Fixed income is the cornerstone of this fund’s investment philosophy, representing over half of total assets and exemplifying risk-controlled active management. The judges selected the PPF for its clear, methodical approach to liability matching in line with its mandate, combined with strategic expansion into private markets and innovative use of fixed income for return-seeking purposes. Its sophisticated liability-driven investment (LDI) framework blends in-house modelling and risk management with selective external managers, striking an effective balance, particularly in managing international exposure. Within a highly constrained context, the fund deploys complex strategies often executed in-house, demonstrating excellent outcomes even amid recent market challenges. Opportunistic allocations to credit, emerging market debt, and absolute return strategies further diversify sources of alpha, supported by 10 external managers with distinct approaches. By combining in-house expertise with external specialists, the fund seeks to deliver superior performance, robust risk management, and long-term value. According to the judges, the submission was well structured and persuasive, showing thoughtful implementation.