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Major investments

Our investments valued at more than $200 million.

Stack of wood logs

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