La Caisse Posts 9.3% Return as Private Equity, US Dollar Trim Gains

Caisse de Depot et Placement du Quebec, Canada’s second-largest pension fund, underperformed its benchmark last year as geopolitical and trade rifts affected investments and its private equity holdings slumped.

The Montreal-based firm’s net assets rose to C$517 billion ($378 billion) after a 9.3% overall return, which compared with 10.9% for a benchmark portfolio, the fund said in a news release.