Ontario Teachers’ Pension Plan, one of Canada’s biggest pension funds, generated a return of 11.8% last year, outpacing its internal benchmark despite headwinds from low interest rates and slumping crude-oil prices.

The Toronto-based fund, which manages assets on behalf of teachers in the province of Ontario, said Tuesday that net assets reached a record 154.5 billion Canadian dollars ($121.7 billion) for the year ended December 31, up from C$140.8 billion at the end of 2013.