The Caisse de Dépôt et Placement du Québec had another strong year in 2013, led by growth in the value of its U.S. equities that helped generate a 13.1 per cent annual return on investments.
Quebec's largest pension fund manager said it beat its benchmark portfolio, which grew by 12.6 per cent, and the value of its assets rose to $200.1 billion from $176 billion in 2012.
Net investment results totalled $22.8 billion and net deposits were $1.2 billion as of Dec. 31, 2013.
The Caisse said stronger equity markets in the United States were the largest engine for growth last year, with those investments rising by 22.9 per cent. The $18.2 billion gain included $3.4 billion from its private equity portfolio.
Inflation-sensitive investments such as real estate and infrastructure grew by 12.5 per cent or $3.4 billion.
Fixed income investments generated a zero return because of a rise in interest rates.