Despite a tariff crisis caused by the Trump administration, the Quebec Deposit and Placement Caisse (CDPQ), which is now called the cash register, displays a yield of 4.6 % in the first six months of 2025, a result higher than its reference index (4.3 %).
As of June 30, 2025, the net assets of the cash register amounted to $ 496 billion, up $ 23 billion over six months.
The tariff challenges associated with American policy were at the heart of concerns in the first half
said the president and chief executive officer of the cash register, Charles Emond, by press release.
The boss of the box adds that despite this good performance, We must remain vigilant since the effect of the measures of the American administration could not be fully observed yet
.
According to him, American public policies have generated a slowdown in economic growth and inflation in the United States. The American Federal Reserve (Fed) still owes choose between lowering rates to stimulate economic growth or maintain them so that inflation does not fly away
he explains, predicting that the Fed will prefer to limit inflation.
The president and chief executive officer of the cash register, Charles Emond (right) and first vice-president and chief liquid markets, Vincent Delisle (left), August 12, 2025
Photo: Canadian press / Christopher Katsarov
The Caisse’s stock market portfolio displays a yield of 6.0 %, which surpasses its reference portfolio at 5.5 %. Over five years, the institution reports an annualized return of 13.3 %, above its reference index to 12.9 %.
Balled by the pricerafts of the American administration, the stock markets experienced great volatility at the start of the year.
April was also the seventh most volatile month in history
underlined the first vice-president and liquid market manager at the checkout, Vincent Delisle. In May, the stock markets finally rebounded.
At a press conference, Mr. Delisle explained that the institution had awarded the American markets at the start of the year to favor emerging and European markets that have delivered better performances.
A stabilisation
real estate portfolio
The Caisse’s real estate portfolio recorded a return of 0.1 % over six months. Although this figure is lower than the reference portfolio (1.2 %), it represents a significant rebound compared to the performance of -10.8 %for the financial year 2024, well below the yield of the reference portfolio to 1 %.
According to Charles Emond, this stabilisation
From the real estate market is explained in particular by the good returns of shopping centers and offices after a post-Pandemic negative performance.
Office occupancy rates in America, especially in New York, are increasing, said Emond at a press conference. Employers want their employees to return to the office.
Canada and the United States have among the highest teleworking rates in the countries of the Economic Cooperation and Development Organization (OECD), he added.
It is encouraging, [mais] It is a cautious optimism.
Last February, the president and chief executive officer announced that he had to carry out a back -up work
At Ivanhoé Cambridge, its real estate subsidiary, to ensure better yields in the future.
We are right in a transformation of this real estate portfolio, from operator model to an investor model
added Mr. Emond at a press conference on Tuesday.
The real estate subsidiary also turned to the residential sector and the properties of the logistics sector.
Quebecers’ woolen stockings in health
Among the real assets, the cash investments in the infrastructure show a yield of 4.5 % over six months, a figure much lower than the yield of the reference portfolio to 8.1 %.
This performance is carried by the transport sector, while the reference index is carried by the listed securities on the stock market which are stimulated by the energy demand linked to artificial intelligence.
It’s hard to have a clue that is perfectly comparable [à notre portefeuille]. That said, it’s a portfolio that delivers 10 % per year out of ten and five years
said Charles Emond at a press conference, saying that the portfolio was a stability pillar.
Over five years, the fund reports an annualized return of 11.2 %, compared to 9.0 % for the index.
In addition, the private investments of the cash register generated a yield of 3.4 % compared to the reference index of 2.0 %.
The regimes of our depositors and, by the very fact, the retirement fund of Quebecers are in excellent financial health
assured the cash register by press release.
With information from the Canadian press.
