Federation des caisses Desjardins du Quebec
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Federation des caisses Desjardins du Quebec reported 2,866 stock positions worth $25.4 billion. Its top holding was Royal Bank of Canada (RY) at 7.8% of the portfolio, followed by Toronto-Dominion Bank (TD, 3.2%) and Microsoft (MSFT, 3.1%). Compared with Q2 2025, it opened 285 new positions, sold out of 134, added to 1,170 and reduced 600. The biggest buy was iShares MSCI World ETF (URTH, shares +45750%) and the biggest sale Toronto-Dominion Bank (TD, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- LEVIS, A8
- CIK
- 0002022297
- Portfolio Value
- $25.4B (Q3 2025)
- SEC Filing
- 0002022297-25-000012 ↗ filed Nov 14, 2025
Holdings Value
Holdings 2,866 stocks · $25.4B
| RY Royal Bank of Canada | 7.83% | 13,506,325 | $2.0B | Add +2.2% |
| TD Toronto-Dominion Bank | 3.15% | 10,012,201 | $800.7M | Reduce -29.7% |
| MSFT Microsoft Corp. | 3.05% | 1,498,575 | $776.2M | Add +1.7% |
| NVDA Nvidia Corp. | 2.51% | 3,417,943 | $637.7M | Add +9.0% |
| BN Brookfield Corp. | 2.36% | 8,773,304 | $599.3M | Add +0.6% |
| AAPL Apple Inc. | 2.08% | 2,074,412 | $528.2M | Add +2.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.06% | 8,082,163 | $522.8M | Add +4.5% |
| GIB Cgi Inc. | 2.03% | 5,816,636 | $516.6M | Add +67.6% |
| AMZN Amazon.com Inc. | 1.85% | 2,146,653 | $471.3M | Reduce -4.2% |
| TRP TC Energy Corp. | 1.79% | 8,443,522 | $455.4M | Add +7.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.75% | 3,428,018 | $444.6M | Add +9.0% |
| CP Canadian Pacific Kansas City | 1.62% | 5,555,892 | $412.3M | Add +4.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.60% | 5,096,755 | $407.5M | Reduce -21.0% |
| ENB Enbridge Inc. | 1.60% | 8,058,503 | $405.9M | Add +3.8% |
| TU Telus Corp. | 1.42% | 22,901,780 | $360.9M | Add +2.2% |
| GOOGL Alphabet Inc. Class A | 1.37% | 1,433,104 | $348.4M | Reduce -4.1% |
| CNI Canadian Natl Railway Co. | 1.34% | 3,612,868 | $340.7M | Add +3.7% |
| SLF Sun Life Financial Inc. | 1.33% | 5,648,981 | $338.2M | Reduce -10.4% |
| SU Suncor Energy Inc. | 1.27% | 7,693,782 | $321.8M | Add +1.0% |
| MFC Manulife Financial Corp. | 1.20% | 9,770,562 | $304.2M | Add +3.2% |
| SHOP Shopify Inc. Class A | 1.16% | 1,987,328 | $294.5M | Reduce -1.5% |
| URTH iShares MSCI World ETF | 1.03% | 1,437,387 | $261.0M | Add +45749.7% |
| PSLV Sprott Physical Silver Trust | 1.01% | 16,409,423 | $257.7M | Add +3.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.98% | 494,443 | $248.6M | Add +10.5% |
| GOOG Alphabet Inc. Class C | 0.92% | 962,483 | $234.4M | Reduce -0.6% |
| META Meta Platforms Inc. Class A | 0.83% | 287,714 | $211.3M | Add +2.1% |
| NTR Nutrien Ltd. | 0.82% | 3,553,384 | $207.2M | Reduce -9.3% |
| V Visa Inc. Class A | 0.78% | 580,565 | $198.2M | Add +2.1% |
| BCE Bce Inc. | 0.76% | 8,233,810 | $192.5M | Add +9.8% |
| TFII Tfi International Inc. | 0.75% | 2,165,037 | $190.3M | Add +13.1% |
| IVV iShares Core S&P 500 ETF | 0.72% | 271,987 | $182.0M | Add +4.3% |
| JPM JPMorgan Chase & Co. | 0.70% | 567,743 | $179.1M | Add +2.2% |
| IEMG iShares Core MSCI Emerging | 0.69% | 2,656,434 | $175.1M | Add +14.8% |
| WPM Wheaton Precious Metals Corp. | 0.68% | 1,556,023 | $172.9M | Reduce -9.1% |
| CVE Cenovus Energy Inc. | 0.67% | 10,061,906 | $170.6M | Add +162.3% |
| PHYS Sprott Physical Gold Trust | 0.64% | 5,464,759 | $161.7M | Add +2.2% |
| VOO Vanguard S&P 500 ETF | 0.63% | 261,948 | $160.4M | Add +0.1% |
| WMT Walmart Inc. | 0.58% | 1,437,235 | $148.1M | Add +1.0% |
| CCJ Cameco Corp. | 0.57% | 1,733,368 | $145.4M | Reduce -27.0% |
| AVGO Broadcom Inc. | 0.55% | 420,836 | $138.8M | Reduce -9.6% |
| MGA Magna International Inc. | 0.49% | 2,639,414 | $124.0M | Reduce -0.1% |
| UNH Unitedhealth Group Inc. | 0.48% | 350,956 | $121.2M | Add +64.8% |
| MA Mastercard Inc. Class A | 0.47% | 211,607 | $120.4M | Reduce -21.0% |
| JNJ Johnson & Johnson | 0.46% | 632,541 | $117.3M | Add +0.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.45% | 2,224,032 | $114.7M | Add +3.5% |
| AEM Agnico Eagle Mines Ltd. | 0.44% | 661,598 | $111.3M | Reduce -5.9% |
| CNQ Canadian Natural Resources | 0.43% | 3,411,162 | $109.1M | Reduce -31.1% |
| TRI Thomson Reuters Corp. | 0.41% | 672,648 | $104.1M | Add +185.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.41% | 368,566 | $102.9M | Add +23.3% |
| TECK Teck Resources Ltd.-CLS B | 0.40% | 2,316,668 | $101.6M | Add +1.6% |
| RCI Rogers Communications Inc. Class B | 0.39% | 2,905,029 | $100.0M | Add +30.3% |
| COST Costco Wholesale Corp. | 0.38% | 104,185 | $96.4M | Reduce -2.0% |
| QQQ Invesco QQQ Trust Series 1 | 0.37% | 158,139 | $94.9M | Add +3.3% |
| TSLA Tesla Inc. | 0.36% | 207,593 | $92.3M | Add +4.3% |
| STN Stantec Inc. | 0.34% | 804,695 | $86.2M | Add +426.0% |
| PANW Palo Alto Networks Inc. | 0.33% | 417,287 | $85.0M | Add +37.9% |
| NFLX Netflix Inc. | 0.33% | 70,810 | $84.9M | Add +8.5% |
| FNV Franco-Nevada Corp. | 0.31% | 349,708 | $77.9M | Reduce -13.5% |
| AGI Alamos Gold Inc. Class A | 0.30% | 2,160,354 | $75.0M | Add +705.6% |
| NEM Newmont Corp. | 0.28% | 855,447 | $72.1M | Add +77.4% |
| TMO Thermo Fisher Scientific Inc. | 0.27% | 142,650 | $69.2M | Add +66.9% |
| PBA Pembina Pipeline Corp. | 0.27% | 1,673,592 | $67.4M | Add +16.4% |
| FTS Fortis Inc. | 0.26% | 1,308,444 | $66.0M | Add +14.8% |
| LLY Eli Lilly & Co. | 0.26% | 84,940 | $64.8M | Add +6.3% |
| OTEX Open Text Corp. | 0.25% | 1,740,746 | $64.8M | Add +54.6% |
| SYK Stryker Corp. | 0.24% | 167,491 | $61.9M | Add +10.9% |
| AMT American Tower Corp. | 0.24% | 320,972 | $61.7M | Add +45.4% |
| PG The Procter & Gamble Co. | 0.24% | 398,259 | $61.2M | Add +14.2% |
| CVS CVS Health Corp. | 0.24% | 808,483 | $61.0M | Reduce -16.1% |
| CRM Salesforce Inc. | 0.24% | 256,655 | $60.8M | Add +5.2% |
| C Citigroup Inc. | 0.24% | 590,386 | $59.9M | Reduce -15.9% |
| SPGI S&P Global Inc. | 0.23% | 121,993 | $59.4M | Add +13.7% |
| PFE Pfizer Inc. | 0.23% | 2,322,909 | $59.2M | Add +8.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 85,434 | $56.9M | Reduce -7.6% |
| FXY Invesco Currencyshares Japan | 0.21% | 873,917 | $54.4M | Add +0.2% |
| BIP Brookfield Infrastructure Pa | 0.21% | 1,597,684 | $52.5M | Add +2.9% |
| VZ Verizon Communications Inc. | 0.20% | 1,169,344 | $51.4M | Reduce -1.7% |
| CRH CRH PLC | 0.20% | 423,614 | $50.9M | Reduce -3.8% |
| KGC Kinross Gold Corp. | 0.20% | 2,055,910 | $50.9M | Add +5.3% |
| WCN Waste Connections Inc. | 0.20% | 292,414 | $50.5M | Reduce -2.2% |
| MDT Medtronic PLC | 0.20% | 528,399 | $50.3M | Reduce -12.9% |
| WFC Wells Fargo & Co. | 0.20% | 596,481 | $50.0M | Add +1.9% |
| EMA Emera Inc. | 0.20% | 1,045,573 | $49.8M | Add +34.8% |
| ELV Elevance Health Inc. | 0.19% | 152,596 | $49.3M | Add +10.3% |
| GDX Vaneck Gold Miners ETF | 0.19% | 644,280 | $49.2M | Add +629.5% |
| CTAS Cintas Corp. | 0.19% | 238,189 | $48.9M | Reduce -0.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.19% | 426,922 | $48.9M | Add +1.1% |
| VEU Vanguard Ftse All-World Ex-U | 0.19% | 681,845 | $48.7M | Add +0.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.19% | 156,983 | $48.6M | Add +15.8% |
| AMD Advanced Micro Devices | 0.19% | 299,270 | $48.4M | Reduce -9.1% |
| ETN Eaton Corp. PLC | 0.19% | 128,866 | $48.2M | Reduce -18.8% |
| JQUA JPMorgan US Quality Factor | 0.19% | 766,489 | $48.2M | Add +2.5% |
| MCK McKesson Corp. | 0.18% | 60,679 | $46.9M | Add +11.2% |
| AXP American Express Co. | 0.18% | 139,477 | $46.3M | Reduce -1.0% |
| UL Unilever PLC | 0.18% | 773,648 | $45.9M | Add +10.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.18% | 417,026 | $45.4M | Reduce -0.7% |
| BAM Brookfield Asset Mgmt-A | 0.17% | 779,234 | $44.3M | Add +7.5% |
| VGLT Vanguard Long-Term Treasury | 0.17% | 776,329 | $44.1M | Add +2.6% |
| VGSH Vanguard Short-Term Treasury | 0.17% | 745,094 | $43.8M | Reduce -1.3% |
| TIP iShares Tips Bond ETF | 0.17% | 387,323 | $43.1M | Reduce -0.7% |
Other holdings (11): bonds, preferreds, convertibles and warrants · $455K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 224 | $287K | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 98 | $121K | No change |
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | 2,282 | $22K | Reduce -7.3% |
| HTZWW Hertz Global Hldgs Inc. -CW51 | *W EXP 06/30/205 | 3,435 | $13K | No change |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 432 | $11K | No change |
| PDYNW Sarcos Technology -CW27 | *W EXP 09/24/202 | 3,500 | $704 | No change |
| MSPRW MSP Recovery Inc. -27 | *W EXP 05/20/202 | 236,000 | $472 | No change |
| DJTWW Trump Media & Technology Gro | *W EXP 03/25/202 | 30 | $242 | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 21 | $59 | Add +31.3% |
| XOSWW Xos Inc. -CW26 | *W EXP 08/20/202 | 333 | $4 | No change |
| ALURW Allurion Technologies-28 | *W EXP 08/01/203 | 45 | $1 | No change |
Total filed on the 13F, all lines: $25.4B.
Portfolio Sells Q2 2025 → Q3 2025
| TD Toronto-Dominion Bank | Reduce -29.7% | 3.15% | −1.44 |
| IJR iShares Core S&P Small-Cap E | Reduce -98.7% | 0.01% | −0.75 |
| SLF Sun Life Financial Inc. | Reduce -10.4% | 1.33% | −0.50 |
| CM Can Imperial BK of Commerce | Reduce -21.0% | 1.60% | −0.40 |
| AMZN Amazon.com Inc. | Reduce -4.2% | 1.85% | −0.30 |
| CNQ Canadian Natural Resources | Reduce -31.1% | 0.43% | −0.25 |
| ACWI iShares MSCI Acwi ETF | Reduce -66.4% | 0.11% | −0.24 |
| RBA RB Global Inc. | Reduce -70.7% | 0.09% | −0.22 |
| CCJ Cameco Corp. | Reduce -27.0% | 0.57% | −0.20 |
| MA Mastercard Inc. Class A | Reduce -21.0% | 0.47% | −0.19 |
| NTR Nutrien Ltd. | Reduce -9.3% | 0.82% | −0.18 |
| ZTS Zoetis Inc. | Reduce -43.5% | 0.11% | −0.12 |
| LNG Cheniere Energy Inc. | Reduce -53.0% | 0.08% | −0.11 |
| QCOM Qualcomm Inc. | Reduce -52.4% | 0.07% | −0.08 |
| TLT iShares 20+ Year Treasury BD | Reduce -83.6% | 0.01% | −0.08 |
| COST Costco Wholesale Corp. | Reduce -2.0% | 0.38% | −0.08 |
| INFY Infosys Ltd.-SP ADR | Reduce -81.7% | 0.01% | −0.07 |
| ETN Eaton Corp. PLC | Reduce -18.8% | 0.19% | −0.06 |
| DE Deere & Co. | Reduce -11.2% | 0.13% | −0.05 |
| CVS CVS Health Corp. | Reduce -16.1% | 0.24% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -18.2% | 0.10% | −0.05 |
| WCN Waste Connections Inc. | Reduce -2.2% | 0.20% | −0.05 |
| FISV Fiserv Inc. | Reduce -6.9% | 0.07% | −0.04 |
| QSR Restaurant Brands Intern | Reduce -12.0% | 0.14% | −0.04 |
| CTAS Cintas Corp. | Reduce -0.8% | 0.19% | −0.04 |
| BTAL Agf US Market Neutral Anti-B | Reduce -3.9% | 0.14% | −0.04 |
| MDT Medtronic PLC | Reduce -12.9% | 0.20% | −0.03 |
| SAP Sap SE-Sponsored ADR | Reduce -39.7% | 0.03% | −0.03 |
| DELL Dell Technologies -C | Reduce -67.9% | 0.02% | −0.03 |
| AQN Algonquin Power & Utilities | Reduce -2.8% | 0.13% | −0.03 |
| LEN Lennar Corp. Class A | Reduce -32.8% | 0.06% | −0.03 |
| ROP Roper Technologies Inc. | Reduce -11.9% | 0.06% | −0.03 |
| USMV iShares MSCI USA Min Vol Fac | Reduce -92.6% | 0.00% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -7.6% | 0.22% | −0.03 |
| C Citigroup Inc. | Reduce -15.9% | 0.24% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -1.7% | 0.20% | −0.02 |
| FICO Fair Isaac Corp. | Reduce -64.4% | 0.01% | −0.02 |
| GDDY GoDaddy Inc. Class A | Reduce -71.0% | 0.01% | −0.02 |
| OTIS Otis Worldwide Corp. | Reduce -26.2% | 0.04% | −0.02 |
| HDB HDFC Bank Ltd.-ADR | Reduce -25.8% | 0.03% | −0.02 |
| VGSH Vanguard Short-Term Treasury | Reduce -1.3% | 0.17% | −0.02 |
| ESGD iShares Trust iShares ESG Aw | Reduce -13.7% | 0.09% | −0.02 |
| KLAC KLA Corp. | Reduce -50.6% | 0.02% | −0.02 |
| RSP Invesco S&P 500 Equal Weight | Reduce -5.3% | 0.16% | −0.02 |
| IWM iShares Russell 2000 ETF | Reduce -62.5% | 0.01% | −0.02 |
| DLTR Dollar Tree Inc. | Reduce -29.5% | 0.03% | −0.02 |
| TIP iShares Tips Bond ETF | Reduce -0.7% | 0.17% | −0.02 |
| ESGU iShares ESG Aware MSCI USA | Sold out | 0.00% | −0.02 |
| BSX Boston Scientific Corp. | Reduce -1.2% | 0.08% | −0.02 |
| SOXX iShares Semiconductor ETF | Reduce -74.0% | 0.01% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| URTH iShares MSCI World ETF | Add +45749.7% | 1.03% | +1.02 |
| CVE Cenovus Energy Inc. | Add +162.3% | 0.67% | +0.44 |
| GIB Cgi Inc. | Add +67.6% | 2.03% | +0.44 |
| NVDA Nvidia Corp. | Add +9.0% | 2.51% | +0.33 |
| STN Stantec Inc. | Add +426.0% | 0.34% | +0.27 |
| AGI Alamos Gold Inc. Class A | Add +705.6% | 0.30% | +0.26 |
| AAPL Apple Inc. | Add +2.1% | 2.08% | +0.25 |
| BMO Bank of Montreal | Add +9.0% | 1.75% | +0.22 |
| TRI Thomson Reuters Corp. | Add +185.5% | 0.41% | +0.21 |
| RY Royal Bank of Canada | Add +2.2% | 7.83% | +0.20 |
| UNH Unitedhealth Group Inc. | Add +64.8% | 0.48% | +0.19 |
| BNS Bank of Nova Scotia | Add +4.5% | 2.06% | +0.18 |
| GDX Vaneck Gold Miners ETF | Add +629.5% | 0.19% | +0.17 |
| NEM Newmont Corp. | Add +77.4% | 0.28% | +0.16 |
| PSLV Sprott Physical Silver Trust | Add +3.0% | 1.01% | +0.16 |
| TRP TC Energy Corp. | Add +7.8% | 1.79% | +0.12 |
| TMO Thermo Fisher Scientific Inc. | Add +66.9% | 0.27% | +0.12 |
| COF Capital One Financial Corp. | Add +280.2% | 0.17% | +0.12 |
| OTEX Open Text Corp. | Add +54.6% | 0.25% | +0.11 |
| TSM Taiwan Semiconductor-SP ADR | Add +23.3% | 0.41% | +0.11 |
| RCI Rogers Communications Inc. Class B | Add +30.3% | 0.39% | +0.10 |
| TSLA Tesla Inc. | Add +4.3% | 0.36% | +0.09 |
| IEMG iShares Core MSCI Emerging | Add +14.8% | 0.69% | +0.08 |
| EMB iShares JP Morgan Usd Emergi | Add +115.3% | 0.14% | +0.07 |
| KGC Kinross Gold Corp. | Add +5.3% | 0.20% | +0.07 |
| PANW Palo Alto Networks Inc. | Add +37.9% | 0.33% | +0.06 |
| SPMO Invesco S&P 500 Momentum ETF | Add +583.8% | 0.07% | +0.06 |
| ENB Enbridge Inc. | Add +3.8% | 1.60% | +0.06 |
| APP AppLovin Corp. Class A | Add +24.2% | 0.08% | +0.05 |
| PHYS Sprott Physical Gold Trust | Add +2.2% | 0.64% | +0.05 |
| JNJ Johnson & Johnson | Add +0.8% | 0.46% | +0.04 |
| EMA Emera Inc. | Add +34.8% | 0.20% | +0.04 |
| IAG Iamgold Corp. | Add +77.2% | 0.06% | +0.04 |
| OR Or Royalties Inc. | Add +34.5% | 0.08% | +0.04 |
| COPX Global X Copper Miners ETF | Add +23915.6% | 0.04% | +0.04 |
| ACN Accenture PLC Class A | Add +87.0% | 0.13% | +0.04 |
| LRCX Lam Research Corp. | Add +27.9% | 0.10% | +0.04 |
| GOVI Invesco Equal Weight 0-30 YR | New | 0.04% | +0.04 |
| MU Micron Technology Inc. | Add +3.1% | 0.16% | +0.03 |
| DOO BRP Inc./Ca- Sub Voting | Add +83.0% | 0.06% | +0.03 |
| FLKR Franklin Ftse South Korea | New | 0.03% | +0.03 |
| STX Seagate Technology Holdings | Add +465.4% | 0.03% | +0.03 |
| ANET Arista Networks Inc. | Add +25.0% | 0.08% | +0.03 |
| AMT American Tower Corp. | Add +45.4% | 0.24% | +0.03 |
| BCE Bce Inc. | Add +9.8% | 0.76% | +0.03 |
| PBA Pembina Pipeline Corp. | Add +16.4% | 0.27% | +0.03 |
| BABA Alibaba Group Holding-SP ADR | Add +3.9% | 0.09% | +0.03 |
| SNPS Synopsys Inc. | Add +65.9% | 0.09% | +0.03 |
| WDC Western Digital Corp. | Add +84.1% | 0.04% | +0.03 |
| MSCI MSCI Inc. | Add +109.9% | 0.06% | +0.03 |
Notes & Other Activity Q2 2025 → Q3 2025
| CVE.WS Cenovus Energy Inc. -CW26 | *W EXP 01/01/202 | Reduce -7.3% | 2,282 | $22K |
| TMCWW TMC the Metals Co. Inc. -CW25I | *W EXP 09/09/202 | Sold out | 350 | $515before exit |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | Add +31.3% | 21 | $59 |
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 | 3,004 | $32.4B | RY, TD, NVDA, AAPL, MSFT |
| Q1 2026 | 2,949 | $27.8B | RY, TD, MSFT, NVDA, AAPL |
| Q4 2025 | 2,869 | $26.2B | RY, TD, MSFT, NVDA, BN |
| Q3 2025 | 2,866 | $25.4B | RY, TD, MSFT, NVDA, BN |
| Q2 2025 | 2,714 | $22.8B | RY, TD, MSFT, BN, NVDA |
| Q1 2025 | 2,644 | $20.2B | RY, TD, MSFT, GIB, BN |
| Q4 2024 | 2,539 | $19.6B | RY, MSFT, TD, BNS, BN |
| Q3 2024 | 2,544 | $20.2B | RY, TD, BNS, SLF, MSFT |
| Q2 2024 | 2,376 | $18.6B | RY, TD, BNS, MSFT, BMO |
| Q1 2024Amended | 2,386 | $13.8B | RY, MSFT, TD, VOO, BNS |