The Caisse de dépôt et placement du Québec, one of North Americas biggest pension funds, saw the value of its investments shrink by a quarter in 2008, or $40 billion. About $30 billion of the 2008 loss is due to general market declines throughout the world. However, the Caisse bore unusual losses in Non Bank ABCP, real estate relative to their real estate benchmark, and in their asset allocation business that made extensive use of derivatives.
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