Our Investments Valued At More Than $150 Million

We annually disclose individual investments that exceed $150 million. Even though $150 million represents  less than 0.1% of our total fund, we choose it as a reporting threshold to give plan members and others greater insight into the diversity of our asset base.

As Responsible Investors, we invest broadly by asset type and geographic region in our search to earn the best risk-adjusted returns for plan members.

All data as at December 31, 2014

Fixed Income and Short-term Investments Over $150 Million

Type Maturity Coupon
(%)
Fair Value
($ millions)
Cost
($ millions)
Securities purchased under agreements to resell 2015–2015 -0.50–2.40 $ 24,137 $ 23,764
Government of Canada bonds 2015–2064 1.00–9.00 23,020 20,398
Provincial bonds 2015–2045 0.00–8.50 10,044 9,522
International corporate bonds 2015–2099 0.00–16.75 5,507 5,264
Canada treasury bills 2015–2015 0.00–0.00 3,649 3,642
Canadian corporate bonds 2015–2045 0.00–14.00 2,343 2,341
Commercial paper 2015–2015 0.00–0.00 797 795
Bank notes 2015–2015 0.00–0.05 592 589
International sovereign debt 2015–2068 0.00–12.00 402 393
International agency bonds 2015–2019 0.38–4.45 330 299
U.S. treasury bonds 2015–2044 0.25-6.25 (6,704) (5,004)
Securities sold under agreements to repurchase 2015–2015 -0.85–2.75 (45,260) (45,024)

Real-Return Investments Over $150 Million

Type Maturity Coupon
(%)
Fair Value
($ millions)
Cost
($ millions)
Real-return Canada bonds 2021-2047 1.25-4.25 $ 16,593 $ 13,026
U.S. treasury inflation protection 2019-2044 0.13-3.88 9,413 7,543
Real-return Canada corporate bonds 2016-2046 0.00-5.33 1,967 845
Real-return Provincial bonds 2021-2036 2.00-4.50 1,878 1,243

Corporate Shares/Units Over $150 Million

Security Name Shares
(millions)
Fair Value
($ millions)
The Macerich Company 17.2 $1,658.6
Bank of America Corporation 63.7 1,320.5
Multiplan Empreendimentos Imobiliarios S.A. 54.8 1,142.0
iShares MSCI Emerging Markets Index 20.5 952.7
Hudson's Bay Company 30.7 754.9
ISS A/S 22.4 750.7
INC Research Holdings, Inc. 24.9 672.9
JD.com, Inc. 22.1 592.1
Microsoft Corporation 7.0 374.8
Wells Fargo & Company* 5.3 303.8
Nissan Shatai Co., Ltd. 20.1  286.1
General Motors Company 6.4 258.5
Volkswagen AG 0.9 239.3
JPMorgan Chase & Co.* 3.3 238.8
American International Group, Inc. 3.6 236.8
TMX Group Limited 4.6 235.0
Danone 2.9 222.6
Amazon.com, Inc. 0.6 219.7
Samsung Electronics Co., Ltd. 0.2 212.7
Compagnie Financière Richemont SA 2.1 212.4
Zalando SE 0.7 210.6
Barclays PLC 47.7  209.8
Grupo BTG Pactual 16.6 203.4
ACE Limited  1.5  198.7
Citigroup Inc.  3.2 198.5
The Walt Disney Company 1.8 198.2
Aircastle Limited 7.9 195.2
Google Inc. 0.3 194.6
Daimler AG 2.0 191.7
Twenty-First Century Fox, Inc. 4.2 188.2
Thermo Fisher Scientifi c Inc. 1.3 186.1
Macdonald, Dettwiler and Associates Ltd. 2.0 185.4
European Aeronautic Defence and Space Company NV 3.2 184.8
Baidu, Inc.  0.7 183.2
Metlife, Inc.  2.9 179.2
Tripadvisor, Inc. 2.1 177.4
Capital One Financial Corporation* 1.9 175.2
Credit Suisse Group AG 5.9 173.7
Exor S.p.A 3.6 173.2
Western Digital Corporation 1.3 169.4
General Mills, Inc. 2.7 169.4
Hitachi, Ltd. 19.3 167.7
Constellium N.V. 8.6 162.9
Cheung Kong (Holdings) Limited 8.4 162.6
Oi S.A. 42.0 159.6
Novartis AG 1.5 159.4
Nokia Corporation 17.3 159.3
NuVista Energy Ltd. 21.5 159.1
Bunge Limited 1.5 156.4
BNP Paribas S.A. 2.2 153.0
Telefonaktiebolaget LM Ericsson 10.8 151.0

*Includes fair market value of warrants and subscription receipts.

Real Estate Properties Over $150 Million

Property Total Square Footage
(thousands)
Effective % Ownership

Canadian Regional Shopping Centres
 
Champlain Place, Dieppe 853 100%
Chinook Centre, Calgary 1,375 100%
Fairview Mall, Toronto 875 50%
Fairview Park Mall, Kitchener 746 100%
Fairview Pointe Claire, Montreal 1,053 50%
Le Carrefour Laval, Montreal 1,355 100%
Les Galeries D'Anjou, Montreal 1,355 50%
Les Promenades St. Bruno, Montreal 1,133 100%
Lime Ridge Mall, Hamilton 806 100%
Market Mall, Calgary 970 50%
Markville Shopping Centre, Markham 1,017 100%
Masonville Place, London 561 100%
Pacific Centre, Vancouver 798 100%
Polo Park Mall, Winnipeg 1,199 100%
Richmond Centre, Richmond 771 50%
Rideau Centre, Ottawa 1,155 100%
Sherway Gardens, Toronto 712 100%
Shops at Don Mills, Toronto 470 100%
The Promenade, Toronto  704 100%
Toronto-Dominion Centre Retail, Toronto 158 100%
Toronto Eaton Centre, Toronto 2,560 100%

Canadian Office Properties
   
Encor Place, Calgary 359 100%
Granville Square, Vancouver 403 100%
HSBC Building, Vancouver 395 100%
Pacific Centre Office Complex, Vancouver 1,531 100%
RBC Centre, Toronto 1,226 50%
Shell Centre, Calgary 692 100%
Simcoe Place, Toronto 759 25%
Toronto-Dominion Centre Office Complex, Toronto 4,434 100%
Toronto Eaton Centre Office Complex, Toronto 1,901 100%
Waterfront Centre, Vancouver 402 100%
Yonge Corporate Centre, Toronto 670 100%

Properties Under Development
   
City Centre Office, Calgary n/a 100%
Deloitte Tower, Montreal n/a 100%
Ice Residential, Toronto n/a 50%

Private Companies and Partnerships Over $150 Million

  • 24 Hour Fitness Worldwide Inc.
  • Acorn Care and Education Limited
  • Alliance Laundry Systems, LLC
  • ANV Holdings BV
  • Apollo Overseas Partners (Delaware 892) VI, L.P.
  • AQR Offshore Multi-Strategy Fund VII Ltd.
  • Ares Corporate Opportunities Fund III, L.P.
  • Ares Corporate Opportunities Fund IV, L.P.
  • Ascend Learning Holdings, LLC
  • Asia Opportunity Fund III, L.P.
  • Baldr Fund Inc.
  • Baybridge Seniors Housing Inc.
  • BC European Capital IX-1 LP
  • BC European Capital VIII-1
  • BDCM Offshore Opportunity Fund II, Ltd.
  • Birmingham International Airport
  • Blue Coat Systems, Inc.
  • Bridgewater Pure Alpha Fund II Ltd.
  • Bridon Limited
  • Bristol Airports (Bermuda) Limited
  • BroadStreet Capital Partners, Inc.
  • Burton's Biscuit Company
  • Busy Bees Benefits Holdings Limited
  • Camelot Group plc
  • Canada Guaranty Mortgage Insurance Company
  • Canbriam Energy, Inc.
  • Copenhagen Airport A/S
  • Coway Holdings, Inc.
  • CPG International Inc.
  • CSC ServiceWorks Holdings, Inc.
  • DaVinciRe Holdings Ltd.
  • Dematic S.A.
  • Downsview Managed Account Platform Inc.
  • Empresa de Servicios Sanitarios del Bio-Bio S.A.
  • Esval S.A.
  • Exal International Limited
  • First Data Holdings Inc.
  • Flexera Holdings, L.P.
  • Flynn Restaurant Group LLC
  • FountainVest China Growth Fund, L.P.
  • GCT Global Container Terminals Inc.
  • GMO Mean Reversion Fund (Offshore) L.P.
  • Hancock Timber Resource Group
  • Heartland Dental Care, Inc.
  • Helly Hansen Group AS
  • HS1 Limited
  • Hudson Catastrophe Fund, Ltd.
  • HUGO BOSS AG
  • Imperial Parking Corporation
  • InterGen N.V.
  • Irish National Lottery
  • Kepos Alpha Fund Ltd.
  • Kyobo Life Insurance Co., Ltd.
  • LMAP Chi Limited
  • LMAP Iota Limited
  • Louis XIII Holdings Limited
  • Lowell Group Limited
  • MBK Partners Fund II, L.P.
  • MBK Partners, L.P.
  • Munchkin, Inc.
  • MW Market Neutral TOPS Fund
  • Nextgen Group Holdings Pty Limited
  • Nuevosur, S.A.
  • NXT Capital Holdings, L.P.
  • OLE Media Management, L.P.
  • Orbis SICAV Global Equity Fund
  • PetVet Care Centers, Inc.
  • PhyMed Healthcare Group
  • Plano Molding Company
  • Providence Equity Partners VI L.P.
  • Resource Management Service Inc.
  • Scotia Gas Networks plc
  • SeaCube Container Leasing Ltd.
  • Serta Simmons Holdings, LLC
  • Shearer's Foods, Inc.
  • Silver Lake Partners III, L.P.
  • Sociedad Austral de Electricidad S.A.
  • Sydney Desalination Plant Pty Limited
  • TDR Capital II, L.P.
  • Terranum Corporate Properties
  • The Brussels Airport Company
  • TP Partners Fund, L.P.
  • Univision Communications Inc.
  • ValueAct Capital International II, L.P.