Canadian pension managers dramatically expanded their Israeli portfolio during wartime, boosting investments to over $338 million despite calls from nearly 30 MPs for economic sanctions against the country, reports Blacklock’s Reporter.The Canada Pension Plan Investment Board increased its Israeli holdings from $121 million since the October 2023 Hamas attack, spreading investments across 20 companies from financial institutions to retail chains."The fund focuses on long term returns but is not immune to the short term impacts of geopolitical and economic events," chair Dean Connor wrote in the CPP Investment Board's Annual Report to pensioners. "Our role as the Board is to ensure the organization is well positioned to navigate these turbulent times."The investment surge occurred as Liberal and New Democrat parliamentarians pushed for an Israeli boycott. Twenty-eight MPs received endorsements from a "Vote Palestine" campaign committee that opposes Israeli investments..The pension fund's Israeli portfolio spans multiple sectors, with major bank investments leading the way. Bank Leumi Le-Israel received $56 million while Bank Hapoalim got $50 million. Pharmaceutical giant Teva received $49 million, making it the third-largest holding.Other significant investments included realtor Azrieli Group ($6 million), Bank Hapoalim ($50 million), Bank Leumi Le-Israel ($56 million), Bezek Israeli Telecommunications ($8 million), Big Shopping Centres ($5 million), solar and wind power company Enlight Renewable Energy ($6 million), First International Bank of Israel ($7 million), Global-e Online ($11 million), ICL Group Ltd. ($12 million) and Israel Discount Bank ($24 million).Additional stock holdings included software developer JF Frog ($9 million), Mizrahi Tefahot Bank ($19 million), software developer Nice Ltd. ($16 million), manufacturer Nova Ltd. ($15 million), insurer Phoenix Financial ($9 million), commodities trader Plus 500 ($7 million), Shufersal, the largest supermarket chain in Israel ($6 million), Teva Pharmaceutical ($49 million), Tower Semiconductor ($11 million) and Wix.com, a Tel Aviv software developer ($12 million).MP Alexandre Boulerice (Rosemont-La Petite, Patrie, QC), the only New Democrat elected in Québec, personally sponsored a petition to "immediately suspend the Canada-Israel Strategic Partnership and all trade relations with Israel." Boulerice in the Commons likened Israel to "a military boot crushing a human face.".Then-Liberal MP Jenica Atwin (Fredericton, NB) also sponsored a 2024 petition demanding an end to Canadian investment in Israel. "Words might appear insignificant at a time when we are collectively facing horror," she told the Commons following Hamas terrorists' killing and kidnapping of Jews in Israel including eight Canadians."Words can hurt but they can also heal," said Atwin. "They can change how we perceive the world. We need to see the humanity in one another."The investment board's strategy contrasts sharply with the political pressure from parliamentarians seeking to isolate Israel economically. The pension fund manages retirement savings for millions of Canadian workers.
