Major Investments
Our Investments Valued At More Than $200 Million
We annually disclose individual investments that exceed $200 million. Even though $200 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, 2019
Fixed Income and Short-Term Investments Over $200 Million
| Type | Maturity |
Coupon (%) |
Fair Value ($ millions) |
Cost ($ millions) |
|---|---|---|---|---|
| Government of Canada bonds | 2020-2064 | 0.50-8.00 | $ 22,448 | $ 20,567 |
| Provincial bonds | 2022-2051 | 1.35-6.35 | 12,450 | 11,392 |
| Securities purchased under agreements to resell | 2020-2021 | -0.63-2.18 | 11,230 | 11,293 |
| International corporate bonds | 2020-2053 | 0.00-16.70 | 7,197 | 7,040 |
| International sovereign debt | 2020-2048 | 0.00-18.20 | 5,432 | 5,601 |
| Canada treasury bills | 2020-2020 | 0.00-0.00 | 4,761 | 4,754 |
| Bank notes | 2020-2059 | 0.00-0.00 | 2,346 | 2,348 |
| Commercial paper | 2020-2020 | 0.00-0.00 | 1,515 | 1,513 |
| Canadian corporate bonds | 2020-2047 | 0.00-14.00 | 473 | 453 |
| U.S. treasury bonds | 2020-2049 | 1.75-5.00 | (3,497) | (2,574) |
| Term debt issued | 2021-2024 | 1.625-2.75 | (7,187) | (6,986) |
| Commercial paper issued | 2020-2020 | 0.00-2.01 | (8,490) | (8,576) |
| Securities sold under agreements to repurchase | 2020-2022 | -0.55-2.28 | (19,821) | (19,983) |
Real-Return Investments Over $200 Million
| Type | Maturity |
Coupon (%) |
Fair Value ($ millions) |
Cost ($ millions) |
|---|---|---|---|---|
| Real-return Canada bonds | 2021-2050 | 0.50-4.25 | $ 17,220 | $ 13,198 |
| U.S. treasury inflation protection | 2020-2049 | 0.13-3.38 | 13,939 | 11,618 |
| Real-return provincial bonds | 2021-2036 | 2.00-4.50 | 1,966 | 1,244 |
| Real-return Canada corporate bonds | 2021-2039 | 0.00-5.33 | 1,014 | 446 |
Corporate Shares/Units Over $200 Million
| Security Name |
Shares (millions) |
Fair Value ($ millions) |
|---|---|---|
| Multiplan Empreendimentos Imobiliarios S.A. | 54.8 | $1,760.4 |
| The Macerich Company | 23.3 | 812.9 |
| Alibaba Group Holding Limited | 8.5 | 532.8 |
| Barry Callebaut AG | 0.2 | 462.4 |
| Alphabet Inc. | 0.2 | 399.3 |
| Cushman & Wakefield plc | 14.6 | 387.9 |
| Mastercard Incorporated | 0.8 | 326.0 |
| Intact Financial Corporation | 2.2 | 313.0 |
| Ubisoft Entertainment SA | 3.3 | 300.1 |
| AIA Group Limited | 19.7 | 267.8 |
| Amazon.com Inc. | 0.1 | 243.7 |
| Samsung Electronics Co., Ltd. | 3.8 | 235.4 |
Real Estate Properties Over $200 Million
| Property |
Total Square Footage (thousands) |
Effective % Ownership |
|---|---|---|
|
Canadian Regional Shopping Centres |
||
| Champlain Place, Dieppe | 850 | 100% |
| Chinook Centre, Calgary | 1,421 | 100% |
| Fairview Mall, Toronto | 863 | 50% |
| Fairview Park Mall, Kitchener | 838 | 100% |
| Fairview Pointe Claire, Montreal | 1,163 | 50% |
| Le Carrefour Laval, Montreal | 1,426 | 100% |
| Les Galeries D'Anjou, Montreal | 1,141 | 50% |
| Les Promenades St. Bruno, Montreal | 1,134 | 100% |
| Lime Ridge Mall, Hamilton | 813 | 100% |
| Market Mall, Calgary | 1,004 | 50% |
| Markville Shopping Centre, Markham | 988 | 100% |
| Masonville Place, London | 664 | 100% |
| Pacific Centre, Vancouver | 1,072 | 50% |
| Polo Park Mall, Winnipeg | 1,410 | 100% |
| Richmond Centre, Richmond | 798 | 50% |
| Rideau Centre, Ottawa | 1,416 | 100% |
| Sherway Gardens, Toronto | 1,291 | 100% |
| Shops at Don Mills, Toronto | 464 | 100% |
| Toronto-Dominion Centre, Toronto | 159 | 70% |
| Toronto Eaton Centre, Toronto | 2,540 | 100% |
|
Canadian Office Properties |
||
| City Centre Office, Calgary | 858 | 100% |
| Deloitte Tower, Montreal | 515 | 100% |
| Pacific Centre Office Complex, Vancouver | 1,819 | 50% |
| RBC Centre, Toronto | 1,222 | 50% |
| Shell Centre, Calgary | 694 | 100% |
|
Toronto-Dominion Centre Office Complex, Toronto |
4,408 | 70% |
|
Toronto Eaton Centre Office Complex, Toronto |
2,190 | 100% |
| Waterfront Centre, Vancouver | 401 | 50% |
| Yonge Corporate Centre, Toronto | 661 | 100% |
| 160 Front Street West, Toronto | 1,254 | 50% |
| 16 York Street, Toronto | 895 | 70% |
|
Canadian Hotel Properties |
||
| The Ritz-Carlton, Toronto | 335 | 100% |
|
Land |
||
| East Harbour Lands, Toronto | 152 | 100% |
Private Companies and Partnerships Over $200 Million
- 24 Hour Fitness Worldwide Inc.
- 24-7 Intouch Inc.
- Actera Partners II L.P.
- AEA Investors Fund VI LP
- Aethon Energy Management LLC
- Aethon III LLC
- Anthem Entertainment Group Inc.
- Apollo Overseas Partners (Delaware 892) VIII, L.P.
- Apollo Special Situations Fund, L.P.
- Ares Corporate Opportunities Fund IV, L.P.
- Ares Corporate Opportunities Fund V, L.P.
- Aroona Farms SA Pty Ltd.
- Arterra Wines Canada, Inc.
- Automobile Protection Corporation
- Autopista Arco Norte, S.A. de CV
- Baldr Fund Inc.
- BaseCore Metals LP
- Baybridge Seniors Housing Inc.
- Birmingham International Airport
- Bristol Airport Limited
- Broad Street Loan Partners III Offshore, LP
- BroadStreet Capital Partners, Inc.
- Busy Bees Benefits Holdings Limited
- Camelot Group plc
- Canada Guaranty Mortgage Insurance Company
- Centurium Capital Partners 2018, L.P.
- CeramTec GmbH
- Chisholm Energy Holdings, LLC
- CIBanco, S.A. CIB/477
- Compass Holdings LLC
- Copenhagen Airport A/S
- CSC ServiceWorks Holdings, Inc.
- Cubico Sustainable Investments Limited
- DaVinciRe Holdings Ltd.
- Empresa de Servicios Sanitarios del Bio-Bio S.A.
- Esval S.A.
- European Camping Group
- EWP PA Fund, LTD.
- Exal International Limited
- FAPS Holdings, Inc.
- FirstFruits HoldCo, LLC
- Fleet Complete
- Flexera Holdings, L.P.
- Flynn Restaurant Group LLC
- FMAP ACL Limited
- FMAP CIM Limited
- FMAP EAM Limited
- FMAP HLS Limited
- FMAP MMO Feeder LP
- FMAP PCM Limited
- FMAP SOC Limited
- FMAP WMC Limited
- Fondo de Capital Privado Terranum
- GCT Global Container Terminals Inc.
- GFL Environmental Inc.
- Goldcrest Farm Trust REIT LLC
- Hancock Timber Resources Group
- Hawkwood Energy, LLC
- HayFin Topaz LP
- Heartland Dental Care, Inc.
- Heritage Royalty Limited Partnership
- Hg Saturn A L.P.
- HRG Royalty II LLC
- HRG Royalty LLC
- Inmarsat plc
- Intercos S.p.A.
- Irish National Lottery
- Kedaara Capital I Limited
- Kyobo Life Insurance Co., Ltd.
- Lendmark Financial Services
- LMAP 903 Limited
- LMAP 904 Limited
- LMAP 909
- LMAP 910
- LMAP Chi Limited
- LMAP Epsilon Limited
- LMAP Kappa Limited
- LMAP Pi Limited
- London City Airport
- Lowell Group Limited
- LPC Multifamily Holdco LLC
- MBK Partners Fund IV, L.P.
- MBK Partners III, L.P.
- Memora Servicios Funerarios, S.L.U.
- MSB Capital Limited Class A
- Oaktree European Principal Fund IV L.P.
- OGF SA
- Orbis Institutional Global Equity L.P.
- Outdoor Holdings, LLC
- PAG Asia I LP
- PAG Asia II LP
- PhyMed Healthcare Group
- Phynet Dermatology LLC
- Polar Multi-Strategy Fund (Legacy)
- Pure International Holdings (BVI) Limited
- RedBird Capital Partners Platform LP
- RedBird Series 2019, LP
- Resource Management Service Inc.
- SCI PH Inc.
- Scotia Gas Networks plc
- SeaCube Container Leasing Ltd.
- Shearer's Foods, Inc.
- Silver Lake Partners IV, L.P.
- Skyway Concession Company LLC
- SmartFit Escola de Ginástica e Dança S.A
- Sociedad Austral de Electricidad S.A.
- Solus Offshore Opportunities Fund 5 LP
- Space Exploration Technologies Corp.
- Storapod Holding Company, Inc.
- Sydney Desalination Plant Pty Limited
- Synlab Limited
- Techem GmbH
- The AZEK Company
- The Brussels Airport Company
- Thoma Bravo Fund XII-A, L.P.
- TierPoint, LLC
- Traeger Pellet Grills Holdings LLC
- Trian Partners, Ltd.
- Verily Life Sciences LLC
- VIN Amarone Fund Limited
- Warburg Pincus Private Equity XII-B, L.P.
- Westerleigh Group Holdings Limited