Canada Pension Plan Investment Board
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Canada Pension Plan Investment Board reported 1,296 stock positions worth $103.0 billion. Its top holding was Apple (AAPL) at 4.2% of the portfolio, followed by Microsoft (MSFT, 3.7%) and Nvidia (NVDA, 3.6%). Compared with Q4 2024, it opened 127 new positions, sold out of 227, added to 526 and reduced 480. The biggest buy was Apple (AAPL, shares +28%) and the biggest sale an exit from Endeavor Group Hold Class A (EDR).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO ONTARIO, A6
- CIK
- 0001283718
- Portfolio Value
- $103.0B (Q1 2025)
- SEC Filing
- 0001104659-25-048705 ↗ filed May 15, 2025
Holdings Value
Holdings 1,296 stocks · $103.0B
| AAPL Apple Inc. | 4.25% | 19,690,301 | $4.4B | Add +28.2% |
| MSFT Microsoft Corp. | 3.71% | 10,189,406 | $3.8B | Add +13.3% |
| NVDA Nvidia Corp. | 3.60% | 34,171,620 | $3.7B | Add +13.7% |
| MA Mastercard Inc. Class A | 2.56% | 4,805,237 | $2.6B | Add +2.4% |
| AMZN Amazon.com Inc. | 2.10% | 11,347,839 | $2.2B | Add +20.8% |
| UNH Unitedhealth Group Inc. | 2.04% | 4,009,623 | $2.1B | Reduce -7.3% |
| TMUS T-Mobile US Inc. | 1.78% | 6,889,126 | $1.8B | Add +14.3% |
| GOOGL Alphabet Inc. Class A | 1.76% | 11,713,818 | $1.8B | Add +9.1% |
| SRAD Sportradar Group AG-A | 1.67% | 79,555,080 | $1.7B | No change |
| META Meta Platforms Inc. Class A | 1.63% | 2,912,791 | $1.7B | Reduce -0.2% |
| LIN Linde PLC | 1.59% | 3,516,527 | $1.6B | Reduce -7.8% |
| VIK Viking Holdings Ltd. | 1.56% | 40,437,712 | $1.6B | Reduce -10.8% |
| GE General Electric filed as GE AEROSPACE | 1.47% | 7,556,694 | $1.5B | Add +0.1% |
| CNQ Canadian Natural Resources | 1.25% | 41,769,153 | $1.3B | Add +13.0% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.22% | 2,237,000 | $1.3B | No change |
| AVGO Broadcom Inc. | 1.15% | 7,079,402 | $1.2B | Add +21.5% |
| LYV Live Nation Entertainment Inc. | 1.15% | 9,029,939 | $1.2B | Add +4.4% |
| INFA Informatica Inc. Class A | 1.09% | 64,379,838 | $1.1B | No change |
| WAY Waystar Holding Corp. | 1.08% | 29,692,286 | $1.1B | Reduce -20.2% |
| UNP Union Pacific Corp. | 1.06% | 4,626,200 | $1.1B | Add +10.8% |
| DLR Digital Realty Trust Inc. | 0.99% | 7,144,737 | $1.0B | Add +63.0% |
| JPM JPMorgan Chase & Co. | 0.99% | 4,166,815 | $1.0B | Add +8.0% |
| GOOG Alphabet Inc. Class C | 0.97% | 6,364,297 | $994.3M | Add +2.2% |
| EQH Equitable Holdings Inc. | 0.95% | 18,769,261 | $977.7M | Reduce -1.4% |
| TRP TC Energy Corp. | 0.91% | 19,808,558 | $935.6M | Add +34.3% |
| EQIX Equinix Inc. | 0.84% | 1,063,487 | $867.1M | Add +17.8% |
| WTRG Essential Utilities Inc. | 0.83% | 21,661,095 | $856.3M | No change |
| IQV Iqvia Holdings Inc. | 0.79% | 4,594,831 | $810.1M | Add +7.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.77% | 1,489,074 | $793.1M | Add +33.5% |
| TSLA Tesla Inc. | 0.77% | 3,046,909 | $789.6M | Add +37.0% |
| NFLX Netflix Inc. | 0.73% | 804,892 | $750.6M | Reduce -8.7% |
| RY Royal Bank of Canada | 0.69% | 6,346,768 | $715.0M | Add +104.6% |
| TD Toronto-Dominion Bank | 0.61% | 10,524,446 | $630.7M | Add +81.6% |
| BSX Boston Scientific Corp. | 0.61% | 6,235,563 | $629.0M | Reduce -14.4% |
| XOM Exxon Mobil Corp. | 0.59% | 5,090,910 | $605.5M | Add +69.8% |
| IWM iShares Russell 2000 ETF | 0.58% | 3,010,000 | $600.5M | Add +74.7% |
| D Dominion Energy Inc. | 0.58% | 10,645,263 | $596.9M | Reduce -7.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.57% | 14,069,520 | $587.1M | Reduce -6.6% |
| SHOP Shopify Inc. Class A | 0.55% | 5,943,409 | $565.5M | Add +34.4% |
| CRM Salesforce Inc. | 0.50% | 1,904,116 | $511.0M | Add +36.6% |
| LLY Eli Lilly & Co. | 0.49% | 615,602 | $508.4M | Reduce -41.2% |
| INVH Invitation Homes Inc. | 0.49% | 14,436,151 | $503.1M | Reduce -8.3% |
| CRC California Resources Corp. | 0.45% | 10,506,895 | $462.0M | No change |
| JNJ Johnson & Johnson | 0.45% | 2,779,012 | $460.9M | Reduce -38.6% |
| RNW Renew Energy Global PLC-A | 0.44% | 76,501,166 | $450.6M | No change |
| NTR Nutrien Ltd. | 0.42% | 8,786,309 | $436.1M | Add +17.1% |
| LNG Cheniere Energy Inc. | 0.41% | 1,836,545 | $425.0M | Reduce -5.9% |
| ISRG Intuitive Surgical Inc. | 0.41% | 857,313 | $424.6M | Reduce -18.0% |
| ENB Enbridge Inc. | 0.41% | 9,525,987 | $421.7M | Add +39.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.39% | 8,364,411 | $396.6M | Add +141.1% |
| HD Home Depot Inc. | 0.38% | 1,076,293 | $394.5M | Reduce -7.6% |
| DHR Danaher Corp. | 0.38% | 1,894,076 | $388.3M | Add +24.7% |
| WFC Wells Fargo & Co. | 0.37% | 5,307,366 | $381.0M | Add +34.6% |
| ADBE Adobe Inc. | 0.37% | 983,686 | $377.3M | Add +110.6% |
| IPG Interpublic Group of Cos Inc. | 0.37% | 13,885,384 | $377.1M | Add +5.1% |
| CSCO Cisco Systems Inc. | 0.36% | 6,041,753 | $372.8M | Add +39.5% |
| ABBV Abbvie Inc. | 0.36% | 1,754,141 | $367.5M | Reduce -37.9% |
| AVB Avalonbay Communities Inc. | 0.35% | 1,695,253 | $363.8M | Reduce -16.1% |
| KKR KKR & Co. Inc. | 0.34% | 3,051,592 | $352.8M | Add +45.2% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.34% | 3,676,637 | $351.2M | Add +66.5% |
| ARE Alexandria Real Estate Equit | 0.34% | 3,757,294 | $347.6M | Reduce -8.6% |
| MRK Merck & Co. Inc. | 0.33% | 3,822,309 | $343.1M | Reduce -34.3% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.33% | 6,055,999 | $340.7M | Add +23.0% |
| TRGP Targa Resources Corp. | 0.33% | 1,684,917 | $337.8M | Add +47.3% |
| PBA Pembina Pipeline Corp. | 0.33% | 8,387,525 | $335.5M | No change |
| CIVI Civitas Resources Inc. | 0.32% | 9,524,201 | $332.3M | No change |
| PCG P G & E Corp. | 0.32% | 19,172,519 | $329.4M | Add +352.3% |
| V Visa Inc. Class A | 0.32% | 929,643 | $325.8M | Reduce -19.3% |
| BCE Bce Inc. | 0.32% | 14,181,568 | $325.6M | Add +50.9% |
| PLD Prologis Inc. | 0.31% | 2,892,759 | $323.4M | Reduce -41.5% |
| CP Canadian Pacific Kansas City | 0.31% | 4,541,610 | $318.8M | Add +47.6% |
| CVX Chevron Corp. | 0.31% | 1,891,824 | $316.5M | Add +141.2% |
| SU Suncor Energy Inc. | 0.31% | 8,149,381 | $315.6M | Add +27.6% |
| AZO AutoZone Inc. | 0.30% | 82,186 | $313.4M | Add +7.0% |
| INTU Intuit Inc. | 0.29% | 491,892 | $302.0M | Add +97.8% |
| MFC Manulife Financial Corp. | 0.29% | 9,653,897 | $300.9M | Add +30.0% |
| NOW ServiceNow Inc. | 0.29% | 376,701 | $299.9M | Add +29.1% |
| COST Costco Wholesale Corp. | 0.29% | 316,789 | $299.6M | Reduce -55.1% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.28% | 4,060,694 | $290.7M | Reduce -16.3% |
| PEP Pepsico Inc. | 0.28% | 1,914,083 | $287.0M | Reduce -48.7% |
| GS Goldman Sachs Group Inc. | 0.28% | 524,296 | $286.4M | Add +28.6% |
| CNI Canadian Natl Railway Co. | 0.27% | 2,858,739 | $278.2M | Add +34.8% |
| EIX Edison International | 0.27% | 4,658,597 | $274.5M | Add +38.3% |
| GDDY GoDaddy Inc. Class A | 0.26% | 1,503,755 | $270.9M | Add +8.5% |
| TDG Transdigm Group Inc. | 0.26% | 193,205 | $267.3M | Add +26.5% |
| MS Morgan Stanley | 0.26% | 2,255,350 | $263.1M | Add +41.7% |
| T AT&T Inc. | 0.25% | 9,230,160 | $261.0M | Add +24.0% |
| UBER Uber Technologies Inc. | 0.25% | 3,544,073 | $258.2M | Reduce -29.6% |
| AEM Agnico Eagle Mines Ltd. | 0.25% | 2,344,302 | $254.0M | Add +57.4% |
| ARES Ares Management Corp. Class A | 0.25% | 1,727,563 | $253.3M | Add +5.5% |
| GEHC GE Healthcare Technology | 0.24% | 3,111,398 | $251.1M | Add +15.2% |
| SLF Sun Life Financial Inc. | 0.23% | 4,221,447 | $241.6M | Add +47.2% |
| ADI Analog Devices Inc. | 0.23% | 1,196,224 | $241.2M | Add +19.1% |
| QQQ Invesco QQQ Trust Series 1 | 0.23% | 509,000 | $238.7M | No change |
| KIM Kimco Realty Corp. | 0.23% | 11,186,050 | $237.6M | No change |
| WMT Walmart Inc. | 0.23% | 2,664,390 | $233.9M | Reduce -66.7% |
| GILD Gilead Sciences Inc. | 0.23% | 2,085,291 | $233.7M | Reduce -36.5% |
| TMO Thermo Fisher Scientific Inc. | 0.23% | 466,622 | $232.2M | Reduce -24.1% |
| SCHW Schwab (charles) Corp. | 0.23% | 2,964,077 | $232.0M | Add +5.9% |
| QCOM Qualcomm Inc. | 0.22% | 1,496,982 | $230.0M | Add +43.2% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $28.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 29,957,000 | $28.3M | No change |
Total filed on the 13F, all lines: $103.0B.
Portfolio Sells Q4 2024 → Q1 2025
| EDR Endeavor Group Hold Class A | Sold out | 0.00% | −0.63 |
| PG The Procter & Gamble Co. | Reduce -70.2% | 0.22% | −0.49 |
| WMT Walmart Inc. | Reduce -66.7% | 0.23% | −0.46 |
| VIK Viking Holdings Ltd. | Reduce -10.8% | 1.56% | −0.34 |
| AVTR Avantor Inc. | Reduce -74.1% | 0.09% | −0.34 |
| COST Costco Wholesale Corp. | Reduce -55.1% | 0.29% | −0.32 |
| LLY Eli Lilly & Co. | Reduce -41.2% | 0.49% | −0.28 |
| PM Philip Morris International | Reduce -69.0% | 0.19% | −0.27 |
| PEP Pepsico Inc. | Reduce -48.7% | 0.28% | −0.26 |
| KO The Coca-Cola Co. | Reduce -61.7% | 0.20% | −0.24 |
| WAY Waystar Holding Corp. | Reduce -20.2% | 1.08% | −0.22 |
| MRK Merck & Co. Inc. | Reduce -34.3% | 0.33% | −0.22 |
| BEKE Ke Holdings Inc.-ADR | Reduce -97.2% | 0.01% | −0.19 |
| PLD Prologis Inc. | Reduce -41.5% | 0.31% | −0.18 |
| JNJ Johnson & Johnson | Reduce -38.6% | 0.45% | −0.18 |
| AMT American Tower Corp. | Reduce -74.5% | 0.08% | −0.17 |
| MAR Marriott International Class A | Reduce -99.7% | 0.00% | −0.14 |
| WELL Welltower Inc. | Reduce -92.1% | 0.01% | −0.13 |
| ABBV Abbvie Inc. | Reduce -37.9% | 0.36% | −0.12 |
| PGR Progressive Corp. | Reduce -95.0% | 0.01% | −0.11 |
| SPG Simon Property Group Inc. | Reduce -62.6% | 0.07% | −0.11 |
| MDLZ Mondelez International Inc. Class A | Reduce -57.8% | 0.11% | −0.11 |
| ISRG Intuitive Surgical Inc. | Reduce -18.0% | 0.41% | −0.11 |
| ADP Automatic Data Processing | Reduce -60.3% | 0.08% | −0.11 |
| ABT Abbott Laboratories | Reduce -50.8% | 0.15% | −0.10 |
| PSA Public Storage | Reduce -32.7% | 0.21% | −0.10 |
| INFY Infosys Ltd.-SP ADR | Reduce -84.8% | 0.01% | −0.09 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −0.08 |
| SO The Southern Co. | Reduce -94.3% | 0.01% | −0.08 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.08 |
| TMO Thermo Fisher Scientific Inc. | Reduce -24.1% | 0.23% | −0.08 |
| CBRE CBRE Group Inc. Class A | Reduce -47.8% | 0.09% | −0.08 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −0.07 |
| O Realty Income Corp. | Reduce -55.8% | 0.07% | −0.07 |
| HON Honeywell International Inc. | Reduce -44.3% | 0.08% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -37.9% | 0.15% | −0.07 |
| AVB Avalonbay Communities Inc. | Reduce -16.1% | 0.35% | −0.07 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -58.2% | 0.07% | −0.07 |
| VICI Vici Properties Inc. | Reduce -69.1% | 0.04% | −0.07 |
| QSR Restaurant Brands Intern | Reduce -38.8% | 0.12% | −0.07 |
| PFE Pfizer Inc. | Reduce -30.1% | 0.14% | −0.07 |
| EXR Extra Space Storage Inc. | Reduce -34.6% | 0.13% | −0.06 |
| DUK Duke Energy Corp. | Reduce -45.0% | 0.11% | −0.06 |
| NEE Nextera Energy Inc. | Reduce -27.5% | 0.17% | −0.06 |
| GILD Gilead Sciences Inc. | Reduce -36.5% | 0.23% | −0.06 |
| BAC Bank of America Corp. | Reduce -6.6% | 0.57% | −0.06 |
| GLOB Globant SA | Sold out | 0.00% | −0.06 |
| STZ Constellation Brands Inc. Class A | Reduce -80.1% | 0.01% | −0.06 |
| NRG NRG Energy Inc. | Reduce -96.5% | 0.00% | −0.06 |
| WST West Pharmaceutical Services | Reduce -72.5% | 0.01% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| AAPL Apple Inc. | Add +28.2% | 4.25% | +0.58 |
| TMUS T-Mobile US Inc. | Add +14.3% | 1.78% | +0.52 |
| RY Royal Bank of Canada | Add +104.6% | 0.69% | +0.34 |
| TD Toronto-Dominion Bank | Add +81.6% | 0.61% | +0.32 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +33.5% | 0.77% | +0.29 |
| XOM Exxon Mobil Corp. | Add +69.8% | 0.59% | +0.28 |
| GE General Electric | Add +0.1% | 1.47% | +0.27 |
| TRP TC Energy Corp. | Add +34.3% | 0.91% | +0.25 |
| DLR Digital Realty Trust Inc. | Add +63.0% | 0.99% | +0.25 |
| PCG P G & E Corp. | Add +352.3% | 0.32% | +0.24 |
| IWM iShares Russell 2000 ETF | Add +74.7% | 0.58% | +0.22 |
| BNS Bank of Nova Scotia | Add +141.1% | 0.39% | +0.21 |
| MA Mastercard Inc. Class A | Add +2.4% | 2.56% | +0.20 |
| CVX Chevron Corp. | Add +141.2% | 0.31% | +0.20 |
| ADBE Adobe Inc. | Add +110.6% | 0.37% | +0.17 |
| CNQ Canadian Natural Resources | Add +13.0% | 1.25% | +0.16 |
| DFS Discover Financial Services | Add +393.0% | 0.20% | +0.16 |
| UNP Union Pacific Corp. | Add +10.8% | 1.06% | +0.15 |
| INTU Intuit Inc. | Add +97.8% | 0.29% | +0.14 |
| BMO Bank of Montreal | Add +66.5% | 0.34% | +0.14 |
| AEM Agnico Eagle Mines Ltd. | Add +57.4% | 0.25% | +0.14 |
| ENB Enbridge Inc. | Add +39.7% | 0.41% | +0.13 |
| TRGP Targa Resources Corp. | Add +47.3% | 0.33% | +0.13 |
| AMZN Amazon.com Inc. | Add +20.8% | 2.10% | +0.13 |
| COP Conocophillips | Add +6041.6% | 0.12% | +0.12 |
| CSCO Cisco Systems Inc. | Add +39.5% | 0.36% | +0.12 |
| JPM JPMorgan Chase & Co. | Add +8.0% | 0.99% | +0.11 |
| BCE Bce Inc. | Add +50.9% | 0.32% | +0.11 |
| WFC Wells Fargo & Co. | Add +34.6% | 0.37% | +0.11 |
| MSFT Microsoft Corp. | Add +13.3% | 3.71% | +0.10 |
| NTR Nutrien Ltd. | Add +17.1% | 0.42% | +0.10 |
| SHOP Shopify Inc. Class A | Add +34.4% | 0.55% | +0.10 |
| CP Canadian Pacific Kansas City | Add +47.6% | 0.31% | +0.10 |
| WCN Waste Connections Inc. | Add +56.2% | 0.22% | +0.10 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +120.7% | 0.18% | +0.10 |
| FSLR First Solar Inc. | Add +16857.8% | 0.09% | +0.09 |
| T AT&T Inc. | Add +24.0% | 0.25% | +0.09 |
| SU Suncor Energy Inc. | Add +27.6% | 0.31% | +0.09 |
| BA The Boeing Co. | Add +243.8% | 0.13% | +0.09 |
| SPOT Spotify Technology SA | Add +50.5% | 0.19% | +0.09 |
| WPM Wheaton Precious Metals Corp. | Add +57.6% | 0.16% | +0.09 |
| IBM Intl Business Machines Corp. | Add +139.0% | 0.13% | +0.08 |
| LRCX Lam Research Corp. | Add +66.4% | 0.19% | +0.08 |
| LYV Live Nation Entertainment Inc. | Add +4.4% | 1.15% | +0.08 |
| B Barrick Gold Corp. | Add +56.1% | 0.15% | +0.08 |
| TDG Transdigm Group Inc. | Add +26.5% | 0.26% | +0.08 |
| MFC Manulife Financial Corp. | Add +30.0% | 0.29% | +0.08 |
| SLF Sun Life Financial Inc. | Add +47.2% | 0.23% | +0.07 |
| ACN Accenture PLC Class A | Add +77.1% | 0.19% | +0.07 |
| DASH DoorDash Inc. Class A | Add +48.8% | 0.18% | +0.07 |
Notes & Other Activity Q4 2024 → Q1 2025
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | Sold out | 36,000,000 | $38.5Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,694 | $180.8B | NVDA, AAPL, MSFT, AVGO, GOOGL |
| Q1 2026 | 1,679 | $155.0B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q4 2025 | 1,970 | $149.5B | NVDA, AAPL, MSFT, AMZN, AVGO |
| Q3 2025 | 1,345 | $142.4B | NVDA, MSFT, AAPL, AMZN, AVGO |
| Q2 2025 | 1,344 | $116.9B | NVDA, MSFT, AAPL, AMZN, MA |
| Q1 2025 | 1,296 | $103.0B | AAPL, MSFT, NVDA, MA, AMZN |
| Q4 2024 | 1,396 | $105.0B | NVDA, AAPL, MSFT, MA, UNH |
| Q3 2024 | 1,317 | $105.5B | NVDA, GOOGL, MSFT, AAPL, UNH |
| Q2 2024 | 1,358 | $101.7B | NVDA, GOOGL, MSFT, AAPL, INFA |
| Q1 2024 | 1,164 | $95.1B | NVDA, GOOGL, MSFT, INFA, MA |