Caisse de dépôt et placement du Québec posted an average loss of 5.6 per cent across its portfolios and its assets fell by nearly $18-billion in 2022 as Quebec’s pension giant wrestled with what it called the toughest correction in stock and bond markets in half a century.
The Caisse had net assets of $402-billion as of Dec. 31, down from $419.8-billion a year earlier. But assets rebounded somewhat in the second half of the year, after falling to $392-billion at the end of June. The year-over-year decline was mostly a result of a 14.9-per-cent loss on the Caisse’s bond portfolio, softened by gains from private credit investments, as well as a lesser 5.7-per-cent loss on stocks.
“The first half of the year was marked by the worst concurrent correction in the stock and bond markets in 50 years, which posted negative returns from -10 per cent to -30 per cent,” said Charles Emond, the Caisse’s chief executive officer, in a prepared statement.
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