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Canadian pension fund Caisse posts 10.4% return in 2019

TORONTO/MONTREAL, Feb 20 (Reuters) - Canada’s second-biggest pension fund Caisse de dépôt et placement du Québec (CDPQ) on Thursday reported average weighted returns of 10.4% in 2019, as strength in its equities portfolio offset underperformance in real estate holdings.

The overall annualized returns over five and 10 years were 8.1% and 9.2% respectively, the fund said in a statement. Total assets rose to C$340 billion ($256.8 billion) as of Dec. 31, from C$310 billion a year earlier.

The Caisse’s real estate portfolio posted a -2.7% return in 2019 as valuations fell in the Canadian shopping centre sector. Its real estate arm Ivanhoe Cambridge is moving away from traditional assets into more industrial and major development projects, it said. ($1 = 1.3242 Canadian dollars) (Reporting By Nichola Saminather; Editing by David Gregorio)