(Montreal) The action of Fondaction was fixed at $15.10 on Thursday, a modest increase of 0.6% in six months, after the unveiling of the semi-annual results of the workers’ fund.
For the 12-month period ended May 31, the CSN labor fund provided an annual return of 0.5%. This performance was obtained at a time when “Quebec SMEs are evolving in a context of great economic uncertainty,” commented its president and CEO, Geneviève Morin, in a press release.
Over the longer term, Fondaction generated an annual compound return of 6.2% over three years, 5% over five years and 4.8% over a 10-year period. These figures do not take into account the 30% tax credits on the first $5,000 contributed annually.
The fund’s net assets increased by 7.3% during the year, amounting to 3.34 billion, still as of May 31, 2023.
Fondaction’s operating expenses represent 2.35% of its assets, compared to 2.05% for the same period a year earlier.
The fund has 214,791 shareholders, an increase of 5.9% over last year. Nearly 17,000 people subscribed to Fondaction for the first time during the year.