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Quebec pension fund manager Caisse posts strong returns in 2015

Published 2016-02-24, 11:00 a/m
© Reuters. Quebec pension fund manager Caisse posts strong returns in 2015

MONTREAL, Feb 24 (Reuters) - Caisse de depot et Placement du
Quebec, Canada's second-largest pension fund manager, reported
weighted average returns of 9.1 percent in 2015 on Wednesday,
benefiting from diversifying out of equities and bonds into
higher-yielding assets such as infrastructure and real estate.
The Caisse, which manages pension plans in the mostly
French-speaking province, said its net assets had grown to C$248
billion at the end of 2015, compared with C$225.9 billion at the
end of 2014.
The performance was weaker than the average return of 12
percent achieved in 2014, reflecting volatile equity markets and
global economic uncertainty.
Since Chief Executive Michael Sabia was appointed in 2009,
the Caisse has sought higher returns by investing more funds in
alternative assets such as infrastructure and real estate,
shifting funds out of equities and low-yielding government
bonds. However, equities still make up the biggest proportion of
its overall investments.
"In 2015, our strategy was put to the test. Uncertainty in
the face of monetary policy, disorderly currency movements and
collapsing oil prices all fuelled market volatility,
particularly in the second half," Sabia said.
"In this context, the quality of the assets in our portfolio
allowed us to deliver solid results, confirming the soundness of
our strategy. While not immunizing our portfolio against market
movements, our strategy makes it more resilient in turbulent
times," he said.

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