Fiera Capital Corp
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Fiera Capital Corp reported 439 stock positions worth $29.5 billion. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 5.7%) and Alphabet Class A (GOOGL, 4.5%). Compared with Q1 2025, it opened 44 new positions, sold out of 66, added to 150 and reduced 202. The biggest buy was Copart (CPRT, shares +75%) and the biggest sale Unitedhealth (UNH, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001505817
- Portfolio Value
- $29.5B (Q2 2025)
- SEC Filing
- 0001085146-25-004702 ↗ filed Aug 8, 2025
Holdings Value
Holdings 439 stocks · $29.5B
| MSFT Microsoft Corp. | 6.02% | 3,568,993 | $1.8B | Reduce -4.6% |
| TSM Taiwan Semiconductor-SP ADR | 5.65% | 7,363,696 | $1.7B | Reduce -5.0% |
| GOOGL Alphabet Inc. Class A | 4.46% | 7,470,713 | $1.3B | Reduce -6.2% |
| MCO Moody's Corp. | 4.38% | 2,574,948 | $1.3B | Add +1.4% |
| AZO AutoZone Inc. | 3.85% | 305,995 | $1.1B | Reduce -6.6% |
| MA Mastercard Inc. Class A | 3.42% | 1,794,614 | $1.0B | Reduce -4.4% |
| ORCL Oracle Corp. | 3.02% | 4,069,352 | $889.7M | Reduce -0.5% |
| CME Cme Group Inc. | 2.61% | 2,790,592 | $769.1M | Add +1.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.36% | 5,634,215 | $695.8M | Reduce -7.3% |
| RY Royal Bank of Canada | 2.12% | 4,754,458 | $626.2M | Add +0.3% |
| SHW The Sherwin-Williams Co. | 2.08% | 1,789,889 | $614.6M | Reduce -2.5% |
| CNI Canadian Natl Railway Co. | 2.05% | 5,800,583 | $604.0M | Add +6.0% |
| MSCI MSCI Inc. | 1.90% | 969,850 | $559.4M | Add +2.2% |
| OTIS Otis Worldwide Corp. | 1.79% | 5,339,028 | $528.7M | Reduce -1.0% |
| TRI Thomson Reuters Corp. | 1.72% | 2,518,855 | $506.2M | Add +1.1% |
| CARR Carrier Global Corp. | 1.69% | 6,800,690 | $497.7M | Add +1.3% |
| GIB Cgi Inc. | 1.59% | 4,474,424 | $469.6M | Add +2.1% |
| WCN Waste Connections Inc. | 1.56% | 2,461,080 | $459.5M | Add +0.9% |
| CP Canadian Pacific Kansas City | 1.53% | 5,685,384 | $450.2M | Add +0.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.45% | 3,865,481 | $428.1M | Add +0.0% |
| JNJ Johnson & Johnson | 1.43% | 2,758,667 | $421.4M | Reduce -5.3% |
| PEP Pepsico Inc. | 1.41% | 3,157,757 | $417.0M | Reduce -8.9% |
| QQQ Invesco QQQ Trust Series 1 | 1.40% | 748,233 | $412.8M | Add +1.6% |
| RBA RB Global Inc. | 1.40% | 3,876,595 | $411.6M | Add +2.7% |
| MTD Mettler-Toledo International | 1.37% | 342,837 | $402.7M | Add +19.0% |
| GGG Graco Inc. | 1.31% | 4,487,096 | $385.8M | Reduce -3.6% |
| SPGI S&P Global Inc. | 1.29% | 721,874 | $380.6M | Reduce -2.1% |
| HDB HDFC Bank Ltd.-ADR | 1.24% | 4,773,426 | $366.0M | Reduce -5.2% |
| CPRT Copart Inc. | 1.16% | 7,000,430 | $343.5M | Add +75.3% |
| QSR Restaurant Brands Intern | 0.95% | 4,221,623 | $279.9M | Add +0.1% |
| VOO Vanguard S&P 500 ETF | 0.94% | 487,856 | $277.1M | Reduce -0.4% |
| DSGX The Descartes Systems Grp | 0.93% | 2,699,764 | $274.1M | Reduce -1.7% |
| UNH Unitedhealth Group Inc. | 0.92% | 874,067 | $272.7M | Reduce -34.5% |
| STN Stantec Inc. | 0.88% | 2,385,294 | $259.4M | Add +1.8% |
| TU Telus Corp. | 0.88% | 16,141,814 | $259.2M | Reduce -0.8% |
| V Visa Inc. Class A | 0.66% | 545,827 | $193.8M | Add +3.0% |
| AON Aon PLC Class A | 0.63% | 521,804 | $186.2M | Add +15.1% |
| ALC Alcon Inc. filed as ALCON AG | 0.62% | 2,069,402 | $182.7M | Reduce -3.3% |
| LIN Linde PLC | 0.57% | 361,376 | $169.6M | Reduce -1.9% |
| HLT Hilton Worldwide Holdings Inc. | 0.53% | 587,679 | $156.5M | Add +37.1% |
| LOW Lowe's Cos Inc. | 0.53% | 701,243 | $155.6M | Reduce -1.1% |
| ADI Analog Devices Inc. | 0.51% | 632,615 | $150.6M | Add +5.8% |
| TW Tradeweb Markets Inc. Class A | 0.49% | 988,550 | $144.7M | Reduce -2.0% |
| AMZN Amazon.com Inc. | 0.48% | 648,703 | $142.3M | Add +30.7% |
| HEI.A Heico Corp. Class A | 0.41% | 469,361 | $121.4M | Add +1.9% |
| FDS Factset Research Systems Inc. | 0.40% | 266,054 | $119.0M | Add +2.0% |
| SNPS Synopsys Inc. | 0.38% | 218,460 | $112.0M | Add +6.1% |
| VEEV Veeva Systems Inc. Class A | 0.35% | 357,999 | $103.1M | Add +2.7% |
| APH Amphenol Corp. Class A | 0.34% | 1,026,020 | $101.3M | Add +4.6% |
| FTNT Fortinet Inc. | 0.34% | 936,539 | $99.0M | Add +3.1% |
| ROL Rollins Inc. | 0.30% | 1,578,271 | $89.0M | Add +15.1% |
| ADBE Adobe Inc. | 0.30% | 227,528 | $88.0M | Reduce -30.0% |
| ARGX Argenx SE - ADR | 0.30% | 158,474 | $87.4M | Add +2.6% |
| ANET Arista Networks Inc. | 0.29% | 825,070 | $84.4M | Add +18.8% |
| CL Colgate-Palmolive Co. | 0.27% | 887,058 | $80.6M | Add +1.2% |
| BWXT BWX Technologies Inc. | 0.27% | 557,282 | $80.3M | Reduce -35.8% |
| NKE Nike Inc. Class B | 0.27% | 1,128,203 | $80.1M | Add +9.2% |
| COST Costco Wholesale Corp. | 0.27% | 79,242 | $78.4M | Add +7.6% |
| CW Curtiss-Wright Corp. | 0.26% | 156,044 | $76.2M | Reduce -1.2% |
| INSM Insmed Inc. | 0.26% | 748,037 | $75.3M | Add +29.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.25% | 119,475 | $73.8M | Add +2.2% |
| FROG Jfrog Ltd. | 0.25% | 1,675,568 | $73.5M | Reduce -1.1% |
| IDXX Idexx Laboratories Inc. | 0.24% | 134,098 | $71.9M | Reduce -2.5% |
| GWRE Guidewire Software Inc. | 0.23% | 294,222 | $69.3M | Add +23.7% |
| CHWY Chewy Inc. Class A | 0.22% | 1,554,424 | $66.2M | Reduce -0.7% |
| MDB Mongodb Inc. | 0.22% | 313,314 | $65.8M | Add +3.5% |
| TYL Tyler Technologies Inc. | 0.22% | 109,959 | $65.2M | Reduce -1.4% |
| SF Stifel Financial Corp. | 0.22% | 617,855 | $64.1M | Reduce -1.3% |
| ZTS Zoetis Inc. | 0.22% | 410,561 | $64.0M | Reduce -36.0% |
| BSY Bentley Systems Inc. Class B | 0.22% | 1,186,155 | $64.0M | Add +27.8% |
| TMO Thermo Fisher Scientific Inc. | 0.21% | 156,172 | $63.3M | Add +5.5% |
| CNQ Canadian Natural Resources | 0.21% | 1,982,580 | $62.3M | Reduce -12.1% |
| FNV Franco-Nevada Corp. | 0.21% | 377,608 | $62.0M | Add +0.2% |
| NBIX Neurocrine Biosciences Inc. | 0.21% | 490,594 | $61.7M | Reduce -0.8% |
| TD Toronto-Dominion Bank | 0.21% | 834,476 | $61.3M | Reduce -1.1% |
| EQT Eqt Corp. | 0.20% | 1,029,814 | $60.1M | Reduce -0.6% |
| SU Suncor Energy Inc. | 0.20% | 1,592,115 | $59.6M | Reduce -17.1% |
| WING Wingstop Inc. | 0.20% | 176,086 | $59.3M | Reduce -25.1% |
| GTLB Gitlab Inc. Class A | 0.19% | 1,215,077 | $54.8M | Add +2.3% |
| ENTG Entegris Inc. | 0.18% | 670,664 | $54.1M | Add +25.1% |
| CYBR Cyberark Software Ltd./Israel | 0.18% | 128,153 | $52.1M | New |
| EME Emcor Group Inc. | 0.18% | 97,039 | $51.9M | Reduce -0.6% |
| SLF Sun Life Financial Inc. | 0.17% | 775,396 | $51.6M | Reduce -9.3% |
| WTFC Wintrust Financial Corp. | 0.17% | 411,651 | $51.0M | Reduce -1.3% |
| HUBB Hubbell Inc. | 0.17% | 122,373 | $50.0M | Reduce -1.0% |
| NTR Nutrien Ltd. | 0.17% | 856,568 | $49.9M | Reduce -4.4% |
| EXPE Expedia Group Inc. | 0.17% | 295,652 | $49.9M | Reduce -1.4% |
| BLDR Builders Firstsource Inc. | 0.17% | 426,122 | $49.7M | Add +59.7% |
| HLI Houlihan Lokey Inc. | 0.17% | 271,764 | $48.9M | Reduce -1.3% |
| LECO Lincoln Electric Holdings | 0.16% | 233,661 | $48.4M | Add +24.2% |
| DLB Dolby Laboratories Inc. Class A | 0.16% | 630,546 | $46.8M | Reduce -1.4% |
| PCOR Procore Technologies Inc. | 0.16% | 679,831 | $46.5M | Reduce -0.6% |
| PEGA Pegasystems Inc. | 0.16% | 857,265 | $46.4M | Add +218.4% |
| GDDY GoDaddy Inc. Class A | 0.16% | 257,635 | $46.4M | Add +3.5% |
| TOST Toast Inc. Class A | 0.16% | 1,036,265 | $45.9M | New |
| LII Lennox International Inc. | 0.16% | 80,010 | $45.9M | Reduce -1.4% |
| MNDY Monday.com Ltd. | 0.15% | 140,098 | $44.1M | New |
| FTDR Frontdoor Inc. | 0.15% | 744,718 | $43.9M | Add +2.1% |
| FSV Firstservice Corp. | 0.15% | 251,044 | $43.7M | Reduce -6.7% |
| AIT Applied Industrial Tech Inc. | 0.15% | 184,674 | $42.9M | Reduce -0.2% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Reduce -34.5% | 0.92% | −1.60 |
| AZO AutoZone Inc. | Reduce -6.6% | 3.85% | −0.66 |
| PEP Pepsico Inc. | Reduce -8.9% | 1.41% | −0.46 |
| BDX Becton Dickinson and Co. | Reduce -99.6% | 0.00% | −0.38 |
| TJX TJX Companies Inc. | Reduce -7.3% | 2.36% | −0.32 |
| JNJ Johnson & Johnson | Reduce -5.3% | 1.43% | −0.32 |
| MA Mastercard Inc. Class A | Reduce -4.4% | 3.42% | −0.30 |
| IT Gartner Inc. | Sold out | 0.00% | −0.29 |
| SHW The Sherwin-Williams Co. | Reduce -2.5% | 2.08% | −0.23 |
| OTIS Otis Worldwide Corp. | Reduce -1.0% | 1.79% | −0.22 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.20 |
| ZTS Zoetis Inc. | Reduce -36.0% | 0.22% | −0.16 |
| ADBE Adobe Inc. | Reduce -30.0% | 0.30% | −0.15 |
| HLNE Hamilton Lane Inc. Class A | Sold out | 0.00% | −0.15 |
| EXLS Exlservice Holdings Inc. | Sold out | 0.00% | −0.13 |
| ACIW Aci Worldwide Inc. | Sold out | 0.00% | −0.13 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.13 |
| BRZE Braze Inc. Class A | Sold out | 0.00% | −0.12 |
| ALC Alcon Inc. | Reduce -3.3% | 0.62% | −0.11 |
| BILL Bill Holdings Inc. | Sold out | 0.00% | −0.11 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −0.10 |
| GGG Graco Inc. | Reduce -3.6% | 1.31% | −0.10 |
| VRRM Verra Mobility Corp. | Sold out | 0.00% | −0.09 |
| IWO iShares Russell 2000 Growth | Reduce -96.8% | 0.00% | −0.09 |
| WH Wyndham Hotels & Resorts Inc. | Sold out | 0.00% | −0.08 |
| SFM Sprouts Farmers Market Inc. | Reduce -48.1% | 0.08% | −0.07 |
| DSGX The Descartes Systems Grp | Reduce -1.7% | 0.93% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -1.1% | 0.53% | −0.07 |
| BCO The Brink's Co. | Sold out | 0.00% | −0.07 |
| WFRD Weatherford International PL | Sold out | 0.00% | −0.07 |
| SU Suncor Energy Inc. | Reduce -17.1% | 0.20% | −0.07 |
| DOCS Doximity Inc. Class A | Sold out | 0.00% | −0.06 |
| CBZ Cbiz Inc. | Sold out | 0.00% | −0.06 |
| SPGI S&P Global Inc. | Reduce -2.1% | 1.29% | −0.06 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.06 |
| SRPT Sarepta Therapeutics Inc. | Reduce -0.5% | 0.02% | −0.06 |
| TXRH Texas Roadhouse Inc. | Sold out | 0.00% | −0.05 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.05 |
| CAE Cae Inc. | Reduce -97.3% | 0.00% | −0.05 |
| ATS Ats Corp. | Reduce -81.7% | 0.01% | −0.05 |
| TW Tradeweb Markets Inc. Class A | Reduce -2.0% | 0.49% | −0.05 |
| LIN Linde PLC | Reduce -1.9% | 0.57% | −0.04 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.04 |
| CNQ Canadian Natural Resources | Reduce -12.1% | 0.21% | −0.04 |
| BWXT BWX Technologies Inc. | Reduce -35.8% | 0.27% | −0.04 |
| POOL Pool Corp. | Sold out | 0.00% | −0.04 |
| UFPT Ufp Technologies Inc. | Sold out | 0.00% | −0.03 |
| DHR Danaher Corp. | Reduce -24.6% | 0.07% | −0.03 |
| PBA Pembina Pipeline Corp. | Reduce -9.1% | 0.12% | −0.03 |
| CNM Core & Main Inc. Class A | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| CPRT Copart Inc. | Add +75.3% | 1.16% | +0.35 |
| RY Royal Bank of Canada | Add +0.3% | 2.12% | +0.19 |
| HLT Hilton Worldwide Holdings Inc. | Add +37.1% | 0.53% | +0.18 |
| STN Stantec Inc. | Add +1.8% | 0.88% | +0.18 |
| CYBR Cyberark Software Ltd./Israel | New | 0.18% | +0.18 |
| TRI Thomson Reuters Corp. | Add +1.1% | 1.72% | +0.16 |
| TOST Toast Inc. Class A | New | 0.16% | +0.16 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.6% | 1.40% | +0.15 |
| CARR Carrier Global Corp. | Add +1.3% | 1.69% | +0.15 |
| MNDY Monday.com Ltd. | New | 0.15% | +0.15 |
| KVYO Klaviyo Inc. Class A | New | 0.14% | +0.14 |
| MOH Molina Healthcare Inc. | New | 0.14% | +0.14 |
| MTSI Macom Technology Solutions H | New | 0.14% | +0.14 |
| AMZN Amazon.com Inc. | Add +30.7% | 0.48% | +0.14 |
| MTD Mettler-Toledo International | Add +19.0% | 1.37% | +0.14 |
| BFAM Bright Horizons Family Solut | New | 0.13% | +0.13 |
| ONON On Holding AG Class A | New | 0.12% | +0.12 |
| CNI Canadian Natl Railway Co. | Add +6.0% | 2.05% | +0.12 |
| BMO Bank of Montreal | Add +0.0% | 1.45% | +0.12 |
| BOOT Boot Barn Holdings Inc. | New | 0.11% | +0.11 |
| BWIN Baldwin Insurance Group Inc./ | New | 0.11% | +0.11 |
| APH Amphenol Corp. Class A | Add +4.6% | 0.34% | +0.11 |
| MCO Moody's Corp. | Add +1.4% | 4.38% | +0.11 |
| EQH Equitable Holdings Inc. | New | 0.10% | +0.10 |
| INSM Insmed Inc. | Add +29.1% | 0.26% | +0.10 |
| ANET Arista Networks Inc. | Add +18.8% | 0.29% | +0.09 |
| CP Canadian Pacific Kansas City | Add +0.6% | 1.53% | +0.09 |
| PEGA Pegasystems Inc. | Add +218.4% | 0.16% | +0.09 |
| BSY Bentley Systems Inc. Class B | Add +27.8% | 0.22% | +0.09 |
| EYE National Vision Holdings Inc. | New | 0.09% | +0.09 |
| IMO Imperial Oil Ltd. | Add +1294.3% | 0.08% | +0.08 |
| ADI Analog Devices Inc. | Add +5.8% | 0.51% | +0.07 |
| GWRE Guidewire Software Inc. | Add +23.7% | 0.23% | +0.07 |
| META Meta Platforms Inc. Class A | Add +43.6% | 0.14% | +0.06 |
| HEI.A Heico Corp. Class A | Add +1.9% | 0.41% | +0.06 |
| SNPS Synopsys Inc. | Add +6.1% | 0.38% | +0.06 |
| VEEV Veeva Systems Inc. Class A | Add +2.7% | 0.35% | +0.06 |
| SMMT Summit Therapeutics Inc. | New | 0.06% | +0.06 |
| NET Cloudflare Inc. Class A | New | 0.05% | +0.05 |
| BLDR Builders Firstsource Inc. | Add +59.7% | 0.17% | +0.05 |
| FTDR Frontdoor Inc. | Add +2.1% | 0.15% | +0.05 |
| IDYA Ideaya Biosciences Inc. | Add +26.6% | 0.11% | +0.04 |
| LECO Lincoln Electric Holdings | Add +24.2% | 0.16% | +0.04 |
| TXN Texas Instruments Inc. | Add +95.6% | 0.07% | +0.04 |
| NKE Nike Inc. Class B | Add +9.2% | 0.27% | +0.03 |
| ROL Rollins Inc. | Add +15.1% | 0.30% | +0.03 |
| INTC Intel Corp. | New | 0.03% | +0.03 |
| LRCX Lam Research Corp. | New | 0.03% | +0.03 |
| MDB Mongodb Inc. | Add +3.5% | 0.22% | +0.03 |
| RBRK Rubrik Inc. Class A | Add +1.4% | 0.10% | +0.03 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 401 | $27.6B | TSM, GOOGL, MSFT, MCO, MA |
| Q1 2026 | 412 | $29.2B | TSM, GOOGL, MSFT, MCO, MA |
| Q4 2025 | 417 | $31.5B | GOOGL, TSM, MSFT, MCO, MA |
| Q3 2025 | 436 | $30.9B | TSM, MSFT, GOOGL, AZO, MCO |
| Q2 2025 | 439 | $29.5B | MSFT, TSM, GOOGL, MCO, AZO |
| Q1 2025 | 461 | $27.7B | MSFT, TSM, AZO, GOOGL, MCO |
| Q4 2024 | 452 | $31.8B | TSM, MSFT, GOOGL, MCO, AZO |
| Q3 2024 | 456 | $33.3B | MSFT, TSM, GOOGL, MCO, AZO |
| Q2 2024Amended | 445 | $32.3B | MSFT, TSM, GOOGL, MCO, AZO |
| Q1 2024Amended | 476 | $34.3B | MSFT, TSM, GOOGL, MCO, AZO |