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Zach's avatar

Also, the Caisse sold most of their energy holdings in 2021-2022. They were one of the biggest shareholders of CNQ, but 'proudly' sold in the $20-$23 range based on their filings.

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Mark McQueen's avatar

Thanks for stopping by. I wasn’t speaking to the wisdom of any particular investment choice; just what I can imagine other Provinces might make of the multifaceted benefit of CDPQ’s mandate when it comes to supporting the growth of local champions.

Particularly in Alberta’s case, when so many capital providers are pulling back from O&G. As I wrote last year:

“And, unless other large institutions fill the lending gap that’s created when one bank reduces its overall loan O&G book, the sector will experience an increase in the cost of capital, compounded by a permanent decrease of an availability of capital. Which means that some good Alberta-based projects won’t get funded at all, while other entrepreneurs will find it more expensive to proceed with new initiatives, relative to other verticals — making it harder (or more punitive) to raise equity as a result.”

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