Caisse de Depot et Placement du Quebec, Montreal, had a weighted average return of 9.6% for 2012, topping its benchmark return of 9.3%, according to a news release.
Net assets were a record C$176.2 billion (US$171.8 billion) as of Dec. 31, up C$17.2 billion, with C$14.9 billion coming from investment returns and C$2.3 billion from net contributions.
Equity investments returned 12.2% for the year, followed by inflation-sensitive investments, 11.1%; and fixed income, 3.2%. Within those asset classes, emerging markets equity returned 15.8%; global equity, 14%; private equity, 13.6%; U.S. equity, 13.5%; real estate, 12.4%; infrastructure, 8.7%; and Canadian equity, 6.6%.
In the past year, Caisse increased investments in Quebec, investing and committing a total of C$2.9 billion. Total assets invested in Quebec are C$47.1 billion.
Highlights from the past year include creating a global equity portfolio, now with C$13.75 billion in assets, increasing exposure to emerging markets and increasing its real estate presence in the U.S. with more than C$1.4 billion in investments.