1832 Asset Management L.P.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), 1832 Asset Management L.P. reported 647 stock positions worth $59.1 billion. Its top holding was Microsoft (MSFT) at 4.0% of the portfolio, followed by Royal Bank of Canada (RY, 3.9%) and Toronto-Dominion Bank (TD, 3.0%). Compared with Q2 2025, it opened 62 new positions, sold out of 55, added to 239 and reduced 309. The biggest buy was Alphabet Class A (GOOGL, shares +58%) and the biggest sale Meta Platforms Class A (META, shares −34%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0000944388
Portfolio Value
$59.1B (Q3 2025)
SEC Filing
0001062993-25-016818 ↗ filed Nov 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 Q1 2025 Q2 2025: $57.4B Q2 2025 Q3 2025: $59.1B $59.1B Q3 2025 Q4 2025: $78.3B Q4 2025 Q1 2026: $75.5B Q1 2026 Q2 2026: $81.5B Q2 2026

Holdings 647 stocks · $59.1B

MSFT Microsoft Corp. 4.02% 4,586,075 $2.4B Reduce -8.3%
RY Royal Bank of Canada 3.91% 15,677,051 $2.3B Reduce -4.8%
TD Toronto-Dominion Bank 2.99% 22,092,024 $1.8B Reduce -2.0%
ENB Enbridge Inc. 2.53% 29,629,992 $1.5B Reduce -4.7%
NVDA Nvidia Corp. 2.44% 7,716,487 $1.4B Reduce -26.2%
AMZN Amazon.com Inc. 2.22% 5,978,102 $1.3B Reduce -12.2%
GOOGL Alphabet Inc. Class A 1.97% 4,791,384 $1.2B Add +57.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.96% 17,932,341 $1.2B Add +5.4%
AAPL Apple Inc. 1.90% 4,406,539 $1.1B Add +70.6%
BN Brookfield Corp. 1.89% 16,305,509 $1.1B Reduce -11.5%
CP Canadian Pacific Kansas City 1.80% 14,269,590 $1.1B Reduce -3.0%
CNQ Canadian Natural Resources 1.67% 30,922,811 $988.3M Reduce -1.3%
V Visa Inc. Class A 1.58% 2,733,722 $933.2M Reduce -4.4%
CNI Canadian Natl Railway Co. 1.51% 9,452,820 $891.4M Reduce -11.0%
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.40% 6,336,500 $825.3M Reduce -7.6%
MFC Manulife Financial Corp. 1.34% 25,368,807 $790.2M Add +0.8%
SU Suncor Energy Inc. 1.31% 18,537,592 $775.1M Reduce -3.8%
TRP TC Energy Corp. 1.29% 13,972,356 $760.2M Reduce -1.8%
WCN Waste Connections Inc. 1.28% 4,298,707 $755.7M Add +7.6%
META Meta Platforms Inc. Class A 1.27% 1,021,769 $750.4M Reduce -34.1%
TSM Taiwan Semiconductor-SP ADR 1.24% 2,630,543 $734.7M Add +5.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.14% 4,644,540 $671.3M Add +23.2%
JPM JPMorgan Chase & Co. 1.09% 2,048,131 $646.0M Reduce -0.5%
SLF Sun Life Financial Inc. 1.03% 10,177,979 $611.0M Add +0.4%
TU Telus Corp. 1.03% 38,674,420 $609.9M Reduce -3.5%
TMO Thermo Fisher Scientific Inc. 1.02% 1,240,314 $601.6M Add +8.8%
HD Home Depot Inc. 0.99% 1,446,883 $586.3M Add +99.7%
AVGO Broadcom Inc. 0.99% 1,775,290 $585.7M Reduce -3.1%
SHW The Sherwin-Williams Co. 0.97% 1,653,064 $572.4M Add +110.8%
SHOP Shopify Inc. Class A 0.87% 3,440,108 $511.2M Add +10.7%
ETN Eaton Corp. PLC 0.82% 1,288,080 $482.1M Add +3.3%
NTR Nutrien Ltd. 0.80% 8,020,282 $470.9M Reduce -3.6%
ORCL Oracle Corp. 0.79% 1,650,882 $464.3M Reduce -46.2%
MCD McDonald's Corp. 0.75% 1,460,234 $443.8M Add +8.7%
FTS Fortis Inc. 0.73% 8,466,411 $429.6M Add +0.8%
EXE Expand Energy Corp. 0.69% 3,856,427 $409.7M Add +36.8%
GOOG Alphabet Inc. Class C 0.65% 1,571,385 $382.7M Reduce -2.3%
DASH DoorDash Inc. Class A 0.64% 1,379,978 $375.3M Add +108.9%
EMR Emerson Electric Co. 0.63% 2,837,348 $372.2M Add +109.3%
BIP Brookfield Infrastructure Pa 0.61% 10,942,160 $359.9M Reduce -29.0%
VRT Vertiv Holdings Co. Class A 0.60% 2,368,113 $357.3M Add +10.8%
CRH CRH PLC 0.59% 2,931,548 $351.5M Add +52.6%
PGR Progressive Corp. 0.54% 1,283,545 $317.0M Add +77.4%
APP AppLovin Corp. Class A 0.51% 421,741 $303.0M Reduce -10.6%
RCI Rogers Communications Inc. Class B 0.50% 8,642,457 $297.9M Add +26.1%
WFC Wells Fargo & Co. 0.49% 3,436,348 $288.0M Reduce -12.6%
AEM Agnico Eagle Mines Ltd. 0.48% 1,698,444 $286.3M Add +33.9%
NET Cloudflare Inc. Class A 0.48% 1,325,700 $284.5M Reduce -32.0%
TECK Teck Resources Ltd.-CLS B 0.48% 6,445,516 $282.9M Add +12.3%
TRI Thomson Reuters Corp. 0.47% 1,800,384 $279.7M Reduce -2.1%
GRTUF Granite Real Estate Investme 0.45% 4,809,829 $268.1M Reduce -9.1%
MDB Mongodb Inc. 0.45% 859,700 $266.8M Add +3157.6%
SNOW Snowflake Inc. 0.45% 1,169,754 $263.8M Reduce -23.3%
MA Mastercard Inc. Class A 0.44% 458,825 $261.0M Reduce -4.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.43% 4,957,185 $255.7M Add +1453.3%
CSCO Cisco Systems Inc. 0.43% 3,692,654 $252.7M Reduce -14.4%
COST Costco Wholesale Corp. 0.42% 269,160 $249.1M Reduce -0.7%
VLO Valero Energy Corp. 0.42% 1,440,979 $245.3M Add +0.3%
ELV Elevance Health Inc. 0.41% 750,736 $242.6M Reduce -4.3%
SPGI S&P Global Inc. 0.40% 487,536 $237.3M Reduce -3.3%
UNH Unitedhealth Group Inc. 0.39% 665,879 $229.9M Add +335.8%
PLD Prologis Inc. 0.38% 1,959,509 $224.4M Reduce -0.3%
APH Amphenol Corp. Class A 0.38% 1,791,116 $221.7M Reduce -0.7%
GE General Electric filed as GE AEROSPACE 0.37% 725,887 $218.4M Reduce -17.9%
PLTR Palantir Technologies Inc. Class A 0.37% 1,195,422 $218.1M Add +23.2%
BKNG Booking Holdings Inc. 0.37% 40,383 $218.0M Reduce -39.2%
WMT Walmart Inc. 0.37% 2,096,025 $216.0M Reduce -19.1%
KLAC KLA Corp. 0.36% 199,417 $215.1M Reduce -10.6%
ICLR Icon PLC 0.36% 1,204,125 $210.7M Add +4.6%
ALNY Alnylam Pharmaceuticals Inc. 0.35% 459,345 $209.5M Add +105.7%
VSS Vanguard Ftse All Wo X-US SC 0.35% 1,457,208 $207.7M Reduce -4.4%
XLK SS Technology Select Sector 0.35% 729,996 $205.8M Reduce -9.4%
FNV Franco-Nevada Corp. 0.35% 921,233 $205.4M Reduce -3.6%
AXON Axon Enterprise Inc. 0.34% 281,700 $202.2M Reduce -47.5%
AZO AutoZone Inc. 0.34% 46,919 $201.3M Add +109.6%
QSR Restaurant Brands Intern 0.34% 3,112,322 $199.6M Reduce -54.5%
CVNA Carvana Co. 0.33% 519,450 $196.0M Add +102.1%
WMB Williams Cos Inc. 0.33% 3,052,572 $193.4M Reduce -1.8%
LRCX Lam Research Corp. 0.33% 1,438,076 $192.6M Add +350.5%
JNJ Johnson & Johnson 0.32% 1,023,946 $189.9M Reduce -3.2%
ALAB Astera Labs Inc. 0.32% 960,500 $188.1M Reduce -37.8%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.31% 2,397,170 $183.7M Reduce -9.0%
BAH Booz Allen Hamilton Holdings 0.31% 1,826,985 $182.6M Add +0.9%
KGC Kinross Gold Corp. 0.30% 7,188,515 $178.6M Add +19.8%
GS Goldman Sachs Group Inc. 0.30% 224,169 $178.5M Add +1.9%
AFRM Affirm Holdings Inc. 0.29% 2,338,400 $170.9M Add +64.3%
MDT Medtronic PLC 0.29% 1,769,600 $168.5M Reduce -6.1%
AXP American Express Co. 0.28% 506,909 $168.4M Reduce -6.6%
GEV GE Vernova Inc. 0.27% 263,497 $162.0M Reduce -57.8%
MS Morgan Stanley 0.27% 1,000,291 $159.0M Add +18646.1%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.27% 536,058 $157.5M Reduce -0.5%
EQT Eqt Corp. 0.27% 2,877,225 $156.6M Add +97.0%
ZS Zscaler Inc. 0.26% 519,118 $155.6M Add +12.4%
CRWD CrowdStrike Holdings Inc. Class A 0.26% 308,200 $151.1M Add +411.5%
BROS Dutch Bros Inc. Class A 0.25% 2,842,200 $148.8M Reduce -8.5%
DHR Danaher Corp. 0.25% 738,178 $146.4M Reduce -19.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.24% 502,418 $141.8M Reduce -1.8%
ETR Entergy Corp. 0.24% 1,510,845 $140.8M Add +211.0%
DHI D.R. Horton Inc. 0.24% 828,263 $140.4M Add +0.4%
PG The Procter & Gamble Co. 0.23% 893,330 $137.3M Reduce -51.3%

Show all 647 holdings

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($66.8B), ISHARES TR puts ($311.8M), THERMO FISHER SCIENTIFIC INC calls ($218.3M), SPDR GOLD TR calls ($135.1M), GE VERNOVA INC puts ($49.2M), ISHARES TR puts ($36.3M), BANK MONTREAL MEDIUM puts ($22.1M), STATE STR SPDR S&P 500 ETF T calls ($16.7M), ORACLE CORP puts ($14.1M), KKR & CO INC puts ($13.0M), INVESCO EXCH TRADED FD TR II puts ($10.5M), CANADIAN IMPERIAL BANK OF CO puts ($6.4M), and 2 more.

Portfolio Sells Q2 2025 → Q3 2025

META Meta Platforms Inc. Class A Reduce -34.1% 1.27% −0.72
NFLX Netflix Inc. Reduce -81.5% 0.09% −0.50
CRM Salesforce Inc. Reduce -87.2% 0.06% −0.47
QSR Restaurant Brands Intern Reduce -54.5% 0.34% −0.45
NVDA Nvidia Corp. Reduce -26.2% 2.44% −0.44
AXON Axon Enterprise Inc. Reduce -47.5% 0.34% −0.43
CNI Canadian Natl Railway Co. Reduce -11.0% 1.51% −0.42
ESLT Elbit Systems Ltd. Reduce -76.5% 0.14% −0.41
ORCL Oracle Corp. Reduce -46.2% 0.79% −0.38
AMZN Amazon.com Inc. Reduce -12.2% 2.22% −0.38
KO The Coca-Cola Co. Reduce -80.8% 0.08% −0.37
NOW ServiceNow Inc. Reduce -96.1% 0.01% −0.34
TOST Toast Inc. Class A Sold out 0.00% −0.33
MSFT Microsoft Corp. Reduce -8.3% 4.02% −0.31
GEV GE Vernova Inc. Reduce -57.8% 0.27% −0.30
BKNG Booking Holdings Inc. Reduce -39.2% 0.37% −0.30
RCL Royal Caribbean Cruises Ltd. Reduce -98.0% 0.01% −0.29
BIP Brookfield Infrastructure Pa Reduce -29.0% 0.61% −0.29
SPOT Spotify Technology SA Reduce -54.9% 0.19% −0.28
PG The Procter & Gamble Co. Reduce -51.3% 0.23% −0.28
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −0.26
COIN Coinbase Global Inc. Class A Sold out 0.00% −0.26
SCHW Schwab (charles) Corp. Reduce -91.9% 0.02% −0.26
RBLX Roblox Corp. Class A Reduce -80.3% 0.08% −0.25
PM Philip Morris International Reduce -70.9% 0.08% −0.24
ICE Intercontinental Exchange Inc. Sold out 0.00% −0.24
CP Canadian Pacific Kansas City Reduce -3.0% 1.80% −0.23
TT Trane Technologies PLC Reduce -96.9% 0.01% −0.21
AMT American Tower Corp. Reduce -92.3% 0.01% −0.21
MNDY Monday.com Ltd. Reduce -95.2% 0.01% −0.20
BURL Burlington Stores Inc. Reduce -92.3% 0.02% −0.19
V Visa Inc. Class A Reduce -4.4% 1.58% −0.19
NET Cloudflare Inc. Class A Reduce -32.0% 0.48% −0.18
TRI Thomson Reuters Corp. Reduce -2.1% 0.47% −0.17
SNOW Snowflake Inc. Reduce -23.3% 0.45% −0.15
CRDO Credo Technology Group Holdi Sold out 0.00% −0.14
ONON On Holding AG Class A Sold out 0.00% −0.14
PANW Palo Alto Networks Inc. Reduce -96.9% 0.00% −0.13
ELV Elevance Health Inc. Reduce -4.3% 0.41% −0.12
BROS Dutch Bros Inc. Class A Reduce -8.5% 0.25% −0.12
USIG iShares Broad Usd Investment Reduce -34.6% 0.21% −0.11
ARM Arm Holdings PLC-ADR Sold out 0.00% −0.11
RBRK Rubrik Inc. Class A Sold out 0.00% −0.11
NEE Nextera Energy Inc. Reduce -59.0% 0.08% −0.11
AVTR Avantor Inc. Sold out 0.00% −0.11
ISRG Intuitive Surgical Inc. Reduce -37.7% 0.10% −0.10
FNDE Schwab Fndmntl Em MRK Eq ETF Sold out 0.00% −0.10
BCS Barclays PLC-Spons ADR Sold out 0.00% −0.10
FNDF Schwab Fndmn Intl LRG Co. ETF Sold out 0.00% −0.10
BEP Brookfield Renewable Partner Reduce -87.8% 0.01% −0.09

Portfolio Buys Q2 2025 → Q3 2025

GOOGL Alphabet Inc. Class A Add +57.5% 1.97% +1.04
AAPL Apple Inc. Add +70.6% 1.90% +0.98
HD Home Depot Inc. Add +99.7% 0.99% +0.53
SHW The Sherwin-Williams Co. Add +110.8% 0.97% +0.50
MDB Mongodb Inc. Add +3157.6% 0.45% +0.44
BAC Bank of America Corp. Add +1453.3% 0.43% +0.41
DASH DoorDash Inc. Class A Add +108.9% 0.64% +0.35
TJX TJX Companies Inc. Add +23.2% 1.14% +0.32
BNS Bank of Nova Scotia Add +5.4% 1.96% +0.32
EMR Emerson Electric Co. Add +109.3% 0.63% +0.32
UNH Unitedhealth Group Inc. Add +335.8% 0.39% +0.31
CRH CRH PLC Add +52.6% 0.59% +0.29
LRCX Lam Research Corp. Add +350.5% 0.33% +0.27
MS Morgan Stanley Add +18646.1% 0.27% +0.27
TSM Taiwan Semiconductor-SP ADR Add +5.9% 1.24% +0.26
SHOP Shopify Inc. Class A Add +10.7% 0.87% +0.24
ALNY Alnylam Pharmaceuticals Inc. Add +105.7% 0.35% +0.23
AEM Agnico Eagle Mines Ltd. Add +33.9% 0.48% +0.22
TMO Thermo Fisher Scientific Inc. Add +8.8% 1.02% +0.21
CAT Caterpillar Inc. New 0.20% +0.20
CRWD CrowdStrike Holdings Inc. Class A Add +411.5% 0.26% +0.20
PGR Progressive Corp. Add +77.4% 0.54% +0.20
AZO AutoZone Inc. Add +109.6% 0.34% +0.20
CELH Celsius Holdings Inc. Add +2220.1% 0.19% +0.18
CVNA Carvana Co. Add +102.1% 0.33% +0.18
BLK BlackRock Inc. Add +1101.7% 0.18% +0.17
ETR Entergy Corp. Add +211.0% 0.24% +0.17
CMG Chipotle Mexican Grill Inc. New 0.17% +0.17
WELL Welltower Inc. Add +231.1% 0.21% +0.16
LITE Lumentum Holdings Inc. Add +1216.1% 0.16% +0.15
NU Nu Holdings Ltd./Cayman Isl-A New 0.15% +0.15
RCI Rogers Communications Inc. Class B Add +26.1% 0.50% +0.15
AMRZ Amrize Ltd. New 0.15% +0.15
INSM Insmed Inc. New 0.14% +0.14
AVAV Aerovironment Inc. New 0.14% +0.14
KGC Kinross Gold Corp. Add +19.8% 0.30% +0.14
PLTR Palantir Technologies Inc. Class A Add +23.2% 0.37% +0.14
RDDT Reddit Inc. Class A Add +321.1% 0.16% +0.14
EA Electronic Arts Inc. Add +1439.6% 0.14% +0.14
AGI Alamos Gold Inc. Class A Add +104.1% 0.21% +0.13
VRT Vertiv Holdings Co. Class A Add +10.8% 0.60% +0.13
EXE Expand Energy Corp. Add +36.8% 0.69% +0.12
AFRM Affirm Holdings Inc. Add +64.3% 0.29% +0.12
LOW Lowe's Cos Inc. New 0.12% +0.12
PH Parker Hannifin Corp. Add +2201.7% 0.12% +0.12
EQT Eqt Corp. Add +97.0% 0.27% +0.12
OTEX Open Text Corp. Add +48.8% 0.23% +0.11
RTX RTX Corp. Add +321.1% 0.13% +0.10
PWR Quanta Services Inc. New 0.10% +0.10
NEM Newmont Corp. Add +860.5% 0.10% +0.10

Options Activity Q2 2025 → Q3 2025

STATE STR SPDR S&P 500 ETF T put New 100,230,000 $66.8B
STATE STR SPDR S&P 500 ETF T put Sold out 108,050,000 $66.8Bbefore exit
ISHARES TR call Sold out 7,000,000 $1.5Bbefore exit
NVIDIA CORPORATION call Sold out 7,440,500 $1.2Bbefore exit
EATON CORP PLC call Sold out 1,500,000 $535.5Mbefore exit
VERTIV HOLDINGS CO call Sold out 4,150,000 $532.9Mbefore exit
ISHARES TR put Add +530.3% 3,840,000 $311.8M
THERMO FISHER SCIENTIFIC INC call Add +50.0% 450,000 $218.3M
SPDR GOLD TR call Add +406.7% 380,000 $135.1M
GE VERNOVA INC put Add +166.7% 80,000 $49.2M
ISHARES TR put New 150,000 $36.3M
ARES MANAGEMENT CORPORATION put Sold out 150,000 $26.0Mbefore exit
BANK MONTREAL MEDIUM put New 170,000 $22.1M
ORACLE CORP put New 50,000 $14.1M
KKR & CO INC put New 100,000 $13.0M
INVESCO EXCH TRADED FD TR II put New 500,000 $10.5M
FISERV INC call Sold out 50,000 $8.6Mbefore exit
CANADIAN IMPERIAL BANK OF CO put New 80,000 $6.4M
AMERICAN EXPRESS CO put New 10,000 $3.3M
GE HEALTHCARE TECHNOLOGIES I call New 9,600 $721K

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