The Caisse de dépôt et placement du Quebec announced yesterday the worst results in its history — a staggering drop of $39.8 billion in the value of its assets in 2008.

CEO Fernand Perreault blamed the performance on the global financial crisis, the devaluation of the Canadian dollar and the Caisse’s holdings of asset-backed commercial paper.

The pension fund is a major investor in real estate, blue chip Canadian companies and Quebec firms like Quebecor Media.