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Quebec’s Caisse reports 5% return for first half of 2017

Caisse de Depot et Placement du Quebec, Montreal, returned a net 5% on its investments in the first six months of 2017, above its 4.8% custom benchmark, the manager of provincial assets announced Friday.

For the five years ended June 30, Caisse returned an annualized net 10.6% vs. the 9.3% return for the custom benchmark, according to a news release. Caisse does not provide one-year or other multiyear return comparisons in its midyear release.

Total assets as of June 30 were C$286.5 billion ($220 billion), up 5.8% from the start of 2017. For the six months ended June 30, investment returns produced a net C$13.3 billion while net deposits were C$2.5 billion.

Caisse's C$140 billion equity allocation returned 6.7% for the six months and an annualized 14.5% for the five years, both ended June 30, compared to its 5.9% and 12.6% custom benchmarks, respectively. Its C$94.6 billion in fixed income returned 2.7% for six months and an annualized 3.9% for five years, vs. the benchmark's respective 2.5% and 3.2% returns. The $48.6 billion real return portfolio returned 3.6% for the six months and an annualized 11.7% for five years, compared to the 4.9% and 12.12% respective benchmark returns.

Returns for its remaining assets, in asset allocation portfolios, active overlay strategies and cash, were not disclosed.

In the first half of 2016, Caisse returned a net 2%.

Caisse manages Quebec public pension plan and other provincial assets.