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Top 5 1st Quarter Trades of CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

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May 15, 2022
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CAISSE DE DEPOT ET PLACEMENT DU QUEBEC recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Caisse de dépôt et placement du Québec, or CDPQ for short, is a pension manager that was founded in 1965 by the National Assembly of Quebec. The company was founded in order to manage the funds of the Quebec Pension Plan, expanding to also manage the funds of other pension and insurance plans including the Supplemental Pension Plan for Employees of the Québec Construction Industry in 1970, and the Government and Public Employees Retirement Plan, Pension Plan of Management Personnel, and Fonds de la santé et de la sécurité du travail in 1973. Since 1974, CDPQ has been operating the largest equity portfolio in Canada. In the 1970s, the company would shift its focus to equity and enter the real estate market, acquiring the Place Delta complex in 1980. The company would diversify its holdings further during the 1980s through the 1990s, acquiring Steinberg’s grocery store chain and beginning to make investments in real estate abroad, also beginning to manage the Retirement Plans Sinking fund. By 1986, CDPQ would have a total of $28 billion in assets under management. In 1996, the company’s real estate group would grow to become the largest real estate owner in Quebec and the second largest in Canada. Past the turn of the millennia, CDPQ expanded its acquisitions by investing in foreign airports, making its first infrastructure acquisitions in 2005 and purchasing the Legacy Hotels Real Estate Investment Trust a year later. The company would go through a thorough restructuring in order to “maximize efficiency, focus on core competencies, and strengthen risk management to support its long-term performance.” The company is a leading institutional fund manager, investing in financial markets, private equity, infrastructure, and real estate on a globl scale. CDPQ now services 32 depositors that are primarily composed of public and private pensions and insurance funds. The company currently has approximately $180 billion in total assets and employs 838 people within various teams.

As of the latest 13F report, the guru’s equity portfolio contained 617 stocks valued at a total of $42,758,000,000. The top holdings were GIB(4.33%), AAPL(4.02%), and CNI(3.87%).

According to GuruFocus data, these were CAISSE DE DEPOT ET PLACEMENT DU QUEBEC’s top five trades of the quarter.

ISHARES TRUST


The guru sold out of their 5,229,000-share investment in NAS:EMB. Previously, the stock had a 1.23% weight in the equity portfolio. Shares traded for an average price of $100.17 during the quarter.

On 05/15/2022, ISHARES TRUST traded for a price of $89.3 per share and a market cap of $14,832,730,000. The stock has returned -15.94% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

CGI Inc


CAISSE DE DEPOT ET PLACEMENT DU QUEBEC reduced their investment in NYSE:GIB by 3,968,159 shares. The trade had a 0.76% impact on the equity portfolio. During the quarter, the stock traded for an average price of $83.17.

On 05/15/2022, CGI Inc traded for a price of $80.86 per share and a market cap of $19,229,499,000. The stock has returned -8.44% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, CGI Inc has a price-earnings ratio of 18.11, a price-book ratio of 3.69, a price-earnings-to-growth (PEG) ratio of 1.85, a EV-to-Ebitda ratio of 11.10 and a price-sales ratio of 2.08.

The price-to-GF Value ratio is 0.91, earning the stock a GF Value rank of 9.

Merck & Co Inc


During the quarter, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC bought 3,511,900 shares of NYSE:MRK for a total holding of 4,882,173. The trade had a 0.68% impact on the equity portfolio. During the quarter, the stock traded for an average price of $78.84.

On 05/15/2022, Merck & Co Inc traded for a price of $90.41 per share and a market cap of $228,629,262,000. The stock has returned 24.07% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Merck & Co Inc has a price-earnings ratio of 16.17, a price-book ratio of 5.59, a price-earnings-to-growth (PEG) ratio of 2.17, a EV-to-Ebitda ratio of 12.55 and a price-sales ratio of 4.25.

The price-to-GF Value ratio is 0.89, earning the stock a GF Value rank of 9.

Suncor Energy Inc


CAISSE DE DEPOT ET PLACEMENT DU QUEBEC reduced their investment in NYSE:SU by 11,921,750 shares. The trade had a 0.64% impact on the equity portfolio. During the quarter, the stock traded for an average price of $29.65.

On 05/15/2022, Suncor Energy Inc traded for a price of $36.34 per share and a market cap of $50,914,690,000. The stock has returned 65.01% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Suncor Energy Inc has a price-earnings ratio of 10.91, a price-book ratio of 1.75, a price-earnings-to-growth (PEG) ratio of 3.41, a EV-to-Ebitda ratio of 5.32 and a price-sales ratio of 1.49.

The price-to-GF Value ratio is 0.95, earning the stock a GF Value rank of 7.

BCE Inc


During the quarter, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC bought 4,661,300 shares of NYSE:BCE for a total holding of 13,375,600. The trade had a 0.61% impact on the equity portfolio. During the quarter, the stock traded for an average price of $53.02.

On 05/15/2022, BCE Inc traded for a price of $52.91 per share and a market cap of $47,847,367,000. The stock has returned 14.57% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, BCE Inc has a price-earnings ratio of 21.10, a price-book ratio of 3.18, a price-earnings-to-growth (PEG) ratio of 23.44, a EV-to-Ebitda ratio of 9.62 and a price-sales ratio of 2.63.

The price-to-GF Value ratio is 1.12, earning the stock a GF Value rank of 5.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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