The Caisse de dépôt et placement du Québec says it earned a return of 4.2 per cent in the first six months of the year.
CDPQ says the result compared with its benchmark portfolio’s return of 4.1 per cent.
Net assets for the Quebec fund manager totalled $424 billion at June 30, up from $402 billion at Dec. 31, 2022.
CDPQ chief executive Charles Emond says the many contradictory signals confronting investors — the direction of inflation, rates, employment and markets — make the environment challenging.
Emond says this invites the fund to remain vigilant and emphasizes the importance of diversification and adopting a long-term approach.
The fund’s average annualized return over five years stood at 6.0 per cent, while over 10 years it came in at 7.9 per cent.