Annual Management Report 1984 (CDPQ)

Summary

• The effective rate of return on depositors' equity was 10.1%, against 17.2% the year before.p.2
• Depositors' net income reached a record $1,964 million, an increase of $192 million.p.7
• The average compound annual return over eight years was 12.3%.p.7
• Bonds returned 16.5% in 1984, and the weighted return of Canadian equities over eight years was 16.6% against 16.5% for the TSE 300.p.20
• The general fund returned 11.4% against 7.9% for the particular funds.p.21
• Purchases of new Quebec government bonds were $862 million, or 36.9% of total issues.p.30

Key insights

1. The effective return of 10.1% exceeded inflation of 3.8%.p.7
2. The Régie des rentes du Québec held 50.9% of total depositors' equity.p.15
3. The government employees' pension plan (RREGOP) represented 20.2% of depositors' equity.p.17
4. The real estate portfolio had a realization value of $339 million and returned 15.3% during the year.p.26
5. Bond returns were 16.3% for the year and 11.2% over the previous eight years.p.29
6. Short-term securities totalled $626 million, or 3.2% of the Caisse's total assets.p.30
7. Administrative expenses were $13.1 million.p.33