HOOPP

HOOPP — Ontario healthcare DB pension; official CAD $131.9B net assets at 31 Dec 2025; 109% funded; CEO Annesley Wallace; CIO Michael Wissell. No invented USD headline.

UAO Editorial September 11, 2026 37 min read

UAO Registry · Top 100 · Rank 66 · Public pension (healthcare) · Canada · Last researched Friday 11 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

HOOPP (Healthcare of Ontario Pension Plan) is one of Canada’s leading defined-benefit pension plans dedicated to Ontario’s healthcare community. Founded in 1960 by the Ontario Hospital Association (then the Hospitals of Ontario Pension Plan), it became an independent private trust in 1993 and adopted its current name in 2010. Official site: hoopp.com. Head office: One York, Toronto.

Prefer official Canadian dollars (CAD) from hoopp.com — do not invent a USD headline AUM. Opened dated scale for this pack: CAD $131.9 billion net assets at 31 December 2025 (10 March 2026 newsroom rounds to $132 billion), up from $123.0 billion at 31 December 2024. UAO Instantiations still carried a stale C$123B (~US$90B) band from YE2024 — treat Instantiations USD as stale/secondary; headline figures on this profile are official CAD only.

Leadership verified on the live Executive and Senior Leadership Team page (and Instantiations): President & Chief Executive Officer Annesley Wallace (effective 1 April 2025); Chief Investment Officer Michael Wissell; Chief Financial Officer Reena Carter. 2025 Board messages: Chair Anthony Dale; Vice Chair Dan Anderson.

2025 results opened on official newsroom and Annual Report: net return 7.7% (real 5.3%); net investment income $9.7 billion; funded status 109%; ten-year annualized net return 7.8% versus a 5.9% benchmark; Canadian investments about 49% of the portfolio; membership above 504,000 with 870+ employers; benefits paid $4.1 billion. Related Registry hubs: OMERS, Ontario Teachers’ Pension Plan, CDPQ, CPP Investments, BCI, NBIM.

Speakable summary

HOOPP is the Healthcare of Ontario Pension Plan, a jointly sponsored defined-benefit plan for Ontario’s healthcare workers. Prefer official CAD: $131.9 billion net assets at 31 December 2025, often described as $132 billion. Annesley Wallace is President and CEO. Michael Wissell is Chief Investment Officer. The 2025 net return was 7.7 percent and the Plan was 109 percent funded. About half the Fund is invested in Canada. HOOPP is a private independent trust, not a sovereign wealth fund.

Mandate & ownership

Official Annual Report language: HOOPP is a contributory, defined benefit, multi-employer pension plan registered under the Pension Benefits Act (Ontario) and the Income Tax Act (Canada), and regulated as a jointly sponsored pension plan under the PBA. Mission: to deliver on our pension promise. Vision: building a stronger financial future for the healthcare community.

Governance foundation: the Agreement & Declaration of Trust originally dated 22 November 1993 (most recently amended and restated effective 1 December 2021), entered into by the Ontario Hospital Association and four settlor unions: Ontario Nurses’ Association (ONA), Canadian Union of Public Employees (CUPE), Ontario Public Service Employees Union (OPSEU), and Service Employees International Union (SEIU).

What the mandate is: secure lifelong defined-benefit pensions for nurses, medical technicians, food services and housekeeping staff, physicians and other healthcare workers across hospitals, long-term care, community health, physician practices and related Ontario employers. What it is not: not a sovereign wealth fund; not a central-bank reserve manager; not OMERS or OTPP; not a U.S. public teacher system; not a corporate DC-only plan.

Disambiguation

  • ≠ OMERS — municipal/broader public-sector Ontario plan; different sponsors, AUM prints, and leadership (Blake Hutcheson; no live CIO field).
  • ≠ Ontario Teachers’ Pension Plan — Ontario teachers’ plan; different membership and investment platform.
  • ≠ CDPQ / ≠ CPP Investments / ≠ BCI — different Canadian asset-owner mandates.
  • ≠ Hospitals of Ontario Pension Plan (legacy name only) — historical brand before the 2010 Healthcare of Ontario rename; same legal Plan lineage.
  • Currency — headline AUM on this page is CAD; do not substitute Instantiations ~US$90B as the live headline.

Scale & portfolio

At 31 December 2025, HOOPP reported CAD $131.9 billion net assets (smoothed asset value $131.6 billion; pension obligations $120.8 billion; smoothed surplus $10.8 billion). Newsroom headline: net assets grew to $132 billion from $123 billion at end-2024.

Total fund framing (YE2025)

MetricOfficial printSource framing
Net assets$131.9 billionAR2025 / MD&A
Newsroom net assets$132 billion10 Mar 2026 results
Prior-year net assets$123.0 billion31 Dec 2024
Net return 20257.7% (5.3% real)AR2025 / newsroom
Net investment income$9.7 billionAR2025 / newsroom
Funded status109% (smoothed & NAV)AR2025
10-year annualized net7.8% vs 5.9% benchmarkAR2025 / newsroom
Canada exposure~49%AR2025 / newsroom
Capital markets / private markets65% / 35%AR2025 allocation chart

Geographic exposure at year-end 2025 (Annual Report): Canada 49%, United States 29%, Europe 13%, Asia-Pacific 7%, other 2%. Asset-class performance detail is expanded in the annexes below — public equities were the primary 2025 driver (22.2% net return; $7.1 billion net investment income), while private markets were more muted in a challenging valuation environment.

Governance & leadership

The Board comprises 16 voting members: eight appointed by the Ontario Hospital Association and two by each settlor union (ONA, CUPE, OPSEU, SEIU). Up to eight non-voting observers may also be appointed. Each trustee has a fiduciary duty to act in the best interests of Plan members and beneficiaries. 2025 Chair and Vice Chair messages are signed by Anthony Dale and Dan Anderson.

Executive leadership (live management-team page): President & CEO Annesley Wallace; CIO Michael Wissell; CFO Reena Carter; Chief Risk and Strategy Officer Linda Halley; Chief Legal Officer Mary Abbott; Chief Pension Officer Noam Sela; Chief Human Resources Officer Cathy Sprague; Chief Technology, Data & AI Officer Damien Steel; Chief of Staff and Corporate Secretary Angela Waite. Board-appointed CEO transition: Wallace announced 2 December 2024, effective 1 April 2025, succeeding Jeff Wendling (CEO since 2020; more than 26 years with HOOPP).

Five Board committees support oversight: Asset-Liability; Audit and Finance; Governance; Human Resources and Compensation; and Plan. Day-to-day administration and Fund management are delegated to the Plan Manager (CEO), with sub-delegations reviewed regularly. External advisors retained as needed may include the plan actuary, external auditor (PricewaterhouseCoopers LLP for the 2025 statements), legal counsel, compensation advisor and climate advisor.

Investment philosophy

Official investment objective: deliver on the pension promise by maintaining a fully funded Plan and managing funding risk through market cycles. Every investment decision is evaluated through a balance-sheet lens focused on strong, long-term, risk-adjusted returns that support contribution-rate sustainability and benefit security.

Effective 1 January 2026, HOOPP adopted a Total Portfolio Approach (TPA) to investing and portfolio construction — formalizing integrated capital allocation across public and private markets, breaking down traditional asset-class silos, and preserving accountability under Board-approved risk guardrails. TPA operates together with Liability-Aware Investing (LAI): assets and liabilities managed as one integrated balance sheet, with attention to inflation sensitivity, funding objectives and liquidity.

Investment leadership reports through CIO Michael Wissell. Official investment-leadership page lists heads spanning global capital markets (Shrirang Apte), global real estate (Chris Holtved), global infrastructure (Chantale Pelletier), public equities, credit, total portfolio, balance-sheet and liquidity, asset-liability management, and sustainable investing. Strategic partnerships are described as vital for scale, specialized expertise and global opportunity sets.

Climate / ESG / stewardship

HOOPP’s Sustainable Investing strategy uses a three-pillar framework: Sustainable Insights, Sustainable Opportunities, and Sustainable Portfolio. Climate Change Strategy (early 2023): goal of net-zero portfolio emissions by 2050 (Scope 1 and 2 of investments, referencing SBTi / Net-Zero Asset Owner Alliance guidance), with interim 2025 and 2030 targets. Official 2025 results: all 2025 interim targets achieved; newsroom cites a 37% carbon-footprint reduction versus the 2021 baseline; AR2025 charts a portfolio carbon footprint path toward 28 tCO2eq/$M versus a 41 baseline.

Stewardship: in 2025 HOOPP voted on over 8,800 proposals at shareholder meetings; more than two-thirds related to director elections. Canadian green and sustainable bonds in the bond portfolio exceeded $1.2 billion at year-end 2025. Activity-based 2025 targets included 80%+ assets providing reported carbon emissions (result 83%), commencing Scope 3 tracking (30% of PCF coverage), and excluding new direct investments in private thermal coal and oil exploration and production companies.

Performance & reporting

Primary transparency stack: home and Plan performance pages on hoopp.com; annual reports (PDF archive for 2020–2025); audited consolidated financial statements in the Annual Report; climate disclosures supplement; newsroom results releases. 2025 Annual Report signed for financial reporting responsibility by {AW} and {RC} (10 March 2026).

Long-horizon returns opened in AR2025: 2025 net 7.7% versus benchmark 8.6% (relative −0.9%); 2024 net 9.7% versus 8.7%; ten-year 7.8% versus 5.9%; twenty-year 8.4% versus 6.7%. Real returns: 2025 5.3% (within the 4.5–6.5% long-term real-return goal band in the 2030 Strategic Plan).

Controversies & debates

Official attributable items first. Annual Report Risk Management notes HOOPP’s involvement in tax proceedings in certain European countries related to legacy dividend tax refund claims filed between 2011 and 2018 (Note 17 of the Consolidated Financial Statements), stating these matters will not impact HOOPP’s ability to pay pensions. Label any secondary press about executive transitions, compensation redesigns, or private-market valuation debates as secondary unless corroborated on hoopp.com.

Funding optics: smoothed funded ratio eased from 111% (2024) to 109% (2025) while NAV funded status held at 109%. AR2025 attributes the smoothed movement partly to higher-than-assumed wage growth and continued recognition of 2022 investment losses over a five-year smoothing window — described as mechanical rather than a deterioration in underlying financial health, with a further expected smoothed decline in 2026 as remaining 2022 losses are recognized.

Timeline

  • 1960 — Ontario Hospital Association establishes the Hospitals of Ontario Pension Plan.
  • 1993 — Becomes an independent private trust with jointly sponsored Board (OHA + four settlor unions); ADT dated 22 November 1993.
  • 2004 — Contribution rates set at levels that remain unchanged through the opened 2025 reporting (stability extended at least through end-2027).
  • 2009 — Begins continuous fully funded stretch (16 consecutive surplus years through 2025).
  • 2010 — Renamed Healthcare of Ontario Pension Plan.
  • 2020 — Inaugural Sustainable Investing approach; Jeff Wendling becomes CEO.
  • Early 2023 — Climate Change Strategy / net-zero 2050 portfolio goal published.
  • 2 Dec 2024 — Board appoints Annesley Wallace President & CEO effective 1 April 2025.
  • 2025 — 65th anniversary year; 2030 Strategic Plan launch; SickKids joins; 500,000+ members; YE net assets $131.9B; 109% funded; 7.7% net return.
  • 1 Jan 2026 — Total Portfolio Approach effective.
  • 10 Mar 2026 — Official 2025 results newsroom release.

Official video

Official YouTube (Healthcare of Ontario Pension Plan – HOOPP channel): HOOPP’s 2025 Annual Results. Embed uses YouTube nocookie. Structured as VideoObject in page JSON-LD.

Source: youtube.com/watch?v=mr8UdslJXek.

Annex: AUM & currency honesty (CAD)

Hard editorial lock for this profile: official CAD only as headline AUM. Primary prints: AR2025 net assets $131.9 billion at 31 December 2025; newsroom $132 billion; prior year $123.0 billion. Do not convert these figures to a UAO-invented USD headline. Instantiations rank-66 aum band (~US$90B on C$123B YE2024 language) is stale relative to YE2025 official CAD and must not replace hoopp.com.

Related CAD Canadian peers on UAO already follow the same currency discipline (for example OMERS net assets printed in CAD). Any third-party USD league-table figure is secondary and must be labelled if cited elsewhere.

Annex: Returns & income tables

HorizonNet returnBenchmarkRelativeNotes
20257.7%8.6%−0.9%CPI 2.4%; real 5.3%
20249.7%8.7%+1.0%Real 7.9%
10-year7.8%5.9%+1.9%Real 5.0%
20-year8.4%6.7%+1.7%Real 6.2%
Book (2025)Net investment incomeNet return
Fixed income$1.4B2.1%
Public equities$7.1B22.2%
Other capital markets$0.2BN/A
Total capital markets$8.7B11.7%
Real estate$0.2B1.1%
Private equity$0.6B3.6%
Infrastructure$0.1B1.8%
Private credit$0.1B0.9%
Total private markets$1.0B2.1%
Total Fund$9.7B7.7%

Note from AR2025: asset-class returns and income above are before deducting investment operating expenses; Fund net return is after all investment costs.

Annex: Asset class & geography

Total fund asset allocation at 31 December 2025: capital markets 65% and private markets 35%. Fixed income is described as the foundation of LAI — stable income, liability-sensitivity management, and high-quality collateral. Inflation-linked bonds remain important given inflation-sensitive liabilities. Bank of Canada policy rate ended 2025 at 2.25% after a cumulative 100 bps of cuts in the year (AR2025 narrative).

Public equities: low-cost exposure to global growth; 2025 path included a sharp mid-February to early-April correction (S&P 500 decline described as close to 20%) followed by stabilization as policy clarity improved and the Federal Reserve resumed cuts in September. Other capital markets strategies (liquid credit, discretionary derivatives, structured credit, convertibles/merger arb, alternatives, FX overlay, balance-sheet financing) contributed $0.2 billion net investment income.

Annex: Funding, COLA & contributions

Funding item20252024
Net asset value ($B)131.9123.0
Asset smoothing adjustment ($B)−0.32.0
Smoothed asset value ($B)131.6125.0
Pension obligations ($B)120.8112.6
Surplus (smoothed) ($B)10.812.4
Funded ratio (smoothed)109%111%
Funded ratio (NAV)109%109%

Discount rate assumption unchanged at 5.65% (inflation 2.00% + real discount 3.65%). Sensitivity opened in AR2025: +1.00% discount → obligations $104.1B (−14%); −1.00% → $142.6B (+18%). Contribution rates: 6.9% up to YMPE and 9.2% above YMPE, unchanged since 2004, with June announcement of stability until at least end-2027. COLA: 100% of CPI granted for eligible service in the opened 2025 results framing. Investment returns are described as funding more than 70% of expected benefits.

Annex: Membership & employers

Membership metric (31 Dec 2025)Official count
Total members504,237
Active members308,506
Deferred members56,953
Retired members138,778
Net new members25,358
Employers871
Member satisfaction (8-quarter rolling, 8+/10)81.3%
Member interactions2.6 million
Benefits paid (2025)$4.1 billion

Growth milestones: Waterloo Regional Health Network expanded eligibility; eligibility extended to incorporated physicians; Hospital for Sick Children (SickKids) joined effective 29 December 2025, completing 100% Ontario hospital participation. Active-to-retired ratio held at 2.2:1 at end-2025 (from 2.5:1 in 2005 and 2.2:1 in 2015). Benefits currently exceed contributions — described as a natural maturity stage managed from accumulated assets rather than higher contribution rates.

Annex: Board & committees

AR2025 Board photograph / roster names (voting and observers as labelled in the report): Debra Alves; Wendy Lee; Treena Hollingworth (Observer); Sharon Richer; Julie Cays; Karim Mamdani; Kristof Barocz; Kevin Cook; Matthew Stout (Observer); John Sinclair; Anthony Dale; Dan Anderson; Cam Nelson; Poul Winslow (Observer); William Moriarty; Dinaz Dadyburjor; Andrea Kay. Listed absent: Karli Farrow; Sandi Blancher; Sarah Correia (Observer); Sara Labelle (Observer). 2025 membership changes noted: Laura Dumoulin (OPSEU) completed a seven-year term 30 June 2025; Nick Zelenczuk (OHA) concluded a five-year term 31 March 2025; Wendy Lee (OPSEU) appointed Trustee effective 1 July 2025; Debra Alves and Dinaz Dadyburjor transitioned from observer to Trustee on dated 2025 terms.

Earlier CEO appointment release (2 Dec 2024) quoted then-Chair Dan Anderson and Vice Chair Gerry Rocchi — keep dated labels: 2025 AR messages present Dale as Chair and Anderson as Vice Chair.

Annex: Leadership stack

Do not revive Instantiations titles that conflict with the live page (for example, Instantiations still listed a prior CTO name in some leader rows — opened official page prints Damien Steel as Chief Technology, Data & AI Officer). Secondary Globe and Mail coverage of 2025 leadership shuffles is labelled secondary if used; prefer hoopp.com.

Annex: Investment leadership roster

  • Michael Wissell — Chief Investment Officer
  • Shrirang Apte — Senior Managing Director & Head of Global Capital Markets
  • Ryan Chin — Senior Managing Director, Interest Rates
  • Scott Clausen — Vice President, Asset-Liability Management
  • Robert Goobie — Senior Managing Director, Balance Sheet & Liquidity Management
  • Chris Holtved — Senior Managing Director & Head of Global Real Estate
  • Jacky Lee — Senior Managing Director, Total Portfolio
  • Lori Marchildon — Senior Managing Director, Liquid & Macro Credit
  • Drew McFadzean — Vice President, Office of the Chief Investment Officer
  • Adrian Mitchell — Senior Managing Director, Public Equities
  • Chantale Pelletier — Senior Managing Director & Head of Global Infrastructure
  • Jennifer Shum — Senior Managing Director, Structured & Private Credit
  • Sarah Takaki — Managing Director, Sustainable Investing

Official CIO bio notes: Michael Wissell previously served as SVP, Capital Markets & Total Portfolio at HOOPP; earlier career includes TD Bank (from 1987) and senior investment roles at Ontario Teachers’ Pension Plan (16 years); CFA and ICD.D; recognized on CIO Magazine Power 100 in 2025.

Annex: 2030 Strategic Plan

Three pillars: (1) Maximizing the value of the Plan for members — protect/enhance benefits, modernize features, strengthen education, trusted-advisor service; goal framing includes 80%+ member satisfaction / confidence measures. (2) Improving resilience and adaptability of the portfolio — implement TPA within LAI; diversify across geographies, asset classes and risk factors; strengthen liquidity and funding management; advance sustainable investing; goals include 4.5–6.5% long-term real returns and 110–115% funded ratio. (3) Evolving with Ontario’s healthcare community — expand participation, part-time membership, new employers; goals 600,000+ members and 1,000+ employers.

Critical enablers: leveraging technology (enterprise data platform for TPA, cyber resilience, AI) and investing in people (skills-based learning, leadership development, EDI). 2025 community note: employees raised over $464,000 for United Way Greater Toronto.

Annex: TPA & Liability-Aware Investing

TPA effective 1 January 2026 supports dynamic capital allocation, reduces siloed asset-class decision making, and keeps clear accountability under the Board-approved Risk Appetite Framework (RAF) with guardrails for market, credit, liquidity and concentration risks. LAI continues: manage assets and liabilities as one balance sheet; align decisions with liability characteristics, inflation sensitivity and funding objectives. Liquidity is treated as a design constraint — meet benefit payments and capital calls without forced sales; retain rebalancing flexibility in stress.

Annex: Investing in Canada

Approximately 49% of Fund exposure was in Canada at YE2025 across public equities, fixed income, infrastructure, real estate and private credit. Federal and provincial bonds are described as core LAI holdings that fund public services and infrastructure while supplying collateral. Opened Canadian examples in AR2025 narrative: cornerstone investor role in Definity Financial (supported May 2025 equity issuance tied to a strategic acquisition); venture partnership with Toronto-based Radical Ventures; investment in fintech KOHO Financial; real estate developments including Station House (Bloor & Dufferin, Toronto — 1,140 rental apartments), Amazing Brentwood (Burnaby), McMaster student residence, and Towns at York Mills.

HOOPP Realty Finance Trust (HRFT) established in 2025 as primary investment/funding vehicle for the Canadian real estate portfolio; unsecured debt program launched November with DBRS rating AA (Low); inaugural $500 million bond issuance described as five times oversubscribed.

Annex: Private markets notes

Real estate 2025: net return 1.1% / $0.2B income — contractual cash flows resilient; valuations mixed under higher rates. Private equity: 3.6% / $0.6B — mixed outcomes; London office (opened 2024) used to deepen in-market relationships. Infrastructure: 1.8% / $0.1B — overall results negatively impacted by challenges related to a single investment including evolving U.S. renewable-power regulatory/policy dynamics; excluding that impact, utilities, transportation, communications and data assets contributed solidly. Private credit: 0.9% / $0.1B — direct lending majority supported by borrower cash flows; moderated by issuer-specific challenges in a single credit.

Annex: Costs & administration

Investment operating expenses 2025: $382 million or 30 bps (from $335 million / 28 bps in 2024), reflecting technology/data/governance investment, first full year of the London office, and organizational changes for the 2030 Strategic Plan. External management fees and transaction costs: $406 million (from $423 million). Plan administration costs: $157 million (from $142 million). Net investment return of 7.7% is reported net of all investment costs.

Annex: Climate metrics detail

2030 climate target framing in AR2025 includes: reduce portfolio carbon footprint to 28 tCO2eq/$M versus 2021 baseline 41; reduce real-estate portfolio emissions 50% on an absolute basis versus 2019 for owned properties under operational control; 50% of infrastructure and private equity portfolios covered by credible transition plans; commit over $23 billion toward green investments. 2025 milestone: all activity-based interim targets achieved; Scope 3 tracking initiated covering 30% of investments within the PCF. Climate oversight: Board with Governance, Asset-Liability and Audit & Finance committees; Investment Risk Committee chaired by the President & CEO; Sustainable Investing and Sustainability Reporting Sub-Committee oversees Climate Change Strategy implementation.

Annex: Risk management

Enterprise Risk Management connects strategy, risk appetite and execution. RAF defines types/levels of risk HOOPP is willing to accept or avoid. Three-lines-of-defense model: business units (first); risk and compliance (second); internal audit (third). Funding risk spans investment risk (market, credit, liquidity, concentration) and demographic risk. Operating risks include technology/cyber, tax/regulatory, and financial reporting. Management states ICFR designed and operating effectively for 2025 Canadian pension-plan accounting standards; CEO and CFO responsible for procedures aligned with National Instrument 52-109 practices even though not binding on HOOPP.

Annex: Canadian peer context

Researchers often place HOOPP beside other large Canadian DB platforms: OMERS (municipal), Ontario Teachers’ Pension Plan (teachers), CDPQ, CPP Investments, and BCI. Do not mix AUM, funded ratios, or leadership across these pages. HOOPP’s distinguishing opened facts include healthcare-sector membership concentration, joint OHA/union trust governance, multi-year contribution-rate stability since 2004, and a sustained fully funded record since 2009.

Annex: Transparency stack

Annex: History notes

1960 founding focused on Ontario hospital staff retirement security. 1993 independence as private trust with joint employer/member governance. 2010 rename to Healthcare of Ontario Pension Plan reflected membership beyond hospitals into long-term care, community health and broader healthcare employers. 2025 marked 65 years of service, every Ontario hospital in the Plan, and membership above half a million.

Annex: Editorial locks

  • No invented people, titles, seats, or AUM.
  • Headline AUM = official CAD from hoopp.com / AR2025; no invented USD headline.
  • H1 = HOOPP only — never “| UAO Top 100” in H1 (brand phrase belongs in meta_title).
  • Single www canonical via post.canonical_url only.
  • Schema: Organization (no GovernmentOrganization — private pension trust), WebPage, BreadcrumbList, FAQPage (12), VideoObject (official YouTube).
  • Daily-refresh left disabled; desk registry-people-desk-41.json untouched (sha a13480ec21c4dc98…).
  • Seat-lock four seats preserved: PMT Roodenburg; BCI Fyfe CIO; MassPRIM Trotsky CIO; KIC Il Young Park / Lee Hoon; META lastsweep 2026-09-11.

Annex: Outbound report checklist

  • Confirm YE2025 net assets $131.9B CAD and funded 109% on next AR refresh.
  • Re-check live management-team titles after any Wallace-era org changes.
  • Watch TPA implementation disclosures through 2026 interim updates.
  • Track SickKids / physician-eligibility membership growth vs 600k / 1,000-employer goals.
  • Re-verify Instantiations aumd against official CAD after each annual release.

Annex: CEO letter themes (AR2025)

President and CEO Annesley Wallace’s Annual Report message frames 2025 as HOOPP’s 65th anniversary year and introduces a refreshed vision — building a stronger financial future for the healthcare community — while restating the enduring mission to deliver on the pension promise. The letter emphasizes meetings with healthcare workers, employers and partners across Ontario as grounding for organizational purpose.

Macro backdrop described in the letter: slower growth, persistent inflationary pressures, elevated public debt, geopolitical tensions and policy uncertainty contributing to heightened market volatility and a wider range of economic outcomes. Against that backdrop, HOOPP delivered a 7.7% net return, $9.7 billion in net investment income, and managed $131.9 billion in net assets while remaining committed to investing in Canada.

Funded-status explanation for members: fully funded since 2009; at 31 December 2025 the Plan was 109% funded — for every dollar owed in pension benefits now and in the future, the Plan held $1.09 in assets. The letter ties sustained funded strength to stable contributions, secure benefits and long-term confidence for members and employers.

Strategic pillars restated in CEO voice: maximize Plan value for members; improve portfolio resilience and adaptability through the Total Portfolio Approach; evolve with Ontario’s healthcare community. Operational proof points cited include full COLA for 2024 service in the opened framing, contribution-rate stability until at least end-2027, SickKids joining effective 29 December 2025, and the 500,000th-member milestone.

Annex: Chair & Vice Chair message (AR2025)

Anthony Dale (2025 Board Chair) and Dan Anderson (2025 Board Vice Chair) open the report by stressing retirement security that remains strong, secure and sustainable. They highlight net assets of $131.9 billion, a 7.7% net return and 109% funded status as supporting stable contribution rates and secure benefits.

Governance oversight language: HOOPP’s independent governance structure is described as one of its greatest strengths, ensuring decisions are made in members’ best interests and guided by prudent risk management, rigorous oversight and a long-term perspective. The Board worked with management through 2025 to assess evolving economic and market conditions and keep strategy, investments and operations aligned with the mission.

Strategic direction: rising demand for healthcare services shaped by demographics and care complexity; global economy shaped by inflation, geopolitics and technological disruption. Launch of the 2030 Strategic Plan is presented as a Board-supported milestone developed with contributions from the Board and employees.

Leadership continuity: Board appointed Annesley Wallace as President and CEO and supported onboarding; gratitude extended to Jeff Wendling after more than 26 years of service including five as CEO. Under Wendling, the Plan maintained strong funded status, navigated significant market challenges, kept contribution rates stable and enhanced member benefits when supported by the financial position.

Thanks notes: Laura Dumoulin (OPSEU appointee) and Nick Zelenczuk (OHA appointee) concluded Board service in 2025; appreciation extended to trustees, leadership, employees, members and employers.

Annex: Member service narrative

Member Services provides direct, personalized support across the pension journey — online, by phone and in person — with emphasis on simplifying complex decisions. 2025 member satisfaction reached a record 81.3% on the eight-quarter rolling share of members rating HOOPP 8+ on a 10-point scale. Beginning in 2026, HOOPP plans to introduce a broader member-value metric covering confidence in the pension promise plus drivers such as financial security, institutional trust and experience.

Financial literacy: continued three-part program blending digital tools, practical education and expert advice; additional staff earned FSRA-recognized designations; a Certified Financial Planner joined to deepen pension and retirement education resources. Digital tools: Survivor Benefit Tool used by over 14,000 members in 2025 (more than 40% increase in average monthly unique users versus prior year); Join HOOPP Tool launched to help potential members estimate future pensions and explore Plan value.

Disability benefits support was simplified so members on approved disability leaves continue to build pensions as if working, with contributions paused for members and employers and reduced medical-documentation burden. Employer services strengthened tools for attraction/retention and education via seminars, webinars and updated resources as HOOPP added a record number of new employers and expanded eligibility inside existing ones.

Annex: Global investment environment 2025

AR2025 describes diverging outcomes across HOOPP’s primary regions — Canada, the United States and Europe — reinforcing diversification, liquidity and resilience. In Canada, equities showed resilience despite trade and tariff uncertainty weighing on exports and business investment; Bank of Canada rate cuts supported rate-sensitive sectors; S&P/TSX 60 reached record highs led by financials, materials and energy; federal policy emphasized capital investment, internal trade-barrier reduction, energy/AI/infrastructure fast-tracking and higher defence spending.

In the United States, growth was supported by AI-driven investment, robust earnings and resilient consumer spending, even as tariff announcements revived inflation concerns and geopolitical frictions. The Federal Reserve pivoted to rate cuts as inflation moderated. In Europe, growth remained subdued but broadly stable; easing inflation and prospects of monetary support improved financial conditions; policy initiatives aimed at industrial capacity, energy security and competitiveness contributed to gradual stabilization rather than strong growth.

Cross-region theme: trade and geopolitical developments — particularly tariff uncertainty and supply-chain realignment — continued to weigh on global growth and investment confidence, underscoring fragmented trade patterns and the portfolio premium on diversification and liquidity management.

Annex: Fixed income & LAI detail

Fixed income is framed as the foundation of Liability-Aware Investing: stable and predictable income; mitigation of liability sensitivity to interest rates and inflation; and high-quality collateral supporting other Fund activities. The book mixes fixed-rate and inflation-linked securities. With real yields described as attractive versus long-term history, inflation-linked bonds remain aligned with inflation-sensitive liabilities.

2025 macro for bonds: moderating inflation and slower growth across developed markets; Bank of Canada cumulative 100 bps of cuts to a 2.25% policy rate year-end; bond yields in a relatively muted range versus recent years. Fixed income delivered 2.1% net return and $1.4 billion net investment income, supported by provincial bonds, U.S. treasuries, inflation-linked bonds and federally guaranteed mortgage bonds. Provincial credit remained a core overweight, reflecting fiscal prudence and international investor demand in the opened narrative.

Annex: Public equities narrative

Public equities provide low-cost exposure to global economic growth and remain a key long-term return engine. Despite the sharp February–April correction tied to tariff increases and trade-policy changes, the public equities portfolio delivered a 22.2% net return and $7.1 billion of net investment income, reflecting broad market-driven gains supported by earnings growth and valuation expansion later in the year.

Portfolio positioning remained disciplined as rate and inflation dynamics evolved, including increased exposure to inflation-linked securities to enhance inflation protection and moderate sensitivity to nominal-yield moves. Strong liquidity enabled capital requirements to be met seamlessly and preserved flexibility to deploy capital as opportunities emerged.

Annex: Named Canadian investment examples

Definity Financial: HOOPP invested in November 2021 as a cornerstone investor supporting demutualization, IPO and long-term growth. AR2025 states Definity’s P&C insurance business is expected to diversify versus much of HOOPP’s risk-oriented book; in May 2025 HOOPP supported Definity’s transformative strategic acquisition via related equity issuance.

Radical Ventures: 2024 partnership with the Toronto-based AI investment firm for differentiated access to AI opportunities; Canadian portfolio companies named in AR2025 include Cohere, Waabi and Xanadu. Beyond capital, Radical is described as a thought partner on AI implications across the portfolio.

KOHO Financial: more than two million accounts cited; diversified digital financial-services platform with strong engagement/retention and top-decile unit economics relative to sector language in AR2025; positioned as enhancing choice and competition in retail financial services while aligning with long-term investment in fundamentally sound Canadian businesses.

Annex: Real estate projects & HRFT

Station House joint venture at Bloor and Dufferin in Toronto: two towers plus a mid-rise delivering 1,140 rental apartments, commercial/retail space, a new public park and a community hub including daycare; designed to exceed required sustainability and emissions standards; first occupancy anticipated end-2026. Other developments named: three residential towers at The Amazing Brentwood in Burnaby, B.C.; undergraduate student residence at McMaster University; additional rental townhomes at Towns at York Mills in Toronto.

HOOPP Realty Finance Trust (HRFT) became the primary investment and funding vehicle for the Canadian real estate portfolio in 2025. November unsecured debt program: DBRS AA (Low); inaugural $500 million issuance five times oversubscribed at recent benchmark-low spreads for comparable issuers — expected to be an efficient long-term funding source versus traditional asset-level financing.

Annex: Infrastructure & private credit

Infrastructure mandate: growth, diversification and income stability with partial inflation protection, low volatility and low correlation versus other asset classes; invested via directs, co-investments and funds focused on core to core-plus assets in rule-of-law jurisdictions. 2025 net return 1.8% and $0.1 billion income; overall performance negatively impacted by a single investment facing evolving U.S. renewable-power regulatory and policy dynamics; excluding that impact, utilities, transportation, communications and data assets performed well on contractual cash flows.

Private credit: stable income and diversification via privately originated lending with illiquidity/complexity premia; direct loans, fund commitments and co-investments focused on durable models and recurring revenue (technology-enabled services, software, healthcare, consumer finance, industrials with stable demand). 2025 return 0.9% / $0.1 billion income; direct lending majority supported by borrower cash flows and scheduled repayments; moderated by issuer-specific challenges in a single credit.

Annex: Stewardship & proxy votes

Active stewardship under the Sustainable Portfolio pillar seeks to influence corporate behaviour for sustainable long-term value creation through engagement and voting. In 2025 HOOPP voted on over 8,800 proposals. Proposal-type mix opened in AR2025: director-related / director election 71%; compensation 12%; audit-related / routine business 10%; environmental and social 2%; takeover-related / strategic transactions 2%; capitalization 2%; other 1%. HOOPP may withhold support for director candidates when alignment with long-term shareholder value or governance effectiveness is lacking. Proxy Voting Guidelines are referenced for further detail on hoopp.com.

Annex: Mission, values & culture notes

Published values: Accountable (take responsibility for delivering exceptional outcomes); Compassionate (empathy and respect for each other and members); Trustworthy (honest, reliable, follow through). Five Employee Resource Groups foster belonging, professional development and community through year-round programming. Culture-of-care note: 2025 United Way Greater Toronto campaign raised over $464,000 via donations, volunteerism and coordinated fundraising, supporting a network of more than 300 agencies.

Annex: Plan maturity & cash flow

Active-to-retired ratio: 2.5:1 (2005) → 2.2:1 (2015) → 2.2:1 (2025). As plans mature, more benefits are funded from investment income than ongoing contributions, increasing the importance of prudent funding and investment decisions. Net cash flow — contributions versus benefits including past-service purchases, transfers and lump sums — shows benefits exceeding contributions in recent years; AR2025 charts contributions near $3.8B versus benefits $4.1B in the latest year framing. Strong funded position is cited as enabling benefit payments from accumulated assets without requiring higher contribution rates.

Annex: Drivers of funded-status change

Item ($ billions)20252024
Net investment income9.711.1
Changes due to operations−0.8−0.7
Total change in net assets available for benefits8.910.4
Change in pension obligations−8.2−10.1
Net change in surplus (NAV basis)0.70.3
Funded ratio (NAV)109%109%
Change in smoothing adjustment−2.3−3.0
Funded ratio (smoothed)109%111%

Operations line includes contributions, benefit payments and operating expenses. Smoothed funded ratio decline reflects higher-than-assumed wage growth (positive for members’ earnings experience) plus continued recognition of 2022 investment losses over five years. All else equal, AR2025 expects another smoothed decline in 2026 as remaining 2022 losses are recognized — mechanical smoothing, not described as underlying deterioration. NAV funded status was unchanged year-over-year as 2025 investment gains offset liability increases from wage growth.

Annex: Wallace appointment primary facts

Official 2 December 2024 release: Board appointed Annesley Wallace President & CEO effective 1 April 2025, succeeding Jeff Wendling. Transition work with Wendling began 1 March 2025. Wallace’s prior roles cited officially include Executive Vice President of Strategy and Corporate Development and President, Power and Energy Solutions at TC Energy; Executive Vice President and Global Head of Infrastructure at OMERS overseeing a $32 billion global infrastructure portfolio; and Chief Pension Officer at OMERS leading member-engagement and digital-service initiatives for over 500,000 plan members.

Education cited: BSc and MSc in Engineering (Queen’s University); MBA (Schulich School of Business, York University). Board roles cited in the release include Bruce Power, Toronto Region Board of Trade and Ontario Infrastructure and Lands Corporation. Pronunciation note for broadcasters: ANNE-sley. Membership language in that release still used “more than 460,000” / “more than 670 participating employers” — superseded for scale by YE2025 official counts (504,237 members / 871 employers) on this profile.

Annex: Extended speakable facts

HOOPP is a jointly sponsored Ontario healthcare pension plan and a private independent trust. Official Canadian-dollar net assets were 131.9 billion dollars at year-end 2025. The Plan’s funded status was 109 percent. The 2025 net investment return was 7.7 percent, or 5.3 percent after inflation. Ten-year annualized net return was 7.8 percent. About 49 percent of the Fund is invested in Canada. Annesley Wallace is President and Chief Executive Officer. Michael Wissell is Chief Investment Officer. Contribution rates have been unchanged since 2004. The Total Portfolio Approach took effect on 1 January 2026.

Annex: Reporting calendar & documents

  • Annual Report PDF (MD&A, audited statements, climate supplement, ten-year review) — primary multi-hundred-page disclosure.
  • Newsroom year-end results release — member-facing highlights and quotes.
  • Plan performance web page — funded status, net assets, 10-year return callouts and report links.
  • Leadership and investment-leadership pages — live title verification for CEO/CIO and investment heads.
  • Past annual reports archive on hoopp.com for 2020–2024 comparatives.
  • Official YouTube annual-results video for accessible narrative summary.

Researchers should prefer the dated Annual Report table stubs for precise $131.9 billion net-asset and obligation figures, while recognizing newsroom rounding to $132 billion as intentional member communication rather than a conflicting dataset.

Annex: Glossary anchors

  • CAD — Canadian dollars; required headline currency for HOOPP AUM on UAO.
  • JSPP — jointly sponsored pension plan under Ontario’s Pension Benefits Act.
  • LAI — Liability-Aware Investing; assets and liabilities managed as one balance sheet.
  • TPA — Total Portfolio Approach; effective 1 January 2026 for HOOPP portfolio construction.
  • RAF — Risk Appetite Framework approved by the Board.
  • YMPE — Year’s Maximum Pensionable Earnings; breakpoint for 6.9% / 9.2% contribution rates.
  • COLA — cost-of-living adjustment; 100% CPI for eligible service in opened 2025 framing.
  • PCF — portfolio carbon footprint (tCO2eq/$M).
  • HRFT — HOOPP Realty Finance Trust.
  • ADT — Agreement & Declaration of Trust (22 Nov 1993; restated 1 Dec 2021).

Annex: Copy-safe scale ladder

Safe short forms for reuse: “HOOPP managed CAD $131.9 billion in net assets at 31 December 2025 (newsroom: $132 billion).” “2025 net return 7.7%; funded status 109%.” “President & CEO Annesley Wallace; CIO Michael Wissell.” “Private independent trust jointly sponsored by OHA and ONA, CUPE, OPSEU and SEIU.” Avoid: inventing a USD AUM; calling HOOPP a sovereign wealth fund; conflating HOOPP with OMERS or OTPP; stating a CIO other than Michael Wissell without a new official source; asserting Board Chair names without a year label when releases disagree across 2024–2025.

Annex: Ten-year review hooks

AR2025 includes a ten-year review section (table of contents points to page-range materials in the PDF). For this elite pack, opened long-horizon investment statistics already include 10-year and 20-year net returns, CPI, real returns and benchmark comparisons. Funding history emphasizes continuous surplus years since 2009 and the 20-year assets-versus-liabilities chart reaching $131.9 billion net assets against rising obligations. Researchers needing line-item ten-year financial statement extracts should open the PDF ten-year review directly rather than relying on Instantiations composites.

Annex: Peer comparison method

When comparing HOOPP to OMERS, OTPP, CDPQ, CPP Investments or BCI, align on: (1) official reporting currency and date; (2) net assets versus other AUM definitions; (3) funded-status basis (smoothed versus mark-to-market); (4) plan membership sector; (5) governance model (joint trust versus corporate sponsor structures); (6) live CEO/CIO titles from each official leadership page. Never transplant HOOPP’s 109% funded print or $131.9 billion CAD net assets onto another institution’s page.

Annex: Outbound QA prompts

  • Does the live hoopp.com management-team page still list Annesley Wallace as President & CEO and Michael Wissell as CIO?
  • Has a 2026 interim net-asset or funded-status update superseded YE2025 $131.9B / 109%?
  • Are contribution rates still explicitly unchanged through end-2027?
  • Is TPA language still framed as effective 1 January 2026?
  • Has Board Chair / Vice Chair rotated relative to Dale / Anderson 2025 signatures?
  • Any new official embed beyond the 2025 Annual Results YouTube that should replace VideoObject?

Annex: Investments MD&A lede (sourced)

The Annual Report Investments section states that HOOPP’s investment strategy is grounded in broad diversification, active risk management and a clear understanding of the Plan’s liabilities and cash-flow profile. A disciplined governance framework — including a Board-approved Risk Appetite Framework and guardrails for market, credit, liquidity and concentration risks — is described as ensuring each investment decision aligns with long-term objectives and funding requirements.

Effective 1 January 2026, adoption of the Total Portfolio Approach is presented as formalizing an approach HOOPP had long followed: delivering strong member outcomes by integrating opportunities across the entire portfolio. As global markets grow more complex, TPA is said to provide a more connected and agile decision-making framework while preserving clear accountability and rigorous risk discipline.

Under TPA, Liability-Aware Investing continues: assets and liabilities managed as one integrated balance sheet. Together the frameworks are described as strengthening portfolio resilience, providing a more holistic perspective across market environments, and supporting long-term funded status by aligning investment decisions with liability characteristics, inflation sensitivity and funding objectives.

Liquidity management is called a core component of portfolio construction and risk management: reliably make benefit payments while pursuing long-term return-enhancing investments; maintain sufficient liquidity to allocate to illiquid assets without forced sales in stress; fund private-market capital calls; and rebalance effectively in volatile conditions. Liquidity therefore functions as a critical design constraint supporting both benefit security and long-term performance.

Annex: Investment objective & partnerships

Official investment objective language: deliver on the pension promise by maintaining a fully funded Plan and managing funding risk through market cycles. Every investment decision is evaluated through a balance-sheet lens focused on generating strong, long-term, risk-adjusted returns to support contribution-rate sustainability and member-benefit security.

Strategic partnerships are described as vital to long-term member value. Relationships enable intentional deep connections with leading investment partners and reflect a collaborative approach to accessing scale, specialized expertise and global opportunity sets. Through shared insights, operational capabilities and disciplined execution, partnerships support strong investment outcomes and access to high-quality opportunities across public and private markets, enhancing TPA implementation via broad, flexible global exposure and informed decision making.

HOOPP’s scale, long-term horizon and integrated operating model — bringing together investment, risk and finance expertise — are cited as supporting disciplined execution and enabling the Fund to pursue opportunities where long-term risk premiums are appropriately compensated.

Annex: Other capital markets strategies

Other capital markets strategies provide diversification complementary and uncorrelated with traditional asset classes, designed to enhance risk-adjusted returns and improve portfolio resilience. The category includes liquid credit, discretionary derivatives, structured credit, equities-linked investments such as convertible bonds and merger arbitrage, alternative investments, foreign-exchange overlay and balance-sheet financing programs.

Despite the April market sell-off, overall market conditions are described as favourable for these strategies. Performance was strong across alternative investments and gold exposures. Gains in those areas were largely offset by balance-sheet financing and FX overlay-related losses. Taken together, the strategies resulted in net investment income of $0.2 billion in 2025.

Annex: Net investment income reconciliation note

AR2025 explains that classification of net investment income by asset class in the MD&A differs from GAAP presentation in the Consolidated Financial Statements. A reconciliation table maps financial-statement lines (derivatives; equities/alternative investments/private assets; fixed income investments; cash collateral, repurchase agreements and loans) into MD&A asset-class buckets (fixed income, private credit, public equities, private equity, real estate, infrastructure, other capital markets). Footnotes clarify that derivative income is classified to related asset classes in the MD&A; certain equity and bond lines are reclassified mainly into other capital markets or private credit; and interest/currency effects on collateral and repurchase activity are classified by funding-related asset class. Total net investment income reconciles to $9.720 billion in the opened table language.

Annex: 2025 governance activities

Effective governance requires regular reviews of structures, mandates, policies, practices and procedures against organizational needs and regulatory/operating change. Key 2025 Board activities listed in AR2025 include: leadership continuity via Wallace’s appointment and onboarding; strategic oversight approving the 2030 Strategic Plan and a new operating plan to strengthen alignment, execution and accountability; investment governance advancing the Total Portfolio Approach; and compensation governance shaping and approving a redesigned compensation framework aligned with strategy and reinforcing accountability and performance alignment.

These initiatives build on ongoing oversight of risk management, investment performance, member and employer service, operations and organizational culture. Progress in 2025 is presented as strong stewardship positioning HOOPP to navigate future challenges while continuing to deliver secure pensions.

Delegations of authority: the Board delegates day-to-day Plan administration and Fund management to the Plan Manager (CEO title), reviewed and approved annually; the CEO further delegates to designated employees for specific investment and operational purposes, with regular review for appropriateness and effectiveness.

Annex: Financial reporting controls

Management’s Responsibility for Financial Reporting (signed by Annesley Wallace and Reena Carter, 10 March 2026) states that consolidated financial statements were prepared by management and approved by the Board in accordance with Canadian accounting standards for pension plans (CPA Canada Handbook Part IV Section 4600 and relevant ASPE sections) and Pension Benefits Act (Ontario) financial reporting requirements.

Systems of internal control and supporting procedures are described as established to authorize transactions, safeguard assets and maintain proper records, including a well-defined division of responsibilities, corporate code of conduct, accountability for performance and timely communication of policies. The Audit & Finance Committee — four members who are not officers or employees of the Plan — reviews the statements and recommends Board approval, meets regularly with management and auditors, and reviews recommendations for internal-control improvements.

External auditor PricewaterhouseCoopers LLP was appointed by the Board and is directly responsible to the Audit & Finance Committee, with full and unrestricted access to management and the committee. The Independent Auditor’s Report is presented under Canadian generally accepted auditing standards in the Annual Report package.

Annex: Results release quotes & portfolio colour

10 March 2026 newsroom quote from Annesley Wallace: strong results reflect the strength of HOOPP’s foundation — scale, disciplined investment approach, independent governance model and people — with continued focus on prudent risk management and long-term value creation in an increasingly complex investment environment.

Portfolio performance colour from the release: significant exposure to public equities and fixed income supported liquidity, flexibility and disciplined risk management amid shifting markets. Returns were driven by public equities reflecting resilient corporate earnings and more accommodative monetary policy later in the year. Fixed income delivered stable income and performed well as interest rates declined, with shorter-duration bonds benefiting from Bank of Canada cuts. Private markets generated positive though more moderate returns in a challenging valuation environment.

Canada investing quote from Wallace: results reflect a globally diversified portfolio with a significant portion invested in Canada; pride in investing where members live and work while maintaining global reach and discipline required for long-term pension commitments. Approximately 49% of the Fund invested in Canada across public equities, fixed income, infrastructure, real estate and private credit.

Annex: Strategic progress 2025 (newsroom)

Newsroom strategic-progress block: in 2025 HOOPP launched its 2030 Strategic Plan as a forward-looking roadmap focused on strengthening retirement security in a complex global environment. The strategy advances the vision of building a stronger financial future for members while maintaining a secure and sustainable Plan. Three priorities restated: maximizing value for members; improving adaptability and resilience of the portfolio; evolving with Ontario’s healthcare community. Described as an ambitious roadmap that strengthens today’s foundation while preparing for tomorrow’s opportunities and challenges.

Serving a growing healthcare community: surpassed 504,000 members and 870 employers; welcomed SickKids; achieved 100% Ontario hospital participation; expanded eligibility to incorporated physicians; paid $4.1 billion in pension benefits, providing dependable retirement income and generating meaningful economic activity across Ontario.

Annex: Official about boilerplate

Standard about language repeated across newsroom releases: HOOPP serves Ontario’s hospital and community-based healthcare sector with more than 870 participating employers. Membership includes nurses, medical technicians, food services staff, housekeeping staff, physicians and many others who provide valued healthcare services. In total, HOOPP has more than 504,000 active, deferred and retired members.

HOOPP is fully funded and manages a highly diversified portfolio of $132 billion in assets spanning multiple geographies and asset classes. It is described as a major contributor to the Canadian economy, paying more than $4.1 billion in pension benefits annually. HOOPP operates as a private independent trust; the Board of Trustees governs the Plan and Fund, focusing on the mission to deliver on the pension promise. Board composition: OHA appointees plus ONA, CUPE, OPSEU and SEIU — representation from employers and members in support of long-term Plan interests.

Annex: Home-page callouts

hoopp.com home callouts opened for this pack: 109% funded status; $132 billion net assets; 16 years fully funded since 2009; more than 65 years serving Ontario’s healthcare community; offered at 870 employers; more than 504,000 members; financials as at 31 December 2025. Investing-with-purpose blurb: investment management program designed to deliver stable long-term returns to pay pensions today and decades into the future, with a liability-aware strategy and an integrated approach across public and private markets focused on resilience and disciplined execution.

Additional home modules: HOOPP Connect secure member site; Research & Analysis on pensions’ influence on Canadians’ health, finances, communities, employers and the economy; Strategic Direction for 2030 overview; Advocacy for more affordable retirement options for Canadians without access to a plan like HOOPP; Careers messaging for an equitable, diverse and inclusive workplace.

Annex: Benefit value proposition notes

Chair/Vice Chair message emphasizes exceptional value: contribution rates unchanged for more than two decades; full annual COLAs continue to be granted; benefit improvements provided when supported by the Plan’s financial position. As Ontario’s healthcare system evolves, a strong reliable pension supports financial well-being of healthcare workers and plays a meaningful role in attracting and retaining those who deliver essential care.

CEO letter links funded strength to member affordability and predictability: full COLA helping retired members maintain living standards amid rising costs; contribution rates among the lowest of Canada’s major pension plans; June announcement extending rate stability to at least end-2027 — extending an unchanged-rate record since 2004.

Canadian Retirement Survey insight cited in AR2025: even amid affordability pressures and global uncertainty, desire for stable reliable retirement income remains extremely strong; nearly nine-in-10 Canadians say they would contribute 9% of salary — matched by their employer — into a defined-benefit pension plan in exchange for secure retirement income. That insight is used to reinforce the first 2030 pillar: maximizing Plan value for members.

Annex: Foundational vs operating risks

Foundational/strategic risks are enterprise-wide risks that could impact HOOPP’s ability to achieve its core mandate or deliver the 2030 Strategic Plan. Primary among these is funding risk — the risk that the Fund does not earn sufficient investment returns to support growth of pension liabilities within defined risk tolerance — driven primarily by investment risk and demographic risk.

Investment risk covers the possibility that strategy and portfolio performance are insufficient to meet current and future obligations, spanning market, credit, liquidity and concentration risks. Management combines quantitative analysis, expert judgment and strong governance aligned with the Board-approved RAF; practices include scenario analysis and stress testing for funded-status and liquidity impacts, plus advanced analytics for exposures and diversification. Liquidity is managed conservatively to meet pension payments, capital commitments, collateral and other obligations under stressed conditions.

Demographic risk arises from changes in member characteristics such as increasing life expectancy and retirement trends. Assumptions are reviewed annually by the Board with support from the Plan Actuary. For a large plan like HOOPP, year-over-year demographic changes are generally modest and the demographic profile is expected to remain relatively stable in the foreseeable future.

Operating risks arise from failures related to people, processes, systems, third parties or external events affecting service delivery, benefit administration or operational resilience — including technology and information-security risk (system disruptions, data integrity, cybersecurity / unauthorized access to sensitive member, employer or investment information). Controls, monitoring, incident response, service-provider oversight and continuity planning are cited as mitigants. Tax and regulatory risk reflects complex evolving laws across jurisdictions; HOOPP takes a prudent compliance approach and engages authorities with independent experts where interpretations differ.

Annex: London office & private equity pipeline

AR2025 notes building on early successes of HOOPP’s London, United Kingdom, office opened in 2024 to deepen in-market relationships supporting future direct investment opportunities. In a year marked by macroeconomic uncertainty and valuation pressure, the private equity portfolio returned 3.6% and generated $0.6 billion net investment income, with strong contributions from select direct investments partially offset by muted results elsewhere reflecting valuation pressures, a more cautious outlook and currency impacts. HOOPP advanced a robust investment pipeline while remaining disciplined in selectively adding new investments through funds, co-investments, secondaries and directs across buyouts, growth equity and venture capital.

Annex: Infrastructure example callout

AR2025 visual/callout materials reference HOOPP’s investment in AusNet (Australia) among infrastructure holdings illustrations. Researchers should treat named asset callouts as illustrative of the infrastructure book rather than a complete holdings list — HOOPP does not open a full line-by-line public infrastructure inventory in the pages folded for this pack. Mandate reminder: core to core-plus assets in rule-of-law jurisdictions via directs, co-investments and fund partnerships with selective high-impact external managers and peer institutions.

FAQ

What is HOOPP?

HOOPP (Healthcare of Ontario Pension Plan) is a contributory, multi-employer defined benefit pension plan for Ontario’s healthcare community. It is registered under the Pension Benefits Act (Ontario) and the Income Tax Act (Canada) and regulated as a jointly sponsored pension plan. Official site: https://hoopp.com/.

How large is HOOPP in official Canadian dollars?

Prefer dated official CAD from hoopp.com — do not invent a USD headline. Net assets were CAD $131.9 billion at 31 December 2025 (newsroom rounds to $132 billion), up from $123.0 billion at 31 December 2024, per the 2025 Annual Report and 10 March 2026 results release.

Who is the President and CEO of HOOPP?

Annesley Wallace is President and Chief Executive Officer, effective 1 April 2025 (Board announced 2 December 2024). She succeeded Jeff Wendling. Confirmed on the live Executive and Senior Leadership Team page. Person SSR: /registry/person/annesley-wallace/.

Who is the CIO of HOOPP?

Michael Wissell is Chief Investment Officer, responsible for investment strategy and the investment management team. Confirmed on the live management-team and investment-leadership pages. Person SSR: /registry/person/michael-wissell/.

What returns and funded status did HOOPP report for 2025?

2025 net return 7.7% (5.3% real); net investment income $9.7 billion. Ten-year annualized net return 7.8% versus a 5.9% benchmark. Funded status 109% on both smoothed-asset and net-asset bases at 31 December 2025. Fully funded since 2009.

How is HOOPP governed?

HOOPP operates as a private independent trust. A 16-voting-member Board of Trustees includes eight Ontario Hospital Association (OHA) appointees and two each from ONA, CUPE, OPSEU and SEIU. 2025 Board messages: Chair Anthony Dale; Vice Chair Dan Anderson.

How many members and employers does HOOPP serve?

At 31 December 2025: 504,237 total members (308,506 active; 56,953 deferred; 138,778 retired) and 871 employers. Newsroom language: more than 504,000 members and 870+ employers. SickKids joining meant every Ontario hospital participates.

What is HOOPP’s 2030 Strategic Plan?

Launched in 2025 with three pillars: maximizing Plan value for members; improving portfolio resilience and adaptability (Total Portfolio Approach with Liability-Aware Investing); and evolving with Ontario’s healthcare community. Goals include 4.5–6.5% long-term real returns, 110–115% funded ratio, 600,000+ members and 1,000+ employers.

What is HOOPP’s asset mix and Canada exposure?

At 31 December 2025 the Fund was about 65% capital markets and 35% private markets. Geographic exposure: Canada ~49%, United States 29%, Europe 13%, Asia-Pacific 7%, other 2%. Public equities returned 22.2% in 2025; private markets were more muted.

Does this profile convert HOOPP AUM to US dollars?

No. UAO prefers official CAD figures from hoopp.com (home, Plan performance, 2025 Annual Report, 10 March 2026 results). Instantiations still shows a stale C$123B/~US$90B band — do not use invented USD as the headline.

What are HOOPP’s contribution rates and COLA practice?

Contribution rates unchanged since 2004: 6.9% of earnings up to the Year’s Maximum Pensionable Earnings (YMPE) and 9.2% above the YMPE, with stability announced through at least end-2027. Eligible service received a 100% CPI cost-of-living adjustment in the 2025 results framing.

Is there an official HOOPP video embedded on this profile?

Yes. This pack embeds the official YouTube video “HOOPP's 2025 Annual Results” (https://www.youtube.com/watch?v=mr8UdslJXek) from the Healthcare of Ontario Pension Plan – HOOPP channel, with matching VideoObject schema.

Sources & further reading

Completeness note

This elite pack targets ~10,000 sourced words folded from opened official primaries (AR2025, results release, leadership pages, investment leadership, CEO appointment, Plan performance, official video). Non-blocking expansions later: full Board observer biographies, detailed proxy-voting tallies beyond the 8,800+ proposals note, line-by-line Climate Disclosures Supplement tables, and any 2026 interim funded-status update once published on hoopp.com. No filler invented to pad word count.

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