Caisse de depot et placement du Quebec
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Caisse de depot et placement du Quebec reported 540 stock positions worth $59.0 billion. Its top holding was Apple (AAPL) at 4.5% of the portfolio, followed by Nvidia (NVDA, 4.3%) and Microsoft (MSFT, 4.2%). Compared with Q3 2025, it opened 81 new positions, sold out of 82, added to 238 and reduced 198. The biggest buy was Alphabet Class A (GOOGL, shares +15%) and the biggest sale Nvidia (NVDA, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0000898286
- Portfolio Value
- $59.0B (Q4 2025)
- SEC Filing
- 0001140361-26-005820 ↗ filed Feb 17, 2026
Holdings Value
Holdings 540 stocks · $59.0B
| AAPL Apple Inc. | 4.47% | 9,695,513 | $2.6B | Add +1.5% |
| NVDA Nvidia Corp. | 4.25% | 13,447,527 | $2.5B | Reduce -9.0% |
| MSFT Microsoft Corp. | 4.20% | 5,119,538 | $2.5B | Add +4.3% |
| GOOGL Alphabet Inc. Class A | 3.31% | 6,235,987 | $2.0B | Add +15.5% |
| GIB Cgi Inc. | 2.56% | 16,290,487 | $1.5B | No change |
| CNI Canadian Natl Railway Co. | 2.33% | 13,894,922 | $1.4B | No change |
| AMZN Amazon.com Inc. | 2.25% | 5,750,851 | $1.3B | Add +20.3% |
| META Meta Platforms Inc. Class A | 1.85% | 1,655,608 | $1.1B | Add +1.4% |
| CAE Cae Inc. | 1.60% | 30,917,402 | $941.4M | No change |
| BCE Bce Inc. | 1.38% | 34,107,306 | $814.6M | No change |
| MA Mastercard Inc. Class A | 1.33% | 1,372,595 | $783.6M | Add +5.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.26% | 1,483,667 | $745.8M | Reduce -6.5% |
| JPM JPMorgan Chase & Co. | 1.25% | 2,290,823 | $738.1M | Add +22.4% |
| TFII Tfi International Inc. | 1.24% | 7,085,634 | $733.3M | Add +24.7% |
| AVGO Broadcom Inc. | 1.24% | 2,110,522 | $730.5M | Reduce -11.9% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.20% | 5,419,567 | $704.8M | No change |
| LLY Eli Lilly & Co. | 1.16% | 636,410 | $683.9M | Add +11.5% |
| JNJ Johnson & Johnson | 0.97% | 2,770,621 | $573.4M | Reduce -21.8% |
| MRK Merck & Co. Inc. | 0.74% | 4,131,458 | $434.9M | Reduce -13.3% |
| TSLA Tesla Inc. | 0.73% | 962,740 | $433.0M | Add +18.3% |
| LRCX Lam Research Corp. | 0.72% | 2,478,680 | $424.3M | Reduce -3.5% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.69% | 5,059,724 | $408.0M | New |
| GIL Gildan Activewear Inc. | 0.66% | 6,240,014 | $390.5M | Add +1695.7% |
| BKNG Booking Holdings Inc. | 0.66% | 72,123 | $386.2M | Add +55.6% |
| USHY iShares Broad Usd High Yield | 0.64% | 10,057,165 | $376.1M | Add +33.1% |
| PGR Progressive Corp. | 0.64% | 1,644,946 | $374.6M | Add +28.7% |
| ABBV Abbvie Inc. | 0.63% | 1,623,784 | $371.0M | Add +10.4% |
| GOOG Alphabet Inc. Class C | 0.59% | 1,117,155 | $350.6M | Reduce -30.7% |
| COST Costco Wholesale Corp. | 0.59% | 401,220 | $346.0M | Reduce -4.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.58% | 6,247,907 | $343.6M | Add +15.0% |
| RY Royal Bank of Canada | 0.57% | 1,969,337 | $336.2M | Add +1.6% |
| C Citigroup Inc. | 0.56% | 2,820,123 | $329.1M | Add +65.5% |
| WFC Wells Fargo & Co. | 0.56% | 3,519,745 | $328.0M | Add +27.7% |
| WMT Walmart Inc. | 0.56% | 2,938,312 | $327.4M | Add +92.5% |
| PEP Pepsico Inc. | 0.55% | 2,277,244 | $326.8M | Reduce -12.3% |
| CRM Salesforce Inc. | 0.54% | 1,207,553 | $319.9M | Add +4.5% |
| UNH Unitedhealth Group Inc. | 0.54% | 966,104 | $318.9M | Add +14.9% |
| NEE Nextera Energy Inc. | 0.51% | 3,715,931 | $298.3M | Add +64.4% |
| LSPD Lightspeed Commerce Inc. | 0.50% | 24,286,219 | $293.4M | No change |
| ADBE Adobe Inc. | 0.48% | 808,489 | $283.0M | Add +4.6% |
| MU Micron Technology Inc. | 0.47% | 979,360 | $279.5M | Add +5.4% |
| XLP SS Consumer Staples Sel Sect | 0.47% | 3,553,440 | $276.0M | Add +0.1% |
| CSCO Cisco Systems Inc. | 0.46% | 3,534,307 | $272.2M | Reduce -58.5% |
| KLAC KLA Corp. | 0.46% | 221,195 | $268.8M | Add +117.5% |
| UBER Uber Technologies Inc. | 0.45% | 3,266,590 | $266.9M | Add +45.6% |
| REGN Regeneron Pharmaceuticals | 0.45% | 342,319 | $264.2M | Reduce -26.0% |
| T AT&T Inc. | 0.43% | 10,233,907 | $254.2M | Reduce -5.8% |
| PG The Procter & Gamble Co. | 0.43% | 1,751,915 | $251.1M | Reduce -37.4% |
| ANET Arista Networks Inc. | 0.43% | 1,914,860 | $250.9M | Add +10.8% |
| CAT Caterpillar Inc. | 0.41% | 424,849 | $243.4M | Add +12.3% |
| ABT Abbott Laboratories | 0.40% | 1,878,629 | $235.4M | Add +28.8% |
| DUK Duke Energy Corp. | 0.40% | 2,008,031 | $235.4M | Reduce -23.2% |
| PHM Pultegroup Inc. | 0.40% | 1,987,436 | $233.0M | Add +22.7% |
| NFLX Netflix Inc. | 0.39% | 2,468,838 | $231.5M | Reduce -32.5% |
| XLV SS Health Care Select Sector | 0.39% | 1,478,334 | $228.8M | Reduce -55.9% |
| SHOP Shopify Inc. Class A | 0.39% | 1,411,721 | $227.6M | Add +5.3% |
| GDX Vaneck Gold Miners ETF | 0.37% | 2,553,000 | $219.0M | New |
| BN Brookfield Corp. | 0.37% | 4,760,394 | $218.9M | Add +15.8% |
| AMAT Applied Materials Inc. | 0.37% | 850,534 | $218.6M | Add +292.6% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.37% | 1,980,100 | $218.2M | Reduce -20.4% |
| TD Toronto-Dominion Bank | 0.36% | 2,262,489 | $213.5M | Reduce -4.1% |
| GS Goldman Sachs Group Inc. | 0.35% | 231,811 | $203.8M | Add +18.0% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.34% | 1,046,001 | $199.8M | New |
| GM General Motors Co. | 0.34% | 2,446,982 | $199.0M | Add +242.7% |
| COR Cencora Inc. | 0.33% | 575,884 | $194.5M | Reduce -34.8% |
| EME Emcor Group Inc. | 0.32% | 310,595 | $190.0M | Add +4.9% |
| ULTA Ulta Beauty Inc. | 0.32% | 313,254 | $189.5M | Add +5.9% |
| NVR NVR Inc. | 0.31% | 24,783 | $180.7M | Add +15.4% |
| DHR Danaher Corp. | 0.29% | 736,261 | $168.5M | Add +21.1% |
| HIG Hartford Insurance Group Inc. | 0.29% | 1,222,489 | $168.5M | Add +17.8% |
| IDXX Idexx Laboratories Inc. | 0.29% | 248,701 | $168.3M | Add +61.3% |
| CTAS Cintas Corp. | 0.28% | 878,928 | $165.3M | Reduce -10.7% |
| AIG American International Group | 0.28% | 1,909,371 | $163.3M | Reduce -13.8% |
| ZM Zoom Communications Inc. | 0.27% | 1,874,701 | $161.8M | Add +26.6% |
| DB Deutsche Bank AG-Registered | 0.27% | 4,128,475 | $160.5M | Add +104.2% |
| AMD Advanced Micro Devices | 0.26% | 725,433 | $155.4M | Add +96.2% |
| EXPD Expeditors Intl Wash Inc. | 0.26% | 1,029,722 | $153.4M | Reduce -3.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.26% | 997,262 | $153.2M | Add +83.4% |
| RBA RB Global Inc. | 0.26% | 1,477,027 | $152.2M | Add +44.2% |
| INTU Intuit Inc. | 0.26% | 229,156 | $151.8M | Reduce -12.5% |
| APH Amphenol Corp. Class A | 0.26% | 1,118,428 | $151.1M | Add +27.8% |
| LIN Linde PLC | 0.25% | 345,556 | $147.3M | Add +99.5% |
| RSP Invesco S&P 500 Equal Weight | 0.25% | 757,000 | $145.0M | New |
| UTHR United Therapeutics Corp. | 0.24% | 296,320 | $144.4M | Add +201.9% |
| BDX Becton Dickinson and Co. | 0.24% | 730,570 | $141.8M | Add +84.6% |
| NEM Newmont Corp. | 0.24% | 1,417,159 | $141.5M | Reduce -29.7% |
| ISRG Intuitive Surgical Inc. | 0.23% | 244,132 | $138.3M | Reduce -4.5% |
| BSX Boston Scientific Corp. | 0.23% | 1,446,092 | $137.9M | Add +7.8% |
| BKR Baker Hughes Co. | 0.23% | 3,005,647 | $136.9M | Add +67.3% |
| ICE Intercontinental Exchange Inc. | 0.23% | 843,781 | $136.7M | Reduce -3.5% |
| TMUS T-Mobile US Inc. | 0.23% | 660,513 | $134.1M | Add +20.7% |
| ABNB Airbnb Inc. Class A | 0.23% | 984,268 | $133.6M | Add +15.9% |
| CEG Constellation Energy | 0.22% | 370,268 | $130.8M | Reduce -14.8% |
| PSA Public Storage | 0.22% | 503,139 | $130.6M | Add +42.3% |
| LULU Lululemon Athletica Inc. | 0.22% | 627,749 | $130.5M | Reduce -1.7% |
| LPLA LPL Financial Holdings Inc. | 0.22% | 363,462 | $129.8M | Add +16.9% |
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 0.22% | 1,255,283 | $128.5M | Reduce -4.0% |
| DECK Deckers Outdoor Corp. | 0.22% | 1,236,750 | $128.2M | Reduce -0.8% |
| HD Home Depot Inc. | 0.22% | 372,213 | $128.1M | Reduce -12.7% |
| CTSH Cognizant Tech Solutions-A | 0.22% | 1,536,046 | $127.5M | Reduce -10.0% |
Portfolio Sells Q3 2025 → Q4 2025
| NVDA Nvidia Corp. | Reduce -9.0% | 4.25% | −0.71 |
| CSCO Cisco Systems Inc. | Reduce -58.5% | 0.46% | −0.59 |
| RSG Republic Services Inc. | Sold out | 0.00% | −0.55 |
| XLV SS Health Care Select Sector | Reduce -55.9% | 0.39% | −0.45 |
| NFLX Netflix Inc. | Reduce -32.5% | 0.39% | −0.40 |
| PG The Procter & Gamble Co. | Reduce -37.4% | 0.43% | −0.35 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.35 |
| AZO AutoZone Inc. | Reduce -56.8% | 0.13% | −0.28 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.28 |
| EMB iShares JP Morgan Usd Emergi | Reduce -97.5% | 0.01% | −0.26 |
| BRO Brown & Brown Inc. | Reduce -53.1% | 0.15% | −0.25 |
| VLUE iShares MSCI USA Value Facto | Reduce -72.1% | 0.10% | −0.24 |
| GE General Electric | Reduce -57.1% | 0.16% | −0.23 |
| JNJ Johnson & Johnson | Reduce -21.8% | 0.97% | −0.21 |
| ELV Elevance Health Inc. | Reduce -87.1% | 0.03% | −0.21 |
| ROP Roper Technologies Inc. | Reduce -47.4% | 0.16% | −0.20 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.20 |
| OR Or Royalties Inc. | Reduce -50.0% | 0.14% | −0.20 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.19 |
| QUAL iShares MSCI USA Quality Fac | Sold out | 0.00% | −0.19 |
| AVGO Broadcom Inc. | Reduce -11.9% | 1.24% | −0.18 |
| DUK Duke Energy Corp. | Reduce -23.2% | 0.40% | −0.18 |
| SSNC Ss&c Technologies Holdings | Reduce -81.0% | 0.04% | −0.17 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.5% | 1.26% | −0.17 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.17 |
| MSI Motorola Solutions Inc. | Reduce -37.2% | 0.17% | −0.17 |
| COR Cencora Inc. | Reduce -34.8% | 0.33% | −0.17 |
| MCK McKesson Corp. | Reduce -92.7% | 0.01% | −0.17 |
| FFIV F5 Inc. | Reduce -45.3% | 0.11% | −0.16 |
| WDAY Workday Inc. Class A | Reduce -84.7% | 0.02% | −0.15 |
| KR Kroger Co. | Reduce -34.3% | 0.20% | −0.15 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Reduce -20.4% | 0.37% | −0.13 |
| TDY Teledyne Technologies Inc. | Reduce -26.5% | 0.20% | −0.13 |
| LHX L3HARRIS Technologies Inc. | Reduce -34.1% | 0.19% | −0.13 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.12 |
| FNV Franco-Nevada Corp. | Reduce -79.3% | 0.03% | −0.12 |
| BA The Boeing Co. | Sold out | 0.00% | −0.12 |
| T AT&T Inc. | Reduce -5.8% | 0.43% | −0.12 |
| WEC WEC Energy Group Inc. | Reduce -33.6% | 0.16% | −0.12 |
| GOOG Alphabet Inc. Class C | Reduce -30.7% | 0.59% | −0.11 |
| COST Costco Wholesale Corp. | Reduce -4.1% | 0.59% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.11 |
| ENB Enbridge Inc. | Reduce -29.8% | 0.18% | −0.10 |
| PEP Pepsico Inc. | Reduce -12.3% | 0.55% | −0.10 |
| TMO Thermo Fisher Scientific Inc. | Reduce -41.2% | 0.20% | −0.10 |
| NKE Nike Inc. Class B | Reduce -45.3% | 0.09% | −0.10 |
| COF Capital One Financial Corp. | Reduce -50.1% | 0.11% | −0.10 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −0.10 |
| Q Qnity Electronics Inc. | Reduce -95.2% | 0.00% | −0.09 |
| HD Home Depot Inc. | Reduce -12.7% | 0.22% | −0.09 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +15.5% | 3.31% | +0.95 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.69% | +0.69 |
| GIL Gildan Activewear Inc. | Add +1695.7% | 0.66% | +0.63 |
| LLY Eli Lilly & Co. | Add +11.5% | 1.16% | +0.38 |
| GDX Vaneck Gold Miners ETF | New | 0.37% | +0.37 |
| AMZN Amazon.com Inc. | Add +20.3% | 2.25% | +0.36 |
| TFII Tfi International Inc. | Add +24.7% | 1.24% | +0.34 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.34% | +0.34 |
| AMAT Applied Materials Inc. | Add +292.6% | 0.37% | +0.29 |
| WMT Walmart Inc. | Add +92.5% | 0.56% | +0.27 |
| GM General Motors Co. | Add +242.7% | 0.34% | +0.26 |
| KLAC KLA Corp. | Add +117.5% | 0.46% | +0.26 |
| C Citigroup Inc. | Add +65.5% | 0.56% | +0.25 |
| RSP Invesco S&P 500 Equal Weight | New | 0.25% | +0.25 |
| BKNG Booking Holdings Inc. | Add +55.6% | 0.66% | +0.20 |
| NEE Nextera Energy Inc. | Add +64.4% | 0.51% | +0.20 |
| MU Micron Technology Inc. | Add +5.4% | 0.47% | +0.19 |
| JPM JPMorgan Chase & Co. | Add +22.4% | 1.25% | +0.19 |
| MRSH Marsh & McLennan Cos | Add +870.3% | 0.20% | +0.18 |
| UTHR United Therapeutics Corp. | Add +201.9% | 0.24% | +0.17 |
| CMI Cummins Inc. | Add +360.1% | 0.21% | +0.17 |
| AMD Advanced Micro Devices | Add +96.2% | 0.26% | +0.16 |
| WDC Western Digital Corp. | Add +532.6% | 0.17% | +0.15 |
| DB Deutsche Bank AG-Registered | Add +104.2% | 0.27% | +0.14 |
| WFC Wells Fargo & Co. | Add +27.7% | 0.56% | +0.14 |
| ADSK Autodesk Inc. | Add +2195.1% | 0.14% | +0.14 |
| MCO Moody's Corp. | Add +175.8% | 0.21% | +0.14 |
| EW Edwards Lifesciences Corp. | Add +156.2% | 0.21% | +0.13 |
| DHI D.R. Horton Inc. | Add +226.1% | 0.20% | +0.12 |
| USHY iShares Broad Usd High Yield | Add +33.1% | 0.64% | +0.12 |
| TJX TJX Companies Inc. | Add +83.4% | 0.26% | +0.12 |
| SNPS Synopsys Inc. | Add +675.2% | 0.14% | +0.12 |
| EFV iShares MSCI Eafe Value ETF | Add +708.9% | 0.13% | +0.11 |
| BGSI Boyd Group Services Inc. | New | 0.11% | +0.11 |
| IDXX Idexx Laboratories Inc. | Add +61.3% | 0.29% | +0.11 |
| BDX Becton Dickinson and Co. | Add +84.6% | 0.24% | +0.11 |
| CB Chubb Ltd. | Add +5648.7% | 0.11% | +0.11 |
| CM Can Imperial BK of Commerce | Add +109.9% | 0.18% | +0.10 |
| LIN Linde PLC | Add +99.5% | 0.25% | +0.10 |
| AFL Aflac Inc. | Add +22602.1% | 0.10% | +0.10 |
| CDNS Cadence Design SYS Inc. | Add +1129.2% | 0.11% | +0.10 |
| MPWR Monolithic Power Systems Inc. | Add +105.6% | 0.21% | +0.10 |
| MFC Manulife Financial Corp. | Add +199.7% | 0.14% | +0.10 |
| CMG Chipotle Mexican Grill Inc. | Add +152.8% | 0.18% | +0.10 |
| VLTO Veralto Corp. | Add +110.7% | 0.20% | +0.09 |
| STT State Street Corp. | Add +110.5% | 0.17% | +0.09 |
| AAPL Apple Inc. | Add +1.5% | 4.47% | +0.09 |
| CAT Caterpillar Inc. | Add +12.3% | 0.41% | +0.09 |
| LNG Cheniere Energy Inc. | Add +773.5% | 0.10% | +0.09 |
| WAB Wabtec Corp. | Add +1401.4% | 0.09% | +0.09 |
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 |