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, 2020
Fixed Income and Short-Term Investments Over $200 Million
| Type | Maturity |
Coupon (%) |
Fair Value ($ millions) |
Cost ($ millions) |
|---|---|---|---|---|
| Government of Canada bonds | 2021-2064 | 0.25-8.00 | $ 27,934 | $ 25,031 |
| Canada treasury bills | 2021-2021 | 0.00-0.00 | 19,724 | 19,712 |
| Provincial bonds | 2021-2060 | 0.00-6.35 | 13,539 | 11,790 |
|
Securities purchased under agreements to resell |
2021-2022 | -0.85-0.42 | 10,862 | 10,838 |
| International corporate bonds | 2021-2060 | 0.00-15.70 | 7,794 | 7,101 |
| Bank notes | 2021-2059 | 0.00-0.00 | 4,156 | 4,162 |
| International sovereign debt | 2021-2050 | 0.00-7.00 | 1,528 | 1,507 |
| U.S. treasury bills | 2021-2021 | 0.00-0.00 | 1,019 | 1,046 |
| Canadian corporate bonds | 2021-2047 | 0.00-14.00 | 438 | 414 |
| U.S. treasury bonds | 2025-2050 | 0.25-1.25 | (818) | (849) |
| Commercial paper issued | 2021-2021 | 0.00-0.00 | (3,637) | (3,761) |
|
Securities sold under agreements to repurchase |
2021-2023 | -0.86-0.49 | (14,185) | (14,172) |
| Term debt issued | 2021-2030 | 0.05-2.75 | (17,212) | (17,084) |
Real-Return Investments Over $200 Million
| Type | Maturity |
Coupon (%) |
Fair Value ($ millions) |
Cost ($ millions) |
|---|---|---|---|---|
| Real-return Canada bonds | 2021-2047 | 1.25-4.25 | $ 14,652 | $ 10,123 |
|
U.S. treasury inflation protection |
2021-2030 | 0.13-0.13 | 6,386 | 6,552 |
| Real-return provincial bonds | 2021-2036 | 2.00-4.50 | 2,092 | 1,222 |
|
Real-return Canadian corporate bonds |
2026-2039 | 0.00-5.33 | 719 | 318 |
Corporate Shares/Units Over $200 Million
| Security Name |
Shares (millions) |
Fair Value ($ millions) |
|---|---|---|
| The AZEK Company Inc. | 39.2 | $1,921.3 |
|
Multiplan Empreendimentos Imobiliarios S.A. |
164.4 | 948.9 |
| Alibaba Group Holding Limited | 10.6 | 739.5 |
| Samsung Electronics Co., Ltd. | 6.0 | 566.7 |
|
The Communication Services Select Sector SPDR® Fund |
5.9 | 508.6 |
| Barry Callebaut AG | 0.2 | 477.2 |
| Microsoft Corp | 1.5 | 429.7 |
| Novartis AG | 3.4 | 409.0 |
|
The Consumer Staples Select Sector SPDR® Fund |
4.7 | 404.6 |
|
Taiwan Semiconductor Manufacturing Company Limited |
14.9 | 359.4 |
| Capital One Financial Corp. | 2.7 | 346.0 |
| The Macerich Company | 24.6 | 333.9 |
| CSX Corporation | 2.8 | 326.1 |
| JPMorgan Chase & Co. | 1.9 | 313.0 |
| ServiceNow, Inc. | 0.4 | 309.1 |
| Cushman & Wakefield PLC | 14.6 | 276.5 |
| Alphabet Inc. | 0.1 | 265.7 |
| HDFC Bank Limited | 9.3 | 232.7 |
| Berry Global Group, Inc. | 3.2 | 231.5 |
| Safran SA | 1.3 | 226.0 |
| Berkshire Hathaway Inc. | 0.7 | 213.6 |
| Tencent Holdings Ltd | 2.2 | 204.4 |
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 | 1,431 | 100% |
| Fairview Mall, Toronto | 779 | 50% |
|
Fairview Park Mall, Kitchener |
647 | 100% |
|
Fairview Pointe Claire, Montreal |
964 | 50% |
|
Le Carrefour Laval, Montreal |
1,276 | 67% |
|
Les Galeries D'Anjou, Montreal |
1,141 | 50% |
|
Les Promenades St. Bruno, Montreal |
922 | 100% |
| Lime Ridge Mall, Hamilton | 813 | 100% |
| Market Mall, Calgary | 1,006 | 50% |
|
Markville Shopping Centre, Markham |
988 | 100% |
| Masonville Place, London | 664 | 100% |
| Pacific Centre, Vancouver | 1,072 | 50% |
| Polo Park Mall, Winnipeg | 1,325 | 100% |
| Richmond Centre, Richmond | 664 | 50% |
| Rideau Centre, Ottawa | 1,607 | 100% |
| Sherway Gardens, Toronto | 1,291 | 100% |
| Toronto Eaton Centre, Toronto | 2,540 | 100% |
|
Canadian Office Properties |
||
| City Centre Office, Calgary | 858 | 100% |
| Deloitte Tower, Montreal | 513 | 100% |
|
Pacific Centre Office Complex, Vancouver |
1,819 | 50% |
| RBC Centre, Toronto | 1,222 | 50% |
|
Toronto-Dominion Centre Office Complex, Toronto |
4,418 | 70% |
|
Toronto Eaton Centre Office Complex, Toronto |
2,192 | 100% |
| Waterfront Centre, Vancouver | 401 | 50% |
|
Yonge Corporate Centre, Toronto |
660 | 100% |
| 160 Front Street West, Toronto | 1,254 | 50% |
| 16 York Street, Toronto | 896 | 70% |
|
Canadian Hotel Properties |
||
| The Ritz-Carlton, Toronto | 335 | 100% |
|
Land |
||
| East Harbour Lands, Toronto | 152 | 100% |
|
International Office Properties |
||
| White City Place, London, U.K | 927 | 100% |
Private Companies and Partnerships Over $200 Million
- 24-7 Intouch Inc.
- 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 Lifestyles
- Anthem Entertainment Group Inc.
- Apollo Hybrid Value Overseas Partners (Delaware 892), L.P.
- Apollo Special Situations Fund, 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
- BC European Capital X - 7 LP
- Bear Holdings LP (New Afton Royalty)
- Birmingham Airport Holdings Limited
- 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
- CeramTec GmbH
- Cerberus OT Partners II, L.P.
- 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.
- Epic Games, Inc.
- Esval S.A.
- EWP PA Fund, LTD.
- FAPS Holdings, Inc.
- FirstFruits HoldCo, LLC
- Fleet Complete
- Flexera Holdings, L.P.
- Flynn Restaurant Group LLC
- FMAP ACL Limited
- FMAP EAM Limited
- FMAP PCM Limited
- FMAP SOC Limited
- FMAP WMC Limited
- Fondo de Capital Privado Terranum
- GCT Global Container Terminals Inc.
- Goldcrest Farm Trust REIT LLC
- Hancock Timber Resources Group
- Heartland Dental Care, Inc.
- Heritage Royalty Limited Partnership
- Hg Saturn A L.P.
- HRG Royalty II LLC
- HRG Royalty LLC
- HS Santanoni Fund Ltd.
- IDEAL Group
- Inmarsat Group Holdings Limited
- Intact Financial Corporation
- Intercos S.p.A.
- Irish National Lottery
- Jasper Farms
- 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
- 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.
- MSB Capital Limited Class A
- Nordic Capital IX Alpha, L.P.
- Nuevosur, S.A.
- Oaktree European Principal Fund IV 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
- 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.
- Silver Lake Partners IV, L.P.
- Sixth Cinven Fund (No.4) Limited Partnership
- Skyway Concession Company LLC
- SmartFit Escola de Ginástica e Dança S.A
- Sociedad Austral de Electricidad S.A.
- Solus Offshore Opportunities Fund 5 LP
- Sovos Compliance, LLC
- Space Exploration Technologies Corp.
- Stone Canyon Industries Holdings Inc.
- Storapod Holding Company, Inc.
- Sydney Desalination Plant Pty Limited
- Synlab 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
- Traeger Pellet Grills Holdings LLC
- Trivium Packaging
- Verily Life Sciences LLC
- VIN White Fund Limited
- Voloridge Fund, Ltd.
- Warburg Pincus Private Equity XII-B, L.P.
- Westerleigh Group Holdings Limited
- Zuoyebang Education Limited