Every year, we disclose individual investments that exceed $200 million. Even though $200 million represents less than 0.1% of the total fund, we choose it as a reporting threshold to give plan members and other stakeholders greater insight into the diversity of our asset base.
As responsible investors, we invest broadly by asset type, economic outcome and region in our search to earn the best risk-adjusted returns for plan members. Diversification reduces volatility and the adverse impact of any one investment loss on the fund overall.
All data as at December 31, 2023.
As at December 31, 2023
Fixed income and short-term investments over $200 million
| Type (Canadian $ millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
| Government of Canada bonds | 2025-2055 | 1.00 - 8.00 | 29,679 | 28,198 |
| Government of Canada treasury bills | 2024-2024 | 0.00 - 0.00 | 18,313 | 18,223 |
| International corporate bonds | 2024-2081 | 0.00 - 20.00 | 15,896 | 16,119 |
| Securities purchased under agreements to resell | 2024-2024 | (2.35) - 5.47 | 8,129 | 8,258 |
| U.S. treasury bonds | 2025-2053 | 1.13 - 4.75 | 4,172 | 4,085 |
| Canadian provincial bonds | 2027-2053 | 2.60 - 5.60 | 3,306 | 3,424 |
| Bank notes | 2024-2059 | 0.00 - 0.00 | 2,801 | 2,789 |
| Canadian corporate bonds | 2024-2052 | 3.88 - 14.50 | 642 | 657 |
| International agency bonds | 2032-2033 | 1.50 - 2.00 | 577 | 582 |
| Commercial paper issued | 2024-2024 | 0.00 - 0.00 | (2,557) | (2,577) |
| Securities sold under agreements to repurchase | 2024-2024 | 4.40 - 5.58 | (23,795) | (23,962) |
| Term debt issued | 2024-2051 | 0.05 - 4.45 | (25,898) | (28,354) |
As at December 31, 2023
Real-return investments over $200 million
| Type (Canadian $ millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
| Real-return Government of Canada bonds | 2026-2054 | 0.25 - 4.25 | 7,441 | 5,867 |
| U.S. treasury inflation protection | 2024-2030 | 0.13 - 0.50 | 2,688 | 2,732 |
| Real-return Canadian provincial bonds | 2026-2036 | 2.00 - 4.50 | 1,755 | 1,090 |
| Real-return Canadian corporate bonds | 2026-2039 | 0.00 - 5.33 | 665 | 309 |
As at December 31, 2023
Corporate shares/units over $200 million
| Security Name | Shares | Fair Value |
|---|---|---|
| GFL Environmental Inc. | 39.4 | 1,798.8 |
| Microsoft Corporation | 2.7 | 1,361.1 |
| Multiplan Empreendimentos Imobiliarios S.A. | 164.4 | 1,219.5 |
| Samsung Electronics Co., Ltd. | 13.1 | 1,055.8 |
| Alphabet Inc. | 5.2 | 952.4 |
| Chubb Limited | 2.7 | 805.2 |
| Morgan Stanley | 5.5 | 676.3 |
| Safran SA | 2.9 | 670.5 |
| EssilorLuxottica SA | 2.5 | 665.5 |
| Stryker Corporation | 1.6 | 639.8 |
| AbbVie Inc. | 2.9 | 596.9 |
| Lowe's Companies, Inc. | 2.0 | 596.3 |
| Becton, Dickinson and Company | 1.9 | 595.5 |
| Trane Technologies plc | 1.8 | 579.6 |
| T-Mobile US, Inc. | 2.6 | 547.5 |
| AutoZone, Inc. | 0.2 | 523.0 |
| Salesforce, Inc. | 1.5 | 512.7 |
| Cummins Inc. | 1.4 | 455.7 |
| PACCAR Inc | 3.5 | 450.8 |
| Viasat Inc. | 11.4 | 418.6 |
| KeyCorp | 20.0 | 380.2 |
As at December 31, 2023
Real estate properties over $200 million
| Property | Total Square Footage (in thousands) | Effective % Ownership |
|---|---|---|
| Canadian Regional Shopping Centres | ||
| Champlain Place, Dieppe, NB | 850 | 100% |
| Chinook Centre, Calgary, AB | 1,288 | 100% |
| Fairview Mall, Toronto, ON | 851 | 50% |
| Fairview Park Mall, Kitchener, ON | 744 | 100% |
| Fairview Pointe Claire, Montreal, QC | 1,002 | 100% |
| Le Carrefour Laval, Montreal, QC | 1,280 | 50% |
| Les Promenades St. Bruno, Montreal, QC | 1,114 | 100% |
| Lime Ridge Mall, Hamilton, ON | 661 | 100% |
| Market Mall, Calgary, AB | 1,008 | 50% |
| Markville Shopping Centre, Markham, ON | 993 | 100% |
| Masonville Place, London, ON | 664 | 100% |
| Pacific Centre, Vancouver, BC | 506 | 50% |
| Polo Park Mall, Winnipeg, MB | 1,470 | 100% |
| Richmond Centre, Richmond, BC | 585 | 50% |
| Rideau Centre, Ottawa, ON | 1,455 | 100% |
| Sherway Gardens, Toronto, ON | 1,147 | 100% |
| Toronto Eaton Centre, Toronto, ON | 2,270 | 100% |
| Canadian Office Properties | ||
| City Centre Office, Calgary, AB | 857 | 100% |
| Deloitte Tower, Montreal, QC | 512 | 100% |
| Pacific Centre Office Complex, Vancouver, BC | 1,819 | 50% |
| RBC Centre, Toronto, ON | 1,222 | 50% |
| Toronto-Dominion Centre Office Complex, Toronto, ON | 4,418 | 70% |
| Toronto Eaton Centre Office Complex, Toronto, ON | 2,248 | 100% |
| Yonge Corporate Centre, Toronto, ON | 660 | 100% |
| 160 Front Street West, Toronto, ON | 1,256 | 50% |
| 16 York Street, Toronto, ON | 900 | 70% |
| Canadian Hotel Properties | ||
| Ritz-Carlton, Toronto, ON | 335 | 100% |
| International Office Properties | ||
| White City Place, London, U.K. | 930 | 100% |
| 70 Gracechurch, London, U.K. | 214 | 99.5% |
| Land | ||
| Buttonville Airport Lands, Toronto, ON | 7,375 | 100% |
| East Harbour Lands, Toronto, ON | 1,631 | 100% |
As at December 31, 2023
Private companies and partnerships over $200 million
- Actera Partners II L.P.
- ADNOC Gas Pipelines Assets LLC
- AEA Investors Fund VII LP
- Aethon III LLC
- Aethon United LP
- Alan SA
- Allworth Financial Holdings, LLC
- Amica Senior Lifestyle
- Anthem Entertainment Group Inc.
- Apollo Overseas Partners (Delaware 892) IX, L.P.
- Ares Corporate Opportunities Fund V, L.P.
- Ares Corporate Opportunities Fund VI, L.P.
- Aroona Farms SA Pty Ltd.
- Arterra Wines Canada, Inc.
- Aspenleaf Energy Limited
- Athyrium Opportunities Fund IV (Non-US) LP
- Automobile Protection Corporation
- Autopista Arco Norte, S.A. de CV
- Baldr Fund Inc.
- BC European Capital X - 7 LP
- Bear Holdings LP (New Afton Royalty)
- Birmingham Airport Holdings Limited
- Boreal Industrial Propco L.P.
- Bristol Airport Limited
- Broad Street Loan Partners III Offshore, L.P.
- Broad Street Loan Partners IV Offshore, L.P.
- BroadStreet Partners, Inc.
- Brookfield Global Transition Fund-C, L.P.
- Busy Bees Benefits Holdings Limited
- Canada Guaranty Mortgage Insurance Company
- Caruna Oy
- Centerbridge Special Credit Partners IV Cayman
- Centurium Capital Partners 2018, L.P.
- Cerberus OT Partners II, L.P.
- Citadel Kensington Global Strategies Fund Ltd.
- Compass Holdings LLC
- Connexa Limited
- Constellation Insurance LP
- Copenhagen Airport A/S
- Cubico Sustainable Investments Limited
- DaVinciRe Holdings Ltd.
- Diamond Communications
- Diot-Siaci
- Empresa de Servicios Sanitarios del Bio-Bío S.A.
- Enwave Energy Corporation
- Epic Games, Inc.
- Equis Development PTE Limited
- Esval S.A.
- Evoltz Participações S.A.
- EWP PA Fund, LTD.
- Fairstone Bank of Canada
- Fibra SOMA
- FirstFruits HoldCo, LLC
- Fleet Complete
- Flexera Holdings, L.P.
- Flynn Group LLC
- FMAP ACL Limited
- FMAP EAM Limited
- FMAP NTY Limited
- FMAP PCM Limited
- FMAP PMO Limited
- FMAP SOC Limited
- FMAP WMC Limited
- Fondo de Capital Privado Terranum
- Fontana Holdings L.P.
- Garda Fixed Income Relative Value Opportunity Fund
- Gateway Capital Urban Logistics Partnership
- GCT Global Container Terminals Inc.
- Global Gourmet Services Co., Ltd.
- Goldcrest Farm Trust REIT LLC
- Golgi Condomínios Logísticos
- GPA Group Holding
- GraMex Investment Holdings LLC
- Green Climate Co Pty Ltd. (GreenCollar)
- Greenstone
- group.one
- Hancock Timber Resources Group
- Heartland Dental Care, LLC
- Heritage Royalty Limited Partnership
- Hg Saturn 2 A L.P.
- Hg Saturn A L.P.
- Hines Asia Property Partners FCP-RAIF
- HomeEquity Bank
- HRG Royalty II LLC
- HRG Royalty LLC
- HS Santanoni Fund Ltd.
- ICG European Direct Lending XVI SCSp
- IDEAL Group
- Impactive Champlain Fund LP
- Infrastructure Lux (B) SCSp
- IntouchCX Inc.
- IQHQ, Inc.
- KKR Asia Pacific Infrastructure Investors SCSp
- Kry International
- Lalatech Holdings Limited (Lalatech)
- Lendmark Financial Services
- Lifson Re Ltd.
- Linden Capital Partners IV-A LP
- LMAP 909
- LMAP 910
- LMAP 911 Limited
- LMAP Chi Limited
- LMAP Epsilon Limited
- LMR Multi-Strategy Fund Limited
- Logoplaste Group S.a.r.l.
- London Bridge Risk PCC Limited
- Lowell Group Limited
- Maxio Development Partners
- MBK Partners Fund IV, L.P.
- MBK Partners Fund V, L.P.
- Mitolo Family Farms
- Mitratech
- MQMF Fund LP
- MR Cobalt Offshore Fund AB LP
- MSB Capital Limited
- National Highways Infra Trust
- NextEra Energy Renewable Assets
- NextEra Energy Renewable Assets 2
- Nordhaven Limited
- Nordic Capital IX Alpha, L.P.
- Nordic Capital X Alpha, L.P.
- Nvision Eye Centers
- Oaktree European Principal Fund IV L.P.
- Oaktree Opportunities Fund XI (Parallel), L.P.
- OGF SA
- Orbis Institutional Global Equity L.P.
- Orgain, Inc.
- Orion Mine Finance (Offshore) Fund III LP
- Orva LLC
- OTPP BNAPLF II LP
- Oxford North Ventures LLP
- Pacifico Sur
- PAG Asia II LP
- PAG Asia III LP
- Pardosa Climate Fund Ltd.
- Patria - Private Equity Fund VI-B, L.P.
- Phynet Dermatology LLC
- Polar Multi-Strategy Fund (Legacy)
- Politan Capital Offshore Partners LP
- Pony AI Inc.
- Princeton Digital Group Limited
- Puget Sound Energy
- RedBird Capital Partners Platform LP
- RedBird Series 2019, LP
- Resource Management Service Inc.
- Sahyadri Hospitals Private Limited
- SCI PH Parent Inc. (Mauser Packaging Solutions)
- Scotia Gas Networks Limited
- SeaCube Container Leasing Ltd.
- Seventh Cinven Fund (No.1) Limited Partnership
- Shearer’s Foods, Inc
- Sidewalk Infrastructure Partners
- Silver Lake Partners IV, L.P.
- SITKA Fund I
- Sixth Cinven Fund (No.4) Limited Partnership
- Skyway Concession Company LLC
- Sociedad Austral de Electricidad S.A.
- Società Gasdotti Italia
- Solus Offshore Opportunities Fund 5 LP
- Sovos Compliance Holdings, LLC
- Space Exploration Technologies Corp.
- Spark Infrastructure Group
- SSEN Transmission
- Starwood Global Opportunity Fund XI
- Stone Canyon Industries Holdings Inc.
- Storapod Holding Company, Inc. (PODS Enterprises, LLC)
- Sweetwater Royalties
- Sydney Desalination Plant Pty Limited
- TACF Institutional Credit Fund
- Taxfix AG
- Techem GmbH
- The Brussels Airport Company
- The Resolute Fund V, L.P.
- Thoma Bravo Fund XII-A, L.P.
- Thoma Bravo Fund XIII-A, L.P.
- TPG Asia VII (B), L.P.
- TPG Rise Climate, L.P.
- Trade Republic
- TricorBraun
- Trident VII Parallel Fund, L.P.
- Trivium Packaging
- Two Sigma Advisers, LP
- Vantage Elevator Solutions
- Veonet GmbH
- Voloridge Fund, Ltd.
- Voussoir Re Segregated Account Napoleon
- Warburg Pincus Global Growth-B, L.P.
- Westerleigh Group Holdings Limited
- Willow Bridge Property Company