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, 2021.
Fixed income and short-term investments over $200 million
| Type (Canadian $ millions) | Maturity | Coupon (%) |
Fair Value |
Cost |
|---|---|---|---|---|
| Government of Canada bonds | 2022-2051 | 0.25-8.00 | $27,975 | $28,561 |
| Government of Canada treasury bills | 2022-2022 | 0.00-0.00 | 22,765 | 22,758 |
| Securities purchased under agreements to resell | 2022-2022 | (2.25)-0.25 | 22,268 | 22,343 |
| International corporate bonds | 2022-2060 | 0.00-17.27 | 9,187 | 9,287 |
| Bank notes | 2022-2059 | 0.00-0.00 | 4,649 | 4,649 |
| U.S. treasury bonds | 2023-2051 | 0.25-3.13 | 4,236 | 4,232 |
| Canadian provincial bonds | 2022-2052 | 0.00-5.85 | 2,984 | 2,756 |
| Canadian corporate bonds | 2022-2052 | 0.00-10.75 | 283 | 278 |
| International agency bonds | 2031-2032 | 1.50-1.75 | 215 | 226 |
| International sovereign debt | 2022-2050 | 0.00-4.50 | (520) | (672) |
| Commercial paper issued | 2022-2022 | 0.00-0.00 | (2,500) | (2,488) |
| Securities sold under agreements to repurchase | 2022-2022 | (1.20)-0.45 | (17,854) | (18,016) |
| Term debt issued | 2022-2051 | 0.05-2.13 | (23,409) | (24,185) |
Real-return investments over $200 million
| Type (Canadian $ millions) | Maturity | Coupon (%) |
Fair Value |
Cost |
|---|---|---|---|---|
| Real-return Government of Canada bonds | 2026-2044 | 1.50-4.25 | $8,594 | $5,657 |
| U.S. treasury inflation protection | 2022-2031 | 0.13-0.13 | 3,864 | 3,695 |
| Real-return Canadian provincial bonds | 2026-2036 | 2.00-4.50 | 1,978 | 1,090 |
| Real-return Canadian corporate bonds | 2026-2039 | 0.00-5.33 | 718 | 309 |
As at December 31, 2021 (millions)
Corporate shares/units over $200 million
| Security Name | Shares |
Fair Value |
|---|---|---|
| Microsoft Corporation | 3.1 | $1,324.8 |
| The AZEK Company Inc. | 19.1 | 1,115.4 |
| Novartis AG | 9.7 | 1,082.4 |
| Taiwan Semiconductor Manufacturing Company Limited | 36.2 | 1,020.4 |
| Amazon.com, Inc. | 0.2 | 960.0 |
| UnitedHealth Group Incorporated | 1.3 | 853.3 |
| Multiplan Empreendimentos Imobiliarios S.A. | 164.4 | 698.0 |
| SK hynix Inc. | 4.7 | 658.4 |
| ServiceNow, Inc. | 0.8 | 655.1 |
| Mastercard Inc. | 1.4 | 651.5 |
| EssilorLuxottica SA | 2.4 | 640.2 |
| Synlab AG | 18.7 | 632.4 |
| CSX Corporation | 12.9 | 614.7 |
| Adyen N.V. | 0.2 | 584.5 |
| Safran SA | 3.8 | 580.3 |
| Intact Financial Corp | 3.4 | 561.8 |
| Berry Global Group, Inc. | 5.3 | 498.3 |
| HDFC Bank Limited | 19.8 | 497.5 |
| Traeger Inc. | 24.7 | 379.3 |
| Cushman & Wakefield PLC | 11.1 | 313.1 |
| Cellnex Telecom, S.A. | 4.1 | 303.5 |
| Alphabet Inc. | 0.1 | 259.7 |
| Intercos SpA | 12.3 | 249.1 |
Real estate properties over $200 million
As at December 31, 2021
| Property | Total Square Footage (in thousands) |
Effective % Ownership |
|---|---|---|
| Canadian Regional Shopping Centres | ||
| Champlain Place, Dieppe, NB | 850 | 100% |
| Chinook Centre, Calgary, AB | 1,431 | 100% |
| Fairview Mall, Toronto, ON | 785 | 50% |
| Fairview Park Mall, Kitchener, ON | 697 | 100% |
| Fairview Pointe Claire, Montreal, QC | 1,025 | 100% |
| Le Carrefour Laval, Montreal, QC | 1,276 | 67% |
| Les Promenades St. Bruno, Montreal, QC | 1,062 | 100% |
| Lime Ridge Mall, Hamilton, ON | 813 | 100% |
| Market Mall, Calgary, AB | 1,006 | 50% |
| Markville Shopping Centre, Markham, ON | 992 | 100% |
| Masonville Place, London, ON | 663 | 100% |
| Pacific Centre, Vancouver, BC | 1,072 | 50% |
| Polo Park Mall, Winnipeg, MB | 1,456 | 100% |
| Richmond Centre, Richmond, BC | 585 | 50% |
| Rideau Centre, Ottawa, ON | 1,607 | 100% |
| Sherway Gardens, Toronto, ON | 1,290 | 100% |
| Toronto Eaton Centre, Toronto, ON | 2,540 | 100% |
| Canadian Office Properties | ||
| City Centre Office, Calgary, AB | 858 | 100% |
| Deloitte Tower, Montreal, ON | 513 | 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% |
| Waterfront Centre, Vancouver, BC | 402 | 50% |
| Yonge Corporate Centre, Toronto, ON | 660 | 100% |
| 160 Front Street West, Toronto, ON | 1,254 | 50% |
| 16 York Street, Toronto, ON | 905 | 70% |
| Canadian Hotel Properties | ||
| The Ritz-Carlton, Toronto, ON | 335 | 100% |
| International Office Properties | ||
| White City Place, London, U.K | 927 | 100% |
| Land | ||
| Buttonville Airport Lands, Toronto, ON | 7,375 | 100% |
| East Harbour Lands, Toronto, ON | 1,631 | 100% |
Private companies and partnerships over $200 million
- 24-7 Intouch Inc.
- Acorn Health, LLC
- Actera Partners II L.P.
- ADNOC Gas Pipelines Assets LLC
- AEA Investors Fund VI LP
- Aethon Energy Management LLC
- Aethon III LLC
- Allworth Financial Holdings, LLC
- Amica Senior Lifestyle Limited Partnership
- Anthem Entertainment Group Inc.
- Apollo Hybrid Value Overseas Partners (Delaware 892), L.P.
- Ares Corporate Opportunities Fund V, L.P.
- Aroona Farms SA Pty Ltd.
- Arterra Wines Canada, Inc.
- Aspenleaf Energy Limited
- Automobile Protection Corporation
- Autopista Arco Norte, S.A. de CV
- Baldr Fund Inc.
- BaseCore Metals LP
- BC European Capital X - 7 LP
- BDCM Offshore Strategic Capital Fund I, L.P.
- Bear Holdings LP (New Afton Royalty)
- Birmingham Airport Holdings Limited
- Boyu Capital Fund III, L.P.
- Bristol Airport Limited
- Broad Street Loan Partners III Offshore, L.P.
- Broad Street Loan Partners IV Offshore, L.P.
- BroadStreet Capital Partners, Inc.
- Busy Bees Benefits Holdings Limited
- Canada Guaranty Mortgage Insurance Company
- Canva, Inc.
- Caruna Oy
- Centurium Capital Partners 2018, L.P.
- CeramTec GmbH
- Cerberus OT Partners II, L.P.
- Compass Holdings LLC
- Copenhagen Airport A/S
- CSC ServiceWorks Holdings, Inc.
- Cubico Sustainable Investments Limited
- DaVinciRe Holdings Ltd.
- Diot-Siaci
- DUO Financial Corporation
- Empresa de Servicios Sanitarios del Bio-Bio S.A.
- Enwave
- Epic Games, Inc.
- Esval S.A.
- Evoltz Participações S.A.
- EWP PA Fund, LTD.
- Fibra SOMA
- FireBird Energy LLC
- FirstFruits HoldCo, LLC
- Fleet Complete
- Flexera Holdings, L.P.
- Flynn Restaurant Group LLC
- FMAP ACL Limited
- FMAP AMC Limited
- FMAP EAM Limited
- FMAP PCM Limited
- FMAP PGN LP
- FMAP SOC Limited
- Fondo de Capital Privado Terranum
- GCT Global Container Terminals Inc.
- Global Gourmet Services Co., Ltd.
- Goldcrest Farm Trust REIT LLC
- Greenstone
- Hancock Timber Resources Group
- Heartland Dental Care, LLC
- Heritage Royalty Limited Partnership
- Hg Saturn 2 A L.P.
- Hg Saturn A L.P.
- HRG Royalty II LLC
- HRG Royalty LLC
- HS Santanoni Fund Ltd.
- IDEAL Group
- Impactive Champlain Fund LP
- Inmarsat Group Holdings Limited
- IQHQ, Inc.
- Irish National Lottery
- KDC HoldCo LLC
- Kedaara Capital I Limited
- Kry International
- Lalamove
- Lendmark Financial Services
- LMAP 903 Limited
- LMAP 909
- LMAP 910
- LMAP Chi Limited
- LMAP Epsilon Limited
- Logoplaste Group S.a.r.l.
- London Bridge Risk PCC Limited
- London City Airport Limited
- Lowell Group Limited
- LPC Multifamily Holdco LLC
- MBK Partners Fund IV, L.P.
- MBK Partners III, L.P.
- Memora Servicios Funerarios, S.L.U.
- Mitratech
- MQMF Fund LP
- MR Cobalt Offshore Fund AB LP
- MSB Capital Limited
- National Highways Infra Trust
- NextEra Energy Renewable Assets
- Nordic Capital IX 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.
- OTPP Environmental Services Trust – GFL Environmental Inc.
- Outdoor Holdings, LLC
- Pacifico Sur
- PAG Asia II LP
- PAG Asia III LP
- Phynet Dermatology LLC
- Polar Multi-Strategy Fund (Legacy)
- Pony AI Inc
- Premier Lotteries Investment UK Limited (Camelot Group)
- Princeton Digital Group Limited
- RedBird Capital Partners Platform LP
- RedBird Series 2019, LP
- Resource Management Service Inc.
- RSA Security LLC
- SCI PH Inc.
- Scotia Gas Networks plc Limited
- SeaCube Container Leasing Ltd.
- SH Old Quarry LP
- Shearer's Foods, Inc.
- Sidewalk Infrastructure Partners, LLC
- 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
- Stone Canyon Industries Holdings Inc.
- Storapod Holding Company, Inc.
- Sydney Desalination Plant Pty Limited
- TACF Institutional Credit Fund
- Techem GmbH
- The Brussels Airport Company
- Thoma Bravo Fund XII-A, L.P.
- Thoma Bravo Fund XIII-A, L.P.
- TierPoint, LLC
- TPG Asia VII (B), L.P.
- TricorBraun
- Trivium Packaging B.V.
- Vantage Elevator Solutions
- Verily Life Sciences LLC
- VIN White Fund Limited
- Voloridge Fund, Ltd.
- Warburg Pincus Global Growth-B, L.P.
- Warburg Pincus Private Equity XII-B, L.P.
- Westerleigh Group Holdings Limited
- Xingsheng Preference Electronic Business Limited