Forge First Asset Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Forge First Asset Management Inc. reported 36 stock positions worth $276.5 million. Its top holding was Canadian Pacific Kansas City (CP) at 10.6% of the portfolio, followed by Gildan Activewear (GIL, 8.2%) and Invesco Senior Loan ETF (BKLN, 7.3%). Compared with Q1 2025, it opened 15 new positions, sold out of 10, added to 7 and reduced 11. The biggest buy was a new position in JPMorgan Chase (JPM) and the biggest sale Canadian Natl Railway (CNI, shares −42%).
- Most Recent 13F
- Q3 2025
- Location
- TORONTO, ONTARIO, Z4
- CIK
- 0001963062
- Portfolio Value
- $276.5M (Q2 2025)
- SEC Filing
- 0001214659-25-011810 ↗ filed Aug 12, 2025
Holdings Value
Holdings 36 stocks · $276.5M
| CP Canadian Pacific Kansas City | 10.62% | 370,911 | $29.4M | Add +17.4% |
| GIL Gildan Activewear Inc. | 8.15% | 458,300 | $22.5M | Add +20.9% |
| BKLN Invesco Senior Loan ETF | 7.29% | 963,300 | $20.2M | No change |
| TSM Taiwan Semiconductor-SP ADR | 5.67% | 69,270 | $15.7M | Reduce -5.6% |
| JPM JPMorgan Chase & Co. | 5.38% | 51,350 | $14.9M | New |
| GFL GFL Environmental Inc.-Sub VT | 5.31% | 291,200 | $14.7M | Reduce -21.7% |
| CNI Canadian Natl Railway Co. | 4.96% | 131,900 | $13.7M | Reduce -42.5% |
| NVDA Nvidia Corp. | 4.70% | 82,370 | $13.0M | No change |
| VZLA Vizsla Silver Corp. | 3.50% | 3,300,000 | $9.7M | New |
| STN Stantec Inc. | 3.40% | 86,579 | $9.4M | Add +94.2% |
| BBU Brookfield Business PT-Unit | 3.38% | 357,465 | $9.3M | Reduce -3.8% |
| AGI Alamos Gold Inc. Class A | 3.29% | 342,359 | $9.1M | Add +909.2% |
| TTWO Take-Two Interactive Softwre | 2.90% | 33,076 | $8.0M | No change |
| MRVL Marvell Technology Inc. | 2.90% | 103,800 | $8.0M | New |
| AMZN Amazon.com Inc. | 2.70% | 34,050 | $7.5M | Reduce -16.2% |
| GOOG Alphabet Inc. Class C | 2.30% | 35,800 | $6.3M | Add +55.6% |
| XPO Xpo Inc. | 2.20% | 48,100 | $6.1M | New |
| CHKP Check Point Software Tech | 2.07% | 25,900 | $5.7M | New |
| AMD Advanced Micro Devices | 1.95% | 38,000 | $5.4M | New |
| IAUX I-80 Gold Corp. | 1.76% | 7,910,800 | $4.9M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.76% | 103,000 | $4.9M | New |
| UAL United Airlines Holdings Inc. | 1.67% | 58,000 | $4.6M | New |
| FIX Comfort Systems USA Inc. | 1.67% | 8,598 | $4.6M | New |
| GRND Grindr Inc. | 1.26% | 152,799 | $3.5M | Reduce -30.5% |
| MSFT Microsoft Corp. | 1.18% | 6,540 | $3.3M | Reduce -62.3% |
| META Meta Platforms Inc. Class A | 1.04% | 3,900 | $2.9M | Reduce -74.9% |
| ITRI Itron Inc. | 0.98% | 20,655 | $2.7M | New |
| BIP Brookfield Infrastructure Pa | 0.97% | 80,398 | $2.7M | Reduce -46.0% |
| STATE STR SPDR S&P 500 ETF T | 0.90% | 6,500 | $2.5M | Add +28.7% |
| SITM Sitime Corp. | 0.90% | 11,670 | $2.5M | Reduce -57.9% |
| OR Or Royalties Inc. | 0.86% | 92,900 | $2.4M | New |
| PANW Palo Alto Networks Inc. | 0.83% | 11,200 | $2.3M | Add +10.9% |
| ISHARES TR | 0.66% | 8,000 | $1.8M | New |
| MYRG MYR Group Inc./Delaware | 0.38% | 5,815 | $1.1M | Reduce -76.3% |
| CLS Celestica Inc. | 0.33% | 5,906 | $921K | New |
| META PLATFORMS INC | 0.18% | 400 | $502K | New |
Portfolio Sells Q1 2025 → Q2 2025
| CNI Canadian Natl Railway Co. | Reduce -42.5% | 4.96% | −4.77 |
| TU Telus Corp. | Sold out | 0.00% | −3.89 |
| META Meta Platforms Inc. Class A | Reduce -74.9% | 1.04% | −2.85 |
| XYZ Block Inc. | Sold out | 0.00% | −2.78 |
| GPN Global Payments Inc. | Sold out | 0.00% | −2.53 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -21.7% | 5.31% | −2.53 |
| GRTUF Granite Real Estate Investme | Sold out | 0.00% | −1.95 |
| V Visa Inc. Class A | Sold out | 0.00% | −1.85 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −1.74 |
| PBA Pembina Pipeline Corp. | Sold out | 0.00% | −1.68 |
| MSFT Microsoft Corp. | Reduce -62.3% | 1.18% | −1.65 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −0.97 |
| BIP Brookfield Infrastructure Pa | Reduce -46.0% | 0.97% | −0.96 |
| SITM Sitime Corp. | Reduce -57.9% | 0.90% | −0.94 |
| MYRG MYR Group Inc./Delaware | Reduce -76.3% | 0.38% | −0.82 |
| AMZN Amazon.com Inc. | Reduce -16.2% | 2.70% | −0.67 |
| GRND Grindr Inc. | Reduce -30.5% | 1.26% | −0.46 |
| BBU Brookfield Business PT-Unit | Reduce -3.8% | 3.38% | −0.43 |
| PTON Peloton Interactive Inc. Class A | Sold out | 0.00% | −0.41 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.28 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -5.6% | 5.67% | +0.37 |
Portfolio Buys Q1 2025 → Q2 2025
| JPM JPMorgan Chase & Co. | New | 5.38% | +5.38 |
| VZLA Vizsla Silver Corp. | New | 3.50% | +3.50 |
| MRVL Marvell Technology Inc. | New | 2.90% | +2.90 |
| AGI Alamos Gold Inc. Class A | Add +909.2% | 3.29% | +2.89 |
| XPO Xpo Inc. | New | 2.20% | +2.20 |
| CHKP Check Point Software Tech | New | 2.07% | +2.07 |
| AMD Advanced Micro Devices | New | 1.95% | +1.95 |
| STN Stantec Inc. | Add +94.2% | 3.40% | +1.79 |
| IAUX I-80 Gold Corp. | New | 1.76% | +1.76 |
| BAC Bank of America Corp. | New | 1.76% | +1.76 |
| UAL United Airlines Holdings Inc. | New | 1.67% | +1.67 |
| FIX Comfort Systems USA Inc. | New | 1.67% | +1.67 |
| ITRI Itron Inc. | New | 0.98% | +0.98 |
| CP Canadian Pacific Kansas City | Add +17.4% | 10.62% | +0.95 |
| OR Or Royalties Inc. | New | 0.86% | +0.86 |
| GIL Gildan Activewear Inc. | Add +20.9% | 8.15% | +0.85 |
| GOOG Alphabet Inc. Class C | Add +55.6% | 2.30% | +0.73 |
| ISHARES TR | New | 0.66% | +0.66 |
| CLS Celestica Inc. | New | 0.33% | +0.33 |
| META PLATFORMS INC | New | 0.18% | +0.18 |
| PANW Palo Alto Networks Inc. | Add +10.9% | 0.83% | +0.08 |
| STATE STR SPDR S&P 500 ETF T | Add +28.7% | 0.90% | −0.72 |
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 |