Forge First Asset Management Inc. In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Forge First Asset Management Inc. reported 37 stock positions worth $214.8 million . Its top holding was GFL Environmental Inc.-Sub VT (GFL) at 9.2% of the portfolio, followed by Invesco Senior Loan ETF (BKLN, 9.2% ) and Casella Waste Systems Class A (CWST, 7.1% ). Compared with Q2 2025, it opened 20 new positions, sold out of 19, added to 5 and reduced 11. The biggest buy was a new position in Casella Waste Systems Class A (CWST) and the biggest sale Canadian Pacific Kansas City (CP, shares −85% ).
Location TORONTO, ONTARIO, Z4
CIK 0001963062
Portfolio Value $214.8M (Q3 2025) Holdings 37 stocks · $214.8M Holdings quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2025 GFL GFL Environmental Inc.-Sub VT 416,100 $19.7M Add +42.9% BKLN Invesco Senior Loan ETF 939,600 $19.7M Reduce -2.5% CWST Casella Waste Systems Inc. Class A 161,722 $15.4M New GIL Gildan Activewear Inc. 253,500 $14.6M Reduce -44.7% HPE Hewlett Packard Enterprise 536,100 $13.2M New TSM Taiwan Semiconductor-SP ADR 44,170 $12.3M Reduce -36.2% AMZN Amazon.com Inc. 41,650 $9.1M Add +22.3% TTWO Take-Two Interactive Softwre 33,076 $8.5M No change DOO BRP Inc./Ca- Sub Voting 134,747 $8.2M New BTG B2GOLD Corp. 1,652,400 $8.2M New SKE Skeena Resources Ltd. 400,000 $7.4M New BN Brookfield Corp. 100,000 $6.9M New ITRI Itron Inc. 53,625 $6.7M Add +159.6% META Meta Platforms Inc. Class A 8,786 $6.5M Add +125.3% CAE Cae Inc. 191,700 $5.7M New STN Stantec Inc. 49,679 $5.4M Reduce -42.6% AGI Alamos Gold Inc. Class A 153,300 $5.3M Reduce -55.2% BLD Topbuild Corp. 13,431 $5.3M New NVDA Nvidia Corp. 25,270 $4.7M Reduce -69.3% UAL United Airlines Holdings Inc. 47,400 $4.6M Reduce -18.3% CP Canadian Pacific Kansas City 54,411 $4.1M Reduce -85.3% CWAN Clearwater Analytics HDS-A 215,400 $3.9M New PANW Palo Alto Networks Inc. 16,500 $3.4M Add +47.3% FIX Comfort Systems USA Inc. 3,545 $2.9M Reduce -58.8% STATE STR SPDR S&P 500 ETF T 3,200 $2.3M Reduce -50.8% GAU Galiano Gold Inc. 1,000,000 $2.2M New GOOG Alphabet Inc. Class C 6,565 $1.6M Reduce -81.7% PINS Pinterest Inc. Class A 48,400 $1.6M New ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 100,000 $1.1M New POWL Powell Industries Inc. 3,061 $933K New BROADCOM INC 750 $917K New HEWLETT PACKARD ENTERPRISE C 4,000 $736K New VANECK ETF TRUST 1,000 $670K New GILDAN ACTIVEWEAR INC 2,000 $571K New INSTALLED BLDG PRODS INC 300 $353K New BROOKFIELD CORP 1,500 $260K New ALPHABET INC 500 $235K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.1M (not counted above) Security Class Shares / Principal Value Change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 7,000,000 $3.1M New
Total filed on the 13F, all lines: $217.9M.
Portfolio Sells Q2 2025 → Q3 2025 Portfolio Sells quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▲ CP Canadian Pacific Kansas City Reduce -85.3% 1.89% −8.74 JPM JPMorgan Chase & Co. Sold out 0.00% −5.38 CNI Canadian Natl Railway Co. Sold out 0.00% −4.96 VZLA Vizsla Silver Corp. Sold out 0.00% −3.50 BBU Brookfield Business PT-Unit Sold out 0.00% −3.38 MRVL Marvell Technology Inc. Sold out 0.00% −2.90 NVDA Nvidia Corp. Reduce -69.3% 2.20% −2.51 XPO Xpo Inc. Sold out 0.00% −2.20 CHKP Check Point Software Tech Sold out 0.00% −2.07 AMD Advanced Micro Devices Sold out 0.00% −1.95 IAUX I-80 Gold Corp. Sold out 0.00% −1.76 BAC Bank of America Corp. Sold out 0.00% −1.76 GOOG Alphabet Inc. Class C Reduce -81.7% 0.74% −1.55 GIL Gildan Activewear Inc. Reduce -44.7% 6.82% −1.33 GRND Grindr Inc. Sold out 0.00% −1.26 MSFT Microsoft Corp. Sold out 0.00% −1.18 BIP Brookfield Infrastructure Pa Sold out 0.00% −0.97 STN Stantec Inc. Reduce -42.6% 2.49% −0.91 SITM Sitime Corp. Sold out 0.00% −0.90 OR Or Royalties Inc. Sold out 0.00% −0.86 AGI Alamos Gold Inc. Class A Reduce -55.2% 2.49% −0.80 ISHARES TR Sold out 0.00% −0.66 MYRG MYR Group Inc./Delaware Sold out 0.00% −0.38 CLS Celestica Inc. Sold out 0.00% −0.33 FIX Comfort Systems USA Inc. Reduce -58.8% 1.36% −0.31 META PLATFORMS INC Sold out 0.00% −0.18 TSM Taiwan Semiconductor-SP ADR Reduce -36.2% 5.74% +0.07 STATE STR SPDR S&P 500 ETF T Reduce -50.8% 1.06% +0.16 UAL United Airlines Holdings Inc. Reduce -18.3% 2.13% +0.46 BKLN Invesco Senior Loan ETF Reduce -2.5% 9.15% +1.87
Portfolio Buys Q2 2025 → Q3 2025 Portfolio Buys quarter Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2025 % Of Portfolio Change To Portfolio ▼ CWST Casella Waste Systems Inc. Class A New 7.15% +7.15 HPE Hewlett Packard Enterprise New 6.13% +6.13 GFL GFL Environmental Inc.-Sub VT Add +42.9% 9.18% +3.87 DOO BRP Inc./Ca- Sub Voting New 3.81% +3.81 BTG B2GOLD Corp. New 3.80% +3.80 SKE Skeena Resources Ltd. New 3.43% +3.43 BN Brookfield Corp. New 3.19% +3.19 CAE Cae Inc. New 2.64% +2.64 BLD Topbuild Corp. New 2.44% +2.44 ITRI Itron Inc. Add +159.6% 3.11% +2.13 META Meta Platforms Inc. Class A Add +125.3% 3.00% +1.96 CWAN Clearwater Analytics HDS-A New 1.81% +1.81 AMZN Amazon.com Inc. Add +22.3% 4.26% +1.56 GAU Galiano Gold Inc. New 1.01% +1.01 PANW Palo Alto Networks Inc. Add +47.3% 1.56% +0.74 PINS Pinterest Inc. Class A New 0.72% +0.72 ORLA Orla Mining Ltd. New 0.50% +0.50 POWL Powell Industries Inc. New 0.43% +0.43 BROADCOM INC New 0.43% +0.43 HEWLETT PACKARD ENTERPRISE C New 0.34% +0.34 VANECK ETF TRUST New 0.31% +0.31 GILDAN ACTIVEWEAR INC New 0.27% +0.27 INSTALLED BLDG PRODS INC New 0.16% +0.16 BROOKFIELD CORP New 0.12% +0.12 ALPHABET INC New 0.11% +0.11
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 New 7,000,000 $3.1M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q3 2025 37 $214.8M GFL, BKLN, CWST, GIL, HPE Q2 2025 36 $276.5M CP, GIL, BKLN, TSM, JPM Q1 2025 31 $229.7M CNI, CP, BKLN, GFL, GIL Q4 2024 39 $278.5M BKLN, IJH, CP, CNI, TSM Q3 2024 34 $182.6M BKLN, CP, GPN, AVGO, TSM Q2 2024 37 $235.5M BKLN, BLD, CP, AAPL, CVE Q1 2024 50 $318.5M BKLN, GFL, HES, BLD, DFS