Forge First Asset Management Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Forge First Asset Management Inc. reported 31 stock positions worth $229.7 million. Its top holding was Canadian Natl Railway (CNI) at 9.7% of the portfolio, followed by Canadian Pacific Kansas City (CP, 9.7%) and Invesco Senior Loan ETF (BKLN, 8.7%). Compared with Q4 2024, it opened 13 new positions, sold out of 21, added to 8 and reduced 8. The biggest buy was GFL Environmental Inc.-Sub VT (GFL, shares +449%) and the biggest sale an exit from iShares Core S&P Midcap ETF (IJH).
- Most Recent 13F
- Q3 2025
- Location
- TORONTO, ONTARIO, Z4
- CIK
- 0001963062
- Portfolio Value
- $229.7M (Q1 2025)
- SEC Filing
- 0001214659-25-007224 ↗ filed May 9, 2025
Holdings Value
Holdings 31 stocks · $229.7M
| CNI Canadian Natl Railway Co. | 9.73% | 229,300 | $22.3M | Add +29.7% |
| CP Canadian Pacific Kansas City | 9.67% | 315,911 | $22.2M | Add +16.6% |
| BKLN Invesco Senior Loan ETF | 8.68% | 963,300 | $19.9M | Reduce -48.0% |
| GFL GFL Environmental Inc.-Sub VT | 7.83% | 372,000 | $18.0M | Add +448.9% |
| GIL Gildan Activewear Inc. | 7.31% | 379,200 | $16.8M | Add +713.7% |
| TSM Taiwan Semiconductor-SP ADR | 5.30% | 73,370 | $12.2M | Reduce -3.9% |
| NVDA Nvidia Corp. | 3.90% | 82,370 | $9.0M | Add +968.4% |
| META Meta Platforms Inc. Class A | 3.90% | 15,523 | $8.9M | Reduce -26.3% |
| TU Telus Corp. | 3.89% | 622,200 | $8.9M | New |
| BBU Brookfield Business PT-Unit | 3.80% | 371,565 | $8.7M | Reduce -30.3% |
| AMZN Amazon.com Inc. | 3.37% | 40,650 | $7.7M | Add +2.9% |
| TTWO Take-Two Interactive Softwre | 2.98% | 33,076 | $6.9M | New |
| MSFT Microsoft Corp. | 2.83% | 17,340 | $6.5M | New |
| XYZ Block Inc. | 2.78% | 117,500 | $6.4M | New |
| GPN Global Payments Inc. | 2.53% | 59,300 | $5.8M | Reduce -35.6% |
| GRTUF Granite Real Estate Investme | 1.95% | 95,800 | $4.5M | Reduce -22.3% |
| BIP Brookfield Infrastructure Pa | 1.93% | 148,898 | $4.4M | Add +105.1% |
| V Visa Inc. Class A | 1.85% | 12,100 | $4.2M | No change |
| SITM Sitime Corp. | 1.84% | 27,700 | $4.2M | New |
| MA Mastercard Inc. Class A | 1.74% | 7,300 | $4.0M | No change |
| GRND Grindr Inc. | 1.71% | 219,763 | $3.9M | New |
| PBA Pembina Pipeline Corp. | 1.68% | 96,200 | $3.9M | New |
| STATE STR SPDR S&P 500 ETF T | 1.62% | 5,050 | $3.7M | Add +152.5% |
| STN Stantec Inc. | 1.61% | 44,579 | $3.7M | New |
| GOOG Alphabet Inc. Class C | 1.56% | 23,000 | $3.6M | New |
| MYRG MYR Group Inc./Delaware | 1.21% | 24,515 | $2.8M | Reduce -35.5% |
| DSGX The Descartes Systems Grp | 0.97% | 22,200 | $2.2M | New |
| PANW Palo Alto Networks Inc. | 0.75% | 10,100 | $1.7M | New |
| PTON Peloton Interactive Inc. Class A | 0.41% | 149,300 | $944K | New |
| AGI Alamos Gold Inc. Class A | 0.40% | 33,924 | $907K | Reduce -84.8% |
| NBIS Nebius Group NV | 0.28% | 29,950 | $632K | New |
Portfolio Sells Q4 2024 → Q1 2025
| IJH iShares Core S&P Midcap ETF | Sold out | 0.00% | −8.71 |
| BKLN Invesco Senior Loan ETF | Reduce -48.0% | 8.68% | −5.34 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −4.94 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −4.68 |
| AAPL Apple Inc. | Sold out | 0.00% | −3.25 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −3.04 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −2.43 |
| HOS Hornbeck Offshore Services I | Sold out | 0.00% | −2.00 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −1.95 |
| BLD Topbuild Corp. | Sold out | 0.00% | −1.18 |
| GPN Global Payments Inc. | Reduce -35.6% | 2.53% | −1.18 |
| DDOG Datadog Inc. Class A | Sold out | 0.00% | −1.14 |
| AGI Alamos Gold Inc. Class A | Reduce -84.8% | 0.40% | −1.08 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −1.00 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.89 |
| GTLB Gitlab Inc. Class A | Sold out | 0.00% | −0.88 |
| MYRG MYR Group Inc./Delaware | Reduce -35.5% | 1.21% | −0.82 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.75 |
| BBU Brookfield Business PT-Unit | Reduce -30.3% | 3.80% | −0.70 |
| LAD Lithia Motors Inc. | Sold out | 0.00% | −0.68 |
| CGNX Cognex Corp. | Sold out | 0.00% | −0.56 |
| META Meta Platforms Inc. Class A | Reduce -26.3% | 3.90% | −0.53 |
| S Sentinelone Inc. Class A | Sold out | 0.00% | −0.45 |
| PATK Patrick Industries Inc. | Sold out | 0.00% | −0.23 |
| GRTUF Granite Real Estate Investme | Reduce -22.3% | 1.95% | −0.20 |
| INVESCO QQQ TR | Sold out | 0.00% | −0.19 |
| IESC Ies Holdings Inc. | Sold out | 0.00% | −0.16 |
| BCE INC | Sold out | 0.00% | −0.13 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -3.9% | 5.30% | −0.12 |
Portfolio Buys Q4 2024 → Q1 2025
| GFL GFL Environmental Inc.-Sub VT | Add +448.9% | 7.83% | +6.75 |
| GIL Gildan Activewear Inc. | Add +713.7% | 7.31% | +6.52 |
| TU Telus Corp. | New | 3.89% | +3.89 |
| NVDA Nvidia Corp. | Add +968.4% | 3.90% | +3.53 |
| CNI Canadian Natl Railway Co. | Add +29.7% | 9.73% | +3.29 |
| TTWO Take-Two Interactive Softwre | New | 2.98% | +2.98 |
| MSFT Microsoft Corp. | New | 2.83% | +2.83 |
| XYZ Block Inc. | New | 2.78% | +2.78 |
| CP Canadian Pacific Kansas City | Add +16.6% | 9.67% | +2.63 |
| SITM Sitime Corp. | New | 1.84% | +1.84 |
| GRND Grindr Inc. | New | 1.71% | +1.71 |
| PBA Pembina Pipeline Corp. | New | 1.68% | +1.68 |
| STN Stantec Inc. | New | 1.61% | +1.61 |
| GOOG Alphabet Inc. Class C | New | 1.56% | +1.56 |
| BIP Brookfield Infrastructure Pa | Add +105.1% | 1.93% | +1.10 |
| STATE STR SPDR S&P 500 ETF T | Add +152.5% | 1.62% | +1.01 |
| DSGX The Descartes Systems Grp | New | 0.97% | +0.97 |
| PANW Palo Alto Networks Inc. | New | 0.75% | +0.75 |
| PTON Peloton Interactive Inc. Class A | New | 0.41% | +0.41 |
| NBIS Nebius Group NV | New | 0.28% | +0.28 |
| AMZN Amazon.com Inc. | Add +2.9% | 3.37% | +0.26 |
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 |