Quebec's pension fund had yet another strong year, the fourth in a row of good returns on investments.

But the Caisse de Depot's president does not expect that it will see similar returns for the next several years.

The Caisse delivered an overall return of 9.1 per cent  in 2015, and a average annualized return of 10.9% since 2012.

The fund has now grown to $248 billion in assets, up from $159 billion four years ago -- while only adding $7.4 billion in new funds.

This rate of return beats most markets, especially the Toronto stock exchange which took a significant drop in value this past year because of the plunge of the price of oil.

Sabia attributed most of the growth to the strong performance of global and U.S. investments, but even the Caisse's Canadian Equities did better than the TSX.

He said Canadian markets can do better.

"Speaking personally, what the Canadian economy needs is investments. Business investments, investment in things like infrastructure, investment also in things like education, which is so important in terms of driving innovation, and productivity and creating new businesses. Investment in entrepreneurship. And you know, that's going to take some time," said Sabia.

He added that the price of oil has, in his opinion, bottomed out and will eventually rise, but that nobody could predict when.

Sabia expects that growth in major international markets will start to decline, especially in China, Russia and Brazil and says world governments can't afford to keep printing money for economic stimulus, which means "the party is probably over" when it comes to high returns.

In addition to liquid assets, the Caisse has $18 billion in its real estate subsidiary Ivanhoé Cambridge, which is now the seventh largest property owner in Manhattan.

The Caisse spent $3.5 billion in 2015 on acquiring infrastructure like a 30% share of the chunnel train (Eurostar), and 25% of Transgrid, the electricity utility in New South Wales, Australia.

The fund has also partnered with three pension plans in Mexico and will expand its investment in that country this year.