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Investing in Canada isn’t just the right thing to do;
it makes good financial sense for all Canadians.
In 1990, Canadian pension funds allocated close to 80%* of their equity investments to Canadian public equities. By 2020, this had fallen to barely 10%*. This decline has important policy implications for Canada. Who will determine Canada’s future if Canadian savings do not play their essential economic role in funding Canadian investments? What will be the impact on growth, jobs, and incomes? This is only one of several issues that have risen in importance as a result of the shortening of the investment horizon that has been imposed on pension funds by changes to regulations.
With favourable demographics; a tolerant, well-educated and diverse population; an expanding economy with moderate debt levels;
abundant natural resources; modern infrastructure; world renowned educational institutions, we are bullish on Canada.
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Since inception of the firm in 1988, our Canadian portfolios have generated $18 billion in net gains[1] by investing in Canadian equities, equivalent to a 14.4 per cent compounded annualized return. This is almost double the 8.3 per cent annualized return delivered by international markets[2] over the same period.
Compounded Annualized Returns as at December 31, 2022
1 yr | 3 yrs | 5 yrs | 10 yrs | Since Inception | |
Gross Return | 1.1% | 9.9% | 6.1% | 10.3% | 14.4% |
Benchmark return | -5.9% | 7.5% | 6.8% | 7.7% | 8.3% |
Canadian Pension System’s Divestment of Canadian Equities. This situation has many implications for economic growth and should be a major policy concern for Canadians and our government.
READ MORELetkoBrosseau, a leading Canadian investment manager, today announces its concerns about the significant reduction of investment in Canadian publicly traded equities by the country’s pension fund industry […]
READ MORE“La Caisse de dépôt est la caisse de retraite canadienne qui maintient un pourcentage d’actions canadiennes parmi les plus élevés au Canada, avec près de 20 % d’actions canadiennes dans son vaste portefeuille de 191 milliards. Chez LetkoBrosseau, le pourcentage d’actions canadiennes atteint 40 %.”
READ MORE“We should be laser focused on building the next made-in-Canada global success story — the next Shopify. If Canadians don’t invest in our own country to support the development of these businesses, who will?”
READ MORE“While we understand the need for international diversification, a principle we have followed for many years, balance is required. That said, the strength of the Canadian economy and self-sustaining benefits of investing in our own industries should be an equally important priority.” – Peter Letko, Senior Vice President at LetkoBrosseau, comments on the firm’s recent press release in this BNN interview.
READ MOREPrivate pension funds should invest more in Canadian businesses “Research conducted by the Montreal-based global investment management firm Letko-Brosseau recently revealed that Canadian-listed equities accounted for nearly 80% of Canadian pension fund equity investments in 1990. By 2020, this proportion had fallen to only 10%.”
READ MOREThe Pension Investment Association of Canada reported that in 2000, the annual weight of Canadian equities in overall asset allocation of pension plans in Canada was 28 per cent; in 2020, it was approximately 5 per cent.
There are self-sustaining benefits to investing in our own industries
We should be laser-focused on building the next made-in-Canada global success story. If Canadian pension funds and institutional investors don’t invest in our own country to support the development of these businesses, who will?
Letko Brosseau is committed to Investing in Canada because it’s the right thing to do for our investors and for Canadians across the country.
To learn more about our investing philosophy, send us a note, or see what we are saying in the media.
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Start a conversation with one of our Directors, Investment Services, a Letko Brosseau Partner who is experienced at working with high net worth private clients.