Quebec's Caisse de Depot pension fund manager says it earned a 9.3 per cent return in 2017, due mainly to strong equities growth.
Total assets as of Dec. 31 were $298.5 billion, up $24.6 billion in one year, while net deposits totalled $3.2 billion.
Returns were $110 billion over five years for a 10.2 per cent annualized return over the period.
Net assets increased by $122 billion since 2012, including $12.6 billion from its clients.
Equities did the heavy lifting in 2017, rising 13.6 per cent to $149.5 billion, while fixed income was up 3.5 per cent to $96.7 billion. Real estate increased 8.7 per cent to $50.4 billion.
Real estate was the only portfolio that failed to exceed its reference index.