Starting in FY 2025, the fund replaced that barometer with several "benchmark portfolios," or combinations of passive public-market assets that mirror the different strategies in CPP's portfolio. "CPP's benchmark portfolios are just saying that CPP is only going to benchmark the alpha piece. In FY 2025, CPP added a new, qualitative third weighting, where 20% of the multiplier's formula is tied to progress on "strategic objectives." Under the old benchmark, CPP's total portfolio missed its target by 11.9 percentage points in FY 2024. Under the new one, performance was better but still fell below the benchmark, missing by 1.6 points in FY 2025 and 5.4 points in FY 2026.