It's what I observed almost everywhere. The problem does not affect only the Caisse de dépôt et placement du Québec; it also affects the Ontario Teachers' Pension Plan and PSP Investments. However, at the Caisse de dépôt et placement du Québec, reference indicators best reflected the risk built into the assets, in my opinion. In other words, the reference indicators of each class of assets held by the Caisse de dépôt et placement du Québec better reflected the risk of investments depicted by the indicators of other major pension funds. Real estate values are one example. In my opinion, the reference indicators for the real estate class of assets account for market leveraging and beta.
On April 21st, 2009. See this statement in context.