Caisse de Depot et Placement du Quebec, Montreal, today announced it returned -9.57% in 2002. The fund had total assets of C$77.68 billion (US$53.3 billion) in assets as of Dec. 31. Losses from investment operations for 2002 totaled C$8.55 billion. "The financial markets were in turmoil for the third straight year. Such a situation had not occurred since the stock market crash of 1929, Henri-Paul Rousseau, Caisse chairman and CEO, said in a statement. "Most of the (negative) return for 2002 is due to the deplorable situation on the markets.
Separately, Ontario Teachers Pension Plan, Toronto, announced it returned -2% for 2002, 2.8 percentage points above the plans custom benchmark of -4.8%, according to a news release from the fund. At year-end 2002, net assets were C$66.2 billion, down from C$69.5 billion in 2001. "Inflation-sensitive and fixed-income investments, representing over half the fund, performed very well for us this year, at 13.2% and 8.6%, respectively, Claude Lamoureux, president and CEO, said in a statement. "However, stock market returns were a different story, as they continued their negative course for the second year in Canada and the third consecutive year in the U.S. the worst performance since 1932.