Annual Report 2017 (CDPQ)

Summary

• The 2017 return was 9.3% with net investment results of $24.6 billion.p.5
• Over five years, the annualized return was 10.2% with net investment results of $109.7 billion.p.5
• Exposure to global markets reached $192 billion, up $109 billion since the end of 2012.p.6
• 2017 returns by asset class were 13.6% for equities, 3.5% for fixed income and 8.7% for real assets.p.12
• Private equity transactions exceeded $9.4 billion, including $7.6 billion internationally, and real estate investments totalled $8.0 billion.p.14
• The climate strategy aims to increase low-carbon assets by more than $8 billion within three years and cut carbon footprint per dollar invested by 25% by 2025.p.15

Key insights

1. Net assets by asset class are $149.5 billion in equities, $96.7 billion in fixed income and $50.4 billion in real assets.p.13
2. Retraite Québec has $69.3 billion in net assets, and the sinking fund of pension plans $78.5 billion.p.27
3. Fixed income delivered an average annualized return of 3.7% and net investment results of $14.6 billion over five years.p.34
4. The equity market portfolios generated $57.2 billion and an annualized return of 14.5% over five years.p.35
5. The Private Equity portfolio added $15.2 billion to net assets over five years with an annualized return of 13.4%.p.35
6. DBRS, Standard & Poor's and Moody's maintained the highest AAA credit ratings with a stable outlook.p.5