The CSN’s investment fund, Fondaction, posted a return of 11.8% during the six-month period ended November 6, for a result of 11.0% over the last 12 months.
These returns do not take into account the 35% tax credits granted to taxpayers on the acquisition of its shares, Fondaction said.
The fund qualifies its performance as “outstanding”, pointing out that this brings its share value to $ 14.07. It was at $ 12.59 at the end of the first semester ended May 31.
“This exceptional financial performance is mainly due to favorable economic conditions on the financial markets and by Fondaction’s investment choices, focused on sustainable finance,” explained the CSN fund on Wednesday, unveiling its half-year results.
As of November 6, Fondaction’s net assets were up 15.2% to $ 2.61 billion, compared to $ 2.26 billion as of May 31, 2020.
During its last completed semester, the fund welcomed 3,987 new contributors, bringing the number of its shareholders to 177,497.
Fondaction says that it “plans to suspend the acceptance of subscriptions by lump sum very soon, until May 31, 2021, in order to respect the issue limit of its shares set by the Quebec government”.