Caisse de depot et placement du Quebec
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Caisse de depot et placement du Quebec reported 539 stock positions worth $55.5 billion. Its top holding was Nvidia (NVDA) at 5.0% of the portfolio, followed by Microsoft (MSFT, 4.6%) and Apple (AAPL, 4.4%). Compared with Q2 2025, it opened 112 new positions, sold out of 51, added to 244 and reduced 170. The biggest buy was a new position in iShares Broad Usd High Yield (USHY) and the biggest sale Visa Class A (V, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0000898286
- Portfolio Value
- $55.5B (Q3 2025)
- SEC Filing
- 0001140361-25-042362 ↗ filed Nov 14, 2025
Holdings Value
Holdings 539 stocks · $55.5B
| NVDA Nvidia Corp. | 4.97% | 14,771,767 | $2.8B | Add +5.3% |
| MSFT Microsoft Corp. | 4.58% | 4,907,133 | $2.5B | Add +9.8% |
| AAPL Apple Inc. | 4.38% | 9,550,123 | $2.4B | Add +6.2% |
| GIB Cgi Inc. | 2.62% | 16,290,487 | $1.5B | No change |
| GOOGL Alphabet Inc. Class A | 2.37% | 5,400,002 | $1.3B | Reduce -1.9% |
| CNI Canadian Natl Railway Co. | 2.36% | 13,894,922 | $1.3B | Add +1.1% |
| META Meta Platforms Inc. Class A | 2.16% | 1,632,882 | $1.2B | Add +8.6% |
| AMZN Amazon.com Inc. | 1.89% | 4,781,726 | $1.0B | Add +10.7% |
| CAE Cae Inc. | 1.65% | 30,917,402 | $915.7M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 1.44% | 1,585,914 | $797.3M | Add +16.3% |
| BCE Bce Inc. | 1.44% | 34,107,306 | $797.2M | Add +9.7% |
| AVGO Broadcom Inc. | 1.42% | 2,394,925 | $790.1M | Add +12.6% |
| MA Mastercard Inc. Class A | 1.34% | 1,304,234 | $741.9M | Reduce -2.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.27% | 5,419,567 | $706.4M | No change |
| JNJ Johnson & Johnson | 1.18% | 3,542,610 | $656.9M | Add +8.3% |
| JPM JPMorgan Chase & Co. | 1.06% | 1,872,389 | $590.6M | Add +6.0% |
| CSCO Cisco Systems Inc. | 1.05% | 8,518,018 | $582.8M | Add +11.9% |
| TFII Tfi International Inc. | 0.90% | 5,683,361 | $500.3M | Add +40.0% |
| XLV SS Health Care Select Sector | 0.84% | 3,354,440 | $466.8M | Reduce -13.1% |
| NFLX Netflix Inc. | 0.79% | 365,624 | $438.4M | Add +9.6% |
| LLY Eli Lilly & Co. | 0.78% | 570,669 | $435.4M | Add +4.4% |
| PG The Procter & Gamble Co. | 0.78% | 2,799,755 | $430.2M | Add +9.1% |
| MRK Merck & Co. Inc. | 0.72% | 4,767,070 | $400.1M | Add +7.8% |
| GOOG Alphabet Inc. Class C | 0.71% | 1,611,898 | $392.6M | Reduce -1.3% |
| COST Costco Wholesale Corp. | 0.70% | 418,438 | $387.3M | Add +14.3% |
| PEP Pepsico Inc. | 0.66% | 2,597,986 | $364.9M | Add +151.7% |
| TSLA Tesla Inc. | 0.65% | 814,109 | $362.1M | Add +12.1% |
| LRCX Lam Research Corp. | 0.62% | 2,568,579 | $343.9M | Add +164.0% |
| ABBV Abbvie Inc. | 0.61% | 1,471,340 | $340.7M | Add +19.3% |
| DUK Duke Energy Corp. | 0.58% | 2,613,595 | $323.4M | Add +19.1% |
| PGR Progressive Corp. | 0.57% | 1,278,406 | $315.7M | Add +11.2% |
| T AT&T Inc. | 0.55% | 10,865,453 | $306.8M | Add +11.6% |
| RSG Republic Services Inc. | 0.55% | 1,326,827 | $304.5M | Add +49.1% |
| UNH Unitedhealth Group Inc. | 0.52% | 840,848 | $290.3M | Add +29.8% |
| RY Royal Bank of Canada | 0.52% | 1,938,915 | $285.8M | No change |
| USHY iShares Broad Usd High Yield | 0.51% | 7,557,165 | $285.5M | New |
| LSPD Lightspeed Commerce Inc. | 0.51% | 24,286,219 | $280.5M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.51% | 5,433,276 | $280.3M | Add +17.8% |
| XLP SS Consumer Staples Sel Sect | 0.50% | 3,548,211 | $278.1M | Add +75.3% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.50% | 2,487,012 | $277.2M | New |
| COR Cencora Inc. | 0.50% | 883,460 | $276.1M | Reduce -3.8% |
| CRM Salesforce Inc. | 0.49% | 1,155,036 | $273.7M | Add +34.8% |
| ADBE Adobe Inc. | 0.49% | 772,679 | $272.6M | Add +29.1% |
| REGN Regeneron Pharmaceuticals | 0.47% | 462,502 | $260.1M | Add +115.4% |
| ANET Arista Networks Inc. | 0.45% | 1,728,224 | $251.8M | Reduce -0.2% |
| BKNG Booking Holdings Inc. | 0.45% | 46,351 | $250.3M | Reduce -8.0% |
| WFC Wells Fargo & Co. | 0.42% | 2,756,155 | $231.0M | Reduce -9.2% |
| AZO AutoZone Inc. | 0.42% | 53,772 | $230.7M | Add +22.2% |
| UBER Uber Technologies Inc. | 0.40% | 2,243,012 | $219.7M | Add +18.1% |
| BRO Brown & Brown Inc. | 0.40% | 2,339,505 | $219.4M | Reduce -4.0% |
| GE General Electric filed as GE AEROSPACE | 0.39% | 725,443 | $218.2M | Reduce -22.1% |
| PHM Pultegroup Inc. | 0.39% | 1,620,027 | $214.1M | Reduce -23.9% |
| CTAS Cintas Corp. | 0.36% | 984,183 | $202.0M | Add +22.8% |
| ROP Roper Technologies Inc. | 0.36% | 403,855 | $201.4M | Add +14.7% |
| SHOP Shopify Inc. Class A | 0.36% | 1,340,070 | $199.1M | Reduce -0.9% |
| ABT Abbott Laboratories | 0.35% | 1,458,569 | $195.4M | Add +18.9% |
| ORCL Oracle Corp. | 0.35% | 687,190 | $193.3M | Add +12.8% |
| EME Emcor Group Inc. | 0.35% | 296,035 | $192.3M | Reduce -11.9% |
| OR Or Royalties Inc. | 0.34% | 4,767,074 | $191.1M | No change |
| KR Kroger Co. | 0.34% | 2,815,217 | $189.8M | Add +49.4% |
| TD Toronto-Dominion Bank | 0.34% | 2,360,000 | $188.7M | Add +70.1% |
| BN Brookfield Corp. | 0.34% | 2,740,288 | $188.1M | Add +36.3% |
| VLUE iShares MSCI USA Value Facto | 0.34% | 1,495,891 | $187.1M | New |
| MSI Motorola Solutions Inc. | 0.34% | 407,651 | $186.4M | Add +29.7% |
| CAT Caterpillar Inc. | 0.33% | 378,158 | $180.4M | Add +79.4% |
| TDY Teledyne Technologies Inc. | 0.32% | 307,445 | $180.2M | Add +27.3% |
| INTU Intuit Inc. | 0.32% | 261,768 | $178.8M | Add +88.3% |
| LHX L3HARRIS Technologies Inc. | 0.32% | 579,510 | $177.0M | Add +0.3% |
| AIG American International Group | 0.31% | 2,216,284 | $174.1M | Add +20.9% |
| C Citigroup Inc. | 0.31% | 1,704,441 | $173.0M | Reduce -12.4% |
| HD Home Depot Inc. | 0.31% | 426,236 | $172.7M | Add +0.5% |
| NVR NVR Inc. | 0.31% | 21,481 | $172.6M | Add +7.8% |
| NEE Nextera Energy Inc. | 0.31% | 2,259,746 | $170.6M | Add +22.6% |
| NEM Newmont Corp. | 0.31% | 2,015,334 | $169.9M | Reduce -20.4% |
| TMO Thermo Fisher Scientific Inc. | 0.30% | 343,838 | $166.8M | Add +12110.2% |
| ULTA Ulta Beauty Inc. | 0.29% | 295,833 | $161.7M | Add +249.8% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.29% | 1,775,106 | $159.2M | Add +52.4% |
| WMT Walmart Inc. | 0.28% | 1,526,387 | $157.3M | Reduce -25.6% |
| GS Goldman Sachs Group Inc. | 0.28% | 196,389 | $156.4M | Reduce -10.9% |
| ENB Enbridge Inc. | 0.28% | 3,093,209 | $156.1M | Reduce -19.7% |
| VZ Verizon Communications Inc. | 0.28% | 3,549,383 | $156.0M | Add +15.1% |
| MU Micron Technology Inc. | 0.28% | 929,340 | $155.5M | Add +221.1% |
| RMD Resmed Inc. | 0.28% | 565,901 | $154.9M | Add +28.0% |
| WEC WEC Energy Group Inc. | 0.27% | 1,326,668 | $152.0M | Add +4.7% |
| SNA Snap-on Inc. | 0.27% | 433,071 | $150.1M | Add +5.0% |
| FFIV F5 Inc. | 0.27% | 462,740 | $149.6M | Add +169.2% |
| ICE Intercontinental Exchange Inc. | 0.27% | 874,017 | $147.3M | Add +24.0% |
| EMB iShares JP Morgan Usd Emergi | 0.26% | 1,534,100 | $146.0M | Add +78.4% |
| CEG Constellation Energy | 0.26% | 434,579 | $143.0M | Add +90.7% |
| GILD Gilead Sciences Inc. | 0.25% | 1,271,032 | $141.1M | Reduce -7.2% |
| HIG Hartford Insurance Group Inc. | 0.25% | 1,037,853 | $138.4M | Add +27.6% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.24% | 1,306,922 | $134.1M | Add +81.0% |
| NRG NRG Energy Inc. | 0.24% | 827,056 | $133.9M | Reduce -17.4% |
| ELV Elevance Health Inc. | 0.24% | 409,052 | $132.2M | Add +18.1% |
| EXPD Expeditors Intl Wash Inc. | 0.24% | 1,070,975 | $131.3M | Add +59.4% |
| TMUS T-Mobile US Inc. | 0.24% | 547,308 | $131.0M | Add +77.8% |
| BSX Boston Scientific Corp. | 0.24% | 1,341,487 | $131.0M | Add +12.2% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.23% | 135,600 | $129.2M | Add +45.9% |
| CBRE CBRE Group Inc. Class A | 0.23% | 815,685 | $128.5M | Reduce -29.5% |
| LOGI Logitech International-Reg | 0.23% | 1,173,769 | $128.0M | Add +26.4% |
Portfolio Sells Q2 2025 → Q3 2025
| V Visa Inc. Class A | Reduce -75.5% | 0.07% | −0.30 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −0.28 |
| MA Mastercard Inc. Class A | Reduce -2.8% | 1.34% | −0.27 |
| XLV SS Health Care Select Sector | Reduce -13.1% | 0.84% | −0.27 |
| USMV iShares MSCI USA Min Vol Fac | Sold out | 0.00% | −0.26 |
| TJX TJX Companies Inc. | Reduce -61.4% | 0.14% | −0.23 |
| CB Chubb Ltd. | Reduce -99.0% | 0.00% | −0.22 |
| UTHR United Therapeutics Corp. | Reduce -79.7% | 0.07% | −0.22 |
| CP Canadian Pacific Kansas City | Reduce -45.7% | 0.15% | −0.19 |
| BAH Booz Allen Hamilton Holdings | Reduce -98.7% | 0.00% | −0.18 |
| BRO Brown & Brown Inc. | Reduce -4.0% | 0.40% | −0.18 |
| DOCU Docusign Inc. | Reduce -76.0% | 0.04% | −0.18 |
| FTNT Fortinet Inc. | Reduce -36.0% | 0.13% | −0.17 |
| BKNG Booking Holdings Inc. | Reduce -8.0% | 0.45% | −0.17 |
| ISRG Intuitive Surgical Inc. | Reduce -20.7% | 0.21% | −0.17 |
| WTW Willis Towers Watson PLC | Reduce -53.1% | 0.12% | −0.15 |
| WMT Walmart Inc. | Reduce -25.6% | 0.28% | −0.14 |
| GDDY GoDaddy Inc. Class A | Reduce -31.2% | 0.11% | −0.14 |
| AEE Ameren Corporation | Reduce -45.9% | 0.13% | −0.13 |
| TRP TC Energy Corp. | Reduce -44.7% | 0.14% | −0.13 |
| MCK McKesson Corp. | Reduce -34.3% | 0.18% | −0.13 |
| EFV iShares MSCI Eafe Value ETF | Reduce -87.4% | 0.02% | −0.13 |
| SPGI S&P Global Inc. | Reduce -24.0% | 0.18% | −0.12 |
| ADP Automatic Data Processing | Reduce -65.2% | 0.05% | −0.12 |
| GE General Electric | Reduce -22.1% | 0.39% | −0.12 |
| ES Eversource Energy | Sold out | 0.00% | −0.12 |
| ACN Accenture PLC Class A | Reduce -18.1% | 0.15% | −0.12 |
| KKR KKR & Co. Inc. | Reduce -62.3% | 0.05% | −0.12 |
| CBRE CBRE Group Inc. Class A | Reduce -29.5% | 0.23% | −0.11 |
| CNC Centene Corp. | Reduce -81.8% | 0.01% | −0.11 |
| IVV iShares Core S&P 500 ETF | Sold out | 0.00% | −0.11 |
| ECL Ecolab Inc. | Reduce -91.7% | 0.01% | −0.11 |
| QCOM Qualcomm Inc. | Reduce -33.1% | 0.16% | −0.11 |
| WFC Wells Fargo & Co. | Reduce -9.2% | 0.42% | −0.10 |
| NRG NRG Energy Inc. | Reduce -17.4% | 0.24% | −0.10 |
| WMB Williams Cos Inc. | Reduce -25.0% | 0.18% | −0.10 |
| LNG Cheniere Energy Inc. | Reduce -83.8% | 0.01% | −0.10 |
| CVLT Commvault Systems Inc. | Reduce -91.7% | 0.01% | −0.09 |
| SPOT Spotify Technology SA | Reduce -70.2% | 0.03% | −0.09 |
| PHM Pultegroup Inc. | Reduce -23.9% | 0.39% | −0.09 |
| VST Vistra Corp. | Reduce -16.9% | 0.22% | −0.09 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.09 |
| ENB Enbridge Inc. | Reduce -19.7% | 0.28% | −0.09 |
| GRMN Garmin Ltd. | Reduce -43.5% | 0.12% | −0.09 |
| COR Cencora Inc. | Reduce -3.8% | 0.50% | −0.09 |
| CI The Cigna Group | Reduce -80.3% | 0.01% | −0.09 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.09 |
| ALSN Allison Transmission Holding | Reduce -31.7% | 0.09% | −0.08 |
| AFL Aflac Inc. | Reduce -99.3% | 0.00% | −0.08 |
| MANH Manhattan Associates Inc. | Reduce -43.3% | 0.08% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| USHY iShares Broad Usd High Yield | New | 0.51% | +0.51 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | New | 0.50% | +0.50 |
| AAPL Apple Inc. | Add +6.2% | 4.38% | +0.44 |
| LRCX Lam Research Corp. | Add +164.0% | 0.62% | +0.42 |
| PEP Pepsico Inc. | Add +151.7% | 0.66% | +0.37 |
| VLUE iShares MSCI USA Value Facto | New | 0.34% | +0.34 |
| TMO Thermo Fisher Scientific Inc. | Add +12110.2% | 0.30% | +0.30 |
| NVDA Nvidia Corp. | Add +5.3% | 4.97% | +0.24 |
| REGN Regeneron Pharmaceuticals | Add +115.4% | 0.47% | +0.23 |
| ULTA Ulta Beauty Inc. | Add +249.8% | 0.29% | +0.21 |
| MU Micron Technology Inc. | Add +221.1% | 0.28% | +0.20 |
| SLB SLB Ltd. | Add +10422.1% | 0.20% | +0.19 |
| ADI Analog Devices Inc. | New | 0.18% | +0.18 |
| HST Host Hotels & Resorts Inc. | Add +475.8% | 0.22% | +0.18 |
| PFE Pfizer Inc. | Add +1728.1% | 0.19% | +0.18 |
| AVGO Broadcom Inc. | Add +12.6% | 1.42% | +0.17 |
| INCY Incyte Corp. | Add +264.6% | 0.23% | +0.17 |
| FFIV F5 Inc. | Add +169.2% | 0.27% | +0.16 |
| TSLA Tesla Inc. | Add +12.1% | 0.65% | +0.16 |
| DG Dollar General Corp. | Add +1615.1% | 0.17% | +0.16 |
| XLP SS Consumer Staples Sel Sect | Add +75.3% | 0.50% | +0.15 |
| CAT Caterpillar Inc. | Add +79.4% | 0.33% | +0.15 |
| CME Cme Group Inc. | Add +6579.0% | 0.15% | +0.15 |
| DLTR Dollar Tree Inc. | Add +1334.3% | 0.16% | +0.14 |
| ITW Illinois Tool Works | Add +293.0% | 0.20% | +0.14 |
| HAL Halliburton Co. | Add +163.8% | 0.22% | +0.14 |
| DB Deutsche Bank AG-Registered | New | 0.13% | +0.13 |
| BLK BlackRock Inc. | Add +472.1% | 0.16% | +0.13 |
| GGG Graco Inc. | Add +236.4% | 0.20% | +0.13 |
| KLAC KLA Corp. | Add +171.7% | 0.20% | +0.13 |
| ABBV Abbvie Inc. | Add +19.3% | 0.61% | +0.13 |
| TFII Tfi International Inc. | Add +40.0% | 0.90% | +0.13 |
| BIIB Biogen Inc. | Add +718.2% | 0.14% | +0.13 |
| TD Toronto-Dominion Bank | Add +70.1% | 0.34% | +0.12 |
| NEU Newmarket Corp. | Add +376.4% | 0.15% | +0.12 |
| JNJ Johnson & Johnson | Add +8.3% | 1.18% | +0.12 |
| VLTO Veralto Corp. | New | 0.11% | +0.11 |
| FOXA Fox Corp. Class A | Add +138.3% | 0.19% | +0.11 |
| BDX Becton Dickinson and Co. | Add +417.2% | 0.13% | +0.11 |
| CEG Constellation Energy | Add +90.7% | 0.26% | +0.10 |
| VRTX Vertex Pharmaceuticals Inc. | Add +245.2% | 0.16% | +0.10 |
| EMB iShares JP Morgan Usd Emergi | Add +78.4% | 0.26% | +0.09 |
| TROW T Rowe Price Group Inc. | Add +81.0% | 0.24% | +0.09 |
| NKE Nike Inc. Class B | Add +135.6% | 0.19% | +0.09 |
| UNH Unitedhealth Group Inc. | Add +29.8% | 0.52% | +0.09 |
| CVS CVS Health Corp. | Add +1174.3% | 0.10% | +0.09 |
| INTU Intuit Inc. | Add +88.3% | 0.32% | +0.09 |
| RCI Rogers Communications Inc. Class B | New | 0.08% | +0.08 |
| XLRE SS Real Estate Select Sector | New | 0.08% | +0.08 |
| TPR Tapestry Inc. | New | 0.08% | +0.08 |
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 |