Caisse de depot et placement du Quebec
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Caisse de depot et placement du Quebec reported 516 stock positions worth $48.1 billion. Its top holding was Apple (AAPL) at 4.1% of the portfolio, followed by Microsoft (MSFT, 4.0%) and Cgi (GIB, 3.7%). Compared with Q3 2024, it opened 101 new positions, sold out of 80, added to 195 and reduced 200. The biggest buy was a new position in Invesco S&P 500 Equal Weight (RSP) and the biggest sale Microsoft (MSFT, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0000898286
- Portfolio Value
- $48.1B (Q4 2024)
- SEC Filing
- 0001140361-25-004866 ↗ filed Feb 14, 2025
Holdings Value
Holdings 516 stocks · $48.1B
| AAPL Apple Inc. | 4.10% | 7,868,261 | $2.0B | Reduce -17.9% |
| MSFT Microsoft Corp. | 3.97% | 4,529,224 | $1.9B | Reduce -14.8% |
| GIB Cgi Inc. | 3.70% | 16,290,487 | $1.8B | No change |
| NVDA Nvidia Corp. | 3.70% | 13,255,305 | $1.8B | Reduce -22.3% |
| CNI Canadian Natl Railway Co. | 2.64% | 12,496,600 | $1.3B | No change |
| AMZN Amazon.com Inc. | 2.19% | 4,799,265 | $1.1B | Reduce -17.9% |
| GOOGL Alphabet Inc. Class A | 1.98% | 5,041,789 | $954.4M | Reduce -8.7% |
| META Meta Platforms Inc. Class A | 1.88% | 1,540,724 | $902.1M | Reduce -19.4% |
| CAE Cae Inc. | 1.63% | 30,917,402 | $784.7M | Add +25.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.35% | 1,427,094 | $646.9M | Reduce -11.7% |
| MA Mastercard Inc. Class A | 1.34% | 1,219,405 | $642.1M | Reduce -18.9% |
| RSP Invesco S&P 500 Equal Weight | 1.29% | 3,543,200 | $620.9M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.09% | 5,419,567 | $525.9M | No change |
| JPM JPMorgan Chase & Co. | 1.04% | 2,095,254 | $502.3M | Reduce -22.2% |
| AVGO Broadcom Inc. | 1.02% | 2,115,265 | $490.4M | Reduce -26.5% |
| UNH Unitedhealth Group Inc. | 0.99% | 944,473 | $477.8M | Reduce -8.3% |
| PG The Procter & Gamble Co. | 0.99% | 2,832,589 | $474.9M | Add +52.7% |
| XLV SS Health Care Select Sector | 0.98% | 3,433,028 | $472.3M | New |
| TFII Tfi International Inc. | 0.97% | 3,463,000 | $467.7M | Add +2.4% |
| WMT Walmart Inc. | 0.96% | 5,121,538 | $462.7M | Reduce -12.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.95% | 1,117,000 | $458.5M | New |
| CSCO Cisco Systems Inc. | 0.92% | 7,478,872 | $442.7M | Add +187.9% |
| BCE Bce Inc. | 0.89% | 18,551,400 | $429.8M | Add +10.8% |
| JNJ Johnson & Johnson | 0.88% | 2,936,591 | $424.7M | Reduce -10.7% |
| MRK Merck & Co. Inc. | 0.86% | 4,166,192 | $414.5M | Reduce -22.7% |
| LLY Eli Lilly & Co. | 0.84% | 522,470 | $403.3M | Reduce -23.1% |
| GOOG Alphabet Inc. Class C | 0.82% | 2,082,854 | $396.7M | Reduce -28.9% |
| TSLA Tesla Inc. | 0.79% | 939,510 | $379.4M | Reduce -28.7% |
| PGR Progressive Corp. | 0.77% | 1,553,976 | $372.3M | Add +4.0% |
| LSPD Lightspeed Commerce Inc. | 0.77% | 24,286,219 | $370.2M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.74% | 608,100 | $356.4M | New |
| QUAL iShares MSCI USA Quality Fac | 0.73% | 1,962,000 | $349.4M | New |
| NFLX Netflix Inc. | 0.67% | 359,550 | $320.5M | Add +9.3% |
| COST Costco Wholesale Corp. | 0.64% | 338,326 | $310.0M | Reduce -21.1% |
| XLP SS Consumer Staples Sel Sect | 0.64% | 3,937,563 | $309.5M | New |
| C Citigroup Inc. | 0.63% | 4,318,731 | $304.0M | Reduce -4.7% |
| MCK McKesson Corp. | 0.63% | 532,299 | $303.4M | Reduce -26.8% |
| VNQ Vanguard Real Estate ETF | 0.62% | 3,358,900 | $299.2M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.62% | 2,451,465 | $296.2M | Add +37.2% |
| RY Royal Bank of Canada | 0.61% | 2,438,724 | $293.9M | Add +4.4% |
| QCOM Qualcomm Inc. | 0.58% | 1,824,689 | $280.3M | Add +15.2% |
| MCD McDonald's Corp. | 0.57% | 943,104 | $273.4M | Add +17.6% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.54% | 3,408,635 | $258.0M | New |
| CRM Salesforce Inc. | 0.53% | 760,864 | $254.4M | Reduce -41.8% |
| WFC Wells Fargo & Co. | 0.53% | 3,619,191 | $254.2M | Add +33.6% |
| RSG Republic Services Inc. | 0.49% | 1,175,318 | $236.5M | Reduce -20.5% |
| T AT&T Inc. | 0.48% | 10,076,117 | $229.4M | Reduce -11.7% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 5,143,958 | $226.1M | Reduce -32.4% |
| REGN Regeneron Pharmaceuticals | 0.46% | 310,153 | $220.9M | Add +59.4% |
| GDDY GoDaddy Inc. Class A | 0.44% | 1,082,381 | $213.6M | Add +88.2% |
| ABBV Abbvie Inc. | 0.44% | 1,191,255 | $211.7M | Add +113.7% |
| VZ Verizon Communications Inc. | 0.43% | 5,217,382 | $208.6M | Reduce -36.4% |
| ANET Arista Networks Inc. | 0.43% | 1,857,720 | $205.3M | Add +35.6% |
| KR Kroger Co. | 0.43% | 3,354,675 | $205.1M | Reduce -6.2% |
| KO The Coca-Cola Co. | 0.42% | 3,262,310 | $203.1M | Add +5.6% |
| ADBE Adobe Inc. | 0.42% | 449,011 | $199.7M | Add +29.4% |
| HD Home Depot Inc. | 0.41% | 506,813 | $197.1M | Reduce -26.9% |
| DECK Deckers Outdoor Corp. | 0.41% | 962,528 | $195.5M | Reduce -4.8% |
| CAT Caterpillar Inc. | 0.41% | 538,134 | $195.2M | Reduce -31.2% |
| ROP Roper Technologies Inc. | 0.40% | 370,516 | $192.6M | Reduce -13.4% |
| ACN Accenture PLC Class A | 0.38% | 515,958 | $181.5M | Add +5.3% |
| LEN Lennar Corp. Class A | 0.38% | 1,329,728 | $181.3M | Reduce -2.0% |
| AMAT Applied Materials Inc. | 0.37% | 1,108,615 | $180.3M | Reduce -33.3% |
| MDT Medtronic PLC | 0.37% | 2,216,971 | $177.1M | Add +4.7% |
| AEE Ameren Corporation | 0.37% | 1,984,570 | $176.9M | Reduce -14.4% |
| MRSH Marsh & McLennan Cos | 0.37% | 827,581 | $175.8M | Reduce -18.8% |
| ISRG Intuitive Surgical Inc. | 0.37% | 336,339 | $175.6M | Add +46.7% |
| HON Honeywell International Inc. | 0.36% | 768,332 | $173.6M | Add +120.9% |
| ICE Intercontinental Exchange Inc. | 0.36% | 1,149,049 | $171.2M | Reduce -8.7% |
| SHOP Shopify Inc. Class A | 0.36% | 1,606,525 | $170.9M | Add +3.0% |
| ENB Enbridge Inc. | 0.34% | 3,885,877 | $164.8M | Add +1.2% |
| WTW Willis Towers Watson PLC | 0.34% | 526,083 | $164.8M | Add +5.2% |
| BSX Boston Scientific Corp. | 0.34% | 1,832,594 | $163.7M | Add +7.4% |
| SPGI S&P Global Inc. | 0.33% | 320,796 | $159.8M | Add +16.9% |
| WEC WEC Energy Group Inc. | 0.33% | 1,694,798 | $159.4M | Reduce -10.8% |
| BKNG Booking Holdings Inc. | 0.33% | 31,711 | $157.6M | Reduce -31.3% |
| APH Amphenol Corp. Class A | 0.32% | 2,241,435 | $155.7M | Add +2361.7% |
| DUK Duke Energy Corp. | 0.31% | 1,400,597 | $150.9M | Reduce -40.7% |
| CB Chubb Ltd. | 0.31% | 538,303 | $148.7M | Reduce -54.1% |
| AZO AutoZone Inc. | 0.30% | 45,132 | $144.5M | Reduce -45.2% |
| AXP American Express Co. | 0.29% | 473,752 | $140.6M | Reduce -11.4% |
| UTHR United Therapeutics Corp. | 0.29% | 390,093 | $137.6M | Add +13.5% |
| TDY Teledyne Technologies Inc. | 0.28% | 294,101 | $136.5M | Add +1.8% |
| PHM Pultegroup Inc. | 0.28% | 1,238,096 | $134.8M | Add +10.6% |
| J Jacobs Solutions Inc. | 0.28% | 1,007,612 | $134.6M | Add +40.3% |
| GS Goldman Sachs Group Inc. | 0.28% | 232,553 | $133.2M | Add +3.3% |
| EME Emcor Group Inc. | 0.27% | 289,343 | $131.3M | Add +2.2% |
| V Visa Inc. Class A | 0.27% | 413,714 | $130.8M | Reduce -64.3% |
| UBER Uber Technologies Inc. | 0.27% | 2,159,139 | $130.2M | Reduce -2.9% |
| LPLA LPL Financial Holdings Inc. | 0.27% | 397,596 | $129.8M | Add +540.2% |
| BLK BlackRock Inc. | 0.27% | 126,033 | $129.2M | Add +117.7% |
| NVR NVR Inc. | 0.27% | 15,612 | $127.7M | Add +2.1% |
| BN Brookfield Corp. | 0.26% | 2,174,000 | $124.9M | No change |
| NOW ServiceNow Inc. | 0.26% | 115,908 | $122.9M | Add +22.4% |
| HIG Hartford Insurance Group Inc. | 0.25% | 1,119,320 | $122.5M | Add +19.7% |
| TMO Thermo Fisher Scientific Inc. | 0.25% | 234,589 | $122.0M | Reduce -31.8% |
| WDAY Workday Inc. Class A | 0.25% | 472,366 | $121.9M | Add +35.9% |
| ORCL Oracle Corp. | 0.25% | 721,013 | $120.1M | Reduce -43.7% |
| MDLZ Mondelez International Inc. Class A | 0.24% | 1,950,209 | $116.5M | Reduce -36.4% |
| DHR Danaher Corp. | 0.24% | 498,475 | $114.4M | Reduce -23.7% |
Portfolio Sells Q3 2024 → Q4 2024
| MSFT Microsoft Corp. | Reduce -14.8% | 3.97% | −0.58 |
| NVDA Nvidia Corp. | Reduce -22.3% | 3.70% | −0.42 |
| ELV Elevance Health Inc. | Reduce -53.3% | 0.21% | −0.40 |
| PFE Pfizer Inc. | Reduce -69.7% | 0.16% | −0.38 |
| CB Chubb Ltd. | Reduce -54.1% | 0.31% | −0.36 |
| V Visa Inc. Class A | Reduce -64.3% | 0.27% | −0.36 |
| LLY Eli Lilly & Co. | Reduce -23.1% | 0.84% | −0.36 |
| MRK Merck & Co. Inc. | Reduce -22.7% | 0.86% | −0.36 |
| AAPL Apple Inc. | Reduce -17.9% | 4.10% | −0.34 |
| CI The Cigna Group | Reduce -95.8% | 0.01% | −0.34 |
| META Meta Platforms Inc. Class A | Reduce -19.4% | 1.88% | −0.30 |
| VZ Verizon Communications Inc. | Reduce -36.4% | 0.43% | −0.30 |
| AMAT Applied Materials Inc. | Reduce -33.3% | 0.37% | −0.29 |
| DUK Duke Energy Corp. | Reduce -40.7% | 0.31% | −0.23 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -61.9% | 0.12% | −0.23 |
| BAH Booz Allen Hamilton Holdings | Reduce -43.8% | 0.19% | −0.22 |
| PEP Pepsico Inc. | Reduce -48.2% | 0.21% | −0.22 |
| NUE Nucor Corp. | Reduce -87.4% | 0.02% | −0.22 |
| FERG Ferguson Enterprises Inc. | Reduce -97.4% | 0.01% | −0.22 |
| AZO AutoZone Inc. | Reduce -45.2% | 0.30% | −0.22 |
| CNC Centene Corp. | Reduce -87.9% | 0.02% | −0.21 |
| MDLZ Mondelez International Inc. Class A | Reduce -36.4% | 0.24% | −0.21 |
| NEE Nextera Energy Inc. | Reduce -96.9% | 0.01% | −0.20 |
| UNH Unitedhealth Group Inc. | Reduce -8.3% | 0.99% | −0.20 |
| TRP TC Energy Corp. | Reduce -81.5% | 0.05% | −0.20 |
| CAT Caterpillar Inc. | Reduce -31.2% | 0.41% | −0.20 |
| CL Colgate-Palmolive Co. | Reduce -45.6% | 0.20% | −0.20 |
| ES Eversource Energy | Reduce -49.0% | 0.16% | −0.20 |
| PCAR Paccar Inc. | Reduce -89.0% | 0.03% | −0.19 |
| ORCL Oracle Corp. | Reduce -43.7% | 0.25% | −0.18 |
| CRM Salesforce Inc. | Reduce -41.8% | 0.53% | −0.18 |
| CMCSA Comcast Corp. Class A | Reduce -52.3% | 0.15% | −0.18 |
| JNJ Johnson & Johnson | Reduce -10.7% | 0.88% | −0.18 |
| STLD Steel Dynamics Inc. | Reduce -84.1% | 0.03% | −0.17 |
| TMO Thermo Fisher Scientific Inc. | Reduce -31.8% | 0.25% | −0.17 |
| CP Canadian Pacific Kansas City | Reduce -42.0% | 0.18% | −0.17 |
| HST Host Hotels & Resorts Inc. | Reduce -94.2% | 0.01% | −0.16 |
| HCA HCA Healthcare Inc. | Reduce -53.1% | 0.09% | −0.16 |
| GOOG Alphabet Inc. Class C | Reduce -28.9% | 0.82% | −0.15 |
| HD Home Depot Inc. | Reduce -26.9% | 0.41% | −0.15 |
| GM General Motors Co. | Reduce -82.2% | 0.04% | −0.15 |
| TD Toronto-Dominion Bank | Reduce -44.2% | 0.14% | −0.15 |
| TGT Target Corp. | Sold out | 0.00% | −0.14 |
| MA Mastercard Inc. Class A | Reduce -18.9% | 1.34% | −0.14 |
| LRCX Lam Research Corp. | Reduce -87.7% | 0.02% | −0.14 |
| GDX Vaneck Gold Miners ETF | Reduce -96.2% | 0.00% | −0.14 |
| BMY Bristol-Myers Squibb Co. | Reduce -64.3% | 0.10% | −0.14 |
| MSI Motorola Solutions Inc. | Reduce -41.7% | 0.23% | −0.14 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -92.9% | 0.01% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -11.7% | 1.35% | −0.13 |
Portfolio Buys Q3 2024 → Q4 2024
| RSP Invesco S&P 500 Equal Weight | New | 1.29% | +1.29 |
| XLV SS Health Care Select Sector | New | 0.98% | +0.98 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.95% | +0.95 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.74% | +0.74 |
| QUAL iShares MSCI USA Quality Fac | New | 0.73% | +0.73 |
| CAE Cae Inc. | Add +25.7% | 1.63% | +0.71 |
| CSCO Cisco Systems Inc. | Add +187.9% | 0.92% | +0.65 |
| XLP SS Consumer Staples Sel Sect | New | 0.64% | +0.64 |
| VNQ Vanguard Real Estate ETF | New | 0.62% | +0.62 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | New | 0.54% | +0.54 |
| PG The Procter & Gamble Co. | Add +52.7% | 0.99% | +0.35 |
| APH Amphenol Corp. Class A | Add +2361.7% | 0.32% | +0.31 |
| GDDY GoDaddy Inc. Class A | Add +88.2% | 0.44% | +0.27 |
| LPLA LPL Financial Holdings Inc. | Add +540.2% | 0.27% | +0.24 |
| WFC Wells Fargo & Co. | Add +33.6% | 0.53% | +0.22 |
| ABBV Abbvie Inc. | Add +113.7% | 0.44% | +0.22 |
| HON Honeywell International Inc. | Add +120.9% | 0.36% | +0.22 |
| AIG American International Group | Add +2134.0% | 0.22% | +0.21 |
| NFLX Netflix Inc. | Add +9.3% | 0.67% | +0.20 |
| TJX TJX Companies Inc. | Add +37.2% | 0.62% | +0.20 |
| ANET Arista Networks Inc. | Add +35.6% | 0.43% | +0.17 |
| BLK BlackRock Inc. | Add +117.7% | 0.27% | +0.16 |
| RCL Royal Caribbean Cruises Ltd. | Add +411.4% | 0.17% | +0.14 |
| BA The Boeing Co. | Add +2123.3% | 0.15% | +0.14 |
| EXEL Exelixis Inc. | Add +330.4% | 0.17% | +0.14 |
| ISRG Intuitive Surgical Inc. | Add +46.7% | 0.37% | +0.14 |
| LMT Lockheed Martin Corp. | Add +183.9% | 0.23% | +0.14 |
| TT Trane Technologies PLC | Add +201.0% | 0.20% | +0.13 |
| WPM Wheaton Precious Metals Corp. | Add +1321.7% | 0.14% | +0.13 |
| GILD Gilead Sciences Inc. | Add +149.1% | 0.20% | +0.13 |
| ETN Eaton Corp. PLC | Add +1202.6% | 0.14% | +0.13 |
| VST Vistra Corp. | Add +452.8% | 0.14% | +0.12 |
| SPOT Spotify Technology SA | New | 0.12% | +0.12 |
| USB US Bancorp | New | 0.12% | +0.12 |
| GRMN Garmin Ltd. | Add +164.7% | 0.17% | +0.12 |
| INGR Ingredion Inc. | Add +327.2% | 0.15% | +0.12 |
| MLI Mueller Industries Inc. | Add +169.1% | 0.17% | +0.12 |
| ADP Automatic Data Processing | Add +120.4% | 0.19% | +0.11 |
| AEM Agnico Eagle Mines Ltd. | Add +304.5% | 0.15% | +0.11 |
| DT Dynatrace Inc. | New | 0.11% | +0.11 |
| IWM iShares Russell 2000 ETF | New | 0.11% | +0.11 |
| SHOP Shopify Inc. Class A | Add +3.0% | 0.36% | +0.11 |
| PKG Packaging Corp. of America | Add +415.1% | 0.12% | +0.10 |
| ALSN Allison Transmission Holding | Add +4877.3% | 0.10% | +0.10 |
| J Jacobs Solutions Inc. | Add +40.3% | 0.28% | +0.09 |
| AYI Acuity Inc. | Add +1256.1% | 0.10% | +0.09 |
| DBX Dropbox Inc. Class A | Add +291.2% | 0.11% | +0.09 |
| NOW ServiceNow Inc. | Add +22.4% | 0.26% | +0.09 |
| SNA Snap-on Inc. | Add +28.6% | 0.23% | +0.09 |
| WDAY Workday Inc. Class A | Add +35.9% | 0.25% | +0.08 |
Options Activity Q3 2024 → Q4 2024
| EEM iShares MSCI Emerging Market | call | Sold out | 19,500,000 | $15.9Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 705 | $70.2B | AAPL, NVDA, CNI, MSFT, GOOGL |
| Q1 2026 | 684 | $62.4B | AAPL, NVDA, CNI, GOOGL, MSFT |
| Q4 2025 | 540 | $59.0B | AAPL, NVDA, MSFT, GOOGL, GIB |
| Q3 2025 | 539 | $55.5B | NVDA, MSFT, AAPL, GIB, GOOGL |
| Q2 2025 | 478 | $46.8B | MSFT, NVDA, AAPL, GIB, CNI |
| Q1 2025 | 591 | $47.7B | AAPL, GIB, MSFT, NVDA, CNI |
| Q4 2024 | 516 | $48.1B | AAPL, MSFT, GIB, NVDA, CNI |
| Q3 2024 | 495 | $50.3B | MSFT, AAPL, NVDA, GIB, CNI |
| Q2 2024 | 460 | $41.2B | MSFT, NVDA, AAPL, GIB, CNI |
| Q1 2024 | 481 | $41.6B | GIB, MSFT, NVDA, CNI, AAPL |