":{"rendered":"Ontario Teachers&#8217; Pension Plan CEO says defence is a good bet"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Trade wars and geopolitical unrest injecting uncertainty, hard choices into the investing game for pensions<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Barbara Shecter straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/bshecter\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 20, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"852df730-10ef-406c-909f-6062bd40fa2f\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=yEKjGDpBz2lDxsaGI4KGFA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=TXUvVU_4fAHoADOUipcMew 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=rrMy4O9Lr_WbZgZ7hDlsOg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=uw7UhA6_OxHh3o-IuWDoAQ 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=zOyaZwqZvhxq2DN3bdzKWw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=uviYrHunLsjeaLMhJ8NbKw 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=mYrVIL34qQLypecVTWnTtQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=JDcyntkllmgTd0Gus8wEEg 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=VKATFXAnq-kBQWPZR49rKg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/PJT-Teachers-Pension-Plan-3-.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=3nvd6h1x-JPKVoFBP_xP7g 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">A person walks past signage for The Ontario Teachers Pension Plan in Toronto\u2019s Financial District on Sept. 16, 2024. <\/span> <span class=\"credit\">Photo by Peter J. Thompson\/National Post<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">There will be winners and losers as United States President Donald Trump shakes up the world order through tariffs and shifting military strategies, but one area poised to prosper is defence, says Jo Taylor, chief executive of the Ontario Teachers\u2019 Pension Plan Board.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cIf you look for a sector where there\u2019s going to be more activity and investment over the next five years, it probably is in defence, for all the reasons you know and you\u2019ve seen,\u201d he said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment4797483889366445970035623889731584\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header 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authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Since taking office in January, Trump has repeatedly spoken about a handful of global ambitions: taking control of the strategically important Panama Canal, taking over Greenland, a semiautonomous island economically tied to Denmark, and imposing economic pain on Canada with a view to making it his country\u2019s 51st state.<\/p>\n<p data-async=\"\">In February, a broadcasted meeting between Trump and Ukraine President Volodymyr Zelenskyy in the Oval Office erupted into a testy exchange, with Trump saying Ukraine would be lost without U.S. support and that Zelenskyy didn\u2019t \u201chave the cards\u201d to set the agenda on the U.S.\u2019s attempts to broker a ceasefire with Russian President Vladimir Putin.<\/p>\n<p>Taylor said the $266.3-billion Teachers\u2019 pension plan, which on Thursday reported a total fund return of 9.4 per cent for the year ended Dec. 31, 2024, will be cognizant of its members\u2019 views on assets in the defence sector when making investment decisions.<\/p>\n<p>Last year, teachers\u2019 unions called on the pension plan to stop investing in weapons manufacturers.<\/p>\n<p>\u201cWe want to be careful about that \u2026 our values and our relationship with our members. They have strong views about what they are comfortable with us investing in in that sector and where they\u2019d probably be less comfortable,\u201d he said.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot16 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste4663852977725923910762283491393536\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.2.2\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment9431343256303546014680313734627328\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cWe also screen companies out there where we think that doesn\u2019t meet those objectives. But that will be one sector where you could say, \u2018Look, actually, it looks like it\u2019s going to have some future growth.\u2019\u201d<\/p>\n<p>Taylor said tariffs and further trade threats Trump is making about Canada and other trading partners, and the resulting ripple effects, including countertariffs, are injecting uncertainty into investing.<\/p>\n<p>Canada and the U.S. are where the bulk of Teachers\u2019 assets reside, so the fund is looking very closely at the models it uses to determine whether to rebalance where to put its money.<\/p>\n<p>The trade wars and other protectionist policies are likely to drive more need for local partnerships and potentially influence investments around the world, including in Asia, Taylor said.<\/p>\n<p>\u201cWe haven\u2019t decided yet to change any of our models about how we analyze or the risk we take because we\u2019re at the lower end of the risk spectrum overall, and our portfolios are currently in the sort of neutral-to-defensive zone,\u201d he said.<\/p>\n<p>However, about $99 billion of Teachers\u2019 assets are in the U.S., which remains a key part of the fund\u2019s diversified portfolio of public and private assets, including infrastructure, private equity and real estate.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment2540903828688757505814233855557632\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cWe have significant assets in the U.S. It\u2019s been a very profitable territory for us for a long time. It\u2019s got a lot of attractive things still very much working for it,\u201d Taylor said. \u201cThe question is: How much more do we want to build on top of that versus other parts of the world?\u201d<\/p>\n<p>He said navigating the Trump administration while maintaining good risk-adjusted returns will involve assessing regulation and other factors state by state.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u201cIt\u2019s a state decision as much as a federal decision, so there\u2019ll be certain states where it\u2019s probably easier for us to see a way of navigating both regulation and future returns and where it\u2019s more difficult,\u201d he said.<\/p>\n<p>Teachers\u2019 often partners with other funds when investing, and Taylor said there is likely to be an uptick in this style of investing in the U.S. to reduce risks from potential hurdles such as regulatory changes.<\/p>\n<p>\u201cProbably now is the time to be doing more with local U.S. partners so that we actually get that covered to some extent, and also that local interpretation of what\u2019s going to work and what\u2019s not going to work so well,\u201d he said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment9923582923902711236410058236493824\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In some cases, Taylor said the Trump administration\u2019s protectionist policies could influence where Teachers\u2019 invests in other parts of the world.<\/p>\n<p>\u201cTaiwanese semiconductors would be an example,\u201d he said, adding that if the fund invests in U.S. semiconductors, there could be prohibitions, regulatory or otherwise, placed on investments elsewhere.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<section aria-labelledby=\"moreTopicLabel6040893421684204999365990155288576\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" teachers=\"\" set=\"\" to=\"\" shut=\"\" hong=\"\" kong=\"\" office=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The Ontario pension has taken several steps to reduce China exposure, shutting down its Hong Kong-based China public equities team in 2023 and pausing direct investments in private assets in China.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-hong-kong.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=TRM8FS4pelD7FfKWnILDQQ\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-hong-kong.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=WOxGH_s8rNHA0yZd7f0FOg\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-hong-kong.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=TRM8FS4pelD7FfKWnILDQQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-hong-kong.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=zPoIZBhPZvI-FAODb_p2uw 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0320-mg-hong-kong.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=FMVnLLxdnhv2jVIUdWz_Vw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Ontario Teachers\u2019 set to shut Hong Kong office<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" buying=\"\" amica=\"\" from=\"\" ontario=\"\" teachers=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Ontario Teachers' Pension Plan first invested in Amica Senior Lifestyles in 2010 and took the company private in a deal with management in 2015.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0303otpp.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=f08tgEZZhlpkSzoNvpbmug\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0303otpp.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=wm7PQfSnT599hfXODycv4A\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0303otpp.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=f08tgEZZhlpkSzoNvpbmug, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0303otpp.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=3UXu2NsagSNo7iC6ZqSJFQ 2x,&#10;                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0303otpp.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=PRXQgJSDrCV7E_6RAcczUg 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Welltower buying Amica from Ontario Teachers&#8217;<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>\u201cAt some point, it\u2019s quite possible that we will find that,\u201d he said. \u201cAre you predominantly investing in the U.S. space, semiconductor manufacturers, or things out of Asia?\u201d<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><span data-olk-copy-source=\"MessageBody\">Teachers\u2019 has turned in a 10-year annualized net return of 7.4 per cent and a 9.3 per cent return since inception.<\/span><\/p>\n<p data-async=\"\"><em>\u2022 Email: bshecter@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Ontario Teachers&#8217; Pension Plan CEO says defence is a good bet<\/a><br \/>\n<br \/>2025-03-20 18:58:16<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Trade wars and geopolitical unrest injecting uncertainty, hard choices into the investing game for pensions Get the latest from Barbara Shecter straight to your inbox Sign&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-57637","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=57637"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/57638"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=57637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=57637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=57637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}