Funds containing a mix of basic and supplemental CPP accounts fell 4.2% in the most recent quarter, according to the Canada Pension Plan Investment Board.
CPPIB ended the quarter with net assets of $523 billion, compared to $539 billion at the end of the previous quarter.
The Board said the $16 billion reduction in net assets for the quarter consisted of a net loss of $23 billion and net transfers from the Canada Pension Plan of $7 billion.
The Board said the Fund's quarterly results were driven by losses in public equity strategies due to the significant decline in global equity markets.
Private also said investments in equity, credit and real estate contributed slightly to the loss in the quarter.
CPPIB's CEO John Graham said he expects "turmoil" in the business and investment environment to continue throughout the financial year.
