Every year, we disclose individual investments that exceed $250 million. Even though $250 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 figures as at December 31, 2024, and expressed in Canadian dollars unless otherwise noted.
As at December 31, 2024
Fixed income and short-term investments over $250 million
| Type (millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
| Government of Canada bonds | 2027-2055 | 1.25 - 8.00 | 31,104 | 30,613 |
| Government of Canada treasury bills | 2025 | 0.00 | 27,365 | 27,246 |
| Securities purchased under agreements to resell | 2025 | (2.25) - 5.20 | 8,936 | 8,820 |
| Canadian provincial bonds | 2028-2055 | 2.90 - 5.60 | 3,704 | 3,855 |
| U.S. treasury bonds | 2027-2053 | 1.75 - 4.38 | 2,498 | 2,392 |
| International corporate bonds | 2025-2081 | 0.00 - 14.50 | 2,005 | 1,894 |
| International agency bonds | 2026-2037 | 1.75 - 6.50 | 1,189 | 1,208 |
| U.S treasury bills | 2025 | 0.00 | 1,064 | 1,001 |
| International sovereign debt | 2025-2037 | 0.00 - 10.13 | 897 | 877 |
| Commercial paper issued | 2025 | 0.00 | (2,785) | (2,610) |
| Securities sold under agreements to repurchase | 2025 | 3.25 - 5.10 | (18,313) | (18,269) |
| Term debt issued | 2025-2051 | 0.05 - 4.63 | (28,499) | (29,082) |
As at December 31, 2024
Real-return investments over $250 million
| Type (millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
| Real-return Government of Canada bonds | 2026-2050 | 0.50 - 4.25 | 8,116 | 6,362 |
| Real-return Canadian provincial bonds | 2026-2036 | 2.00 - 4.50 | 1,798 | 1,090 |
| U.S. treasury inflation protection | 2028-2030 | 0.13 - 2.13 | 892 | 840 |
| Real-return Canadian corporate bonds | 2026-2039 | 0.00 - 5.33 | 672 | 309 |
As at December 31, 2024
Corporate shares/units over $250 million
| Security Name (millions) | Shares | Fair Value |
|---|---|---|
| GFL Environmental Inc. | 35.4 | 2,266 |
| Microsoft Corporation | 1.5 | 914 |
| Chubb Limited | 1.4 | 568 |
| Bank of America Corporation | 8.6 | 546 |
| Becton, Dickinson and Company | 1.6 | 515 |
| Safran SA | 1.6 | 510 |
| Comcast Corporation | 9.0 | 487 |
| Pony AI Inc. | 21.6 | 447 |
| Honeywell International Inc. | 1.4 | 445 |
| Lowe's Companies, Inc. | 1.2 | 443 |
| Salesforce, Inc. | 0.9 | 412 |
| Deere & Company | 0.6 | 395 |
| The Walt Disney Company | 2.4 | 378 |
| Eli Lilly and Company | 0.3 | 369 |
| Starbucks Corporation | 2.5 | 327 |
| Ulta Beauty, Inc. | 0.5 | 286 |
| PayPal Holdings, Inc. | 2.3 | 278 |
As at December 31, 2024
Real estate properties over $250 million
| Property | Total Square Footage (in thousands) | Effective % Ownership |
|---|---|---|
| Canadian Regional Shopping Centres | ||
| Chinook Centre, Calgary, AB | 1,315 | 100% |
| Fairview Mall, Toronto, ON | 856 | 50% |
| Fairview Pointe Claire, Montreal, QC | 1,125 | 100% |
| Le Carrefour Laval, Montreal, QC | 1,283 | 100% |
| Les Promenades St. Bruno, Montreal, QC | 1,116 | 100% |
| Lime Ridge Mall, Hamilton, ON | 668 | 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 | 508 | 50% |
| Polo Park Mall, Winnipeg, MB | 1,471 | 100% |
| Richmond Centre, Richmond, BC | 630 | 50% |
| Rideau Centre, Ottawa, ON | 1,455 | 100% |
| Sherway Gardens, Toronto, ON | 1,219 | 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 | 4,420 | 70% |
| Toronto Eaton Centre Office Complex, Toronto, ON | 2,248 | 100% |
| 160 Front Street West, Toronto, ON | 1,314 | 50% |
| 16 York Street, Toronto, ON | 899 | 70% |
| Canadian Hotel Properties | ||
| Ritz-Carlton, Toronto, ON | 335 | 100% |
| International Office Properties | ||
| White City Place, London, U.K. | 927 | 100% |
| 70 Gracechurch, London, U.K. | 214 | 99.5% |
| Land | ||
| Buttonville Airport Lands, Toronto, ON | N/A | 100% |
| East Harbour Lands, Toronto, ON | N/A | 100% |
As at December 31, 2024
Private companies and partnerships over $250 million
- 7IM
- Actera Partners II L.P.
- ADNOC Gas Pipelines Assets LLC
- Aethon III LLC
- Aethon United LP
- Alan SA
- Allworth Financial Holdings, LLC
- Amica Senior Lifestyle
- Anthem Entertainment Group Inc.
- Ares Corporate Opportunities Fund V, L.P.
- Ares Corporate Opportunities Fund VI, L.P.
- Aroona Farms SA Pty Ltd.
- Arterra Wines Canada, Inc.
- Athyrium Opportunities Fund IV (Non-US) LP
- Automobile Protection Corporation
- Autopista Arco Norte, S.A. de CV
- Baldr Fund Inc.
- Bear Holdings LP (New Afton Royalty)
- Birmingham Airport Holdings Limited
- Boreal Industrial Propco L.P.
- Bristol Airport Limited
- Broad Street Loan Partners IV Offshore, L.P.
- BroadStreet Capital Partners, Inc.
- Brookfield Global Transition Fund-C, L.P.
- Brussels Airport Company SA/NV
- Canada Guaranty Mortgage Insurance Company
- Canva, Inc
- 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
- Databricks, Inc.
- DaVinciRe Holdings Ltd.
- Diamond Communications
- Diot-Siaci Topco
- Eagle Holdco Limited (Busy Bees)
- 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
- 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
- Fontana Holdings L.P.
- FountainVest China Capital Parallel Fund III, L.P.
- Garda Fixed Income Relative Value Opportunity Fund
- GCT Global Container Terminals Inc.
- General Atlantic 2021
- 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
- Hancock Timber Resources Group
- Heartland Dental Care, LLC
- Heritage Royalty Limited Partnership
- Hg Saturn 2 A L.P.
- Hg Saturn A L.P.
- Hillhouse Real Asset Opportunities Fund, L.P.
- Hines Asia Property Partners FCP RAIF (HAPP)
- HomeEquity Bank
- HRG Royalty II LLC
- HRG Royalty LLC
- HS Santanoni Fund Ltd.
- ICG European Direct Lending XVI SCSp
- IDEAL Group
- Infrastructure Lux (B) SCSp
- IntouchCX Inc.
- Kedaara Capital II Limited
- KKR Asia Pacific Infrastructure Investors SCSp
- Lalatech Holdings Limited (Lalatech)
- Lendmark Financial Services
- Lifson Re Ltd.
- Linden Capital Partners V-A LP
- LMAP 909
- LMAP 911 Limited
- LMAP Epsilon Limited
- LMR Alpha Rates Trading Fund Limited
- LMR Multi-Strategy Fund Limited
- London Bridge Risk PCC Limited
- LSV Frontier Markets Equity Fund, LP
- Mahindra Susten Private Limited
- Maxio Development Partners
- MBK Partners Fund IV, L.P.
- MBK Partners Fund V, L.P.
- Mitratech
- MQMF Fund LP
- MR Cobalt Offshore Fund AB LP
- MSB Capital Limited
- Highways Infrastructure Trust
- National Investment & Infrastructure Fund
- NextEra Energy Renewable Assets
- NextEra Energy Renewable Assets 2
- Nordhaven Limited
- Nordic Capital IX Alpha, L.P.
- Nordic Capital X Alpha, L.P.
- Northstar Jersey Newco (group.one)
- Nvision Eye Centers
- Oaktree European Principal Fund IV L.P.
- Oaktree Opportunities Fund XI (Parallel), L.P.
- OGF SA
- 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
- Patria - Private Equity Fund VI-B, L.P.
- Phynet Dermatology LLC
- PODS Enterprises, LLC
- Polar Multi-Strategy Fund (Legacy)
- Politan Capital Offshore Partners LP
- 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
- Sidewalk Infrastructure Partners
- Skyway Concession Company LLC
- Sociata Gasdotti Italia SpA
- Sociedad Austral de Electricidad S.A.
- Società Gasdotti Italia
- Space Exploration Technologies Corp.
- Spark Infrastructure Group
- SSEN Transmission
- Starwood Opportunity Fund XI
- Stone Canyon Industries Holdings Inc.
- Sweetwater Royalties
- Sydney Desalination Plant Pty Limited
- TACF Institutional Credit Fund
- Techem GmbH
- 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
- Two Sigma Advisers, LP
- Vantage Elevator Solutions
- Veonet GmbH
- Voussoir Re Segregated Account Napoleon
- Warburg Pincus Global Growth 14-B, L.P.
- Warburg Pincus Global Growth-B, L.P.
- Westerleigh Group Holdings Limited
- Willowbridge Property Company
- Xantium Partners Fund L.P.