The two largest tax-impacted investment savings funds in Quebec, which have a combined $23.7 billion in net assets, published on Friday the main annual results for their financial year ending May 31.
At the Solidarity Fund, an “annual shareholder return” of 8% is announced, while the value of the Fund’s shares was recorded at $59.11 at the end of the financial year.
According to its managers, excluding tax credits for its 785,000 “shareholder-savers”, the long-term compound returns of the Solidarity Fund’s shares stand at 3.6% per year over a period of three years, at 6.1% per annum over five years, and at 6.9% per annum over a ten-year period.
At the end of the financial year on May 31, the net assets of the Solidarity Fund were recorded at 20 billion, an increase of one billion one hundred million dollars over one year. During this financial year, too, the Solidarity Fund indicates having made $1.2 billion in new investments.
“The economy appears to be on track, but we remain cautious. Several socio-economic challenges persist and the Fund is actively committed to supporting Quebec businesses through these issues,” comments Janie Béïque, President and CEO of the Solidarity Fund, in the press release announcing the annual results.
Meanwhile, at Fondaction, the year-end results announced on Friday show an “annual shareholder return” of 7%, while the value of its shares was recorded at $16.15 as of 31 last May.
According to its managers, also excluding tax credits for its 221,512 shareholder-savers, the long-term compound returns on Fondaction shares stand at 1.5% per year over a period of three years, at 5, 9% per year over five years, and 5.1% per year over ten years.
Fondaction’s net assets increased by 13% to 3.77 billion during its financial year ended May 31.
In the opinion of Geneviève Morin, CEO of Fondaction, these annual results “confirm that we can make investments that have positive social and environmental impacts without compromising on performance.
“This is all the more important in a context where the economy must change, and it will change, in order to meet the needs of people within the limits of the planet,” indicates Ms. Morin in the press release announcing the results Fondaction annual reports.
