Forge First Asset Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Forge First Asset Management Inc. reported 39 stock positions worth $278.5 million. Its top holding was Invesco Senior Loan ETF (BKLN) at 14.0% of the portfolio, followed by iShares Core S&P Midcap ETF (IJH, 8.7%) and Canadian Pacific Kansas City (CP, 7.0%). Compared with Q3 2024, it opened 16 new positions, sold out of 11, added to 11 and reduced 6. The biggest buy was a new position in iShares Core S&P Midcap ETF (IJH) and the biggest sale an exit from Hillman Solutions (HLMN).
- Most Recent 13F
- Q3 2025
- Location
- TORONTO, ONTARIO, Z4
- CIK
- 0001963062
- Portfolio Value
- $278.5M (Q4 2024)
- SEC Filing
- 0001214659-25-002265 ↗ filed Feb 10, 2025
Holdings Value
Holdings 39 stocks · $278.5M
| BKLN Invesco Senior Loan ETF | 14.02% | 1,854,100 | $39.0M | No change |
| IJH iShares Core S&P Midcap ETF | 8.71% | 389,200 | $24.2M | New |
| CP Canadian Pacific Kansas City | 7.04% | 271,000 | $19.6M | Add +30.1% |
| CNI Canadian Natl Railway Co. | 6.44% | 176,800 | $17.9M | New |
| TSM Taiwan Semiconductor-SP ADR | 5.42% | 76,370 | $15.1M | Add +30.6% |
| AVGO Broadcom Inc. | 4.94% | 59,363 | $13.8M | No change |
| MRVL Marvell Technology Inc. | 4.68% | 117,921 | $13.0M | New |
| BBU Brookfield Business PT-Unit | 4.50% | 532,964 | $12.5M | Add +48.3% |
| META Meta Platforms Inc. Class A | 4.43% | 21,070 | $12.3M | Add +43.3% |
| GPN Global Payments Inc. | 3.71% | 92,078 | $10.3M | Reduce -11.7% |
| AAPL Apple Inc. | 3.25% | 36,200 | $9.1M | No change |
| AMZN Amazon.com Inc. | 3.11% | 39,500 | $8.7M | Add +119.4% |
| CBOE Cboe Global Markets Inc. | 3.04% | 43,303 | $8.5M | New |
| TD Toronto-Dominion Bank | 2.43% | 127,100 | $6.8M | New |
| GRTUF Granite Real Estate Investme | 2.15% | 123,300 | $6.0M | New |
| MYRG MYR Group Inc./Delaware | 2.03% | 37,994 | $5.7M | Reduce -19.1% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 2.00% | 597,100 | $5.6M | New |
| CHKP Check Point Software Tech | 1.95% | 29,004 | $5.4M | Add +25.0% |
| AGI Alamos Gold Inc. Class A | 1.48% | 223,200 | $4.1M | Add +33.2% |
| MA Mastercard Inc. Class A | 1.38% | 7,300 | $3.8M | No change |
| V Visa Inc. Class A | 1.37% | 12,100 | $3.8M | No change |
| BLD Topbuild Corp. | 1.18% | 10,587 | $3.3M | Reduce -33.7% |
| DDOG Datadog Inc. Class A | 1.14% | 22,200 | $3.2M | New |
| GFL GFL Environmental Inc.-Sub VT | 1.08% | 67,775 | $3.0M | No change |
| NTR Nutrien Ltd. | 1.00% | 62,000 | $2.8M | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.89% | 21,000 | $2.5M | Add +50.0% |
| GTLB Gitlab Inc. Class A | 0.88% | 43,600 | $2.5M | New |
| BIP Brookfield Infrastructure Pa | 0.83% | 72,598 | $2.3M | Reduce -38.1% |
| GIL Gildan Activewear Inc. | 0.79% | 46,600 | $2.2M | Add +108.0% |
| ORCL Oracle Corp. | 0.75% | 12,600 | $2.1M | Add +93.8% |
| LAD Lithia Motors Inc. | 0.68% | 5,320 | $1.9M | New |
| STATE STR SPDR S&P 500 ETF T | 0.61% | 2,000 | $1.7M | Reduce -33.3% |
| CGNX Cognex Corp. | 0.56% | 43,700 | $1.6M | New |
| S Sentinelone Inc. Class A | 0.45% | 56,400 | $1.3M | New |
| NVDA Nvidia Corp. | 0.37% | 7,710 | $1.0M | Add +219.9% |
| PATK Patrick Industries Inc. | 0.23% | 7,600 | $632K | New |
| INVESCO QQQ TR | 0.19% | 800 | $540K | New |
| IESC Ies Holdings Inc. filed as IES HLDGS INC | 0.16% | 2,253 | $453K | Reduce -49.9% |
| BCE INC | 0.13% | 6,550 | $369K | New |
Portfolio Sells Q3 2024 → Q4 2024
| HLMN Hillman Solutions Corp. | Sold out | 0.00% | −2.99 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −2.56 |
| BLD Topbuild Corp. | Reduce -33.7% | 1.18% | −2.38 |
| FISV Fiserv Inc. | Sold out | 0.00% | −2.18 |
| GPN Global Payments Inc. | Reduce -11.7% | 3.71% | −2.14 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −1.88 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −1.63 |
| AAOI Applied Optoelectronics Inc. | Sold out | 0.00% | −1.53 |
| BIP Brookfield Infrastructure Pa | Reduce -38.1% | 0.83% | −1.43 |
| VEEV Veeva Systems Inc. Class A | Sold out | 0.00% | −1.21 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.64 |
| MYRG MYR Group Inc./Delaware | Reduce -19.1% | 2.03% | −0.60 |
| IESC Ies Holdings Inc. | Reduce -49.9% | 0.16% | −0.33 |
| XBI SS SPDR S&P Biotech ETF | Sold out | 0.00% | −0.16 |
| STATE STR SPDR S&P 500 ETF T | Reduce -33.3% | 0.61% | −0.06 |
| AG First Majestic Silver Corp. | Sold out | 0.00% | −0.04 |
| FSM Fortuna Mining Corp. | Sold out | 0.00% | −0.04 |
Portfolio Buys Q3 2024 → Q4 2024
| IJH iShares Core S&P Midcap ETF | New | 8.71% | +8.71 |
| CNI Canadian Natl Railway Co. | New | 6.44% | +6.44 |
| MRVL Marvell Technology Inc. | New | 4.68% | +4.68 |
| CBOE Cboe Global Markets Inc. | New | 3.04% | +3.04 |
| TD Toronto-Dominion Bank | New | 2.43% | +2.43 |
| GRTUF Granite Real Estate Investme | New | 2.15% | +2.15 |
| HOS Hornbeck Offshore Services I | New | 2.00% | +2.00 |
| AMZN Amazon.com Inc. | Add +119.4% | 3.11% | +1.28 |
| DDOG Datadog Inc. Class A | New | 1.14% | +1.14 |
| NTR Nutrien Ltd. | New | 1.00% | +1.00 |
| GTLB Gitlab Inc. Class A | New | 0.88% | +0.88 |
| LAD Lithia Motors Inc. | New | 0.68% | +0.68 |
| CGNX Cognex Corp. | New | 0.56% | +0.56 |
| S Sentinelone Inc. Class A | New | 0.45% | +0.45 |
| PATK Patrick Industries Inc. | New | 0.23% | +0.23 |
| NVDA Nvidia Corp. | Add +219.9% | 0.37% | +0.21 |
| GIL Gildan Activewear Inc. | Add +108.0% | 0.79% | +0.21 |
| INVESCO QQQ TR | New | 0.19% | +0.19 |
| ORCL Oracle Corp. | Add +93.8% | 0.75% | +0.15 |
| BCE INC | New | 0.13% | +0.13 |
| TTD Trade Desk Inc./the Class A | Add +50.0% | 0.89% | +0.05 |
| BBU Brookfield Business PT-Unit | Add +48.3% | 4.50% | −0.09 |
| TSM Taiwan Semiconductor-SP ADR | Add +30.6% | 5.42% | −0.14 |
| META Meta Platforms Inc. Class A | Add +43.3% | 4.43% | −0.18 |
| AGI Alamos Gold Inc. Class A | Add +33.2% | 1.48% | −0.36 |
| CHKP Check Point Software Tech | Add +25.0% | 1.95% | −0.50 |
| CP Canadian Pacific Kansas City | Add +30.1% | 7.04% | −2.73 |
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 |