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Quebec Pension Fund Posts 4.2% Return In Year’s First Half

Quebec’s public pension plan earned a 4.2% return in this year’s first half, beating the performance of the Toronto Stock Exchange.

Caisse de Depot et Placement du Quebec said its equity portfolio gained 10.6% in this year’s first six-months, benefiting from increased exposure to technology stocks.

However, private equity returns of 1.4% were well below what it normally earns on such investments. The value of its property holdings declined 1.5%.

Caisse is a $424 billion fund that serves as the public pension of retirees in Quebec, Canada’s second most populous province.

While the Quebec fund managed to outpace the Toronto Stock Exchange’s 3.7% return in this year’s first half, its long-term performance is less impressive.

Over 10 years, Caisse de Depot et Placement du Quebec has delivered a return of 7.9%, compared with a 56% return in the Toronto Stock Exchange, Canada’s main bourse.

The Quebec pension has been an active buyer and seller of real estate in recent years as it tries to reduce its holdings of office buildings and shopping malls and expand into owning warehouses and industrial properties.