Yearly returns of 4.6% successfully achieved by Caisse during first semester
La Caisse's Mid-Year Performance and Tariff Uncertainties
In the first half of 2025, La Caisse de dépôt et placement du Québec (CDPQ) reported a global return of 4.6%, narrowly beating its reference index of 4.3%. This solid performance was driven by investments in strategic projects such as Sizewell C, a major UK nuclear power plant, emphasizing a focus on clean energy and long-term value creation [1][2].
However, the coming months are expected to be more uncertain due to tariffs, according to the CDPQ's leader. Michel Émond warned about the risk of investor disappointment and potential price increases, citing tariff clarity and the slowdown in the U.S. economy as potential factors that could dampen investor enthusiasm [3].
Despite tariffs, the US remains a favorable investment destination for La Caisse, with active deal flow and no indication of tariff-related performance drag in their private equity segments [3]. However, there is no direct mention of tariffs specifically affecting their infrastructure portfolio, nor data available for the second half of 2025, only returns from the first half.
The infrastructure portfolio recorded an increase of 4.5% in the first half of 2025, almost half that of its reference index of 8.1%. The volatility of the infrastructure sector is cited as a reason for its lower performance, with the demand for energy linked to artificial intelligence driving the sector's volatility [4].
In the real estate sector, La Caisse's investments have increased by only 0.1%, below the reference index of 1.2%. The sector's performance is still better than the annual results presented this winter, when the return for this sector was negative [5].
On a political note, the Parti Québécois (PQ) has won Arthabaska-L'Érable and aims to bring the concerns of Conservative voters to the National Assembly, according to Pascal Bérubé. The cost of living and sovereignty are part of the PQ's campaign plan [6].
Alex Boissonneault has defeated his Conservative rival, Eric Duhaume, in Arthabaska-L'Érable. The available information does not report any explicit impact of tariffs on La Caisse’s infrastructure portfolio performance in the second half of 2025. As of June 30, 2025, the institution's net assets have risen to nearly $500 billion [1][7].
[1] La Caisse posts solid first-half results, CBC News, July 15, 2025 [2] La Caisse invests in UK nuclear power plant, The Globe and Mail, July 15, 2025 [3] Tariffs pose risks to La Caisse's investments, says CEO, Financial Post, July 15, 2025 [4] Volatility in infrastructure sector affects La Caisse's returns, The Canadian Press, July 15, 2025 [5] Real estate sector sees modest gains for La Caisse, Montreal Gazette, July 15, 2025 [6] PQ wins Arthabaska-L'Érable by-election, promises to bring Conservative concerns to National Assembly, CTV News, July 15, 2025 [7] La Caisse's net assets reach nearly $500 billion, Le Devoir, July 15, 2025
French investors might find opportunities in the volatile yet promising infrastructure sector, given La Caisse's finance-driven approach to business, even amidst uncertainties regarding tariffs. Despite tariffs, the United States remains a favorable investment destination for La Caisse, with active deal flow and a strong private equity segment.
