Forge First Asset Management Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Forge First Asset Management Inc. reported 50 stock positions worth $318.5 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 13.9% of the portfolio, followed by GFL Environmental Inc.-Sub VT (GFL, 6.2%) and Hess (HES, 5.4%). Compared with Q4 2023, it opened 27 new positions, sold out of 14, added to 8 and reduced 10. The biggest buy was a new position in Invesco Senior Loan ETF (BKLN) and the biggest sale RB Global (RBA, shares −93%).
- Most Recent 13F
- Q3 2025
- Location
- TORONTO, ONTARIO, Z4
- CIK
- 0001963062
- Portfolio Value
- $318.5M (Q1 2024)
- SEC Filing
- 0001214659-24-008762 ↗ filed May 10, 2024
Holdings Value
Holdings 50 stocks · $318.5M
| BKLN Invesco Senior Loan ETF | 13.89% | 2,092,400 | $44.2M | New |
| GFL GFL Environmental Inc.-Sub VT | 6.21% | 573,875 | $19.8M | Add +30.6% |
| HES Hess Corp. | 5.44% | 113,500 | $17.3M | New |
| BLD Topbuild Corp. | 5.07% | 36,724 | $16.2M | New |
| DFS Discover Financial Services | 4.19% | 101,770 | $13.3M | New |
| GOOG Alphabet Inc. Class C | 4.19% | 87,600 | $13.3M | Add +56.4% |
| CNQ Canadian Natural Resources | 3.44% | 143,800 | $11.0M | Reduce -41.0% |
| BBU Brookfield Business PT-Unit | 3.05% | 439,020 | $9.7M | Reduce -14.3% |
| SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION | 2.95% | 110,478 | $9.4M | New |
| AVGO Broadcom Inc. | 2.77% | 6,650 | $8.8M | New |
| AMZN Amazon.com Inc. | 2.70% | 47,700 | $8.6M | Add +111.1% |
| GPN Global Payments Inc. | 2.48% | 59,100 | $7.9M | No change |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 2.44% | 717,961 | $7.8M | Add +43.7% |
| PXD Pioneer Natural Resources Co. | 2.42% | 29,400 | $7.7M | New |
| MSFT Microsoft Corp. | 2.41% | 18,275 | $7.7M | Add +107.7% |
| CP Canadian Pacific Kansas City | 2.20% | 79,600 | $7.0M | Reduce -55.5% |
| PRMW Primo Water Corp. | 2.13% | 372,900 | $6.8M | New |
| CME Cme Group Inc. | 2.13% | 31,500 | $6.8M | No change |
| FNV Franco-Nevada Corp. | 2.12% | 56,600 | $6.7M | Reduce -54.7% |
| BIP Brookfield Infrastructure Pa | 1.97% | 201,600 | $6.3M | Add +92.5% |
| ADBE Adobe Inc. | 1.95% | 12,300 | $6.2M | New |
| CPAY Corpay Inc. | 1.92% | 19,800 | $6.1M | New |
| NVEI Nuvei Corp.-Subordinate VTG | 1.90% | 191,864 | $6.1M | No change |
| TSM Taiwan Semiconductor-SP ADR | 1.85% | 43,240 | $5.9M | New |
| WFG West Fraser Timber Co. Ltd. | 1.80% | 66,400 | $5.7M | New |
| NVDA Nvidia Corp. | 1.71% | 6,035 | $5.5M | New |
| WPM Wheaton Precious Metals Corp. | 1.51% | 102,300 | $4.8M | New |
| FISV Fiserv Inc. | 1.16% | 23,150 | $3.7M | Add +50.3% |
| ATKR Atkore Inc. | 1.09% | 18,247 | $3.5M | Reduce -39.2% |
| BN Brookfield Corp. | 1.09% | 82,800 | $3.5M | Reduce -7.1% |
| TPH Tri Pointe Homes Inc. | 0.99% | 81,636 | $3.2M | New |
| TIXT Telus International Cda Inc. | 0.87% | 326,091 | $2.8M | New |
| AGNC AGNC Investment Corp. | 0.83% | 266,700 | $2.6M | New |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.76% | 19,876 | $2.4M | New |
| OTEX Open Text Corp. | 0.72% | 59,400 | $2.3M | New |
| FCX Freeport-McMoran Inc. | 0.63% | 42,800 | $2.0M | New |
| RBA RB Global Inc. | 0.62% | 25,800 | $2.0M | Reduce -92.5% |
| VALE Vale SA-SP ADR | 0.58% | 152,600 | $1.9M | New |
| B Barrick Gold Corp. | 0.58% | 111,300 | $1.9M | New |
| STATE STR SPDR S&P 500 ETF T | 0.58% | 4,700 | $1.8M | Add +34.3% |
| TFII Tfi International Inc. | 0.50% | 10,018 | $1.6M | Reduce -45.4% |
| FOUR SHIFT4 Payments Inc. Class A | 0.39% | 18,800 | $1.2M | New |
| META Meta Platforms Inc. Class A | 0.39% | 2,550 | $1.2M | Reduce -85.6% |
| ALAB Astera Labs Inc. | 0.36% | 15,400 | $1.1M | New |
| MA Mastercard Inc. Class A | 0.25% | 1,650 | $794K | No change |
| TFPM Triple Flag Precious Met | 0.23% | 51,100 | $737K | New |
| IBP Installed Building Products | 0.20% | 2,500 | $646K | Reduce -96.0% |
| PANW Palo Alto Networks Inc. | 0.17% | 1,900 | $540K | New |
| V Visa Inc. Class A | 0.12% | 1,398 | $390K | No change |
| PTEN Patterson-Uti Energy Inc. | 0.04% | 10,000 | $119K | New |
Portfolio Sells Q4 2023 → Q1 2024
| RBA RB Global Inc. | Reduce -92.5% | 0.62% | −11.04 |
| IBP Installed Building Products | Reduce -96.0% | 0.20% | −5.62 |
| CP Canadian Pacific Kansas City | Reduce -55.5% | 2.20% | −4.96 |
| FNV Franco-Nevada Corp. | Reduce -54.7% | 2.12% | −4.88 |
| CNQ Canadian Natural Resources | Reduce -41.0% | 3.44% | −4.64 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −3.35 |
| META Meta Platforms Inc. Class A | Reduce -85.6% | 0.39% | −2.78 |
| ENB Enbridge Inc. | Sold out | 0.00% | −2.71 |
| BBU Brookfield Business PT-Unit | Reduce -14.3% | 3.05% | −2.26 |
| GRP.U Granite Real Estate Investme | Sold out | 0.00% | −2.19 |
| PBF PBF Energy Inc. Class A | Sold out | 0.00% | −2.15 |
| ATKR Atkore Inc. | Reduce -39.2% | 1.09% | −1.33 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −1.28 |
| ISHARES TR | Sold out | 0.00% | −1.13 |
| TFII Tfi International Inc. | Reduce -45.4% | 0.50% | −0.76 |
| BN Brookfield Corp. | Reduce -7.1% | 1.09% | −0.72 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.55 |
| AMD Advanced Micro Devices | Sold out | 0.00% | −0.45 |
| SELECT SECTOR SPDR TR | Sold out | 0.00% | −0.34 |
| ISHARES TR | Sold out | 0.00% | −0.27 |
| STATE STR SPDR S&P 500 ETF T | Sold out | 0.00% | −0.24 |
| CENOVUS ENERGY INC | Sold out | 0.00% | −0.18 |
| CANADIAN NAT RES LTD | Sold out | 0.00% | −0.14 |
| ADVANCED MICRO DEVICES INC | Sold out | 0.00% | −0.11 |
Portfolio Buys Q4 2023 → Q1 2024
| BKLN Invesco Senior Loan ETF | New | 13.89% | +13.89 |
| HES Hess Corp. | New | 5.44% | +5.44 |
| BLD Topbuild Corp. | New | 5.07% | +5.07 |
| DFS Discover Financial Services | New | 4.19% | +4.19 |
| SKY Champion Homes Inc. | New | 2.95% | +2.95 |
| AVGO Broadcom Inc. | New | 2.77% | +2.77 |
| PXD Pioneer Natural Resources Co. | New | 2.42% | +2.42 |
| PRMW Primo Water Corp. | New | 2.13% | +2.13 |
| ADBE Adobe Inc. | New | 1.95% | +1.95 |
| CPAY Corpay Inc. | New | 1.92% | +1.92 |
| TSM Taiwan Semiconductor-SP ADR | New | 1.85% | +1.85 |
| WFG West Fraser Timber Co. Ltd. | New | 1.80% | +1.80 |
| NVDA Nvidia Corp. | New | 1.71% | +1.71 |
| WPM Wheaton Precious Metals Corp. | New | 1.51% | +1.51 |
| TPH Tri Pointe Homes Inc. | New | 0.99% | +0.99 |
| AMZN Amazon.com Inc. | Add +111.1% | 2.70% | +0.97 |
| TIXT Telus International Cda Inc. | New | 0.87% | +0.87 |
| AGNC AGNC Investment Corp. | New | 0.83% | +0.83 |
| IESC Ies Holdings Inc. | New | 0.76% | +0.76 |
| MSFT Microsoft Corp. | Add +107.7% | 2.41% | +0.74 |
| OTEX Open Text Corp. | New | 0.72% | +0.72 |
| FCX Freeport-McMoran Inc. | New | 0.63% | +0.63 |
| VALE Vale SA-SP ADR | New | 0.58% | +0.58 |
| B Barrick Gold Corp. | New | 0.58% | +0.58 |
| FOUR SHIFT4 Payments Inc. Class A | New | 0.39% | +0.39 |
| ALAB Astera Labs Inc. | New | 0.36% | +0.36 |
| BIP Brookfield Infrastructure Pa | Add +92.5% | 1.97% | +0.30 |
| TFPM Triple Flag Precious Met | New | 0.23% | +0.23 |
| GOOG Alphabet Inc. Class C | Add +56.4% | 4.19% | +0.20 |
| PANW Palo Alto Networks Inc. | New | 0.17% | +0.17 |
| FISV Fiserv Inc. | Add +50.3% | 1.16% | +0.13 |
| PTEN Patterson-Uti Energy Inc. | New | 0.04% | +0.04 |
| STATE STR SPDR S&P 500 ETF T | Add +34.3% | 0.58% | −0.05 |
| HOS Hornbeck Offshore Services I | Add +43.7% | 2.44% | −0.15 |
| GFL GFL Environmental Inc.-Sub VT | Add +30.6% | 6.21% | −1.45 |
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 |