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We are looking thoughtfully into the modalities each step of what we do to implement and execute this with precision, with rigor, and to make sure that from an investment standpoint, we are getting the appropriate return on investments that we will make in this space. Stephanie Davis -- Analyst Thanks so much. Your line is open.
Financial reporting As at June 30, 2023, the annualized costs incurred for CDPQ’s activities, which include internal operating expenses, external management fees and transaction costs, were estimated at 55 cents per $100 of net average assets, compared with 48 cents as at December 31, 2022.
While acquisitions contributed a portion of the year-over-year growth in adjusted EBITDA, we're also benefiting from a healthy mix of higher pull-through of specialty technology and services, as well as maturation of the performance we book. Seth Blackley -- Chief Executive Officer Great. The Motley Fool has a disclosure policy.
“Despite significant declines in global equity and fixed income markets during our fiscal year, our investment portfolio remained resilient, delivering stable returns while outperforming major indexes.” The positive fiscal-year results reflect returns on investments in infrastructure and certain U.S.
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