CAISSE DE DEPOT ET PLACEMENT DU QUEBEC recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
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 548 stocks valued at a total of $34.38Bil. The top holdings were GIB(4.91%), CNI(3.89%), and MSFT(3.81%).
According to GuruFocus data, these were CAISSE DE DEPOT ET PLACEMENT DU QUEBEC’s top five trades of the quarter.
Osisko Gold Royalties Ltd
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC reduced their investment in NYSE:OR by 67,786 shares. The trade had a 0% impact on the equity portfolio. During the quarter, the stock traded for an average price of $12.64.
On 11/15/2022, Osisko Gold Royalties Ltd traded for a price of $12.68 per share and a market cap of $2.34Bil. The stock has returned -5.86% over the past year.
GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Osisko Gold Royalties Ltd has a price-book ratio of 1.79, a EV-to-Ebitda ratio of 94.54 and a price-sales ratio of 13.24.
The price-to-GF Value ratio is 1.36, earning the stock a GF Value rank of 1.
PepsiCo Inc
During the quarter, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC bought 1,449,232 shares of NAS:PEP for a total holding of 1,791,643. The trade had a 0.69% impact on the equity portfolio. During the quarter, the stock traded for an average price of $172.33.
On 11/15/2022, PepsiCo Inc traded for a price of $177.19 per share and a market cap of $244.12Bil. The stock has returned 10.89% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, PepsiCo Inc has a price-earnings ratio of 25.35, a price-book ratio of 12.87, a price-earnings-to-growth (PEG) ratio of 6.50, a EV-to-Ebitda ratio of 16.39 and a price-sales ratio of 2.94.
The price-to-GF Value ratio is 1.01, earning the stock a GF Value rank of 5.
BCE Inc
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC reduced their investment in NYSE:BCE by 4,293,500 shares. The trade had a 0.58% impact on the equity portfolio. During the quarter, the stock traded for an average price of $48.59.
On 11/15/2022, BCE Inc traded for a price of $46.65 per share and a market cap of $42.66Bil. The stock has returned -3.60% 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 19.46, a price-book ratio of 3.02, a price-earnings-to-growth (PEG) ratio of 21.62, a EV-to-Ebitda ratio of 9.04 and a price-sales ratio of 2.37.
The price-to-GF Value ratio is 1.06, earning the stock a GF Value rank of 5.
Industrial Select Sector SPDR
The guru sold out of their 2,357,000-share investment in ARCA:XLI. Previously, the stock had a 0.57% weight in the equity portfolio. Shares traded for an average price of $91.69 during the quarter.
On 11/15/2022, Industrial Select Sector SPDR traded for a price of $99.6 per share and a market cap of $13.62Bil. The stock has returned -5.48% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
In terms of valuation, Industrial Select Sector SPDR has a price-earnings ratio of 20.25 and a price-book ratio of 4.46.
iShares J.P. Morgan USD Emerging Markets Bond ETF
During the quarter, CAISSE DE DEPOT ET PLACEMENT DU QUEBEC bought 2,258,929 shares of NAS:EMB for a total holding of 4,502,792. The trade had a 0.52% impact on the equity portfolio. During the quarter, the stock traded for an average price of $84.36.
On 11/15/2022, iShares J.P. Morgan USD Emerging Markets Bond ETF traded for a price of $84.35 per share and a market cap of $13.82Bil. The stock has returned -19.12% over the past year.
There is insufficient data to calculate the stock’s financial strength and profitability ratings.
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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