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The Caisse de depot et placement du Quebec says it earned a return of 4.2% in the first six months of the year.

CDPQ said the result compared with its benchmark portfolio’s return of 4.1%.

Net assets for the Quebec fund manager totalled $424 billion on June 30, up from $402 billion on Dec. 31, 2022.

CDPQ chief executive Charles Emond said the many contradictory signals confronting investors — the direction of inflation, rates, employment and markets — make for a challenging investing environment, requiring the fund to remain vigilant and emphasizes the importance of diversification and adopting a long-term approach.

The fund’s average annualized return over five years stood at 6.0%, while over 10 years it came in at 7.9%.