Caisse de depot et placement du Quebec
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Caisse de depot et placement du Quebec reported 478 stock positions worth $46.8 billion. Its top holding was Microsoft (MSFT) at 4.7% of the portfolio, followed by Nvidia (NVDA, 4.7%) and Apple (AAPL, 3.9%). Compared with Q1 2025, it opened 51 new positions, sold out of 164, added to 190 and reduced 227. The biggest buy was Nvidia (NVDA, shares +15%) and the biggest sale an exit from Vanguard Mrngstr Val ETF-Aui (VTV).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0000898286
- Portfolio Value
- $46.8B (Q2 2025)
- SEC Filing
- 0001140361-25-031297 ↗ filed Aug 14, 2025
Holdings Value
Holdings 478 stocks · $46.8B
| MSFT Microsoft Corp. | 4.75% | 4,469,388 | $2.2B | Add +3.8% |
| NVDA Nvidia Corp. | 4.73% | 14,025,153 | $2.2B | Add +15.0% |
| AAPL Apple Inc. | 3.94% | 8,990,725 | $1.8B | Add +10.9% |
| GIB Cgi Inc. | 3.65% | 16,290,487 | $1.7B | No change |
| CNI Canadian Natl Railway Co. | 3.05% | 13,737,922 | $1.4B | Add +9.9% |
| META Meta Platforms Inc. Class A | 2.37% | 1,503,379 | $1.1B | Reduce -9.4% |
| GOOGL Alphabet Inc. Class A | 2.07% | 5,507,139 | $970.5M | Add +8.1% |
| AMZN Amazon.com Inc. | 2.02% | 4,318,713 | $947.5M | Reduce -7.1% |
| CAE Cae Inc. | 1.93% | 30,917,402 | $904.3M | No change |
| MA Mastercard Inc. Class A | 1.61% | 1,341,647 | $753.9M | Add +9.0% |
| BCE Bce Inc. | 1.47% | 31,083,196 | $688.0M | Add +23.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.41% | 1,364,015 | $662.6M | Reduce -0.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.28% | 5,419,567 | $599.4M | No change |
| AVGO Broadcom Inc. | 1.25% | 2,126,704 | $586.2M | Reduce -19.4% |
| CSCO Cisco Systems Inc. | 1.13% | 7,614,988 | $528.3M | Add +10.7% |
| XLV SS Health Care Select Sector | 1.11% | 3,858,426 | $520.1M | Add +641.1% |
| JPM JPMorgan Chase & Co. | 1.09% | 1,766,385 | $512.1M | Reduce -33.4% |
| JNJ Johnson & Johnson | 1.07% | 3,272,750 | $499.9M | Reduce -9.1% |
| NFLX Netflix Inc. | 0.95% | 333,757 | $446.9M | Reduce -10.4% |
| LLY Eli Lilly & Co. | 0.91% | 546,408 | $425.9M | Reduce -28.6% |
| PG The Procter & Gamble Co. | 0.87% | 2,565,609 | $408.8M | Reduce -1.8% |
| TFII Tfi International Inc. | 0.78% | 4,059,400 | $363.7M | Add +5.4% |
| COST Costco Wholesale Corp. | 0.77% | 366,047 | $362.4M | Reduce -9.4% |
| MRK Merck & Co. Inc. | 0.75% | 4,420,111 | $349.9M | Add +2.4% |
| PGR Progressive Corp. | 0.65% | 1,149,181 | $306.7M | Reduce -27.4% |
| BKNG Booking Holdings Inc. | 0.62% | 50,359 | $291.5M | Add +23.1% |
| GOOG Alphabet Inc. Class C | 0.62% | 1,632,971 | $289.7M | Reduce -17.4% |
| LSPD Lightspeed Commerce Inc. | 0.61% | 24,286,219 | $284.4M | Reduce 0.0% |
| T AT&T Inc. | 0.60% | 9,736,454 | $281.8M | Reduce -10.8% |
| COR Cencora Inc. | 0.59% | 918,469 | $275.4M | Add +23.6% |
| BRO Brown & Brown Inc. | 0.58% | 2,438,354 | $270.3M | Add +6673.0% |
| DUK Duke Energy Corp. | 0.55% | 2,193,603 | $258.8M | Add +31.7% |
| RY Royal Bank of Canada | 0.54% | 1,938,915 | $255.0M | Reduce -10.1% |
| WFC Wells Fargo & Co. | 0.52% | 3,036,380 | $243.3M | Reduce -15.5% |
| GE General Electric filed as GE AEROSPACE | 0.51% | 931,569 | $239.8M | Add +28.6% |
| CRM Salesforce Inc. | 0.50% | 857,028 | $233.7M | Reduce -5.2% |
| ADBE Adobe Inc. | 0.49% | 598,496 | $231.5M | Add +4.6% |
| TSLA Tesla Inc. | 0.49% | 725,976 | $230.6M | Reduce -11.4% |
| ABBV Abbvie Inc. | 0.49% | 1,233,125 | $228.9M | Reduce -23.0% |
| PHM Pultegroup Inc. | 0.48% | 2,127,561 | $224.4M | Add +55.1% |
| RSG Republic Services Inc. | 0.47% | 889,661 | $219.4M | Reduce -9.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 4,613,856 | $218.3M | Add +9.4% |
| UNH Unitedhealth Group Inc. | 0.43% | 647,970 | $202.1M | Reduce -35.2% |
| WMT Walmart Inc. | 0.43% | 2,051,819 | $200.6M | Reduce -49.0% |
| ROP Roper Technologies Inc. | 0.43% | 352,168 | $199.6M | Reduce -7.5% |
| EME Emcor Group Inc. | 0.38% | 336,084 | $179.8M | Reduce -0.3% |
| CTAS Cintas Corp. | 0.38% | 801,260 | $178.6M | Reduce -12.0% |
| UBER Uber Technologies Inc. | 0.38% | 1,898,584 | $177.1M | Reduce -9.5% |
| ANET Arista Networks Inc. | 0.38% | 1,731,031 | $177.1M | Add +10.1% |
| ISRG Intuitive Surgical Inc. | 0.37% | 322,539 | $175.3M | Reduce -12.7% |
| ENB Enbridge Inc. | 0.37% | 3,852,016 | $174.3M | Add +26.4% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.37% | 1,408,895 | $174.0M | Reduce -52.4% |
| V Visa Inc. Class A | 0.37% | 489,693 | $173.9M | Reduce -52.9% |
| ABT Abbott Laboratories | 0.36% | 1,226,331 | $166.8M | Add +46.7% |
| C Citigroup Inc. | 0.35% | 1,946,621 | $165.7M | Reduce -40.4% |
| XLP SS Consumer Staples Sel Sect | 0.35% | 2,023,533 | $163.8M | Add +63.7% |
| AZO AutoZone Inc. | 0.35% | 44,016 | $163.4M | Reduce -13.6% |
| CBRE CBRE Group Inc. Class A | 0.35% | 1,157,590 | $162.2M | Add +56.4% |
| NRG NRG Energy Inc. | 0.34% | 1,001,703 | $160.9M | Reduce -32.4% |
| CP Canadian Pacific Kansas City | 0.34% | 1,995,725 | $158.2M | Add +36.5% |
| AIG American International Group | 0.33% | 1,832,762 | $156.9M | Add +11.7% |
| GS Goldman Sachs Group Inc. | 0.33% | 220,367 | $156.0M | Reduce -27.7% |
| SHOP Shopify Inc. Class A | 0.33% | 1,352,564 | $155.7M | Add +0.9% |
| HD Home Depot Inc. | 0.33% | 424,037 | $155.5M | Reduce -24.9% |
| GILD Gilead Sciences Inc. | 0.32% | 1,369,433 | $151.8M | Reduce -11.5% |
| NEM Newmont Corp. | 0.32% | 2,533,482 | $147.6M | Add +5.1% |
| VST Vistra Corp. | 0.32% | 761,184 | $147.5M | Reduce -2.3% |
| NVR NVR Inc. | 0.31% | 19,918 | $147.1M | Add +15.7% |
| LHX L3HARRIS Technologies Inc. | 0.31% | 578,057 | $145.0M | Reduce -26.4% |
| MCK McKesson Corp. | 0.31% | 195,318 | $143.1M | Reduce -31.5% |
| SPGI S&P Global Inc. | 0.30% | 270,195 | $142.5M | Reduce -21.9% |
| FTNT Fortinet Inc. | 0.30% | 1,341,067 | $141.8M | Add +17.1% |
| UTHR United Therapeutics Corp. | 0.30% | 482,781 | $138.7M | Add +1.1% |
| PEP Pepsico Inc. | 0.29% | 1,032,103 | $136.3M | Add +22.5% |
| KR Kroger Co. | 0.29% | 1,884,395 | $135.2M | Add +81.3% |
| ELV Elevance Health Inc. | 0.29% | 346,367 | $134.7M | Add +21.5% |
| VZ Verizon Communications Inc. | 0.28% | 3,083,074 | $133.4M | Reduce -30.5% |
| ORCL Oracle Corp. | 0.28% | 608,996 | $133.1M | Add +45.3% |
| WCN Waste Connections Inc. | 0.28% | 708,951 | $132.3M | Reduce -38.5% |
| MSI Motorola Solutions Inc. | 0.28% | 314,252 | $132.1M | Add +9.3% |
| SSNC Ss&c Technologies Holdings | 0.28% | 1,595,505 | $132.1M | Add +233.8% |
| WEC WEC Energy Group Inc. | 0.28% | 1,266,980 | $132.0M | Reduce -0.1% |
| WSM Williams-Sonoma Inc. | 0.28% | 805,391 | $131.6M | Add +274.4% |
| J Jacobs Solutions Inc. | 0.28% | 999,478 | $131.4M | Add +17.7% |
| WMB Williams Cos Inc. | 0.28% | 2,086,242 | $131.0M | Add +182.2% |
| WTW Willis Towers Watson PLC | 0.28% | 424,934 | $130.2M | Reduce -4.9% |
| ICE Intercontinental Exchange Inc. | 0.28% | 704,985 | $129.3M | Reduce -27.8% |
| BSX Boston Scientific Corp. | 0.27% | 1,195,756 | $128.4M | Reduce -41.8% |
| SNA Snap-on Inc. | 0.27% | 412,457 | $128.3M | Add +13.0% |
| ZM Zoom Communications Inc. | 0.27% | 1,644,594 | $128.2M | Add +17.5% |
| NEE Nextera Energy Inc. | 0.27% | 1,842,439 | $127.9M | Add +111.4% |
| TRP TC Energy Corp. | 0.27% | 2,618,722 | $127.6M | Add +526.0% |
| ACN Accenture PLC Class A | 0.27% | 426,042 | $127.3M | Reduce -34.0% |
| QCOM Qualcomm Inc. | 0.27% | 788,000 | $125.5M | Reduce -60.3% |
| AEE Ameren Corporation | 0.27% | 1,297,900 | $124.7M | Reduce -30.6% |
| BN Brookfield Corp. | 0.27% | 2,009,893 | $124.1M | Add +21.3% |
| TDY Teledyne Technologies Inc. | 0.26% | 241,502 | $123.7M | Reduce -8.0% |
| KO The Coca-Cola Co. | 0.26% | 1,735,078 | $122.8M | Reduce -50.0% |
| USMV iShares MSCI USA Min Vol Fac | 0.26% | 1,304,692 | $122.5M | Reduce -6.5% |
| OR Or Royalties Inc. | 0.26% | 4,767,074 | $122.3M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −1.76 |
| RSP Invesco S&P 500 Equal Weight | Reduce -99.0% | 0.01% | −0.83 |
| SPY SS SPDR S&P 500 ETF Trust-US | Sold out | 0.00% | −0.83 |
| UNH Unitedhealth Group Inc. | Reduce -35.2% | 0.43% | −0.67 |
| MRSH Marsh & McLennan Cos | Reduce -95.4% | 0.02% | −0.49 |
| LLY Eli Lilly & Co. | Reduce -28.6% | 0.91% | −0.42 |
| MCD McDonald's Corp. | Reduce -60.2% | 0.25% | −0.41 |
| MDT Medtronic PLC | Reduce -75.3% | 0.13% | −0.40 |
| V Visa Inc. Class A | Reduce -52.9% | 0.37% | −0.39 |
| TJX TJX Companies Inc. | Reduce -52.4% | 0.37% | −0.39 |
| QCOM Qualcomm Inc. | Reduce -60.3% | 0.27% | −0.37 |
| WMT Walmart Inc. | Reduce -49.0% | 0.43% | −0.31 |
| HON Honeywell International Inc. | Reduce -71.9% | 0.14% | −0.31 |
| PGR Progressive Corp. | Reduce -27.4% | 0.65% | −0.28 |
| CMG Chipotle Mexican Grill Inc. | Reduce -86.1% | 0.05% | −0.27 |
| JPM JPMorgan Chase & Co. | Reduce -33.4% | 1.09% | −0.27 |
| KO The Coca-Cola Co. | Reduce -50.0% | 0.26% | −0.26 |
| BLK BlackRock Inc. | Reduce -89.9% | 0.03% | −0.23 |
| ABBV Abbvie Inc. | Reduce -23.0% | 0.49% | −0.22 |
| CMCSA Comcast Corp. Class A | Reduce -97.3% | 0.01% | −0.21 |
| TXN Texas Instruments Inc. | Reduce -60.6% | 0.18% | −0.21 |
| LMT Lockheed Martin Corp. | Reduce -94.1% | 0.01% | −0.20 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.20 |
| WCN Waste Connections Inc. | Reduce -38.5% | 0.28% | −0.19 |
| JNJ Johnson & Johnson | Reduce -9.1% | 1.07% | −0.19 |
| CL Colgate-Palmolive Co. | Reduce -89.4% | 0.02% | −0.19 |
| CCI Crown Castle Inc. | Reduce -90.8% | 0.02% | −0.18 |
| BSX Boston Scientific Corp. | Reduce -41.8% | 0.27% | −0.16 |
| MELI MercadoLibre Inc. | Reduce -69.3% | 0.12% | −0.16 |
| RTX RTX Corp. | Reduce -85.0% | 0.03% | −0.16 |
| ACN Accenture PLC Class A | Reduce -34.0% | 0.27% | −0.15 |
| SYK Stryker Corp. | Reduce -66.7% | 0.08% | −0.14 |
| VZ Verizon Communications Inc. | Reduce -30.5% | 0.28% | −0.14 |
| C Citigroup Inc. | Reduce -40.4% | 0.35% | −0.13 |
| AEE Ameren Corporation | Reduce -30.6% | 0.27% | −0.13 |
| PLD Prologis Inc. | Reduce -94.0% | 0.01% | −0.13 |
| SBUX Starbucks Corp. | Reduce -83.3% | 0.02% | −0.13 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.8% | 1.41% | −0.12 |
| GEV GE Vernova Inc. | Reduce -86.1% | 0.04% | −0.12 |
| UAL United Airlines Holdings Inc. | Reduce -79.7% | 0.04% | −0.12 |
| FTS Fortis Inc. | Sold out | 0.00% | −0.12 |
| EQIX Equinix Inc. | Reduce -83.4% | 0.02% | −0.11 |
| OHI Omega Healthcare Investors | Sold out | 0.00% | −0.11 |
| LIN Linde PLC | Reduce -40.5% | 0.17% | −0.11 |
| DASH DoorDash Inc. Class A | Reduce -66.6% | 0.09% | −0.10 |
| AXP American Express Co. | Reduce -64.6% | 0.08% | −0.10 |
| EBAY eBay Inc. | Sold out | 0.00% | −0.10 |
| HD Home Depot Inc. | Reduce -24.9% | 0.33% | −0.10 |
| DBX Dropbox Inc. Class A | Reduce -73.8% | 0.04% | −0.10 |
| WM Waste Management Inc. | Reduce -92.1% | 0.01% | −0.10 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +15.0% | 4.73% | +1.96 |
| MSFT Microsoft Corp. | Add +3.8% | 4.75% | +1.36 |
| XLV SS Health Care Select Sector | Add +641.1% | 1.11% | +0.95 |
| BRO Brown & Brown Inc. | Add +6673.0% | 0.58% | +0.57 |
| CNI Canadian Natl Railway Co. | Add +9.9% | 3.05% | +0.50 |
| GOOGL Alphabet Inc. Class A | Add +8.1% | 2.07% | +0.42 |
| BCE Bce Inc. | Add +23.1% | 1.47% | +0.25 |
| CSCO Cisco Systems Inc. | Add +10.7% | 1.13% | +0.24 |
| TRP TC Energy Corp. | Add +526.0% | 0.27% | +0.23 |
| BKNG Booking Holdings Inc. | Add +23.1% | 0.62% | +0.23 |
| WSM Williams-Sonoma Inc. | Add +274.4% | 0.28% | +0.21 |
| GE General Electric | Add +28.6% | 0.51% | +0.21 |
| JLL Jones Lang Lasalle Inc. | New | 0.20% | +0.20 |
| SSNC Ss&c Technologies Holdings | Add +233.8% | 0.28% | +0.20 |
| MA Mastercard Inc. Class A | Add +9.0% | 1.61% | +0.19 |
| WMB Williams Cos Inc. | Add +182.2% | 0.28% | +0.19 |
| PHM Pultegroup Inc. | Add +55.1% | 0.48% | +0.18 |
| COF Capital One Financial Corp. | Add +592.0% | 0.19% | +0.17 |
| PYPL PayPal Holdings Inc. | Add +168.4% | 0.25% | +0.17 |
| ORCL Oracle Corp. | Add +45.3% | 0.28% | +0.16 |
| KKR KKR & Co. Inc. | Add +1933.1% | 0.17% | +0.16 |
| EMB iShares JP Morgan Usd Emergi | Add +1567.2% | 0.17% | +0.16 |
| AAPL Apple Inc. | Add +10.9% | 3.94% | +0.16 |
| COR Cencora Inc. | Add +23.6% | 0.59% | +0.15 |
| MOS The Mosaic Co. | Add +2408.7% | 0.16% | +0.15 |
| TFII Tfi International Inc. | Add +5.4% | 0.78% | +0.15 |
| EXPD Expeditors Intl Wash Inc. | Add +1186.9% | 0.16% | +0.15 |
| CTSH Cognizant Tech Solutions-A | Add +235.3% | 0.21% | +0.15 |
| NEE Nextera Energy Inc. | Add +111.4% | 0.27% | +0.14 |
| CBRE CBRE Group Inc. Class A | Add +56.4% | 0.35% | +0.14 |
| EFV iShares MSCI Eafe Value ETF | New | 0.14% | +0.14 |
| KR Kroger Co. | Add +81.3% | 0.29% | +0.14 |
| CPRT Copart Inc. | Add +278.0% | 0.20% | +0.14 |
| XLP SS Consumer Staples Sel Sect | Add +63.7% | 0.35% | +0.14 |
| TMUS T-Mobile US Inc. | Add +636.1% | 0.16% | +0.13 |
| QUAL iShares MSCI USA Quality Fac | New | 0.13% | +0.13 |
| RBA RB Global Inc. | Add +95.9% | 0.25% | +0.13 |
| CF CF Industries Holdings Inc. | Add +87.8% | 0.23% | +0.13 |
| DUK Duke Energy Corp. | Add +31.7% | 0.55% | +0.13 |
| ABT Abbott Laboratories | Add +46.7% | 0.36% | +0.12 |
| CP Canadian Pacific Kansas City | Add +36.5% | 0.34% | +0.12 |
| ANET Arista Networks Inc. | Add +10.1% | 0.38% | +0.12 |
| NTR Nutrien Ltd. | New | 0.12% | +0.12 |
| ED Consolidated Edison Inc. | Add +3859.6% | 0.12% | +0.11 |
| CEG Constellation Energy | Add +91.2% | 0.16% | +0.11 |
| FIX Comfort Systems USA Inc. | Add +20.1% | 0.20% | +0.10 |
| SPG Simon Property Group Inc. | Add +103.0% | 0.20% | +0.10 |
| LPX Louisiana-Pacific Corp. | New | 0.10% | +0.10 |
| APP AppLovin Corp. Class A | Add +399.1% | 0.12% | +0.10 |
| DSGX The Descartes Systems Grp | New | 0.10% | +0.10 |
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 |