CN Pension Plan

CN Pension Plan

Founded in 1968, the CN Pension Plan handles retirement security for employees of Canadian National Railway. President and CEO Bruno Roy, who joined from CDPQ in October 2023, leads the Montreal-based investment division. The fund operates as a contributory defined benefit plan backed by a large bond portfolio that supplies roughly C$1 billion in annual liquidity for benefit payments. Strategy spans liquid and private markets. The global equities portfolio, benchmarked against the MSCI ACWI, accounts for approximately C$4.86 billion and is managed by internal sector teams. On the alternatives side, a C$2.16 billion absolute return platform covers hedge funds, alternative risk premia, and tail-risk hedging. The real assets portfolio — valued at roughly C$720 million — targets income-generating commercial properties across North America. The fund is also the direct owner of Rife Resources Ltd., an energy-royalty company holding over 15 million acres of mineral interests in Western Canada. Private equity allocations sit at 3.34% of total assets. The division maintains active memberships in the Pension Investment Association of Canada and the Canadian Alternative Strategies & Assets association. September 2023: Bruno Roy was appointed President and CEO of the CN Investment Division, succeeding a long-tenured predecessor (per Altss research). A 2022 office renovation by Atelier Monarque Architecture reflects a belief in in-person, scaled operations; the team hosts an annual Investment Challenge for mentorship and talent development. KPMG serves as the fund's long-term auditor, while CIBC Mellon acts as custodian. The plan's investment arm doubles as an operating conglomerate. Rife Resources and its subsidiary Canpar Holdings turn the pension trust into a going-concern royalty collector — a rare structural feature among North American corporate pension funds. This ownership model generates uncorrelated cash flows that complement the fund's liquid absolute-return strategies.