As at June 30, 2023, CDPQ posted an average return of 4.2% over six months and 6.0% over five years
CDPQ today presented an update of its results as at June
CDPQ manages the funds of 48
“Over the last three years, we’ve adjusted our portfolio to reinforce our capacity to withstand market volatility. This enabled us to generate returns that ensure the financial strength of our depositors’ plans,” said Charles
Emond, President and Chief Executive Officer of CDPQ.
“The many contradictory signals confronting investors—the direction of inflation, rates, employment and markets—make the environment challenging. This invites us to remain vigilant and emphasizes the importance of diversification and adopting a long-term approach,” concluded Charles
Emond.
Return highlights

Fixed Income: Performance stimulated by higher rates
Benefiting from interest rates that are now higher than in past years, bond markets recovered in the first six months from their counter-performance during
Over five years, the asset class recorded an annualized 1.1%
Real Assets
Infrastructure: Continued performance in an inflationary context
In the first six months, the portfolio once again demonstrated its ability to perform in a context of high inflation. During this period, it posted a 4.7%
Over five years, the annualized return was
Real Estate: Repositioning in real estate mitigates the effect of rising rates
Over six months, the portfolio’s return was
Over five years, the annualized return was
Equities
Equity Markets: High, more diversified return in historically concentrated markets
Over six months, the portfolio recorded a 10.6%
Over five years, the annualized return was
Private Equity: Higher financing costs felt after several years of strong returns
In the first six months, the portfolio’s return was
Over five years, the portfolio posted a 15.4%
Québec: Large-scale projects and local company growth
In Québec, CDPQ maintained a good level of activity despite a particularly low volume of transactions observed worldwide. Following are some recent achievements of note by CDPQ’s teams, which leverage a wide range of tools to contribute to Québec’s economic development:
Major real estate and infrastructure projects
- Achievement of a milestone in delivering the REM with the commissioning of the South Shore Branch between Gare Centrale Station and Brossard on July
- Mandate awarded to Ivanhoé Cambridge by CDPQ, following the conclusion of an agreement in principle with the Government of Québec, to conduct a feasibility study on converting part of the old Royal Victoria Hospital site into a world-class university campus.
- A $355-million investment to acquire
- Participation in financing the new Île-aux-Tourtes bridge by underwriting $75
- A $145-million loan by subsidiary Otéra Capital for a multi-residential project located in the heart of Montréal’s Golden Square
Support for growing Québec’s companies and
- Participation in Previan’s acquisition of Sensor Networks, an American supplier of sensing tools and
- A $125-million investment to accelerate the growth of Workleap (previously GSoft), which offers software that improves the employee experience of 16,000
- Renewal of the collaboration with the Quebec Emerging Manager Program to accelerate the development of emerging managers, bringing CDPQ’s commitment to $250
Expertise and leadership recognized globally
In the first six months of the year, CDPQ received various distinctions that illustrate the quality of its work and the accomplishments of its
- In sustainability, CDPQ ranked first in the world, alongside three other international investors, in the Global SWF’s 2023 Governance, Sustainability and Resilience ranking, a benchmark that assesses the governance, sustainability and resilience practices of 200
- In real estate, Ivanhoé Cambridge received nine awards at the IPE Real Assets Global Awards, which recognize global leaders in the industry, including Investor of the Year, as well as ESG and Environmental Sustainability.
- In infrastructure, CDPQ ranked first in the Global Investor
Financial reporting
As at June 30, 2023, the annualized costs incurred for CDPQ’s activities, which include internal operating expenses, external management fees and transaction costs, were estimated at 55
In addition, CDPQ is rated investment-grade with a stable outlook by the credit rating agencies, namely AAA
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 June
CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its
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