Quebec’s public pension manager reported a 7.2% return for 2023, as losses in real estate detracted from big gains in its credit and stock portfolios.
Caisse de Depot et Placement du Quebec has restructured its real estate business, shifting capital to apartments and industrial properties, but it wasn’t enough to offset problems in the office sector. The fund manager posted a 6.2% loss on its C$46 billion ($34.1 billion) property portfolio — the only asset class for which it had a negative return last year.
