Federation des caisses Desjardins du Quebec

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Federation des caisses Desjardins du Quebec reported 2,714 stock positions worth $22.8 billion. Its top holding was Royal Bank of Canada (RY) at 7.6% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.6%) and Microsoft (MSFT, 3.2%). Compared with Q1 2025, it opened 211 new positions, sold out of 142, added to 862 and reduced 729. The biggest buy was Can Imperial BK of Commerce (CM, shares +61%) and the biggest sale Suncor Energy (SU, shares −32%).

Most Recent 13F
Q2 2026
Location
LEVIS, A8
CIK
0002022297
Portfolio Value
$22.8B (Q2 2025)
SEC Filing
0002022297-25-000009 ↗ filed Aug 14, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B Q1 2024: $13.8B Q1 2024 Q2 2024: $18.6B Q2 2024 Q3 2024: $20.2B Q3 2024 Q4 2024: $19.6B Q4 2024 Q1 2025: $20.2B Q1 2025 Q2 2025: $22.8B $22.8B Q2 2025 Q3 2025: $25.4B Q3 2025 Q4 2025: $26.2B Q4 2025 Q1 2026: $27.8B Q1 2026 Q2 2026: $32.4B Q2 2026

Holdings 2,714 stocks · $22.8B

RY Royal Bank of Canada 7.62% 13,215,944 $1.7B Add +4.4%
TD Toronto-Dominion Bank 4.59% 14,242,468 $1.0B Reduce -3.7%
MSFT Microsoft Corp. 3.22% 1,473,527 $733.0M Add +8.1%
BN Brookfield Corp. 2.36% 8,718,868 $538.4M Add +2.4%
NVDA Nvidia Corp. 2.17% 3,135,817 $495.5M Add +10.4%
AMZN Amazon.com Inc. 2.16% 2,240,842 $491.7M Add +18.6%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 2.01% 6,454,858 $456.9M Add +60.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.88% 7,730,557 $427.3M Reduce -4.9%
CP Canadian Pacific Kansas City 1.85% 5,316,043 $421.1M Add +7.6%
SLF Sun Life Financial Inc. 1.83% 6,305,308 $417.1M Reduce -6.6%
AAPL Apple Inc. 1.83% 2,032,400 $417.0M Add +3.4%
TRP TC Energy Corp. 1.67% 7,834,889 $380.9M Add +14.9%
GIB Cgi Inc. 1.59% 3,469,617 $363.0M Reduce -29.7%
CNI Canadian Natl Railway Co. 1.59% 3,483,358 $361.7M Add +16.5%
TU Telus Corp. 1.58% 22,402,624 $359.7M Reduce -2.2%
ENB Enbridge Inc. 1.54% 7,766,405 $351.0M Reduce -1.3%
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.53% 3,144,916 $347.9M Reduce -2.3%
MFC Manulife Financial Corp. 1.33% 9,463,672 $302.5M Reduce -5.0%
SU Suncor Energy Inc. 1.25% 7,618,200 $285.3M Reduce -31.6%
GOOGL Alphabet Inc. Class A 1.16% 1,494,429 $263.4M Add +0.0%
SHOP Shopify Inc. Class A 1.02% 2,018,186 $232.6M Add +20.7%
NTR Nutrien Ltd. 1.00% 3,915,994 $227.3M Add +2.4%
BRK.B Berkshire Hathaway Inc. Class B 0.95% 447,407 $217.3M Add +2.4%
META Meta Platforms Inc. Class A 0.91% 281,698 $208.0M Reduce -20.9%
V Visa Inc. Class A 0.89% 568,388 $201.8M Reduce -3.0%
PSLV Sprott Physical Silver Trust 0.85% 15,939,078 $194.7M Add +5.0%
CCJ Cameco Corp. 0.77% 2,375,442 $175.6M Reduce -3.5%
IJR iShares Core S&P Small-Cap E 0.76% 1,576,493 $172.3M Add +15.5%
GOOG Alphabet Inc. Class C 0.75% 967,765 $171.7M Reduce -6.1%
TFII Tfi International Inc. 0.75% 1,914,510 $171.0M Add +24.5%
BCE Bce Inc. 0.73% 7,499,742 $166.0M Reduce -29.6%
IVV iShares Core S&P 500 ETF 0.71% 260,814 $161.9M Add +2.8%
JPM JPMorgan Chase & Co. 0.71% 555,656 $161.1M Add +3.7%
CNQ Canadian Natural Resources 0.68% 4,954,735 $155.6M Add +6.8%
WPM Wheaton Precious Metals Corp. 0.67% 1,712,607 $153.4M Add +124.1%
MA Mastercard Inc. Class A 0.66% 267,814 $150.5M Add +11.9%
VOO Vanguard S&P 500 ETF 0.65% 261,739 $148.7M Reduce -4.2%
WMT Walmart Inc. 0.61% 1,423,231 $139.2M Add +23.1%
IEMG iShares Core MSCI Emerging 0.61% 2,314,239 $138.9M Add +3.5%
PHYS Sprott Physical Gold Trust 0.59% 5,345,362 $134.6M Add +0.8%
AVGO Broadcom Inc. 0.56% 465,321 $128.3M Add +7.7%
COST Costco Wholesale Corp. 0.46% 106,314 $105.2M Add +1.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.45% 2,148,356 $101.7M Add +2.4%
MGA Magna International Inc. 0.45% 2,640,744 $101.4M Add +7.1%
JNJ Johnson & Johnson 0.42% 627,663 $95.9M Reduce -13.7%
TECK Teck Resources Ltd.-CLS B 0.40% 2,279,995 $92.1M Add +8.6%
NFLX Netflix Inc. 0.38% 65,289 $87.4M Add +53.3%
QQQ Invesco QQQ Trust Series 1 0.37% 153,128 $84.5M Reduce -9.2%
AEM Agnico Eagle Mines Ltd. 0.37% 703,044 $83.5M Reduce -3.0%
ACWI iShares MSCI Acwi ETF 0.35% 621,117 $79.9M Reduce -47.8%
RBA RB Global Inc. 0.31% 693,661 $70.4M Add +12.7%
TSM Taiwan Semiconductor-SP ADR 0.30% 298,931 $67.7M Add +20.1%
CRM Salesforce Inc. 0.29% 244,088 $66.6M Add +9.5%
UNH Unitedhealth Group Inc. 0.29% 212,982 $66.4M Reduce -3.0%
CVS CVS Health Corp. 0.29% 963,194 $66.4M Reduce -3.0%
RCI Rogers Communications Inc. Class B 0.29% 2,228,846 $66.0M Reduce -2.1%
FNV Franco-Nevada Corp. 0.28% 404,153 $64.8M Reduce -2.6%
TSLA Tesla Inc. 0.28% 199,100 $63.3M Add +9.6%
LLY Eli Lilly & Co. 0.27% 79,868 $62.3M Add +9.7%
PANW Palo Alto Networks Inc. 0.27% 302,659 $61.9M Add +17.3%
C Citigroup Inc. 0.26% 702,323 $59.8M Reduce -18.5%
SYK Stryker Corp. 0.26% 151,033 $59.8M Add +3.8%
SPY SS SPDR S&P 500 ETF Trust-US 0.25% 92,490 $57.1M Reduce -12.2%
ETN Eaton Corp. PLC 0.25% 158,762 $56.7M Add +9.3%
SPGI S&P Global Inc. 0.25% 107,327 $56.6M Add +6.8%
FXY Invesco Currencyshares Japan 0.24% 871,910 $55.7M Reduce -14.4%
WCN Waste Connections Inc. 0.24% 299,043 $55.7M Add +18.8%
PG The Procter & Gamble Co. 0.24% 348,709 $55.6M Add +11.7%
FTS Fortis Inc. 0.24% 1,139,570 $54.4M Add +4.8%
PBA Pembina Pipeline Corp. 0.24% 1,437,134 $53.9M Reduce -6.0%
ELV Elevance Health Inc. 0.24% 138,290 $53.8M Reduce -4.8%
CTAS Cintas Corp. 0.23% 240,214 $53.5M Add +1.8%
MDT Medtronic PLC 0.23% 606,856 $52.9M Add +3.7%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.23% 422,452 $52.4M Reduce -5.8%
CVE Cenovus Energy Inc. 0.23% 3,836,324 $52.2M Reduce -6.3%
PFE Pfizer Inc. 0.23% 2,143,660 $52.0M Add +2.3%
BIP Brookfield Infrastructure Pa 0.23% 1,552,018 $52.0M Reduce -3.9%
ZTS Zoetis Inc. 0.23% 332,030 $51.8M Add +8.0%
VZ Verizon Communications Inc. 0.23% 1,190,046 $51.5M Reduce -1.0%
AMT American Tower Corp. 0.21% 220,801 $48.8M Add +49.3%
WFC Wells Fargo & Co. 0.21% 585,170 $46.9M Reduce -2.7%
AMD Advanced Micro Devices 0.21% 329,277 $46.7M Add +22.2%
VEU Vanguard Ftse All-World Ex-U 0.20% 680,291 $45.7M Add +372.9%
AXP American Express Co. 0.20% 140,877 $44.9M Reduce -31.8%
JQUA JPMorgan US Quality Factor 0.20% 747,541 $44.9M Add +2.3%
TRI Thomson Reuters Corp. 0.20% 235,608 $44.6M Reduce -2.0%
VGSH Vanguard Short-Term Treasury 0.19% 754,837 $44.4M Add +0.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.19% 135,530 $43.4M Add +7.5%
LNG Cheniere Energy Inc. 0.19% 176,169 $42.9M Add +473.4%
TIP iShares Tips Bond ETF 0.19% 389,870 $42.9M Add +35.1%
QSR Restaurant Brands Intern 0.19% 648,145 $42.9M Reduce -53.5%
UL Unilever PLC 0.19% 700,369 $42.8M Add +3.1%
DE Deere & Co. 0.19% 83,721 $42.6M Reduce -10.3%
BTAL Agf US Market Neutral Anti-B 0.19% 2,402,571 $42.5M Add +0.8%
VGLT Vanguard Long-Term Treasury 0.19% 756,320 $42.4M Add +2.9%
RSP Invesco S&P 500 Equal Weight 0.18% 229,646 $41.7M Add +70.9%
PGR Progressive Corp. 0.18% 154,035 $41.1M Reduce -30.3%
CRH CRH PLC 0.18% 440,515 $40.7M Reduce -5.8%
MCK McKesson Corp. 0.18% 54,572 $40.0M Reduce -11.6%
BAM Brookfield Asset Mgmt-A 0.17% 724,808 $39.8M Reduce -2.0%

Show all 2,714 holdings

Other holdings (12): bonds, preferreds, convertibles and warrants · $431K (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 224$272KNo change
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 98$115KReduce -4.8%
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 2,461$20KReduce -22.1%
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 3,435$13KReduce -6.0%
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 432$9KNo change
PDYNW Sarcos Technology -CW27 *W EXP 09/24/202 3,500$1KNo change
TMCWW TMC the Metals Co. Inc. -CW25I *W EXP 09/09/202 350$515No change
MSPRW MSP Recovery Inc. -27 *W EXP 05/20/202 236,000$472No change
DJTWW Trump Media & Technology Gro *W EXP 03/25/202 30$343No change
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 16$62Add +45.5%
XOSWW Xos Inc. -CW26 *W EXP 08/20/202 333$3No change
ALURW Allurion Technologies-28 *W EXP 08/01/203 45$1No change

Total filed on the 13F, all lines: $22.8B.

Portfolio Sells Q1 2025 → Q2 2025

SU Suncor Energy Inc. Reduce -31.6% 1.25% −0.88
GIB Cgi Inc. Reduce -29.7% 1.59% −0.84
BCE Bce Inc. Reduce -29.6% 0.73% −0.48
ACWI iShares MSCI Acwi ETF Reduce -47.8% 0.35% −0.33
UNH Unitedhealth Group Inc. Reduce -3.0% 0.29% −0.28
QSR Restaurant Brands Intern Reduce -53.5% 0.19% −0.27
MFC Manulife Financial Corp. Reduce -5.0% 1.33% −0.21
PAAS Pan American Silver Corp. Reduce -68.9% 0.09% −0.21
ENB Enbridge Inc. Reduce -1.3% 1.54% −0.18
JNJ Johnson & Johnson Reduce -13.7% 0.42% −0.18
V Visa Inc. Class A Reduce -3.0% 0.89% −0.13
PGR Progressive Corp. Reduce -30.3% 0.18% −0.13
AON Aon PLC Class A Reduce -82.0% 0.02% −0.12
EMXC iShares MSCI Emr MRK Ex Chna Reduce -79.3% 0.03% −0.11
BNY Bank of New York Mellon Corp. Reduce -36.8% 0.17% −0.11
JVAL JPMorgan US Value Factor ETF Reduce -97.1% 0.00% −0.10
SCHW Schwab (charles) Corp. Reduce -44.1% 0.14% −0.10
META Meta Platforms Inc. Class A Reduce -20.9% 0.91% −0.10
MRSH Marsh & McLennan Cos Reduce -28.7% 0.13% −0.10
FDX FedEx Corp. Reduce -43.6% 0.08% −0.09
ACN Accenture PLC Class A Reduce -37.8% 0.10% −0.09
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -31.3% 0.13% −0.08
SLF Sun Life Financial Inc. Reduce -6.6% 1.83% −0.08
PMMF Ishrs Prime MMKT ETF Reduce -99.9% 0.00% −0.08
AXP American Express Co. Reduce -31.8% 0.20% −0.08
ELV Elevance Health Inc. Reduce -4.8% 0.24% −0.08
ROST Ross Stores Inc. Reduce -71.7% 0.03% −0.07
ADI Analog Devices Inc. Reduce -49.2% 0.08% −0.07
PBA Pembina Pipeline Corp. Reduce -6.0% 0.24% −0.07
FXY Invesco Currencyshares Japan Reduce -14.4% 0.24% −0.07
MLM Martin Marietta Materials Reduce -74.9% 0.02% −0.06
QCOM Qualcomm Inc. Reduce -20.1% 0.15% −0.06
PEP Pepsico Inc. Reduce -21.2% 0.09% −0.05
BDX Becton Dickinson and Co. Reduce -59.4% 0.02% −0.05
CVE Cenovus Energy Inc. Reduce -6.3% 0.23% −0.05
TU Telus Corp. Reduce -2.2% 1.58% −0.05
VZ Verizon Communications Inc. Reduce -1.0% 0.23% −0.04
GOOG Alphabet Inc. Class C Reduce -6.1% 0.75% −0.04
VOO Vanguard S&P 500 ETF Reduce -4.2% 0.65% −0.04
CVS CVS Health Corp. Reduce -3.0% 0.29% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Reduce -12.2% 0.25% −0.04
C Citigroup Inc. Reduce -18.5% 0.26% −0.04
LRCX Lam Research Corp. Reduce -48.1% 0.06% −0.04
FNV Franco-Nevada Corp. Reduce -2.6% 0.28% −0.04
HSIC Henry Schein Inc. Reduce -49.6% 0.03% −0.04
TLT iShares 20+ Year Treasury BD Reduce -14.9% 0.10% −0.04
AZO AutoZone Inc. Reduce -16.1% 0.09% −0.03
MCD McDonald's Corp. Reduce -1.6% 0.14% −0.03
LUV Southwest Airlines Co. Reduce -51.2% 0.02% −0.03
BNS Bank of Nova Scotia Reduce -4.9% 1.88% −0.03

Portfolio Buys Q1 2025 → Q2 2025

CM Can Imperial BK of Commerce Add +60.5% 2.01% +0.89
MSFT Microsoft Corp. Add +8.1% 3.22% +0.68
NVDA Nvidia Corp. Add +10.4% 2.17% +0.65
RY Royal Bank of Canada Add +4.4% 7.62% +0.58
WPM Wheaton Precious Metals Corp. Add +124.1% 0.67% +0.38
AMZN Amazon.com Inc. Add +18.6% 2.16% +0.38
SHOP Shopify Inc. Class A Add +20.7% 1.02% +0.23
AVGO Broadcom Inc. Add +7.7% 0.56% +0.20
NFLX Netflix Inc. Add +53.3% 0.38% +0.19
TFII Tfi International Inc. Add +24.5% 0.75% +0.16
BN Brookfield Corp. Add +2.4% 2.36% +0.16
VEU Vanguard Ftse All-World Ex-U Add +372.9% 0.20% +0.16
EMA Emera Inc. New 0.16% +0.16
LNG Cheniere Energy Inc. Add +473.4% 0.19% +0.15
CNI Canadian Natl Railway Co. Add +16.5% 1.59% +0.15
CP Canadian Pacific Kansas City Add +7.6% 1.85% +0.14
WMT Walmart Inc. Add +23.1% 0.61% +0.11
DECK Deckers Outdoor Corp. Add +570.8% 0.11% +0.09
TSM Taiwan Semiconductor-SP ADR Add +20.1% 0.30% +0.09
TRP TC Energy Corp. Add +14.9% 1.67% +0.08
NEM Newmont Corp. Add +141.6% 0.12% +0.07
CMI Cummins Inc. Add +164.3% 0.12% +0.07
NVO Novo-Nordisk A/S-Spons ADR Add +222.4% 0.11% +0.07
EMB iShares JP Morgan Usd Emergi Add +48048.0% 0.07% +0.07
AMD Advanced Micro Devices Add +22.2% 0.21% +0.07
RSP Invesco S&P 500 Equal Weight Add +70.9% 0.18% +0.07
LEN Lennar Corp. Class A Add +315.3% 0.09% +0.06
NTR Nutrien Ltd. Add +2.4% 1.00% +0.06
JPM JPMorgan Chase & Co. Add +3.7% 0.71% +0.06
VEEV Veeva Systems Inc. Class A Add +290.5% 0.07% +0.06
AMT American Tower Corp. Add +49.3% 0.21% +0.05
PANW Palo Alto Networks Inc. Add +17.3% 0.27% +0.05
ETN Eaton Corp. PLC Add +9.3% 0.25% +0.05
EOG EOG Resources Inc. Add +714.2% 0.06% +0.05
IJR iShares Core S&P Small-Cap E Add +15.5% 0.76% +0.05
WMB Williams Cos Inc. Add +141.2% 0.09% +0.05
CAVA Cava Group Inc. Add +3094.1% 0.05% +0.05
ORCL Oracle Corp. Add +1.0% 0.16% +0.05
SNPS Synopsys Inc. Add +224.6% 0.06% +0.04
TSLA Tesla Inc. Add +9.6% 0.28% +0.04
ASML ASML Holding NV-NY Reg SHS Add +43.6% 0.11% +0.04
IGV iShares Expanded Tech-Softwa Add +27.6% 0.14% +0.04
MELI MercadoLibre Inc. Add +32.9% 0.10% +0.04
DG Dollar General Corp. Add +26.6% 0.11% +0.03
DEO Diageo PLC-Sponsored ADR Add +69.6% 0.11% +0.03
SE Sea Ltd.-ADR Add +63.7% 0.07% +0.03
FISV Fiserv Inc. Add +98.0% 0.12% +0.03
CLS Celestica Inc. Add +61.4% 0.05% +0.03
EXC Exelon Corp. Add +239.8% 0.05% +0.03
WELL Welltower Inc. Add +214.5% 0.05% +0.03

Notes & Other Activity Q1 2025 → Q2 2025

CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal Sold out 175,000 $139Kbefore exit
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -4.8% 98 $115K
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Reduce -22.1% 2,461 $20K
HTZWW Hertz Global Hldgs Inc. -CW51 *W EXP 06/30/205 Reduce -6.0% 3,435 $13K
EXEEL Chesapeake Energy Corp. -CW26 *W EXP 02/09/202 Sold out 40 $3Kbefore exit
SXTPW 60 Degrees Pharma Inc.-28 *W EXP 07/12/202 Sold out 5,000 $115before exit
VAL.WS Valaris Ltd. -CW28 *W EXP 04/29/202 Add +45.5% 16 $62

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 3,004$32.4BRY, TD, NVDA, AAPL, MSFT
Q1 2026 2,949$27.8BRY, TD, MSFT, NVDA, AAPL
Q4 2025 2,869$26.2BRY, TD, MSFT, NVDA, BN
Q3 2025 2,866$25.4BRY, TD, MSFT, NVDA, BN
Q2 2025 2,714$22.8BRY, TD, MSFT, BN, NVDA
Q1 2025 2,644$20.2BRY, TD, MSFT, GIB, BN
Q4 2024 2,539$19.6BRY, MSFT, TD, BNS, BN
Q3 2024 2,544$20.2BRY, TD, BNS, SLF, MSFT
Q2 2024 2,376$18.6BRY, TD, BNS, MSFT, BMO
Q1 2024Amended 2,386$13.8BRY, MSFT, TD, VOO, BNS