RETURNS OF RREGOP
This newsletter is intended for members and pensioners of the Government and Public
Employees Retirement Plan (RREGOP).
March 2012
A 3.5% RETURN IN 2011
The RREGOP members’ fund delivered a return
of 3.5% in 2011, a figure comparable to the
3.7% achieved by the benchmark indices
against which its performance is gauged.
The RREGOP members’ fund is invested in
13 asset classes and its investments are
widely diversified. That diversification reduces
the volatility of the fund’s return, since a
negative performance in one class in a given
period is generally offset by a positive
performance in another class.
The diversification principle worked well in
2011, making it possible for the fund to have
a positive return, despite a difficult year on
stock markets. The 13 asset classes in which
the RREGOP members’ fund is invested are
grouped in four subsets, which yielded the
following returns:

Shares held by the RREGOP fund earned a
return of -4.4% in 2011. Shares of Canadian
companies declined 10.6%, while shares of
companies in the United States grew by
4.6%.

Fixed-income securities achieved a return of
9.8% in 2011. That subset is mainly
composed of bonds, which recorded a
return of 10.1%.

Inflation-sensitive investments rose 14.4%
in 2011, thanks to returns of 11.0% for real
estate and 23.3% for infrastructure.

Hedge funds turned in a return of 0.5%.
A LONG-TERM PERSPECTIVE
The RREGOP members’ fund was created to
deal with long-term commitments. In that
context, it is interesting to analyze its return
over long periods of time.
In the last decade, from 2002 to 2011, the
RREGOP members’ fund yielded an average
annual return of 4.5%. If 10 years are added
to the period analyzed, i.e. 1992 to 2011, the
average return climbs to 6.9%, and if we go
back to RREGOP’s creation in 1973, returns
averaged 9.3%.
A $42-BILLION FUND
Change in returns of Fund 301 — RREGOP
(billon dollars)
In 2011, Fund 301 of the Caisse de dépôt et
placement, in which the RREGOP members’ fund
is invested, grew by $700 million, from
$41.3 billion at December 31, 2010 to $42 billion
at December 31, 2011.
Note that, as a general rule, the RREGOP
members’ fund pays approximately half of the
benefits under the plan, while the other half is
covered by the government.
Change in returns from 2002 to 2011
(in percentage)
TO CONTACT US
Internet: www.carra.gouv.qc.ca
418 643-4881 (Québec region)
1 800 463-5533 (toll free)
Persons with a hearing impairment
418 644-8947 (Québec region)
1 855 317-4076 (toll free)
Commission administrative des régimes
de retraite et d’assurances
475, rue Saint-Amable
Québec (Québec) G1R 5X3
© Gouvernement du Québec, 2012
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