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, 2025.

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.

KEY DISCLOSURE ELEMENTS

> 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.

Canadian Publicly Traded Equities

As at March 31, 2025

Equity HoldingShares ('000)Market Value (CAD $ millions)
Agnico Eagle Mines Ltd2344366
Alamos Gold Inc197276
Alimentation Couche-Tard Inc3648260
Bank of Montreal3677505
Bank of Nova Scotia/The4331295
Barrick Mining Corp8171228
Bausch + Lomb Corp85218
Bausch Health Cos Inc114311
BCE Inc14182483
Bombardier Inc988
Boralex Inc152144
Brookfield Asset Management Ltd109676
Brookfield Corp2829213
Brookfield Renewable Corp198780
Brookfield Wealth Solutions Ltd967
BRP Inc1618
CAE Inc168460
Cameco Corp2031120
Canadian Apartment Properties REIT31013
Canadian Imperial Bank of Commerce4956406
Canadian National Railway Co2639370
Canadian Natural Resources Ltd382091718
Canadian Pacific Kansas City Ltd4542460
Canadian Tire Corp Ltd24436
CCL Industries Inc69048
Cenovus Energy Inc164333
CGI Inc956137
Choice Properties Real Estate Investment Trust6099
Constellation Software Inc/Canada112422
Descartes Systems Group Inc/The10115
Dollarama Inc1311202
Element Fleet Management Corp84224
Emera Inc138184
Empire Co Ltd65231
Enbridge Inc9500605
First Quantum Minerals Ltd254949
FirstService Corp15738
Fortis Inc/Canada2345154
Franco-Nevada Corp840190
George Weston Ltd25162
GFL Environmental Inc43530
Hudbay Minerals Inc103811
Hydro One Ltd149872
iA Financial Corp Inc49267
IGM Financial Inc42219
Intact Financial Corp361106
Ivanhoe Mines Ltd109913
Keyera Corp1185
Kinross Gold Corp6387116
Loblaw Cos Ltd696141
Lundin Mining Corp330339
Magna International Inc44322
Manulife Financial Corp6734302
MEG Energy Corp44511
Metro Inc/CN94995
National Bank of Canada892107
New Gold Inc269014
Nutrien Ltd2201164
Open Text Corp124745
Pan American Silver Corp169763
Pembina Pipeline Corp26815
Power Corp of Canada2853149
Premium Brands Holdings Corp3619283
Quebecor Inc5608205
Restaurant Brands International Inc1426138
Royal Bank of Canada63361027
Saputo Inc115529
Shopify Inc5690779
Stantec Inc61473
Sun Life Financial Inc3021249
Suncor Energy Inc4524252
TC Energy Corp4102295
Teck Resources Ltd3531185
TFI International Inc36741
Thomson Reuters Corp7218
TMX Group Ltd145777
Toromont Industries Ltd42248
Toronto-Dominion Bank/The9174791
Waste Connections Inc1232346
West Fraser Timber Co Ltd27030
Wheaton Precious Metals Corp2094234
WSP Global Inc134033278