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, 2022.
Fixed income and short-term investments over $200 million
| Type (Canadian $ millions) | Maturity | Coupon (%) | Fair Value | Cost |
|---|---|---|---|---|
| Government of Canada bonds | 2023-2053 | 0.25 - 8.00 | $29,098 | $29,706 |
| Government of Canada treasury bills | 2023-2023 | 0.00-0.00 | 24,220 | 24,104 |
| International corporate bonds | 2023-2053 | 0.00 - 15.02 | 15,771 | 15,766 |
| Securities purchased under agreements to resell | 2023-2023 | (2.75) - 4.34 | 10,723 | 10,598 |
| Bank notes | 2023-2059 | 0.00-0.00 | 4,166 | 4,155 |
| U.S. treasury bonds | 2023-2052 | 0.25 - 4.65 | 2,317 | 2,308 |
| Canadian provincial bonds | 2024-2053 | 1.75 - 5.85 | 2,164 | 2,405 |
| U.S. treasury bills | 2023-2023 | 0.00 - 0.00 | 1,051 | 1,023 |
| Canadian corporate bonds | 2023-2082 | 0.00 - 10.50 | 526 | 527 |
| International agency bonds | 2031-2032 | 1.50 - 1.75 | 236 | 292 |
| International sovereign debt | 2023-2068 | 0.00 - 4.50 | (783) | (915) |
| Commercial paper issued | 2023-2023 | 0.00 - 0.00 | (2,640) | (2,568) |
| Term debt issued | 2023-2051 | 0.05 - 4.45 | (24,099) | (27,330) |
| Securities sold under agreements to repurchase | 2023-2023 | 1.20 - 4.60 | (26,316) | (26,136) |
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 | $7,336 | $5,736 |
| U.S. treasury inflation protection | 2023-2052 | 0.13 - 0.63 | 2,115 | 2,097 |
| Real-return Canadian provincial bonds | 2026-2036 | 2.00 - 4.50 | 1,731 | 1,090 |
| Real-return international bonds | 2024-2029 | 0.10 - 1.25 | 1,364 | 1,342 |
| Real-return Canadian corporate bonds | 2026-2039 | 0.00 - 5.33 | 641 | 309 |
Corporate shares/units over $200 million
| Security Name | Shares | Fair Value |
|---|---|---|
| Microsoft Corporation | 3.1 | 1,023.3 |
| Multiplan Empreendimentos Imobiliarios S.A. | 164.4 | 924.1 |
| Chubb Limited | 2.6 | 782.9 |
| JPMorgan Chase & Co. | 4.2 | 754.4 |
| Stryker Corporation | 2.1 | 680.4 |
| Visa Inc. | 2.4 | 664.5 |
| The Progressive Corporation | 3.7 | 644.9 |
| Thermo Fisher Scientific Inc. | 0.9 | 639.3 |
| Comcast Corporation | 12.8 | 608.8 |
| EssilorLuxottica SA | 2.5 | 603.0 |
| Safran SA | 3.3 | 560.8 |
| Amazon.com, Inc. | 4.8 | 548.8 |
| The AZEK Company Inc. | 19.1 | 525.8 |
| Cummins Inc. | 1.4 | 470.4 |
| Tractor Supply Company | 1.5 | 466.2 |
| PACCAR Inc | 3.4 | 455.0 |
| ServiceNow, Inc. | 0.8 | 439.4 |
| Diamondback Energy, Inc. | 2.0 | 376.8 |
| SK hynix Inc. | 4.5 | 358.6 |
| Synlab AG | 18.7 | 306.0 |
| Elanco Animal Health Incorporated | 17.9 | 296.7 |
| Intercos SpA | 12.3 | 226.5 |
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 | 1,431 | 100% |
| Fairview Mall, Toronto, ON | 860 | 50% |
| Fairview Park Mall, Kitchener, ON | 744 | 100% |
| Fairview Pointe Claire, Montreal, QC | 1,003 | 100% |
| Le Carrefour Laval, Montreal, QC | 1,279 | 50% |
| Les Promenades St. Bruno, Montreal, QC | 1,111 | 100% |
| Lime Ridge Mall, Hamilton, ON | 813 | 100% |
| Market Mall, Calgary, AB | 1,009 | 50% |
| Markville Shopping Centre, Markham, ON | 992 | 100% |
| Masonville Place, London, ON | 663 | 100% |
| Pacific Centre, Vancouver, BC | 1,090 | 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 | 1,260 | 100% |
| Toronto Eaton Centre, Toronto, ON | 2,482 | 100% |
| Canadian Office Properties | ||
| City Centre Office, Calgary, AB | 858 | 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% |
| 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 | 897 | 70% |
| Canadian Hotel Properties | ||
| 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
- AEA Investors Fund VII 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, L.P.
- Apollo Overseas Partners (Delaware 892) IX, L.P.
- Ares Corporate Opportunities Fund V, 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
- Beamery Inc.
- 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
- Caruna Oy
- Centurium Capital Partners 2018, L.P.
- Cerberus OT Partners II, L.P.
- Citadel Kensington Global Strategies Fund Ltd.
- Compass Holdings LLC
- Constellation Insurance LP
- Copenhagen Airport A/S
- Cubico Sustainable Investments Limited
- DaVinciRe Holdings Ltd.
- Diot-Siaci
- DUO Financial Corporation
- Empresa de Servicios Sanitarios del Bio-Bío S.A.
- Enwave
- Epic Games, Inc.
- Equis Development PTE Limited
- Esval S.A.
- Evoltz Participações S.A.
- EWP PA Fund, LTD.
- Exal International Limited
- Fibra SOMA
- FirstFruits HoldCo, LLC
- Fleet Complete
- Flexera Holdings, L.P.
- Flynn Restaurant Group LLC
- FMAP ACL Limited
- FMAP AMC Limited
- FMAP EAM Limited
- FMAP NTY Limited
- FMAP PCM Limited
- FMAP PGN LP
- FMAP PMO Limited
- FMAP SOC Limited
- FMAP WMC Limited
- Fondo de Capital Privado Terranum
- FountainVest China Capital Parallel Fund III, L.P.
- GCT Global Container Terminals Inc.
- Global Gourmet Services Co., Ltd.
- Goldcrest Farm Trust REIT LLC
- GPA Group Holding
- GraMex Investment Holdings LLC
- Green Climate Co Pty Ltd.
- Greenstone
- Hancock Timber Resources Group
- Heartland Dental Care, LLC
- Heritage Royalty Limited Partnership
- Hg Saturn 2 A L.P.
- Hg Saturn A L.P.
- 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
- Inmarsat Group Holdings Limited
- IQHQ, Inc.
- KDC HoldCo LLC
- KKR Asia Pacific Infrastructure Investors SCSp
- Kry International
- Lalamove
- Lendmark Financial Services
- Lifson Re Ltd.
- LMAP 909
- LMAP 910
- LMAP 911 Limited
- LMAP Chi Limited
- LMAP Epsilon Limited
- LMR Fund 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.
- 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 2
- NextEra Energy Renewable Assets
- 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
- OTPP Environmental Services Trust – GFL Environmental Inc.
- Pacifico Sur
- PAG Asia II LP
- PAG Asia III LP
- Pardosa Climate Fund Ltd.
- Phynet Dermatology LLC
- Polar Multi-Strategy Fund (Legacy)
- Politan Capital Offshore Partners LP
- Pony AI Inc.
- Premier Lotteries Investment UK Limited (Camelot Group)
- Princeton Digital Group Limited
- Puget Sound Energy
- RedBird Capital Partners Platform LP
- RedBird Series 2019, LP
- Resource Management Service Inc.
- RSA Security LLC
- Sahyadri Hospitals Private Limited
- SCI PH Inc.
- Scotia Gas Networks Limited
- SeaCube Container Leasing Ltd.
- Seventh Cinven Fund (No.1) Limited Partnership
- 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
- Spark TowerCo Limited
- SSEN Transmission
- Stone Canyon Industries Holdings Inc.
- Storapod Holding Company, Inc.
- Sydney Desalination Plant Pty Limited
- TACF Institutional Credit Fund
- Taxfix AG
- Techem GmbH
- The Brussels Airport Company
- The Resolute Fund IV, L.P.
- 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.
- TricorBraun
- Vantage Elevator Solutions
- Veonet GmbH
- Verily Life Sciences LLC
- VIN White Fund Limited
- Voloridge Fund, Ltd.
- Voussoir Re Segregated Account Napoleon
- Warburg Pincus Global Growth-B, L.P.
- Warburg Pincus Private Equity XII-B, L.P.
- Westerleigh Group Holdings Limited