Additional Information to the 2003 Annual Report (CDPQ)

Summary

• Depositors' equity stood at $89.3 billion at 31 December 2003.p.8
• The Short-term securities composite returned 3.16% year to date against 2.91% for its index.p.10
• The Mortgages composite returned 9.55% year to date against 6.69% for its index.p.12
• The Bonds composite returned 7.55% year to date against 6.69% for its index.p.14
• The Canadian equities composite returned 27.30% year to date against 26.72% for its index.p.18
• The US equities (hedged) composite returned 26.73% year to date against 30.48% for its index.p.22
• The EAFE foreign equities (hedged) composite returned 18.76% year to date against 21.28% for its index.p.28

Key insights

1. The US equities Stock Markets composite returned 27.44% year to date against 30.48% for its index.p.26
2. The unhedged US equities composite returned 1.74% year to date against 5.26% for its index.p.24
3. Operating expenses for the Short-term securities composite were 21 basis points for the 12 months to 31 December 2003, against an average of 9 basis points over the previous four years.p.11
4. Foreign content in the Canadian equities composite cannot exceed the set limit of 20%.p.19
5. The Bonds composite represented 31.15% of the firm's assets in 2003.p.14
6. Returns are presented in conformity with AIMR-PPS for the period from 1 October 1993 to 31 December 2003.p.8