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Malls and Offices Push Caisse de Depot’s Results Below Benchmark

  • Pension fund returns 7.7% in contrast with Omers loss
  • Private equity, fixed-income cushion 16% drop in real-estate
Canada Leaders Clamp Down On Businesses Again In New Virus Wave
Photographer: Jimmy Jeong/Bloomberg
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Exposure to malls, office buildings and other sectors hit by the pandemic weighed on the performance of Caisse de Depot et Placement du Quebec last year, which returned 7.7% thanks to investments in private credit and equity.

Net investment income for 2020 was C$24.8 billion ($19.8 billion), down from C$31.1 billion a year earlier, the Montreal-based fund manager said Thursday. Net assets rose to C$365.5 billion as of Dec. 31, from C$340.1 billion at the end of 2019.