Forge First Asset Management Inc.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 9, 2024), Forge First Asset Management Inc. reported 37 stock positions worth $235.5 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 16.5% of the portfolio, followed by Topbuild (BLD, 7.4%) and Canadian Pacific Kansas City (CP, 6.9%). Compared with Q1 2024, it opened 15 new positions, sold out of 28, added to 13 and reduced 9. The biggest buy was a new position in Apple (AAPL) and the biggest sale GFL Environmental Inc.-Sub VT (GFL, shares −93%).
- Most Recent 13F
- Q3 2025
- Location
- TORONTO, ONTARIO, Z4
- CIK
- 0001963062
- Portfolio Value
- $235.5M (Q2 2024)
- SEC Filing
- 0001214659-24-014134 ↗ filed Aug 9, 2024
Holdings Value
Holdings 37 stocks · $235.5M
| BKLN Invesco Senior Loan ETF | 16.45% | 1,842,500 | $38.7M | Reduce -11.9% |
| BLD Topbuild Corp. | 7.38% | 45,024 | $17.4M | Add +22.6% |
| CP Canadian Pacific Kansas City | 6.91% | 206,600 | $16.3M | Add +159.6% |
| AAPL Apple Inc. | 5.16% | 57,700 | $12.2M | New |
| CVE Cenovus Energy Inc. | 4.57% | 547,300 | $10.8M | New |
| AMZN Amazon.com Inc. | 4.31% | 52,500 | $10.1M | Add +10.1% |
| PHM Pultegroup Inc. | 3.88% | 83,206 | $9.1M | New |
| BBU Brookfield Business PT-Unit | 3.85% | 482,720 | $9.1M | Add +9.9% |
| CBOE Cboe Global Markets Inc. | 3.74% | 51,800 | $8.8M | New |
| AGX Argan Inc. | 3.04% | 98,022 | $7.2M | New |
| GPN Global Payments Inc. | 2.80% | 68,100 | $6.6M | Add +15.2% |
| BIP Brookfield Infrastructure Pa | 2.77% | 237,431 | $6.5M | Add +17.8% |
| RCI Rogers Communications Inc. Class B | 2.66% | 169,222 | $6.3M | New |
| MA Mastercard Inc. Class A | 2.52% | 13,450 | $5.9M | Add +715.1% |
| ATKR Atkore Inc. | 2.49% | 43,400 | $5.9M | Add +137.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.41% | 32,640 | $5.7M | Reduce -24.5% |
| V Visa Inc. Class A | 2.32% | 20,798 | $5.5M | Add +1387.7% |
| HBM Hudbay Minerals Inc. | 2.19% | 570,200 | $5.2M | New |
| MYRG MYR Group Inc./Delaware | 2.00% | 34,654 | $4.7M | New |
| AVGO Broadcom Inc. | 1.97% | 2,883 | $4.6M | Reduce -56.6% |
| MSFT Microsoft Corp. | 1.72% | 9,075 | $4.1M | Reduce -50.3% |
| STATE STR SPDR S&P 500 ETF T | 1.72% | 5,500 | $4.0M | Add +17.0% |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 1.60% | 26,991 | $3.8M | Add +35.8% |
| IBP Installed Building Products | 1.59% | 18,272 | $3.8M | Add +630.9% |
| FISV Fiserv Inc. | 1.40% | 22,200 | $3.3M | Reduce -4.1% |
| PANW Palo Alto Networks Inc. | 1.30% | 9,000 | $3.1M | Add +373.7% |
| BLDR Builders Firstsource Inc. | 1.17% | 20,000 | $2.8M | New |
| DFS Discover Financial Services | 1.17% | 21,000 | $2.7M | Reduce -79.4% |
| GRP.U Granite Real Estate Investme | 1.10% | 52,500 | $2.6M | New |
| HPE Hewlett Packard Enterprise | 0.89% | 99,200 | $2.1M | New |
| EWW iShares MSCI Mexico ETF | 0.85% | 35,500 | $2.0M | New |
| GOOG Alphabet Inc. Class C | 0.76% | 9,800 | $1.8M | Reduce -88.8% |
| GFL GFL Environmental Inc.-Sub VT | 0.62% | 37,775 | $1.5M | Reduce -93.4% |
| QCOM Qualcomm Inc. | 0.30% | 3,500 | $696K | New |
| CANADIAN IMPERIAL BANK OF CO | 0.15% | 10,000 | $354K | New |
| NVDA Nvidia Corp. | 0.13% | 2,410 | $297K | Reduce -96.0% |
| TORONTO DOMINION BK ONT | 0.12% | 2,660 | $271K | New |
Portfolio Sells Q1 2024 → Q2 2024
| GFL GFL Environmental Inc.-Sub VT | Reduce -93.4% | 0.62% | −5.59 |
| HES Hess Corp. | Sold out | 0.00% | −5.44 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −3.44 |
| GOOG Alphabet Inc. Class C | Reduce -88.8% | 0.76% | −3.42 |
| DFS Discover Financial Services | Reduce -79.4% | 1.17% | −3.02 |
| SKY Champion Homes Inc. | Sold out | 0.00% | −2.95 |
| HOS Hornbeck Offshore Services I | Sold out | 0.00% | −2.44 |
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −2.42 |
| PRMW Primo Water Corp. | Sold out | 0.00% | −2.13 |
| CME Cme Group Inc. | Sold out | 0.00% | −2.13 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −2.12 |
| ADBE Adobe Inc. | Sold out | 0.00% | −1.95 |
| CPAY Corpay Inc. | Sold out | 0.00% | −1.92 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −1.90 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −1.80 |
| NVDA Nvidia Corp. | Reduce -96.0% | 0.13% | −1.58 |
| WPM Wheaton Precious Metals Corp. | Sold out | 0.00% | −1.51 |
| BN Brookfield Corp. | Sold out | 0.00% | −1.09 |
| TPH Tri Pointe Homes Inc. | Sold out | 0.00% | −0.99 |
| TIXT Telus International Cda Inc. | Sold out | 0.00% | −0.87 |
| AGNC AGNC Investment Corp. | Sold out | 0.00% | −0.83 |
| AVGO Broadcom Inc. | Reduce -56.6% | 1.97% | −0.80 |
| OTEX Open Text Corp. | Sold out | 0.00% | −0.72 |
| MSFT Microsoft Corp. | Reduce -50.3% | 1.72% | −0.69 |
| FCX Freeport-McMoran Inc. | Sold out | 0.00% | −0.63 |
| RBA RB Global Inc. | Sold out | 0.00% | −0.62 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.58 |
| B Barrick Gold Corp. | Sold out | 0.00% | −0.58 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.50 |
| FOUR SHIFT4 Payments Inc. Class A | Sold out | 0.00% | −0.39 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.39 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.36 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.23 |
| PTEN Patterson-Uti Energy Inc. | Sold out | 0.00% | −0.04 |
| FISV Fiserv Inc. | Reduce -4.1% | 1.40% | +0.24 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -24.5% | 2.41% | +0.56 |
| BKLN Invesco Senior Loan ETF | Reduce -11.9% | 16.45% | +2.57 |
Portfolio Buys Q1 2024 → Q2 2024
| AAPL Apple Inc. | New | 5.16% | +5.16 |
| CP Canadian Pacific Kansas City | Add +159.6% | 6.91% | +4.71 |
| CVE Cenovus Energy Inc. | New | 4.57% | +4.57 |
| PHM Pultegroup Inc. | New | 3.88% | +3.88 |
| CBOE Cboe Global Markets Inc. | New | 3.74% | +3.74 |
| AGX Argan Inc. | New | 3.04% | +3.04 |
| RCI Rogers Communications Inc. Class B | New | 2.66% | +2.66 |
| BLD Topbuild Corp. | Add +22.6% | 7.38% | +2.30 |
| MA Mastercard Inc. Class A | Add +715.1% | 2.52% | +2.27 |
| V Visa Inc. Class A | Add +1387.7% | 2.32% | +2.19 |
| HBM Hudbay Minerals Inc. | New | 2.19% | +2.19 |
| MYRG MYR Group Inc./Delaware | New | 2.00% | +2.00 |
| AMZN Amazon.com Inc. | Add +10.1% | 4.31% | +1.61 |
| ATKR Atkore Inc. | Add +137.8% | 2.49% | +1.40 |
| IBP Installed Building Products | Add +630.9% | 1.59% | +1.39 |
| BLDR Builders Firstsource Inc. | New | 1.17% | +1.17 |
| STATE STR SPDR S&P 500 ETF T | Add +17.0% | 1.72% | +1.14 |
| PANW Palo Alto Networks Inc. | Add +373.7% | 1.30% | +1.13 |
| GRP.U Granite Real Estate Investme | New | 1.10% | +1.10 |
| HPE Hewlett Packard Enterprise | New | 0.89% | +0.89 |
| EWW iShares MSCI Mexico ETF | New | 0.85% | +0.85 |
| IESC Ies Holdings Inc. | Add +35.8% | 1.60% | +0.84 |
| BBU Brookfield Business PT-Unit | Add +9.9% | 3.85% | +0.80 |
| BIP Brookfield Infrastructure Pa | Add +17.8% | 2.77% | +0.79 |
| GPN Global Payments Inc. | Add +15.2% | 2.80% | +0.32 |
| QCOM Qualcomm Inc. | New | 0.30% | +0.30 |
| CANADIAN IMPERIAL BANK OF CO | New | 0.15% | +0.15 |
| TORONTO DOMINION BK ONT | New | 0.12% | +0.12 |
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 |