The base plan of the Québec Pension Plan, representing the pensions of more than six million Quebecers and the largest fund invested with La Caisse, earned a return of 9.8%
The ambition of $100 billion invested in Québec achieved one year early
MONTRÉAL, Feb. 25, 2026 /CNW/ - La Caisse today presented its financial results for the year ended December 31, 2025. The weighted average return on its 48 depositors' funds was 9.3% for one year, below its benchmark portfolio's 10.9% return. Over longer terms, performance is above the benchmark portfolio: over five years, the annualized return was 6.5%, with the benchmark portfolio at 6.2%; over ten years, it stood at 7.2%, against the benchmark portfolio's 6.9%. As at December 31, 2025, La Caisse's net assets totalled $517 billion.
In 2025, the environment was marked by geopolitical tensions and persistent tariff uncertainty. Nevertheless, the global economy proved resilient and stock markets once again posted a robust performance. Although central banks generally lowered their key rates, long-term bond yields moved in different directions, falling in the United States but rising in several other countries, including Canada.
"Last year, our overall portfolio posted a good return, with the right level of risk for our depositors. As public markets were particularly strong, they were the main driver of our annual performance. In an environment shaped by uncertainty and profound changes that are likely to persist, diversification remains essential, allowing each asset class to play its part across different market conditions," said Charles Emond, President and Chief Executive Officer of La Caisse.
"Looking back at the past five years, markets have been volatile and difficult to follow, with pronounced differences between asset classes and sharp fluctuations from one year to the next. Having stayed the course with numerous transactions in key sectors around the world, the advancement of structuring projects in Québec, and the rollout of a new climate strategy even against strong headwinds, all while maintaining the excellent financial health of our depositor plans, are all reasons to be proud of the role and impact of this major institution for Québec," he added.
Return highlights
As at December 31, 2025, La Caisse's investment results totalled $43 billion for one year, $134 billion over five years and $245 billion over ten years.
Forty-eight depositors with different objectives
La Caisse manages the funds of 48 depositors--mainly for pension and insurance plans. The overall portfolio's one-year, five-year and ten-year returns represent the weighted average of these funds. To meet their objectives, investment strategies are adapted to individual depositor risk tolerances and investment policies, which differ considerably.
For one year, returns for La Caisse's nine largest depositors' funds ranged from 8.6% to 10.4%. Over longer periods, the annualized returns varied between 4.6% and 7.8% over five years, and between 5.8% and 8.0% over ten years.
The largest fund invested with La Caisse, the base plan of the Québec Pension Plan, administered by Retraite Québec, posted a return of 9.8% for one year, 7.8% over five years and 8.0% over ten years. As at December 31, 2025, its net assets were $163 billion, including the additional plan.
A chart is available on La Caisse's website
EQUITIES
Equity Markets: Beneficial geographic diversification
Stock markets experienced a year of rotation in 2025, with the U.S. market being perceived as more uncertain, and giving up ground to other stock markets, such as those in Europe, Canada and emerging countries. The latter benefited from good performances in a variety of sectors, including technology, as well as materials and finance. Sound geographic diversification, combined with the quality of execution by portfolio managers, enabled the Equity Markets portfolio to record a return of 17.7%, its third-best performance in ten years, and to outperform the index in the vast majority of mandates. The benchmark index stands at 18.2%. The difference over the period is mainly due to the more limited contribution of certain Québec stocks in the portfolio, as well as its low exposure to the gold segment, which grew sharply during the year.
Over five years, the annualized return was 12.4%, above the 12.1% return of the benchmark portfolio. Performance therefore outpaced the benchmark index despite growing concentration of ...
