Caisse de Depot et Placement du Quebec, Montreal, had a weighted average return of 3.6% for the first six months of 2011, according to a Caisse news release.
The Caisse's net assets were C$157.9 billion (US$159.5 billion) as of June 30, up $6.2 billion — C$5.3 billion in investment income and $900 million from contributions — from Dec. 31, according to the news release. (All figures are in Canadian dollars unless otherwise noted.)
Equity investments returned a net $2 billion for the first six months of 2011; fixed income, $1.6 billion; inflation-sensitive investments, $1.2 billion; and other investments $500 million.
As of June 30, public equity and fixed-income investments each made up 37% of the portfolio; inflation-sensitive investments, 15%; private equity, 10%; and other, 1%.
“The recent market turbulence shows that the global economic situation is highly uncertain,” Michael Sabia, Caisse president and CEO, said in the news release. “Thanks to the efforts taken to strengthen its risk management, refocus its portfolio on its core business activities and maintain robust liquidity levels, the Caisse is better positioned now than before to face this challenging climate.”
The news release notes that the retirement system has more than $45 billion in portfolio liquidity.
Caisse spokesman Maxime Chagnon could not be reached for comment.
