The Caisse de dépôt et placement du Québec, one of Canada's largest institutional investors, has reported a return of 9.3 per cent for the year 2025. This performance, while solid, came in slightly below the fund's benchmark index, according to official figures released on February 25, 2026.
Performance Details and Market Context
In a statement, the Caisse confirmed that its 9.3 per cent return for 2025 did not meet the specific benchmark index set for the fund. The exact benchmark figure was not disclosed in the initial announcement, but sources indicate it reflects a composite of global market indices tailored to the Caisse's diversified portfolio.
President and Chief Executive Officer Charles Emond, speaking from Montreal, acknowledged the result. "While we are pleased with a positive return in a complex economic environment, we recognize that our performance fell short of our benchmark," Emond stated. "Our team remains focused on long-term value creation for our depositors."
Strategic Outlook and Challenges
The Caisse, which manages assets for public and private pension and insurance plans in Quebec, has faced headwinds including volatile equity markets, shifting interest rates, and geopolitical uncertainties. These factors contributed to the slight underperformance relative to its benchmark.
Analysts note that a 9.3 per cent return is still robust in absolute terms, particularly given the economic climate of 2025. However, the failure to exceed the benchmark may prompt internal reviews of asset allocation and investment strategies.
Comparative Analysis and Future Projections
Historically, the Caisse has often matched or outperformed its benchmarks, making this result notable. The fund's performance is closely watched as a bellwether for Canadian institutional investing.
Looking ahead, Emond emphasized the Caisse's commitment to sustainable investing and innovation. "We are continuously adapting our approach to navigate market dynamics and deliver strong, risk-adjusted returns over the long haul," he added.
The announcement comes amid broader financial news, but the Caisse's update stands out for its implications on pension fund management and economic confidence in Quebec.
