The pension fund manager’s assets under management grew $23 billion in the first six months of 2025, reaching $496 billion as of June 30. Caisse de dépôt et placement du Québec beat its six-month, five-year and 10-year benchmark return targets, despite market volatility and tariff uncertainty. (The Logic)

Talking point: Public equities, which generated a six per cent return, drove the fund’s performance, with the Caisse citing “excellent performance” in Europe, Canada and emerging markets. Real estate, meanwhile, continued to drag down results, with a 0.1 per cent return. CEO Charles Emond said infrastructure investments, such as data centres, nuclear facilities and cell towers, have helped diversify the real asset portfolio. In a press conference Tuesday, Emond said U.S. tariff policy—whose effects have yet to be fully realized—has been a major consideration for the fund. When stock markets plunged around the “Liberation Day” imposition of tariffs, for instance, the Caisse seized the chance to buy stocks at a discount, profiting when the market rebounded.