Quebec’s pension fund manager posts return of 9.6 per cent

MONTREAL – Quebec’s pension fund manager, the Caisse de dépôt et placement du Québec continued its steady rebound for a fourth year, posting a return of 9.6 per cent in 2012.

That was slightly above its benchmark and about average for a large Canadian pension fund last year.

“Our 2012 results contributed to the work we have done since we have restructured our portfolios in the summer of 2009 to generate solid long-term results,” president and CEO Michael Sabia said Wednesday in unveiling the numbers.

“Since the restructuring, we have generated a 10.7-per-cent annualized return despite an uncertain and volatile economic climate.”

Real estate and infrastructure and foreign stocks were the main drivers of Caisse results in 2012, each appreciating by double digits.

The Caisse ended the year with $176 billion in assets, up $17.2 billion from 2011. It had plummeted to $120 billion after a disastrous year in 2008, prior to Sabia’s appointment.