MONTREAL — The Caisse de depot et placement du Quebec posted a return of 7.7 per cent in 2020, missing its benchmark index of 9.2 per cent.
The investment fund’s performance was dragged down by real estate investments, which suffered during the pandemic, the Caisse says.
The Caisse’s real estate portfolio, which includes shopping centres and office buildings, declined 15.6 per cent in 2020, the Caisse says.
Caisse president and chief executive officer Charles Emond says the return meets the needs of its depositors, which require around a six per cent average return over the long term.
The annualized return over five and 10 years was 7.8 per cent and 8.6 per cent, respectively, the Caisse says.
As of Dec. 31, the Caisse’s net assets stood at $365 billion, it says.
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