Canada’s largest pension fund posted an 18.3% net return in its latest fiscal year and bettered its benchmark, led by gains in private and public equity holdings in developing and emerging markets.

Canada Pension Plan Investment Board had 264.6 billion Canadian dollars ($217 billion) of assets under management in the year ended March 31, the Toronto-based fund said Thursday. That was up from C$219.1 billion a year earlier. The C$45.5 billion increase included C$40.6 billion in investment income, after subtracting costs to operate the fund. The remaining C$4.9 billion reflected Canadians' pension contributions.