Coalition to Oppose the Arms Trade

Canada's Six Largest Pension Funds and their $2.4 billion Investments
in
Contractors for the F-35 "Joint Strike Fighter" Warplane
Click here for a table showing these funds' investments in top ranking war industries in 2010
Click here for a table showing these funds' investments in top ranking war industries prior to 2010
Click here for a table showing these funds' investments in firms selling military, police, surveillance and prison-related products to Israel
Click here for a table showing these funds' investments in firms that
design, development or manufacture nuclear weapons
Click here for a table showing these funds' investments in the manufacturers of cluster munitions
War
Industry
C
O
U
N
T
R
Y
Rank among the World's
Top 100
War
Industries
2010
(by Military
Revenue)
Canada
Pension
Plan

(CPP)
Other Top Canadian Pension Fund Investments Pension
Fund
Totals
Sources revealing details
about F-35 contracts
Alberta
Investment
Management
Corporation
(AIMCo)
Caisse de
dépôt et
placement
du Québec

(Quebec
Pension Plan)
Ontario
Municipal
Employees
Retirement
System
(OMERS)
Ontario
Teachers'
Pension
Plan
(OTPP)
Public
Sector
Pension
Investments
(PSPI)
2011
Direct investments only
2012
D
irect and indirect
investments
1
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
Direct investments only Includes
the CPP's indirect investments
Currency in thousands of dollars2
AAR USA 68                     3,102 1,249 3,102 1,249 http://www.aarcorp.com/gov/government.htm
http://www.aarcorp.com/news/AAR_CROP_071508.htm
http://www.aarcorp.com/news/AAR_JohnDeere_051208.htm
http://www.aarcorp.com/gov/files/SupplyChainCapabilities.pdf
Abbott Laboratories USA   9,000 69,000 17,808
35,940
84,840
113,343
17,251
21,924

 

53,139   29,335
34,579
 
211,373 274,786 http://coat.ncf.ca/research/F-35_ContractsWon.xls
ALCOA Inc. USA (see note) 4,000 1,654     10,066
21,796
 
1,741
1,682
1,372
3,752
3,035
19,500 29,598 www.airframer.com database on F-35 contractors
Amphenol Corp Canada         1,741 6,795
9,509
 
1,756
 
1,520
 
3,026
6,795 17,552 http://f-35.ca/canadian-partners-en/
BAE Systems UK 2 1,000 30,000                     1,000 30,000 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
http://www.jsf.org.uk/JSF-UK-Industry-Team/BAE-Systems.aspx
http://coat.ncf.ca/P4C/66/BAE.htm
 
Boeing USA 4   18,000     52,086
49,486
3,702
9,491
29,977
17,936
16,526
15,140
102,291 110,053 www.airframer.com database on F-35 contractors
Bombardier Aerospace Canada   7,000 2,000                     7,000 2,000 http://f-35.ca/canadian-partners-en/
CACI Int'l USA 35                 2,210
3354
7,117
2,233
 
9,327 5,587 http://coat.ncf.ca/research/F-35_ContractsWon.xls
Circor Int'l Inc. USA                       2,361
1,241
2,361 1,241 www.airframer.com database on F-35 contractors
Cubic USA 75                     2,872
1,528
2,872 1,528 http://www.cubic.com/Solutions/Defense-Systems/Training-Systems/Air-Combat-Training-Air-Test-Instrumentation/Domain-Knowledge
Curtiss-Wright USA 78                     6,301
2,915
6,301 2,915 www.airframer.com database on F-35 contractors
Cytec Industries Inc. Com USA   37,000 8,000        
 
7,400         37,000 15,400 www.airframer.com database on F-35 contractors
Eaton Corp USA   2,000 6,000     12,941
18,904
9,930
81,350
1,997
3,847
4,461
5,129
31,329 115,230 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
http://coat.ncf.ca/P4C/66/Eaton.htm
Elbit Systems Israel 33 2,000 2,000     1,288               3,288 2,000 http://www.elbitsystems.com/elbitmain/area-in2.asp?parent=24&num=285&num2=285
EMC Corp USA   18,000 64,000     43,170
80,827
     
21,864
15,971
18,395
77,141 185,086 http://coat.ncf.ca/research/F-35_ContractsWon.xls
Finmeccanica Italy 8 17,000 10,000                     17,000 10,000 http://coat.ncf.ca/P4C/66/Finmeccanica.htm
http://www.lockheedmartin.com/us/products/f35/global-partnerships/f-35-italy.html
FLIR USA 84         3,527
3,012
  567 642
1,595
1,474 983 5,643 6,157 www.airframer.com database on F-35 contractors
General Dynamics USA 5   21,000     18,323
20,444
6,011
3,894
17,991
18,049
7,583
7,047
49,908 70,434 http://www.generaldynamics.com/news/press-releases/detail.cfm?customel_dataPageID_1811=17369
http://www.generaldynamics.com/news/press-releases/detail.cfm?customel_dataPageID_1811=6562
General Electric USA 19   119,000     210,491
283,820
23,652
46,065
28,132 39,010 59,531
77,068
321,806 564,963 http://coat.ncf.ca/research/F-35_ContractsWon.xls
http://www.jsf.org.uk/JSF-UK-Industry-Team/Smiths.aspx
GKN UK     2,000                       2,000  
Goodrich USA 38   10,000     15,945       3,629   5,562   25,136 10,000 www.airframer.com database on F-35 contractors
Goodyear Tire & Rubber Co. USA           3,552
3,347
4,490
549
45677
9,674
909 951 54,628 14,521 www.airframer.com database on F-35 contractors
Harris Corp. USA 32 6,000       3,781
5,813
 
1,074
914
915
1,513
1,858
12,208 9,660 http://coat.ncf.ca/research/F-35_ContractsWon.xls
Heroux Devtek Inc. Canada   2,000 2,000                     2,000 2,000 http://f-35.ca/canadian-partners-en/
Hewlett-Packard USA 65 64,000 80,000 3,643   50,737
36,314
10,695
7,283
50,755
19,013
17,159
10,780
196,989 153,390 http://coat.ncf.ca/research/F-35_ContractsWon.xls
Honeywell USA 15 2,000 9,000     42,795
49,533
13,332
8,584
5,659
7,185
12,661
14,991
76,447 89,293 www.airframer.com database on F-35 contractors
IHI Corp. Japan (see note) 4,000 6,000                     4,000 6,000 http://www.reuters.com/article/2011/12/20/us-lockheed-japan-f35-participation-idUSTRE7BJ0CE20111220
ITT USA 14 1,000 3,000         2,787
298

 

2,395   2,867   9,049 3,298 http://coat.ncf.ca/research/F-35_ContractsWon.xls
KBR USA 23 12,000 10,000     1,380
1,533
  707         13,380 12,240 http://www.australiandefence.com.au/archive/defence-business-hats-on-for-kbr-adm-august-2011
Google cache
L-3 Communications USA 9   10,000   3,005 6,981 13,660  
1,288
1,046
1,554
2,409
2,215
10,436 31,722 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
Lockheed Martin USA 1 5,000 78,000         4,209
4,508
12,022   7,367
8,083
28,598 90,591 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
Meggitt UK     2,000                       2,000  
Microsemi Corp. USA                       6,496
3,390
6,496 3,390 http://coat.ncf.ca/research/F-35_ContractsWon.xls
Mitsubishi Electric Japan 57 34,000 20,000                     34,000 20,000 http://the-diplomat.com/2012/04/05/how-f-35-may-hurt-u-s-japan-ties/
http://ajw.asahi.com/article/behind_news/AJ201201280045
Mitsubishi Heavy Industries Japan 26 7,000 24,000                     7,000 24,000 http://www.reuters.com/article/2011/12/20/us-lockheed-japan-f35-participation-idUSTRE7BJ0CE20111220
http://the-diplomat.com/2012/04/05/how-f-35-may-hurt-u-s-japan-ties/
Moog Inc. USA                       7,021
3,255
7,021 3,255 www.airframer.com database on F-35 contractors
Northrop Grumman USA 3   21,000     11,205
14,920
1,538
3,920
6,068   5,342
5,297
24,153 45,137 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
Oceaneering International Inc USA           6,920    
956
        6,920 956 http://coat.ncf.ca/research/F-35_ContractsWon.xls
OpenText Canada   17,000   2,309 1,955 12,608
109,522
        27,870
30,118
59,787 141,595 http://f-35.ca/canadian-partners-en/
Parker Hannifin Corp USA   2,000 30,000     8,921
12,863
 
3,220
1,622
2,265
3,609
4,004
 
16,152 52,352 www.airframer.com database on F-35 contractors
Raytheon USA 6         11,505
17,205
1,609
3,510
2,544
3,462
5,324
6,099
20,982 30,276 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
Rockwell Collins USA 27 6,000 4,000     8,676
8,507
13,861
1,431
165,290
99,862
2,990
2,468
194,817 116,268 http://coat.ncf.ca/research/F-35_ContractsWon.xls
Rolls-Royce UK 18 22,000 17,000                     22,000 17,000 www.airframer.com database on F-35 contractors
http://coat.ncf.ca/research/F-35_ContractsWon.xls
Sherwin-Williams Co. USA   7,900   2,606 12,290 7,900
14,191
3,245
6,703
1,050
2,791
2,418
4,077
25,119 40,052 http://coat.ncf.ca/research/F-35_ContractsWon.xls
SPX Precision Components USA   3,000 1,000     1,007
1,145
 
530
572       4,579 2,675 www.airframer.com database on F-35 contractors
Teledyne Technologies USA 82                     8,425
4,433
8,425 4,433 www.airframer.com database on F-35 contractors
Textron USA 20   5,000         1,400
2,189
3,822 2,580 1,802
2,363
7,024 12,132 www.airframer.com database on F-35 contractors
UBS AG Switzerland   82,000 74,000     55,981
52,442
     
50,613
    137,981 177,055 http://f-35.ca/canadian-partners-en/
United Technologies USA 10   41,000 4,586 12,545 66,483
73,827
8,497
13,011
2,489   23,563
21,106
105,618 161,489 http://www.airframer.com/aircraft_detail.html?mode
http://coat.ncf.ca/research/F-35_ContractsWon.xls
URS USA 22       2,382 917 915  
4,205
        917 7,502 http://coat.ncf.ca/research/F-35_ContractsWon.xls
ViaSat USA (see note)     1,670               6,579
2,815
8,249 2,815 www.airframer.com database on F-35 contractors
Volvo AB Sweden   40,000                       40,000   www.airframer.com database on F-35 contractors
Totals        413,900 799,654 32,622 69,858 760,821 1,016,878 126,209 238,154 441,324 308,461 312,272 301,871 2,087,148 2,734,876  

Notes:

2012 (Direct and indirect investments)

1.  In its latest annual report on investments (dated March 2012, published online in June 2012), the CPPIB began a new method of tabulating its investments.  Since its creation in the late 1990s, the CPPIB has published annual reports which documented the fund's investments in corporations.  Until this year, the number of shares and the value of those shares as disclosed in the CPPIB's reports reflected the fund's direct ownership in those companies. However, this is no longer the case.  In 2012, for the first time, the figures released by CPPIB, include both direct and indirect investments in these corporations.  This was explained in the 2012 CPPIB report as follows:

"[W]e have revised our disclosure standards. This year and going forward, in addition to physical equity positions, the public equity disclosure lists include exposures obtained through index securities, swaps and other derivative instruments. The net long positions are reported to provide a more complete view of our economic equity exposure to individual company names."

The higher values seen in the CPPIB's 2012 report do not reflect an increase in the CPPIB's direct shares in these stocks but are merely the result of its new accounting methods, namely the addition of its indirect holdings in these companies to its 2012 report. 

Currency in thousands of dollars

2.  Because most of the above sources are reports to the US Securities and Exchange Commission, they use US dollars. The one exception is the Canada Pension Plan, which reports its holdings in Canadian dollars.


ALCOA Inc.:
ALCOA's subsidiary, the ALCOA Industrial Components Group, was among the world's top 100 war industries, ranking 50th in 2000.

IHI Corp.:
IHI Corp, and two of its subsidiaries (IHI Aerospace and IHI Marine), have all been on list of the world's top 100 war industries. IHI Marine ranked 70th in 2010, IHI Aerospace ranked 96th in 2002 and 92nd in 2003, while IHI Corp. ranked 96th in 2007.

ViaSat:
ViaSat ranked 100th in 2008.

Currency
Because most of the above sources are reports to the US Securities and Exchange Commission, they use US dollars. The one exception is the Canada Pension Plan, which reports its holdings in Canadian dollars.


Sources

War Industries:
The ranking of war industries comes from
Defense News Top 100 for 2010.  This data, published July 25, 2011, reflects 2010 figures. (Currency conversions for non-U.S. firms were calculated using average market conversion rates over each firm's fiscal year to mitigate the effects of currency fluctuations.) 

Data on the annual ranking of war industries prior to 2010 comes from
Defense News.
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999

Pension Funds:
Data on the value of pension fund shares comes from the following sources:

Alberta Investment Management Corp
Form 13F, Securities and Exchange Commission (December 31, 2011)

Form 13F, Securities and Exchange Commission (September 30, 2012)

Canada Pension Plan (2011)
Private Equity Funds Commitments (December 31, 2010)
Complete list of Canadian publicly-traded equity holdings (as of March 31, 2011)
Complete list of Foreign publicly-traded equity holdings (as of March 31, 2011)

Canada Pension Plan (2012)
List of Canadian publicly-traded equity holdings (as of March 31, 2012)
List of foreign publicly-traded equity holdings (as of March 31, 2012)
Private Equity Funds Commitments (December 31, 2011)

Ontario Municipal Employees Retirement System
Form 13F, Securities and Exchange Commission (December 31, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)

Caisse de dépôt et placement du Québec
Form 13F, Securities and Exchange Commission (December 31, 2011)

Form 13F, Securities and Exchange Commission (December 31, 2012)

Ontario Teachers' Pension Plan
Form 13F, Securities and Exchange Commission (September 30, 2011)
Form 13F, Securities and Exchange Commission (September 30, 2012)

Public Sector Pension Investments
Form 13F, Securities and Exchange Commission (September 30, 2011)

Form 13F, Securities and Exchange Commission (September 30, 2012)