Annual Report 2019 (CDPQ)

Summary

• CDPQ delivered a 10.4% return in 2019.p.7
• The five-year annualized return was 8.1%, with investment results of $106.0 billion.p.7
• The ten-year annualized return was 9.2%, with investment results of $191.0 billion.p.7
• DBRS, Fitch, Moody's and S&P maintained the highest AAA credit ratings for CDPQ and CDP Financière with a stable outlook.p.7
• Portfolio carbon intensity fell 21% since 2017, against a target of a 25% reduction by 2025.p.11
• Low-carbon assets rose by $16.8 billion since 2017, including $6.9 billion in 2019.p.11

Key insights

1. CDPQ acquired US$250 million of convertible securities issued by Piramal Enterprises, strengthening a partnership established in 2017.p.8
2. DP World has been an infrastructure partner since 2016, with new port investments in Chile, Australia and the Dominican Republic.p.8
3. CDPQ and ICAMAP launched a €1.6 billion fund to develop low-carbon next-generation offices in Paris.p.9
4. CDPQ partnered with the CREO Family Office Syndicate, which comprises more than 80 wealth management offices.p.9
5. The Investor Leadership Network co-founded by CDPQ brings together members with more than $6,000 billion in assets under management.p.11