While Canadians were told not to buy American goods, avoid travel to USA, and saw buy local signs pop up in every store – the country's largest pension plan was allocating even more capital to USA.
Your government and (most) media were gaslighting you to the nth degree. https://t.co/0HpoSaVCTT
— IceCap (@IceCapGlobal) May 22, 2025
Canada’s largest pension fund has been quietly shifting billions into U.S. markets while citizens were urged to buy local and avoid American goods. The contradiction is staggering. While storefronts displayed “Buy Canadian” signs and travel warnings urged residents to avoid the States, the Canada Pension Plan Investment Board (CPPIB) was pumping capital into U.S. stocks, real estate, and private equity at an accelerating pace.
The numbers do not lie. CPPIB now has 47% of its C$714 billion portfolio parked in the U.S., up from 36% two years ago. Meanwhile, the share of investments in Canadian assets has shrunk to just 12%. The fund argues this is part of a global diversification strategy, but critics see it as a blatant betrayal of economic nationalism.
The government and media pushed a strong anti-American narrative, warning of economic dependence while encouraging people to spend at home. The pension board, however, ignored the rhetoric and followed the money, favoring U.S. markets that offered higher returns. The latest fiscal results show a 9.3% gain, largely driven by holdings in American tech, credit, and private equity.
Sources: