Quebec’s public pension fund manager trailed its 7.5 per cent benchmark, as losses in private equity offset strong gains in public stocks. Net assets, as of June 30, rose to $552 billion, up from $496 billion a year earlier. (The Logic)

Talking point: La Caisse’s public equities portfolio returned 14.6 per cent, helped by exposure to global technology companies. Private equity, which has been a weak spot for several Canadian pension funds, lost 4.3 per cent as valuations fell for technology, insurance and financial services holdings seen as vulnerable to AI disruption. CEO Charles Emond said in the release that the portfolio was affected by AI’s impact on industries including insurance and services. La Caisse’s fixed-income portfolio returned 1.7 per cent, while real assets gained 5.5 per cent. Over 10 years, the fund has generated an annualized return of 7.5 per cent, compared with the roughly six per cent its depositors need to meet their long-term obligations. 

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