.RickPetersonYEG: Stepping on Rakes | National Newswatch
One of Canada’s leading portfolio managers told me something a week ago that keeps popping into my mind.
There’s a lot to see. That’s because the Caisse often acts as an arm of the Quebec government and makes no bones about its role to defend Quebec businesses and step up in support of the government of the day’s priorities. This appears to be the case for the CDPQ, as you look at its annualized returns compared to the Canada Pension Plan as at June 30 2022.
CDPQ acquired 30% of Quebec-based, Bombardier Transportation in 2015 and converted its $4.5 billion worth of Bombardier shares, instead of selling them, into shares of France-based Alstom which bought Bombardier Transportation in 2020. At the end of 2021 that stake was worth $2.96 billion, an unrealized loss at the time of more than $1.5 billion.to purchase trains made in Quebec as part of the extension of Montreal’s Reseau Express Metropolitan light-rail system.
We already have a history of political interference in AIMCO, when you check out the track record of the Alberta Heritage Trust Fund.
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