Faced with the worst market in 50 years, CDPQ posted a -5.6% return in 2022 and outperformed its benchmark portfolio with over $10 billion in value added
CDPQ today presented its financial results for the year ended December
CDPQ manages the funds of 48
“The year 2022 provided an environment filled with several challenges, with spiking inflation, historic interest rate hikes by central banks and rising geopolitical tensions. 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% to -30%. In this unusual context, and with few places for investors to hide, all of our asset classes outpaced their respective indexes,” explained Charles Emond, President and Chief Executive Officer of CDPQ.
“For a second straight year, but in strongly contrasting market environments, we outperformed our benchmark portfolio. The strategic initiatives we undertook in recent years and our disciplined execution created value added performance for our clients. These two factors combined with our sound diversification strategy position us well for what may come up next, as the sharp volatility—that we are still witnessing today—could persist for some time,” he added.
Return highlights and achievements
The worst simultaneous correction of the stock and bond markets in 50
Investment results for CDPQ are $91.8

Fixed Income: The class absorbs the biggest impact in light of historic interest rate hikes, but still outperforms its benchmark index due to credit activities
The cycle of rate increases was particularly rapid in
Furthermore, the 2022 market environment presented a good number of opportunities at attractive entry rates, and the teams made more than $15
Real Assets: Excellent performance by the Real Estate and Infrastructure portfolios despite inflation
The one-year return of the Real Assets class, which includes the Real Estate and Infrastructure portfolios, was
Real Estate
For one year, the Real Estate portfolio recorded a return of
During the year, the Ivanhoé Cambridge teams were active, with over 70
Infrastructure
The Infrastructure portfolio posted a one-year return of
In 2022, the Infrastructure team continued to rigorously deploy in a fiercely competitive market for quality assets. It made $10
Equities: A class that resists better, with a return above the benchmarks in an atypical and volatile year
The Equities asset class, which includes the Equity Markets and Private Equity portfolios, generated a one-year return of -5.7%, above its benchmark portfolio of -6.9%. Over five years, the annualized return was
Equity Markets
In 2022, stock markets experienced a strong correction and showed unusual volatility. In fact, the post-pandemic upsurge in inflation, accelerated cycle of interest rate hikes and amplified geopolitical tensions caused stock markets to shed value after reaching record highs at the end of
In this extremely demanding environment, the Equity Markets portfolio’s return was -11.3%, just above its benchmark index’s -11.4%, despite the exit from oil production and the exclusion of the tobacco industry, which are among the only sectors to have generated strongly positive results during the year. Among the positive factors, we note the portfolio’s focus on the quality of company fundamentals, with a favourable positioning in more defensive segments such as insurance, pharmaceuticals and telecommunications, as well as dynamic portfolio management during the year. In contrast, growth and emerging market stocks had a more challenging year. The
Private Equity
The Private Equity sector held its own against the difficult market context. The portfolio recorded a
Québec: An active year in a slowing market, with an enhanced ambition of $100 billion in Québec assets by 2026
In 2022, CDPQ made $4.0
“In Québec, we continued to fully play our role, by executing transactions in various sectors and for companies of all sizes, and by fostering connections for our portfolio companies to help them grow here and abroad. In addition, we announced our ambition to reach $100
billion in assets by 2026. Globally, we’re the most active pension fund manager in our local economy, and our presence significantly increased during the turbulent period of the last few years. Every day, our teams are at work to support Québec companies,” added Charles Emond.
Among the transactions this year are investments in large companies such as Pomerleau, in which CDPQ made an additional investment of $150
CDPQ was also active among Québec SMEs, investing $10
For the Réseau express métropolitain (REM), several key steps were completed during the year, including finalizing infrastructure work and the complete electrification of the South Shore branch. In addition, dynamic testing was conducted to validate the functionality and reliability of the systems in various conditions, including in adverse winter conditions. The REM’s South Shore branch is scheduled for commissioning in spring
Ivanhoé Cambridge continued to play an active role in Québec, including through the creation of a Québec hub to ensure the global management of the real estate subsidiary’s investments and projects related to economic development in the different regions. In the Capitale-Nationale region, it concluded a strategic partnership with Douville, Moffet & Associés (DMA) for the redevelopment of the Laurier Québec commercial property and the densification of the site, including the acquisition by DMA of a share in three assets in the region: Laurier Québec, Édifice Champlain and Tour Frontenac. In Montréal, Ivanhoé Cambridge rolled out initiatives for the downtown’s revitalization, including unveiling The Ring at Esplanade PVM. The real estate subsidiary and its partners also invested close to $200
Internationally recognized expertise and sustainability approach
On January 1, 2023, CDPQ was named 2022 Fund of the Year by Global SWF, a global reference that analyzes the activities of around 400
Among other distinctions received during the year—and a sign of its leadership in sustainable investing—CDPQ ranked first among the 59
More details on CDPQ’s sustainable investing strategy, including its progress on climate targets, the advancement of its commitments and initiatives in terms of equity, diversity and inclusion, as well as governance, will be presented in the Sustainable Investing Report published in the
Financial reporting
CDPQ incurs costs to conduct its activities, including operating expenses, external management fees and transaction costs. As at December
The credit rating agencies reaffirmed CDPQ’s investment-grade ratings with a stable outlook, namely AAA (DBRS), AAA (S&P), Aaa (Moody’s) and AAA (Fitch Ratings).

ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.
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