CPP Investments is committed to timely and continuous disclosure of significant new investments and asset sales.
In addition, we publish an annual view of our economic exposure to individual listed equities to both demonstrate the broad diversification of investments across countries and industries, as well as maintain transparency and accountability to stakeholders.
The Canadian Public Equity Holdings list below specifically includes a view of publicly traded equities based in Canada with positive net market values greater than C$5 million as at March 31, 2024.
These market values are calculated by combining the investment positions directly held by CPP Investments through shares or units, as well as indirect exposures through non-index derivative instruments. As the total Fund increases in value, both the number of individual securities and the average size of each holding tend to increase.
While this list represents a point-in-time snapshot of exposure, we believe that this form of disclosure best reflects the Fund’s investment position at fiscal year-end.
>Includes physical equity positions (where we hold shares or units directly) as well as synthetic exposures obtained through derivative securities that do not reference an index. Voting rights are typically not attached to economic exposure attained through derivatives.
>Investments in individual companies do not include implied positions from index-based instruments. Investment exposure to market indexes are shown separately. Exchange-traded funds (i.e. ETFs or Public Funds) have been reported in the list on a direct basis.
>Does not include positions managed by a third-party investment manager for which CPP Investments has no discretionary investment authority.
>Does not include certain investments which are kept confidential to avoid signaling our intentions to the market or as required under confidentiality agreements. We will publicly disclose any individual investment required to be disclosed under relevant securities regulations.
Equity Holding | Shares ('000) | Market Value (CAD $ millions) |
Agnico Eagle Mines Ltd | 1,426 | 115 |
Air Canada | 522 | 10 |
Alamos Gold Inc | 308 | 6 |
Algonquin Power & Utilities Corp | 719 | 6 |
Alimentation Couche-Tard Inc | 2,481 | 192 |
Bank of Montreal | 1,970 | 261 |
Bank of Nova Scotia/The | 1,957 | 137 |
Barrick Gold Corp | 4,337 | 98 |
Bausch + Lomb Corp | 852 | 20 |
Bausch Health Cos Inc | 1,143 | 16 |
BCE Inc | 1,302 | 63 |
Bombardier Inc | 282 | 16 |
Brookfield Asset Management Ltd | 1,089 | 62 |
Brookfield Corp | 2,585 | 147 |
BRP Inc | 108 | 10 |
CAE Inc | 1,043 | 29 |
Cameco Corp | 322 | 19 |
Canadian Apartment Properties REIT | 125 | 6 |
Canadian Imperial Bank of Commerce | 2,518 | 178 |
Canadian National Railway Co | 1,841 | 328 |
Canadian Natural Resources Ltd | 20,784 | 2,171 |
Canadian Pacific Kansas City Ltd | 2,770 | 331 |
Canadian Tire Corp Ltd | 205 | 28 |
Canadian Utilities Ltd | 535 | 17 |
CCL Industries Inc | 494 | 34 |
Colliers International Group Inc | 38 | 6 |
Constellation Software Inc/Canada | 45 | 96 |
Descartes Systems Group Inc/The | 113 | 14 |
Dollarama Inc | 1,027 | 106 |
Element Fleet Management Corp | 842 | 19 |
Emera Inc | 552 | 26 |
Enbridge Inc | 4,015 | 197 |
First Quantum Minerals Ltd | 2,396 | 35 |
FirstService Corp | 58 | 13 |
Fortis Inc/Canada | 1,618 | 87 |
Franco-Nevada Corp | 276 | 45 |
Fusion Pharmaceuticals Inc | 3,117 | 90 |
George Weston Ltd | 151 | 28 |
Gildan Activewear Inc | 663 | 34 |
Great-West Lifeco Inc | 600 | 26 |
Hudbay Minerals Inc | 1,106 | 10 |
iA Financial Corp Inc | 300 | 25 |
IGM Financial Inc | 219 | 8 |
Intact Financial Corp | 476 | 105 |
Ivanhoe Mines Ltd | 871 | 14 |
Keyera Corp | 571 | 20 |
Loblaw Cos Ltd | 431 | 65 |
Magna International Inc | 830 | 61 |
Manulife Financial Corp | 5,474 | 185 |
National Bank of Canada | 946 | 108 |
Nutrien Ltd | 1,896 | 143 |
Open Text Corp | 866 | 46 |
Pembina Pipeline Corp | 268 | 13 |
Power Corp of Canada | 1,570 | 62 |
Premium Brands Holdings Corp | 3,619 | 323 |
Restaurant Brands International Inc | 939 | 103 |
Royal Bank of Canada | 3,131 | 428 |
Saputo Inc | 891 | 24 |
Shopify Inc | 4,158 | 435 |
Sun Life Financial Inc | 1,674 | 124 |
Suncor Energy Inc | 922 | 46 |
TC Energy Corp | 1,088 | 67 |
Teck Resources Ltd | 1,614 | 100 |
TELUS Corp | 1,745 | 38 |
TFI International Inc | 259 | 56 |
Thomson Reuters Corp | 407 | 86 |
TMX Group Ltd | 797 | 28 |
Toromont Industries Ltd | 270 | 35 |
Toronto-Dominion Bank/The | 4,905 | 401 |
Waste Connections Inc | 599 | 139 |
West Fraser Timber Co Ltd | 232 | 27 |
Wheaton Precious Metals Corp | 532 | 34 |
WSP Global Inc | 15,221 | 3,442 |
Total Equity Exposure | 11,923 |