Photo: Paul Chiasson, The canadian Press
The pandemic of COVID-19 has weighed on the performance of the solidarity Fund QFL, in addition to having led many shareholders to require the redemption of their shares.
The Fonds de solidarité FTQ has posted a return of 0.8 %, or $ 230 million, at the end of its fiscal year ended last may 31, where the pandemic of COVID-19 has weighed on its performance in addition to entice many shareholders to require the redemption of their shares.
Making the point on its annual performance on Tuesday, the institution indicated that it had received for $ 3 billion in redemption requests, which is six times more compared to the previous year.
The Fund reassesses its course of action at the end of December and at the end of its fiscal year. This means that its share price remained unchanged at 46,20 $ while the stock markets posted significant declines when the health crisis struck, in march.
Dated as of may 31, the share value had been reduced to the remaining 44.24 $.
Redemption requests have contributed to a decline in the net assets of the Fund at $ 13.8 billion, compared to $ 15.6 billion a year ago.
During the second semester, the institution has displayed a performance which does not take into account the impact of credits, provincial and federal tax for contributions to labour-sponsored funds — negative 4.2 %. During the first half of the year, the performance was established at 5.2 %.
Last year, the Fund had delivered a return of 7.8 %.