Return Attribution — CDPQ (Caisse de Depot)
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
CDPQ (Caisse de Depot) (13F portfolio cloned at quarter-end weights) delivered a +1.17% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: MSFT (+1.32%), NVDA (+0.68%), AAPL (+0.63%). Biggest drags: AMAT (-0.36%), TFII (-0.28%), LRCX (-0.21%). Across all 20 segmented periods, 26 stocks made a positive cumulative contribution and 38 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+1.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.2% |
+41.0% |
+1.32% |
| NVDA |
3.6% |
+19.0% |
+0.68% |
| AAPL |
3.9% |
+16.5% |
+0.63% |
| META |
2.0% |
+28.3% |
+0.55% |
| AMZN |
1.9% |
+8.7% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMAT |
1.3% |
-28.1% |
-0.36% |
| TFII |
1.3% |
-21.4% |
-0.28% |
| LRCX |
0.9% |
-23.9% |
-0.21% |
| KLAC |
0.5% |
-35.4% |
-0.18% |
| GIL |
0.9% |
-20.0% |
-0.17% |
2026-Q1 → 2026-Q2 segment return
+11.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MU |
0.4% |
+236.3% |
+0.99% |
| AMAT |
0.7% |
+110.6% |
+0.77% |
| GOOGL |
3.1% |
+24.3% |
+0.74% |
| NVDA |
4.4% |
+14.0% |
+0.62% |
| AAPL |
4.5% |
+13.4% |
+0.6% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GIB |
1.9% |
-11.5% |
-0.22% |
| BCE |
1.4% |
-13.7% |
-0.19% |
| T |
0.6% |
-28.6% |
-0.17% |
| NFLX |
0.4% |
-25.3% |
-0.1% |
| KLAC |
0.1% |
-79.4% |
-0.09% |
2025-Q4 → 2026-Q1 segment return
-4.01%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LRCX |
0.7% |
+27.4% |
+0.2% |
| JNJ |
1.0% |
+18.2% |
+0.18% |
| CF |
0.2% |
+67.9% |
+0.14% |
| AMAT |
0.4% |
+33.9% |
+0.13% |
| MRK |
0.7% |
+15.1% |
+0.11% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
4.2% |
-22.8% |
-0.96% |
| GIB |
2.6% |
-20.7% |
-0.53% |
| AAPL |
4.5% |
-6.3% |
-0.28% |
| GOOGL |
3.3% |
-8.1% |
-0.27% |
| NVDA |
4.3% |
-6.2% |
-0.26% |
2025-Q3 → 2025-Q4 segment return
+2.91%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
2.4% |
+28.8% |
+0.68% |
| LLY |
0.8% |
+42.0% |
+0.33% |
| AAPL |
4.4% |
+7.3% |
+0.32% |
| GOOG |
0.7% |
+29.2% |
+0.21% |
| MU |
0.3% |
+71.4% |
+0.2% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
4.6% |
-6.1% |
-0.28% |
| META |
2.2% |
-10.2% |
-0.22% |
| NFLX |
0.8% |
-21.5% |
-0.17% |
| ORCL |
0.3% |
-30.9% |
-0.11% |
| AZO |
0.4% |
-20.9% |
-0.09% |
2025-Q2 → 2025-Q3 segment return
+5.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
3.9% |
+23.4% |
+0.92% |
| NVDA |
4.7% |
+17.9% |
+0.85% |
| GOOGL |
2.1% |
+37.9% |
+0.79% |
| AVGO |
1.3% |
+20.0% |
+0.25% |
| JNJ |
1.1% |
+21.8% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GIB |
3.6% |
-14.9% |
-0.54% |
| CNI |
3.0% |
-9.4% |
-0.29% |
| NFLX |
1.0% |
-11.0% |
-0.1% |
| BRO |
0.6% |
-15.4% |
-0.09% |
| ISRG |
0.4% |
-17.7% |
-0.07% |
2025-Q1 → 2025-Q2 segment return
+9.28%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.8% |
+46.5% |
+1.29% |
| MSFT |
3.4% |
+33.0% |
+1.12% |
| AVGO |
0.9% |
+65.7% |
+0.61% |
| META |
2.0% |
+28.8% |
+0.58% |
| NFLX |
0.7% |
+44.4% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UNH |
1.1% |
-40.5% |
-0.45% |
| AAPL |
3.8% |
-7.1% |
-0.27% |
| MRK |
0.8% |
-10.9% |
-0.09% |
| ABBV |
0.7% |
-10.6% |
-0.07% |
| LLY |
1.3% |
-5.5% |
-0.07% |
2024-Q4 → 2025-Q1 segment return
-4.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PGR |
0.8% |
+18.1% |
+0.14% |
| T |
0.5% |
+24.2% |
+0.12% |
| MCK |
0.6% |
+18.1% |
+0.11% |
| JNJ |
0.9% |
+12.0% |
+0.11% |
| RSG |
0.5% |
+20.4% |
+0.1% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.7% |
-19.9% |
-0.74% |
| AAPL |
4.1% |
-11.7% |
-0.48% |
| MSFT |
4.0% |
-11.3% |
-0.45% |
| TFII |
1.0% |
-42.3% |
-0.41% |
| GOOGL |
2.0% |
-18.3% |
-0.36% |
2024-Q3 → 2024-Q4 segment return
+0.56%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
4.2% |
+10.7% |
+0.44% |
| AMZN |
2.2% |
+18.3% |
+0.4% |
| TSLA |
0.7% |
+53.4% |
+0.37% |
| AVGO |
1.0% |
+34.6% |
+0.34% |
| AAPL |
4.5% |
+7.4% |
+0.33% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CNI |
2.9% |
-13.4% |
-0.39% |
| BCE |
1.2% |
-31.5% |
-0.37% |
| GIB |
3.8% |
-4.8% |
-0.18% |
| ELV |
0.6% |
-28.8% |
-0.18% |
| UNH |
1.2% |
-13.6% |
-0.16% |
2024-Q2 → 2024-Q3 segment return
+4.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
1.9% |
+34.0% |
+0.66% |
| GIB |
3.9% |
+15.2% |
+0.6% |
| AAPL |
4.2% |
+10.2% |
+0.43% |
| META |
2.1% |
+13.3% |
+0.28% |
| MA |
1.7% |
+12.1% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
4.8% |
-4.1% |
-0.2% |
| INTC |
0.6% |
-24.7% |
-0.15% |
| GOOG |
1.3% |
-9.2% |
-0.12% |
| AMAT |
0.7% |
-14.8% |
-0.11% |
| NVDA |
4.6% |
-2.0% |
-0.09% |
2024-Q1 → 2024-Q2 segment return
+1.64%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
4.1% |
+37.3% |
+1.52% |
| AAPL |
3.2% |
+23.6% |
+0.76% |
| MSFT |
4.4% |
+6.5% |
+0.29% |
| LLY |
1.3% |
+16.7% |
+0.22% |
| AVGO |
1.0% |
+21.2% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GIB |
5.1% |
-9.7% |
-0.49% |
| CNI |
4.0% |
-10.3% |
-0.41% |
| INTC |
0.8% |
-29.8% |
-0.25% |
| BMO |
1.3% |
-14.2% |
-0.19% |
| MA |
2.0% |
-8.3% |
-0.16% |
2023-Q4 → 2024-Q1 segment return
+6.54%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
2.6% |
+82.7% |
+2.17% |
| META |
1.8% |
+37.6% |
+0.68% |
| MSFT |
4.6% |
+11.8% |
+0.54% |
| MRK |
1.4% |
+21.8% |
+0.31% |
| LLY |
0.9% |
+33.5% |
+0.29% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
4.1% |
-10.9% |
-0.45% |
| BCE |
1.5% |
-11.9% |
-0.17% |
| INTC |
1.3% |
-12.2% |
-0.16% |
| TSLA |
0.5% |
-29.6% |
-0.16% |
| ADBE |
0.6% |
-15.4% |
-0.09% |
2023-Q3 → 2023-Q4 segment return
+8.19%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.9% |
+18.9% |
+0.73% |
| CNI |
4.1% |
+16.0% |
+0.66% |
| GIB |
5.5% |
+8.9% |
+0.48% |
| AAPL |
3.7% |
+12.2% |
+0.46% |
| INTC |
0.7% |
+41.4% |
+0.31% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CSCO |
2.2% |
-6.1% |
-0.13% |
| CAE |
1.7% |
-7.5% |
-0.13% |
| BMY |
0.6% |
-10.7% |
-0.06% |
| FNV |
0.2% |
-16.5% |
-0.03% |
| SLB |
0.2% |
-10.3% |
-0.02% |
2023-Q2 → 2023-Q3 segment return
-3.18%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LLY |
0.7% |
+14.1% |
+0.1% |
| CSCO |
2.0% |
+4.0% |
+0.08% |
| META |
1.4% |
+4.7% |
+0.07% |
| CAE |
1.5% |
+4.3% |
+0.06% |
| GOOG |
0.7% |
+9.1% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
4.2% |
-11.9% |
-0.49% |
| CNI |
4.1% |
-10.5% |
-0.43% |
| GIB |
5.4% |
-6.6% |
-0.35% |
| MSFT |
4.1% |
-7.3% |
-0.3% |
| BCE |
1.5% |
-14.8% |
-0.23% |
2023-Q1 → 2023-Q2 segment return
+5.95%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.8% |
+18.0% |
+0.69% |
| NVDA |
1.3% |
+52.1% |
+0.66% |
| AAPL |
3.6% |
+17.8% |
+0.65% |
| GIB |
5.3% |
+9.5% |
+0.5% |
| META |
1.2% |
+35.3% |
+0.43% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NEM |
0.8% |
-13.2% |
-0.11% |
| DG |
0.5% |
-19.1% |
-0.09% |
| BMY |
1.1% |
-7.0% |
-0.08% |
| MRNA |
0.3% |
-20.9% |
-0.07% |
| GILD |
0.8% |
-7.1% |
-0.05% |
2022-Q3 → 2022-Q4 segment return
+7.23%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GIB |
5.0% |
+14.5% |
+0.72% |
| MRK |
1.7% |
+29.7% |
+0.51% |
| CNI |
4.0% |
+10.1% |
+0.4% |
| PFE |
2.0% |
+17.1% |
+0.35% |
| CSCO |
1.6% |
+18.9% |
+0.3% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
1.8% |
-25.7% |
-0.46% |
| TSLA |
0.6% |
-53.6% |
-0.32% |
| LSPD |
1.3% |
-18.7% |
-0.24% |
| AAPL |
3.3% |
-5.5% |
-0.18% |
| META |
1.2% |
-11.2% |
-0.13% |
2022-Q2 → 2022-Q3 segment return
-7.39%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
1.7% |
+5.9% |
+0.1% |
| ZVIA |
0.2% |
+53.7% |
+0.09% |
| WMT |
1.1% |
+7.1% |
+0.08% |
| CSL |
0.4% |
+17.5% |
+0.07% |
| NFLX |
0.2% |
+34.7% |
+0.05% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CAE |
1.7% |
-37.7% |
-0.64% |
| T |
2.0% |
-26.8% |
-0.54% |
| PFE |
2.5% |
-16.5% |
-0.42% |
| MSFT |
3.9% |
-9.3% |
-0.36% |
| LSPD |
1.5% |
-21.2% |
-0.32% |
2022-Q1 → 2022-Q2 segment return
-10.25%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MRK |
1.0% |
+12.0% |
+0.12% |
| DG |
0.6% |
+10.5% |
+0.07% |
| VRTX |
0.7% |
+7.4% |
+0.05% |
| IBM |
0.2% |
+27.3% |
+0.05% |
| BMY |
0.4% |
+6.2% |
+0.02% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AAPL |
4.1% |
-21.8% |
-0.9% |
| AMZN |
2.1% |
-34.8% |
-0.73% |
| CNI |
4.0% |
-16.0% |
-0.63% |
| MSFT |
3.7% |
-17.0% |
-0.62% |
| GOOG |
2.5% |
-21.8% |
-0.54% |
2021-Q4 → 2022-Q1 segment return
-3.29%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNI |
3.2% |
+9.0% |
+0.29% |
| SU |
0.9% |
+30.2% |
+0.26% |
| CNQ |
0.5% |
+46.5% |
+0.23% |
| ENB |
0.7% |
+19.8% |
+0.14% |
| VRTX |
0.6% |
+22.6% |
+0.14% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| META |
2.0% |
-33.8% |
-0.66% |
| GIB |
5.3% |
-9.8% |
-0.52% |
| MSFT |
3.8% |
-7.9% |
-0.3% |
| SHOP |
0.5% |
-50.8% |
-0.25% |
| ADBE |
1.0% |
-19.2% |
-0.2% |
2021-Q3 → 2021-Q4 segment return
+4.18%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MSFT |
3.1% |
+19.3% |
+0.6% |
| AAPL |
2.2% |
+25.4% |
+0.57% |
| AVGO |
0.8% |
+36.9% |
+0.28% |
| NVDA |
0.6% |
+41.5% |
+0.25% |
| MU |
0.7% |
+30.9% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| C |
0.7% |
-13.3% |
-0.09% |
| EA |
1.3% |
-6.7% |
-0.08% |
| PYPL |
0.3% |
-27.7% |
-0.08% |
| BABA |
0.4% |
-19.8% |
-0.08% |
| INTC |
1.3% |
-3.5% |
-0.05% |
2021-Q2 → 2021-Q3 segment return
-0.35%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CNI |
2.9% |
+9.6% |
+0.28% |
| GOOG |
3.0% |
+6.5% |
+0.19% |
| MSFT |
3.5% |
+4.1% |
+0.15% |
| HCA |
0.5% |
+17.3% |
+0.09% |
| ORCL |
0.7% |
+12.1% |
+0.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BABA |
0.6% |
-34.7% |
-0.22% |
| SU |
1.0% |
-13.8% |
-0.13% |
| MU |
0.8% |
-14.3% |
-0.12% |
| SHOP |
1.5% |
-7.2% |
-0.11% |
| TD |
1.8% |
-5.9% |
-0.1% |
Cumulative Contribution (all segments)