The Caisse de dépôt et placement du Québec returned 9.3 per cent for 2025, below its benchmark portfolio’s 10.9 per cent return, according to the investment organization’s latest financial report.
The investment organization’s five-year and 10-year annualized returns were 6.5 per cent and 7.2 per cent, compared to benchmarks of 6.2 per cent and 6.9 per cent, respectively. As at Dec. 31, 2025, its net assets totaled $517 billion.
Read: Caisse reporting mid-year 4.6% investment return, net assets growing to $496 billion
Public equities returned 17.7 per cent, largely attributed to strong performances by stocks in the technology, materials and finance sectors. By comparison, private equity returned just 2.3 per cent due to slowing earnings growth for portfolio companies and lower multiples in the technology and health-care sectors.
Infrastructure returned 9.2 per cent, with the Caisse’s investments in energy, ports and highways as the largest contributors to the result. Real estate returned just 0.2 per cent, with the gains of a gradually recovering market offset by high financing costs.
Fixed income generated a 6.6 per cent return and the Caisse’s credit portfolio was a strong performance driver with a return of 9.6 per cent.
Read: Caisse returns 9.4% in 2024, net assets grow to $473BN
The report cited geopolitical tensions and “persistent tariff uncertainty” in contributing to the Caisse’s 2025 results.
“In an environment shaped by uncertainty and profound changes that are likely to persist, diversification remains essential, allowing each asset class to play its part across different market conditions,” said Charles Emond, president and chief executive officer of the Caisse, in a press release.
“Looking back at the past five years, markets have been volatile and difficult to follow, with pronounced differences between asset classes and sharp fluctuations from one year to the next.”
Read: Caisse steering investments toward Quebec companies amid U.S. tariff threat