MONTREAL - The Caisse de d�p�t et placement du Qu�bec will likely lag other major pension funds this year because it missed out on the stock market rebound, says the province's Finance Minister.
"I don't expect the Caisse to outdo the markets this year," Raymond Bachand said Wednesday in an interview with Radio-Canada television.
"The Caisse was underweight in stocks, and given that stock markets have rebounded considerably, the Caisse's results will certainly not exceed those of competing pension funds or industry peers," he said.
The comments were made after La Presse reported Wednesday that the Caisse is in line to post a return on investments of about 5 or 6 per cent for 2009, compared with an average increase of 10 to 12 per cent for Canadian pension funds. The article cited unidentified sources.
The Caisse reported a staggering $40-billion loss on its investments last year, equal to a negative return of 25 per cent, compared with an average return of minus 18 per cent for its rivals.
