The Canada Pension Plan Investment Board says its fund, which includes the combination of the base CPP and additional CPP accounts, lost 4.2 per cent in its latest quarter.
CPPIB ended the quarter with net assets of $523 billion, compared to $539 billion at the end of the previous quarter.
The board says the $16 billion decrease in net assets for the quarter consisted of a net loss of $23 billion and $7 billion in net transfers from the Canada Pension Plan.
The board says the fund's quarterly results were driven by losses in public equity strategies, due to the broad decline in global equity markets.
It also says investments in private equity, credit and real estate contributed modestly to the losses this quarter.
CPPIB CEO John Graham says he expects "turbulence" in the business and investment environment to persist throughout the fiscal year.