1832 Asset Management L.P.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), 1832 Asset Management L.P. reported 631 stock positions worth $52.4 billion. Its top holding was Royal Bank of Canada (RY) at 3.6% of the portfolio, followed by Microsoft (MSFT, 3.4%) and Enbridge (ENB, 2.7%). Compared with Q4 2024, it opened 50 new positions, sold out of 64, added to 230 and reduced 324. The biggest buy was Eaton (ETN, shares +974%) and the biggest sale ServiceNow (NOW, shares −100%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0000944388
Portfolio Value
$52.4B (Q1 2025)
SEC Filing
0001062993-25-009332 ↗ filed May 14, 2025

Holdings Value

0$20.0B$40.0B$60.0B$80.0B$100.0B Q1 2024: $54.7B Q1 2024 Q2 2024: $55.2B Q2 2024 Q3 2024: $59.6B Q3 2024 Q4 2024: $56.0B Q4 2024 Q1 2025: $52.4B $52.4B Q1 2025 Q2 2025: $57.4B Q2 2025 Q3 2025: $59.1B Q3 2025 Q4 2025: $78.3B Q4 2025 Q1 2026: $75.5B Q1 2026 Q2 2026: $81.5B Q2 2026

Holdings 631 stocks · $52.4B

RY Royal Bank of Canada 3.58% 16,619,239 $1.9B Reduce -1.7%
MSFT Microsoft Corp. 3.41% 4,764,285 $1.8B Reduce -11.3%
ENB Enbridge Inc. 2.70% 31,933,450 $1.4B Reduce -4.8%
TD Toronto-Dominion Bank 2.57% 22,447,170 $1.3B Reduce -1.5%
AMZN Amazon.com Inc. 2.44% 6,716,162 $1.3B Reduce -3.0%
V Visa Inc. Class A 2.32% 3,470,656 $1.2B Reduce -7.8%
CNI Canadian Natl Railway Co. 2.09% 11,243,512 $1.1B Add +6.0%
CP Canadian Pacific Kansas City 1.97% 14,724,877 $1.0B Reduce -1.8%
BN Brookfield Corp. 1.93% 19,340,194 $1.0B Reduce -12.9%
CNQ Canadian Natural Resources 1.87% 31,822,379 $980.1M Add +1.9%
AAPL Apple Inc. 1.70% 4,004,967 $889.6M Reduce -15.6%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.60% 17,717,286 $840.3M Add +2.1%
MFC Manulife Financial Corp. 1.45% 24,425,465 $760.9M Add +7.3%
WCN Waste Connections Inc. 1.44% 3,863,120 $754.0M Add +2.7%
SU Suncor Energy Inc. 1.44% 19,428,675 $752.3M Reduce -3.1%
META Meta Platforms Inc. Class A 1.31% 1,191,741 $686.9M Add +36.5%
TRP TC Energy Corp. 1.29% 14,278,584 $674.1M Reduce -0.7%
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.27% 6,940,637 $662.9M Reduce -6.1%
NVDA Nvidia Corp. 1.26% 6,079,305 $658.9M Reduce -25.7%
UNH Unitedhealth Group Inc. 1.23% 1,228,278 $643.3M Reduce -0.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.17% 5,032,892 $613.0M Reduce -7.0%
SLF Sun Life Financial Inc. 1.13% 10,338,250 $592.0M Add +8.9%
TU Telus Corp. 1.11% 40,650,923 $582.9M Reduce -0.9%
ETN Eaton Corp. PLC 1.11% 2,136,103 $580.7M Add +973.5%
BIP Brookfield Infrastructure Pa 0.93% 16,412,069 $488.9M Reduce -0.1%
MA Mastercard Inc. Class A 0.89% 846,607 $464.0M Add +79.6%
QSR Restaurant Brands Intern 0.89% 6,959,757 $463.8M Add +4.3%
NTR Nutrien Ltd. 0.88% 9,318,695 $462.9M Reduce -12.3%
WMT Walmart Inc. 0.86% 5,149,546 $452.1M Add +37.4%
MCD McDonald's Corp. 0.83% 1,393,338 $435.2M Add +0.1%
EXE Expand Energy Corp. 0.79% 3,721,573 $414.3M Reduce -7.3%
FTS Fortis Inc. 0.76% 8,754,224 $399.0M Reduce -1.0%
TMO Thermo Fisher Scientific Inc. 0.75% 788,775 $392.5M Add +45.1%
JPM JPMorgan Chase & Co. 0.74% 1,590,877 $390.2M Reduce -32.8%
NEE Nextera Energy Inc. 0.71% 5,267,030 $373.4M Add +3.6%
ORCL Oracle Corp. 0.71% 2,645,370 $369.8M Reduce -20.1%
ELV Elevance Health Inc. 0.68% 815,505 $354.7M Reduce -0.7%
SHW The Sherwin-Williams Co. 0.63% 948,921 $331.4M Reduce -28.8%
PGR Progressive Corp. 0.63% 1,160,302 $328.4M Add +123.1%
CME Cme Group Inc. 0.59% 1,159,598 $307.6M Add +51.4%
PG The Procter & Gamble Co. 0.58% 1,790,206 $305.1M Add +97.9%
CRM Salesforce Inc. 0.57% 1,107,675 $297.3M Reduce -15.7%
NFLX Netflix Inc. 0.57% 318,645 $297.1M Add +45.0%
AVTR Avantor Inc. 0.56% 18,127,204 $293.8M Add +89.8%
RCI Rogers Communications Inc. Class B 0.56% 10,916,269 $291.8M Reduce -19.7%
TRI Thomson Reuters Corp. 0.55% 1,665,117 $287.7M Add +1.1%
COST Costco Wholesale Corp. 0.53% 293,739 $277.8M Reduce -47.1%
DASH DoorDash Inc. Class A 0.53% 1,518,121 $277.5M Add +1.8%
HD Home Depot Inc. 0.53% 755,208 $276.8M Add +2.6%
KO The Coca-Cola Co. 0.52% 3,785,979 $271.2M Reduce -3.4%
ESLT Elbit Systems Ltd. 0.51% 700,100 $268.6M No change
GOOGL Alphabet Inc. Class A 0.50% 1,706,246 $263.9M Reduce -47.9%
BRK.B Berkshire Hathaway Inc. Class B 0.47% 466,739 $248.6M Add +49.0%
GE General Electric filed as GE AEROSPACE 0.46% 1,212,209 $242.6M Add +7406.4%
GRTUF Granite Real Estate Investme 0.46% 5,092,139 $238.4M Add +1.4%
GOOG Alphabet Inc. Class C 0.45% 1,505,971 $235.3M Add +1.5%
NET Cloudflare Inc. Class A 0.45% 2,081,400 $234.6M Reduce -33.9%
WFC Wells Fargo & Co. 0.44% 3,240,472 $232.6M Add +10.6%
SNOW Snowflake Inc. 0.44% 1,571,800 $229.7M Add +51.6%
JNJ Johnson & Johnson 0.44% 1,375,797 $228.2M Add +8.3%
LLY Eli Lilly & Co. 0.42% 268,800 $222.0M Add +16.9%
PLD Prologis Inc. 0.42% 1,979,515 $221.3M Reduce -0.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.42% 640,911 $221.3M Add +3142.2%
ACN Accenture PLC Class A 0.41% 692,569 $216.1M Reduce -6.7%
AMT American Tower Corp. 0.41% 989,175 $215.2M Add +4.7%
BKNG Booking Holdings Inc. 0.40% 45,968 $211.8M Reduce -35.3%
BROS Dutch Bros Inc. Class A 0.40% 3,420,200 $211.2M Add +29.9%
PM Philip Morris International 0.40% 1,325,951 $210.5M Add +475.5%
CRH CRH PLC 0.39% 2,334,237 $205.3M Add +200.9%
TSM Taiwan Semiconductor-SP ADR 0.38% 1,211,724 $201.1M Reduce -34.7%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.37% 2,691,143 $191.5M Reduce -5.0%
WMB Williams Cos Inc. 0.36% 3,186,476 $190.4M Reduce -2.9%
SYK Stryker Corp. 0.35% 499,162 $185.8M Reduce -2.0%
APP AppLovin Corp. Class A 0.34% 675,676 $179.0M Reduce -14.9%
USIG iShares Broad Usd Investment 0.34% 3,448,880 $176.2M Add +0.3%
CSCO Cisco Systems Inc. 0.34% 2,848,680 $175.8M Add +4236.3%
VB Vanguard Most SM-Cap ETF-Usd 0.33% 790,562 $175.3M Add +7.7%
SHOP Shopify Inc. Class A 0.33% 1,802,230 $172.1M Reduce -6.3%
MDT Medtronic PLC 0.32% 1,859,847 $167.1M Reduce -44.7%
DHR Danaher Corp. 0.32% 814,859 $167.0M Add +10.9%
VRT Vertiv Holdings Co. Class A 0.32% 2,301,700 $166.2M Add +985.3%
TMUS T-Mobile US Inc. 0.31% 608,357 $162.3M Add +2421.3%
FNV Franco-Nevada Corp. 0.31% 1,029,551 $162.2M Reduce -4.0%
RTX RTX Corp. 0.31% 1,212,353 $160.6M Add +1178.2%
TTWO Take-Two Interactive Softwre 0.31% 774,685 $160.6M Reduce -24.2%
MAA Mid-America Apartment Comm 0.30% 949,656 $159.1M Reduce -3.6%
VLO Valero Energy Corp. 0.30% 1,192,084 $157.4M Add +62.4%
SPOT Spotify Technology SA 0.29% 279,874 $153.9M Reduce -8.7%
BAH Booz Allen Hamilton Holdings 0.29% 1,466,529 $153.4M Add +78.7%
CAVA Cava Group Inc. 0.29% 1,738,400 $150.2M Reduce -20.2%
ROST Ross Stores Inc. 0.27% 1,103,055 $141.0M Reduce -41.9%
MCK McKesson Corp. 0.27% 209,130 $140.7M New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 557,247 $138.6M Add +4260.3%
UNP Union Pacific Corp. 0.26% 580,516 $137.1M Reduce -5.0%
AVGO Broadcom Inc. 0.26% 816,227 $136.7M Reduce -53.0%
IOT Samsara Inc. Class A 0.26% 3,523,700 $135.1M Reduce -36.5%
VSS Vanguard Ftse All Wo X-US SC 0.25% 1,146,847 $132.6M Reduce -1.9%
CYBR Cyberark Software Ltd./Israel 0.25% 383,546 $129.6M Reduce -12.7%
ORLY O'reilly Automotive Inc. 0.24% 89,169 $127.7M Add +630.9%
CVX Chevron Corp. 0.24% 737,394 $123.4M Add +1610.8%

Show all 631 holdings

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($35.1B), INVESCO QQQ TR puts ($19.2B), ISHARES TR calls ($1.1B), BROADCOM INC calls ($452.1M), NVIDIA CORPORATION calls ($377.2M), MICROSOFT CORP calls ($364.1M), MICRON TECHNOLOGY INC calls ($295.4M), EATON CORP PLC calls ($282.7M), AMAZON COM INC calls ($232.1M), EXPAND ENERGY CORPORATION puts ($118.0M), ARES MANAGEMENT CORPORATION puts ($29.3M), STATE STR SPDR S&P 500 ETF T calls ($28.8M), and 9 more.

Portfolio Sells Q4 2024 → Q1 2025

NOW ServiceNow Inc. Reduce -99.7% 0.00% −0.75
NVDA Nvidia Corp. Reduce -25.7% 1.26% −0.71
MSFT Microsoft Corp. Reduce -11.3% 3.41% −0.63
GOOGL Alphabet Inc. Class A Reduce -47.9% 0.50% −0.60
HON Honeywell International Inc. Reduce -83.8% 0.11% −0.59
PFE Pfizer Inc. Reduce -92.4% 0.04% −0.47
TSLA Tesla Inc. Reduce -96.0% 0.01% −0.47
AVGO Broadcom Inc. Reduce -53.0% 0.26% −0.46
TTD Trade Desk Inc./the Class A Sold out 0.00% −0.46
ALAB Astera Labs Inc. Reduce -71.3% 0.07% −0.44
APO Apollo Global Management Inc. Reduce -90.6% 0.04% −0.44
AAPL Apple Inc. Reduce -15.6% 1.70% −0.42
COST Costco Wholesale Corp. Reduce -47.1% 0.53% −0.38
AXP American Express Co. Reduce -99.8% 0.00% −0.35
BN Brookfield Corp. Reduce -12.9% 1.93% −0.34
MRVL Marvell Technology Inc. Reduce -96.8% 0.01% −0.34
GS Goldman Sachs Group Inc. Reduce -98.4% 0.01% −0.33
GEV GE Vernova Inc. Reduce -75.4% 0.11% −0.33
KKR KKR & Co. Inc. Reduce -83.2% 0.05% −0.32
ORCL Oracle Corp. Reduce -20.1% 0.71% −0.28
AMZN Amazon.com Inc. Reduce -3.0% 2.44% −0.27
ANET Arista Networks Inc. Reduce -63.2% 0.10% −0.27
ISRG Intuitive Surgical Inc. Reduce -69.1% 0.12% −0.27
TSM Taiwan Semiconductor-SP ADR Reduce -34.7% 0.38% −0.27
JPM JPMorgan Chase & Co. Reduce -32.8% 0.74% −0.27
ROST Ross Stores Inc. Reduce -41.9% 0.27% −0.24
MDLZ Mondelez International Inc. Class A Reduce -71.3% 0.12% −0.23
BKNG Booking Holdings Inc. Reduce -35.3% 0.40% −0.23
CRM Salesforce Inc. Reduce -15.7% 0.57% −0.22
GKOS Glaukos Corp. Sold out 0.00% −0.19
RCI Rogers Communications Inc. Class B Reduce -19.7% 0.56% −0.19
DDOG Datadog Inc. Class A Sold out 0.00% −0.19
SHW The Sherwin-Williams Co. Reduce -28.8% 0.63% −0.18
IOT Samsara Inc. Class A Reduce -36.5% 0.26% −0.18
FLUT Flutter Entertainment PLC-Di Reduce -99.2% 0.00% −0.17
RDDT Reddit Inc. Class A Reduce -72.8% 0.04% −0.16
MDT Medtronic PLC Reduce -44.7% 0.32% −0.16
NET Cloudflare Inc. Class A Reduce -33.9% 0.45% −0.16
CAVA Cava Group Inc. Reduce -20.2% 0.29% −0.15
DIS The Walt Disney Co. Reduce -86.2% 0.02% −0.14
BEP Brookfield Renewable Partner Reduce -39.5% 0.22% −0.13
TFII Tfi International Inc. Reduce -2.5% 0.18% −0.12
ITW Illinois Tool Works Reduce -57.0% 0.10% −0.12
APP AppLovin Corp. Class A Reduce -14.9% 0.34% −0.12
COHR Coherent Corp. Sold out 0.00% −0.11
HUBS HubSpot Inc. Reduce -46.4% 0.09% −0.10
CCJ Cameco Corp. Reduce -55.2% 0.06% −0.10
WEN The Wendy's Co. Sold out 0.00% −0.10
UBER Uber Technologies Inc. Reduce -48.7% 0.19% −0.10
CCK Crown Holdings Inc. Sold out 0.00% −0.09

Portfolio Buys Q4 2024 → Q1 2025

ETN Eaton Corp. PLC Add +973.5% 1.11% +0.99
GE General Electric Add +7406.4% 0.46% +0.46
MA Mastercard Inc. Class A Add +79.6% 0.89% +0.44
AJG Arthur J Gallagher & Co. Add +3142.2% 0.42% +0.41
PGR Progressive Corp. Add +123.1% 0.63% +0.40
META Meta Platforms Inc. Class A Add +36.5% 1.31% +0.40
PM Philip Morris International Add +475.5% 0.40% +0.35
CSCO Cisco Systems Inc. Add +4236.3% 0.34% +0.33
PG The Procter & Gamble Co. Add +97.9% 0.58% +0.31
TMUS T-Mobile US Inc. Add +2421.3% 0.31% +0.30
RTX RTX Corp. Add +1178.2% 0.31% +0.29
WCN Waste Connections Inc. Add +2.7% 1.44% +0.29
VRT Vertiv Holdings Co. Class A Add +985.3% 0.32% +0.27
CME Cme Group Inc. Add +51.4% 0.59% +0.27
MCK McKesson Corp. New 0.27% +0.27
CRH CRH PLC Add +200.9% 0.39% +0.26
IBM Intl Business Machines Corp. Add +4260.3% 0.26% +0.26
WMT Walmart Inc. Add +37.4% 0.86% +0.26
TMO Thermo Fisher Scientific Inc. Add +45.1% 0.75% +0.24
CVX Chevron Corp. Add +1610.8% 0.24% +0.22
MNDY Monday.com Ltd. New 0.22% +0.22
BRK.B Berkshire Hathaway Inc. Class B Add +49.0% 0.47% +0.22
ORLY O'reilly Automotive Inc. Add +630.9% 0.24% +0.22
NFLX Netflix Inc. Add +45.0% 0.57% +0.22
MFC Manulife Financial Corp. Add +7.3% 1.45% +0.20
AVTR Avantor Inc. Add +89.8% 0.56% +0.20
GTLB Gitlab Inc. Class A Add +2456.8% 0.21% +0.20
MO Altria Group Inc. New 0.17% +0.17
CNI Canadian Natl Railway Co. Add +6.0% 2.09% +0.17
TOST Toast Inc. Class A New 0.17% +0.17
BROS Dutch Bros Inc. Class A Add +29.9% 0.40% +0.16
SNOW Snowflake Inc. Add +51.6% 0.44% +0.15
MELI MercadoLibre Inc. New 0.15% +0.15
CNQ Canadian Natural Resources Add +1.9% 1.87% +0.15
VLO Valero Energy Corp. Add +62.4% 0.30% +0.14
BKR Baker Hughes Co. New 0.13% +0.13
BABA Alibaba Group Holding-SP ADR Add +952.6% 0.13% +0.12
SLF Sun Life Financial Inc. Add +8.9% 1.13% +0.12
MCD McDonald's Corp. Add +0.1% 0.83% +0.11
QSR Restaurant Brands Intern Add +4.3% 0.89% +0.11
JNJ Johnson & Johnson Add +8.3% 0.44% +0.11
LLY Eli Lilly & Co. Add +16.9% 0.42% +0.11
DHI D.R. Horton Inc. Add +2824.2% 0.11% +0.11
BAH Booz Allen Hamilton Holdings Add +78.7% 0.29% +0.10
DRI Darden Restaurants Inc. New 0.10% +0.10
CRWD CrowdStrike Holdings Inc. Class A Add +165.0% 0.15% +0.10
AMT American Tower Corp. Add +4.7% 0.41% +0.10
AMAT Applied Materials Inc. Add +318.0% 0.12% +0.09
CFLT Confluent Inc. Class A New 0.09% +0.09
MLM Martin Marietta Materials Add +2500.0% 0.09% +0.09

Options Activity Q4 2024 → Q1 2025

STATE STR SPDR S&P 500 ETF T put Reduce -40.3% 62,678,000 $35.1B
INVESCO QQQ TR put New 41,000,000 $19.2B
ISHARES TR call New 11,625,000 $1.1B
BROADCOM INC call New 2,700,000 $452.1M
NVIDIA CORPORATION call New 3,480,000 $377.2M
MICROSOFT CORP call New 970,000 $364.1M
MICRON TECHNOLOGY INC call New 3,400,000 $295.4M
EATON CORP PLC call New 1,040,000 $282.7M
AMAZON COM INC call New 1,220,000 $232.1M
EXPAND ENERGY CORPORATION put New 1,060,000 $118.0M
ARES MANAGEMENT CORPORATION put Reduce -16.7% 200,000 $29.3M
STATE STR SPDR S&P 500 ETF T call New 51,400 $28.8M
KKR & CO INC put Add +66.7% 200,000 $23.1M
SPDR GOLD TR call New 75,000 $21.6M
TARGA RES CORP put Add +42.9% 100,000 $20.0M
DANAHER CORP DEL call Add +150.0% 50,000 $10.3M
DIGITAL RLTY TR INC put Sold out 50,000 $8.9Mbefore exit
ROYAL BK CDA call Sold out 61,500 $7.4Mbefore exit
ARES MANAGEMENT CORPORATION call New 50,000 $7.3M
ARES CAPITAL CORP call New 300,000 $6.6M
TORONTO DOMINION BK ONT call Sold out 120,000 $6.4Mbefore exit
APOLLO GLOBAL MGMT INC call Reduce -33.3% 30,000 $4.1M
CANADIAN IMPERIAL BANK OF CO call Sold out 60,000 $3.8Mbefore exit
TARGA RES CORP call New 15,000 $3.0M
TPG INC put Sold out 7,000 $440Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 618$81.5BRY, TD, MSFT, CNI, NVDA
Q1 2026 628$75.5BTD, RY, MSFT, CNI, AMZN
Q4 2025 674$78.3BTD, RY, MSFT, BN, CNI
Q3 2025 647$59.1BMSFT, RY, TD, ENB, NVDA
Q2 2025 640$57.4BMSFT, RY, TD, NVDA, AMZN
Q1 2025 631$52.4BRY, MSFT, ENB, TD, AMZN
Q4 2024 645$56.0BMSFT, RY, AMZN, ENB, BN
Q3 2024 663$59.6BRY, MSFT, TD, ENB, AMZN
Q2 2024 881$55.2BMSFT, RY, AMZN, TD, ENB
Q1 2024 876$54.7BMSFT, RY, AMZN, TD, ENB