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TORONTO (Reuters) - Caisse de dépôt et placement du Québec, which manages major pension plans in the mostly French-speaking Canadian province, said on Friday it generated positive returns in the first half of 2012 despite turbulent markets and global economic malaise.
Montreal-based Caisse's net assets were C$165.7 billion ($165.7 billion) as of June 30, up from C$159 billion on December 31, 2011.
During the six months, Caisse earned a 3.5 percent weighted average return on depositor funds. Depositors made a net contribution of C$1.4 billion in the period.
"Over a longer period, during the last three years, we have taken a cautious approach in an often highly volatile economic and financial climate," said Chief Executive Michael Sabia, who warned that conditions will stay unpredictable for some time.
"We will continue to focus on our long-term objectives as we're involved in a marathon, not a sprint," he said.
($1 = 1.0000 US dollars)
Reporting by Euan Rocha