Ontario Teachers' Pension Plan Board says it earned a total-fund net return of 1.2 per cent for the first half of this year.

Ontario Teachers' chief executive Jo Taylor says the result for the six-month period came during a tumultuous time for global markets and with the highest inflation rates in decades.

The fund says positive returns in its inflation-sensitive, infrastructure and absolute return strategies asset classes were partially offset by losses in public equities, venture growth and credit.

For the period ended June 30, the pension fund manager earned a 12-month total-fund net return of 8.3 per cent as net assets grew to $242.5 billion.

Ontario Teachers' manages investments for 333,000 working members and pensioners.

The plan was fully funded at Jan. 1, 2022, with a $17.2-billion surplus.