Coalition to Oppose the Arms Trade

Master Table:
The Six Largest Canadian Pension Funds and their Investments in
various War Industries
Click here for a table showing these funds' investments in the world's top-ranking war industries, 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 contractors building the F-35 warplane
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
Click the links below for separate tables
detailing Canadian pension fund
investments in these war industries
Canada
Pension
Plan

(CPP)
Other Top Canadian Pension Funds Pension
Fund
Totals
World's top war industries World's
top war industries (prior to 2010)
Nuclear weapons
makers
Cluster munitions
makers
F-35
con
-
tractors
2011

Direct invest-ments
only
2012

D
irect and indirect
invest-ments1
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 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
Direct investments only Includes
CPP's indirect investments
2011 2010 Currency in thousands of dollars2
AAR USA 66 68  
 

 

 

 

 

 

 

 

 

 

 

 
3102 1249 3102 1249
Abbott Laboratories USA
 

 
 
 

 
9000 69000 17808 35940 84840 113343 17251 21924 53139
 
29335 34579 211373 274786
Accenture Ireland 82 83  
 

 

 
91000
 

 

 
29457 34945 9902 8299 17968 20379
 
14305 148327 77928
ALCOA Inc. USA
 
(see note)
 

 
4000 17000
 

 
10066 21796
 
1741 1682 1372 3752 3035 19500 44944
Amphenol Corp Canada
 

 
 
 

 

 

 

 
1741 6795 9509
 
1756
 
1520
 
3026 6795 17552
BAE Systems UK 3 2   1000 30000
 

 

 

 

 

 

 

 

 

 
1000 30000
Bharat Electronics India 69 64  
 

 

 
1000 1000
 

 

 

 

 

 

 

 

 

 
1000 1000
Boeing USA 2 4  
 

 
18000
 

 
52086 49486 3702 9491 29977 17936 16526 15140 102291 110053
Bombardier Aerospace Canada
 

 
 
 

 
7000 2000
 

 

 

 

 

 

 

 

 

 
7000 2000
Booz Allen Hamilton USA 15 16  
 

 

 

 

 

 

 
6814
 

 

 

 

 

 

 
6814
 
CACI International USA 31 35  
 

 

 

 

 

 

 

 

 

 
2210 3354 7117 2233 9327 5587
CAE Canada 71 72  
 

 

 
25000 16000 2646 7357 20291 27937 1187
 

 

 
42814 26028 91938 77322
Circor Int'l Inc. USA
 

 
 
 

 

 

 

 

 

 

 

 

 

 

 
2361 1241 2361 1241
CSC USA 17 17  
 

 

 
17000 4000
 

 
3299 5009 5270 921 14239 798 1533 1696 41341 12424
Cubic USA 73 75  
 

 

 

 

 

 

 

 

 

 

 

 
2872 1528 2872 1528
Curtiss-Wright USA 80 78  
 

 

 

 

 

 

 

 

 

 

 

 
6301 2915 6301 2915
Cytec Industries Inc. USA
 

 
 
 

 
37000 8000
 

 

 

 

 
7400
 

 

 

 
37000 15400
Doosan Corp. S.Korea
 

 
 
 

 
3000 3000
 

 

 

 

 

 

 

 

 

 
3000 3000
EADS Netherlands 7 7  
 

 

 
18000
 

 

 

 

 

 

 

 

 

 

 
18000
Eaton Corp USA
 

 
 
 

 
2000 6000
 

 
12941 18904 9930 81350 1997 3847 4461 5129 31329 115230
Elbit Systems Israel 38 33  
 

 
2000 2000
 

 
1288
 

 

 

 

 

 

 
3288 2000
Embraer Brazil 74 87  
 

 

 

 
1000
 

 

 

 

 

 

 

 

 

 

 
1000
EMC Corp USA
 

 
 
 

 
18000 64000
 

 
43170 80827
 

 

 
21864 15971 18395 77141 185086
Finmeccanica Italy 8 8   17000 10000
 

 

 

 

 

 

 

 

 

 
17000 10000
FLIR USA 88 84  
 

 

 

 

 

 
3527 3012
 
567 642 1595 1474 983 5643 6157
Fluor USA 37 45  
 

 

 

 
25000
 

 
8844 10620
 
1749
 
3121
 
3016 8844 43506
Fuji Heavy Industries Japan
 

 

 

 

 
15000 18000
 

 

 

 

 

 

 

 

 

 
15000 18000
Fujitsu Japan 92 99  
 

 

 
24000 26000
 

 

 

 

 

 

 

 

 

 
24000 26000
Gencorp USA
 

 

 

 

 

 

 

 

 

 

 

 

 
1221 1070 1221 1070
General Dynamics USA 4 5  
 
21000
 

 
18323 20444 6011 3894 17991 18049 7583 7047 49908 70434
General Electric USA 20 19  
 

 

 
119000
 

 
210491 283820 23652 46065 28132 39010 59531 77068 321806 564963
GKN UK 56 58  
 

 

 
2000
 

 

 

 

 

 

 

 

 

 

 
2000
Goodrich USA 43 38  
 

 
10000
 

 
15945
 

 

 
3629
 
5562
 
25136 10000
Goodyear Tire & Rubber USA
 

 
 
 

 

 

 

 

 
3552 3347 4490 549 45677 9674 909 951 54628 14521
Halliburton USA
 

 

 

 

 
9000 54000 1457
 
37816 35011 4166 5736 7687 6736 10344 6736 70470 108219
Hanwha Chem Corp. S.Korea
 

 
 
 

 
5000 4000
 

 

 

 

 

 

 

 

 

 
5000 4000
Harris USA 29 32  
 

 
6000
 

 

 
3781 5813
 
1074 914 915 1513 1858 12208 9660
Heroux Devtek Inc. Canada
 

 
 
 

 
2000 2000
 

 

 

 

 

 

 

 

 

 
2000 2000
Hewlett-Packard USA 45 65  
 

 
64000 80000 3643
 
50737 36314 10695 7283 50755 19013 17159 10780 196989 153390
Hitachi Ltd.* Japan
 

 

 

 

 
54000 73000
 

 

 

 

 

 

 

 

 

 
54000 73000
Honeywell USA 14 15  
 
2000 9000
 

 
42795 49533 13332 8584 5659 7185 12661 14991 76447 89293
Huntington Ingalls USA 13
 
 
 

 

 

 
9000
 

 

 

 

 
332
 

 

 

 

 

 
Hyundai Rotem* S. Korea
 

 

 

 

 
53000 73000
 

 

 

 

 

 

 

 

 

 
53000 73000
IHI Corp. Japan
 
(see note)  
 

 
4000 6000
 

 

 

 

 

 

 

 

 

 
4000 6000
IHI Marine* Japan
 
70  
 

 

 
4000 6000
 

 

 

 

 

 

 

 

 

 
4000 6000
Itochu Japan
 

 

 

 

 
27000 53000
 

 

 

 

 

 

 

 

 

 
27000 53000
ITT Exelis USA 21 14  
 

 
1000 3000
 

 

 

 
2787 298 2395
 
2867
 
9049 3298
Jacobs Engineering USA 65 59  
 

 

 

 

 

 
5348 5895
 
961 661 816 1516 1666 7525 9338
Kaman USA
 

 

 

 

 

 

 

 

 

 

 

 

 

 
3442 1786 3442 1786
Kawasaki Heavy Industries Japan 40 60  
 

 

 
6000 4000
 

 

 

 

 

 

 

 

 

 
6000 4000
KBR USA
 
23  
 

 
12000 10000
 

 
1380 1533
 
707
 

 

 

 
13380 12240
Komatsu Japan
 

 

 

 

 
40000
 

 

 

 

 

 

 

 

 

 

 
40000
 
Korea Aerospace Industries S. Korea 72
 
 
 

 

 

 
1000
 

 

 

 

 

 

 

 

 

 

 

 
L-3 Communications USA 9 9  
 

 
10000
 
3005 6981 13660
 
1288 1046 1554 2409 2215 10436 31722
Larsen & Toubro India
 

 
 
 
9000 7000
 

 

 

 

 

 

 

 

 

 
9000 7000
Lockheed Martin USA 1 1   5000 78000
 

 

 

 
4209 4508 12022
 
7367 8083 28598 90591
MAN Group Germany
 

 

 

 

 
3000
 

 

 

 

 

 

 

 

 

 

 
3000
 
Meggitt UK 70 76  
 

 

 
2000
 

 

 

 

 

 

 

 

 

 

 
2000
Microsemi Corp. USA
 

 
 
 

 

 

 

 

 

 

 

 

 

 

 
6496 3390 6496 3390
Mitsubishi Electric* Japan 54 57  
 

 
34000 20000
 

 

 

 

 

 

 

 

 

 
34000 20000
Mitsubishi Heavy Industries* Japan 23 26  
 

 
7000 24000
 

 

 

 

 

 

 

 

 

 
7000 24000
Moog USA 75
 
 
 

 

 

 

 

 

 

 

 

 

 

 
7021 3255 7021 3255
Motorola Solutions USA
 

 

 

 

 
2000 32000 4721 6937 13268 15283 451 3620 2083 2945 4661 2945 27184 63730
Navistar USA 47 40  
 

 

 
8000
 

 

 

 

 

 
207
 

 

 

 
8000 207
NEC Japan 55 63  
 

 

 
8000 9000
 

 

 

 

 

 

 

 

 

 
8000 9000
Nissan Motor Japan
 

 

 

 

 
43000 55000
 

 

 

 

 

 

 

 

 

 
43000 55000
Northrop Grumman USA 6 3  
 
21000
 

 
11205 14920 1538 3920 6068
 
5342 5297 24153 45137
Oceaneering International USA
 

 
 
 

 

 

 

 

 
6920
 

 
956
 

 

 

 
6920 956
OpenText Canada
 

 
 
 

 
17000
 
2309 1955 12608 109522
 

 

 

 
27870 30118 59787 141595
Orbital Sciences USA
 

 

 

 

 

 

 

 

 
5812
 

 

 

 

 
3509
 
9321
 
Oshkosh USA 18
 
 
 

 

 

 

 

 
818
 

 

 
403
 

 

 

 

 

 
Parker Hannifin Corp USA
 

 
 
 

 
2000 30000
 

 
8921 12863
 
3220 1622 2265 3609 4004 16152 52352
Raytheon USA 5 6  
 

 

 

 

 
11505 17205 1609 3510 2544 3462 5324 6099 20982 30276
Rockwell Collins USA 33 27  
 

 
6000 4000
 

 
8676 8507 13861 1826 165290 99862 2990 2468 196817 116663
Rolls-Royce UK 16 18  
 
22000 17000
 

 

 

 

 

 

 

 

 

 
22000 17000
Saab Sweden 27 28  
 

 
5000
 

 

 

 

 

 

 

 

 

 

 
5000
 
Safran France 26 25  
 

 
19000 12000
 

 

 

 

 

 

 

 

 

 
19000 12000
SAIC USA 12 12  
 

 

 

 
10000 5896 1229 3025 3377
 
3120 781 522 1245 5123 10947 23371
Samsung Techwin S. Korea 63 61  
 

 

 
4000 4000
 

 

 

 

 

 

 

 

 

 
4000 4000
Serco Group UK 50 49  
 

 

 

 
2000
 

 

 

 

 

 

 

 

 

 

 
2000
Sherwin-Williams Co. USA
 

 
 
 

 
7900
 
2606 12290 7900 14191 3245 6703 1050 2791 2418 4077 25119 40052
SPX Precision Components USA
 

 
 
 

 
3000 1000
 

 
1007 1145
 
530 572
 

 

 
4579 2675
Tata Power Co. Ltd India
 

 
 
 

 
4000 4000
 

 

 

 

 

 

 

 

 

 
4000 4000
Teledyne Technologies USA 91 82  
 

 

 

 

 

 

 

 

 

 

 

 
8425 4433 8425 4433
Textron USA 19 20  
 

 
5000
 

 

 

 
1400 2189 3822 2580 1802 2363 7024 12132
Toshiba Japan 93
 

 

 
21000 28000
 

 

 

 

 

 

 

 

 

 
21000 28000
UBS AG Switzerland
 

 
 
 

 
82000 74000
 

 
55981 52442
 

 

 
50613
 

 
137981 177055
United Technologies USA 10 10  
 

 

 
41000 4586 12546 66483 73827 8497 13011 2489
 
23563 21106 105618 161490
URS* USA 24 22  
 

 

 

 

 
2382 917 915
 
4205
 

 

 

 
917 7502
ViaSat USA
 
(see note)
 

 

 

 
1670
 

 

 

 

 

 

 
6579 2815 8249 2815
Volvo AB Sweden
 

 
 
 

 
40000
 

 

 

 

 

 

 

 

 

 

 
40000
 
Totals         913,900 1,367,000 47,342 86,200 894,795 1,154,955 147,185 263,897 484,743 343,778 382,557 366,242 2,870,522 3,570,519

Notes:

2012 (includes 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.

IHI Marine:
CPP holds shares in IHI Marine's parent company, 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 Aerospace ranked 96th in 2002 and 92nd in 2003, while IHI Corp. ranked 96th in 2007.

Mitsubishi:
Mitsubishi Electric and Mitsubishi Heavy Industries are subsidiaries of Mitsubishi Corp. In addition to its 2011 investments of $7 million and $34 million (respectively) in these two subsidiaries, the CPP also held an additional $78 million worth of shares in Mitsubishi Corp. in 2011.

URS:
URS subsidiary Lear Siegler Services was also in the world's top 100 war industries, ranking 89th in 1999, 75th in 2000, 63rd in 2001, and 73rd in 2002.
 

Sources

War Industries and their Ranking:
The ranking of war industries is based on their revenues from military contracts. The data in this table on war industry ranking and military revenue comes from
Defense News Top 100 for 2010 and Defense News Top 100 for 2011. This data was published by Defense News July 25, 2011 and June 18, 2012, respectively. (Note: 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.)

IDEX 2013 Exhibitor
This data comes from the IDEX website's "Exhibitor List"

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

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)

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

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

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)