Montrusco Bolton Investments Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Montrusco Bolton Investments Inc. reported 62 stock positions worth $9.5 billion. Its top holding was Microsoft (MSFT) at 10.6% of the portfolio, followed by Nvidia (NVDA, 6.5%) and Amazon.com (AMZN, 6.1%). Compared with Q2 2024, it opened 5 new positions, sold out of 1, added to 24 and reduced 33. The biggest buy was Mastercard Class A (MA, shares +53%) and the biggest sale an exit from Five Below (FIVE).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001475940
- Portfolio Value
- $9.5B (Q3 2024)
- SEC Filing
- 0001085146-24-005502 ↗ filed Nov 12, 2024
Holdings Value
Holdings 62 stocks · $9.5B
| MSFT Microsoft Corp. | 10.59% | 2,384,547 | $1.0B | Add +1.4% |
| NVDA Nvidia Corp. | 6.48% | 5,157,650 | $615.4M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 6.05% | 3,144,778 | $574.5M | Add +33.7% |
| MA Mastercard Inc. Class A | 6.04% | 1,185,081 | $573.0M | Add +52.8% |
| GOOGL Alphabet Inc. Class A | 5.75% | 3,366,312 | $545.5M | Add +6.1% |
| AMGN Amgen Inc. | 5.27% | 1,588,440 | $500.5M | Add +2.0% |
| DHR Danaher Corp. | 4.91% | 1,705,884 | $465.6M | Add +30.4% |
| ROL Rollins Inc. | 4.90% | 9,397,497 | $465.5M | Add +14.0% |
| META Meta Platforms Inc. Class A | 4.25% | 718,627 | $403.4M | Reduce -0.1% |
| ADBE Adobe Inc. | 4.24% | 795,489 | $402.6M | Add +2.1% |
| WCN Waste Connections Inc. | 4.23% | 2,303,339 | $401.9M | Add +15.5% |
| SYY Sysco Corp. | 3.86% | 4,790,665 | $366.8M | Add +8.5% |
| VLO Valero Energy Corp. | 3.60% | 2,533,434 | $342.1M | Add +6.3% |
| WDAY Workday Inc. Class A | 3.27% | 1,296,218 | $309.9M | Reduce -10.7% |
| MRSH Marsh & McLennan Cos | 3.08% | 1,331,257 | $292.0M | Reduce -17.8% |
| PSA Public Storage | 2.94% | 783,987 | $279.2M | Reduce -6.5% |
| AAPL Apple Inc. | 2.38% | 969,716 | $225.9M | Reduce -10.3% |
| TXN Texas Instruments Inc. | 2.25% | 1,050,922 | $213.1M | Reduce -10.2% |
| LULU Lululemon Athletica Inc. | 1.75% | 611,814 | $166.0M | Add +43.5% |
| MTD Mettler-Toledo International | 1.59% | 100,416 | $150.6M | Reduce -7.7% |
| CFR Cullen/Frost Bankers Inc. | 1.43% | 1,209,122 | $135.3M | Add +10.2% |
| CME Cme Group Inc. | 1.34% | 574,769 | $126.8M | Reduce -66.1% |
| ENPH Enphase Energy Inc. | 1.05% | 878,558 | $99.3M | Add +93.4% |
| SHW The Sherwin-Williams Co. | 0.96% | 237,510 | $90.7M | Reduce -13.4% |
| ZTS Zoetis Inc. | 0.91% | 455,954 | $86.3M | Reduce -27.5% |
| GRMN Garmin Ltd. | 0.56% | 302,516 | $53.3M | New |
| MNST Monster Beverage Corp. | 0.54% | 988,369 | $51.6M | New |
| WMT Walmart Inc. | 0.50% | 587,843 | $47.5M | Reduce -7.5% |
| TD Toronto-Dominion Bank | 0.49% | 737,045 | $46.7M | Reduce -52.5% |
| RY Royal Bank of Canada | 0.47% | 357,999 | $44.7M | Reduce -65.7% |
| ENB Enbridge Inc. | 0.42% | 969,334 | $39.4M | Reduce -61.9% |
| CNQ Canadian Natural Resources | 0.35% | 1,011,542 | $33.6M | Reduce -57.7% |
| CNI Canadian Natl Railway Co. | 0.34% | 274,892 | $32.2M | Reduce -53.1% |
| BAM Brookfield Asset Mgmt-A | 0.34% | 672,034 | $31.8M | Reduce -62.3% |
| BIP Brookfield Infrastructure Pa | 0.29% | 789,622 | $27.7M | Reduce -56.3% |
| FNV Franco-Nevada Corp. | 0.22% | 166,406 | $20.7M | Reduce -63.0% |
| WPM Wheaton Precious Metals Corp. | 0.19% | 295,308 | $18.1M | Reduce -62.3% |
| GRP.U Granite Real Estate Investme | 0.19% | 292,684 | $17.7M | Reduce -55.1% |
| ERO Ero Copper Corp. | 0.18% | 746,357 | $16.6M | Add +17.2% |
| CIGI Colliers Intl GR-Subord Vot | 0.17% | 108,264 | $16.4M | Add +0.9% |
| NGD New Gold Inc. | 0.17% | 5,507,760 | $16.0M | Reduce -16.7% |
| TU Telus Corp. | 0.15% | 857,099 | $14.4M | Reduce -61.3% |
| EGO Eldorado Gold Corp. | 0.12% | 681,226 | $11.9M | Reduce -1.3% |
| FSV Firstservice Corp. | 0.12% | 64,674 | $11.8M | Add +0.8% |
| GIB Cgi Inc. | 0.12% | 101,210 | $11.7M | Add +443.1% |
| TFPM Triple Flag Precious Met | 0.12% | 697,000 | $11.3M | Add +9.0% |
| OR Osisko Gold Royalties Ltd. | 0.12% | 595,622 | $11.0M | Reduce -11.8% |
| TFII Tfi International Inc. | 0.11% | 76,355 | $10.5M | Add +0.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.10% | 68,859 | $9.7M | New |
| BNT Brookfield Wealth Solutions | 0.08% | 140,577 | $7.5M | Add +1.2% |
| BN Brookfield Corp. | 0.07% | 120,442 | $6.4M | Reduce -1.1% |
| TRI Thomson Reuters Corp. | 0.06% | 36,046 | $6.2M | Reduce -35.0% |
| BKNG Booking Holdings Inc. | 0.05% | 1,053 | $4.4M | New |
| DSGX The Descartes Systems Grp | 0.05% | 42,902 | $4.4M | Add +19.5% |
| CMG Chipotle Mexican Grill Inc. | 0.04% | 72,664 | $4.2M | New |
| BEP Brookfield Renewable Partner | 0.04% | 136,176 | $3.8M | Reduce -75.2% |
| SHOP Shopify Inc. Class A | 0.03% | 35,111 | $2.8M | Reduce -0.8% |
| CP Canadian Pacific Kansas City | 0.03% | 30,089 | $2.6M | Add +20.8% |
| PG The Procter & Gamble Co. | 0.03% | 14,545 | $2.5M | Reduce -90.6% |
| LW Lamb Weston Holdings Inc. | 0.01% | 21,550 | $1.4M | Reduce -97.9% |
| BBU Brookfield Business PT-Unit | 0.01% | 44,848 | $1.1M | Reduce -1.4% |
| SLF Sun Life Financial Inc. | 0.01% | 11,655 | $677K | Add +5.1% |
Portfolio Sells Q2 2024 → Q3 2024
| FIVE Five Below | Sold out | 0.00% | −2.61 |
| CME Cme Group Inc. | Reduce -66.1% | 1.34% | −2.07 |
| LW Lamb Weston Holdings Inc. | Reduce -97.9% | 0.01% | −0.89 |
| RY Royal Bank of Canada | Reduce -65.7% | 0.47% | −0.69 |
| CNQ Canadian Natural Resources | Reduce -57.7% | 0.35% | −0.54 |
| ENB Enbridge Inc. | Reduce -61.9% | 0.42% | −0.53 |
| MRSH Marsh & McLennan Cos | Reduce -17.8% | 3.08% | −0.43 |
| TD Toronto-Dominion Bank | Reduce -52.5% | 0.49% | −0.40 |
| CNI Canadian Natl Railway Co. | Reduce -53.1% | 0.34% | −0.39 |
| BAM Brookfield Asset Mgmt-A | Reduce -62.3% | 0.34% | −0.38 |
| FNV Franco-Nevada Corp. | Reduce -63.0% | 0.22% | −0.34 |
| PG The Procter & Gamble Co. | Reduce -90.6% | 0.03% | −0.24 |
| WPM Wheaton Precious Metals Corp. | Reduce -62.3% | 0.19% | −0.24 |
| BIP Brookfield Infrastructure Pa | Reduce -56.3% | 0.29% | −0.23 |
| ZTS Zoetis Inc. | Reduce -27.5% | 0.91% | −0.21 |
| TU Telus Corp. | Reduce -61.3% | 0.15% | −0.20 |
| GRP.U Granite Real Estate Investme | Reduce -55.1% | 0.19% | −0.15 |
| BEP Brookfield Renewable Partner | Reduce -75.2% | 0.04% | −0.10 |
| NVDA Nvidia Corp. | Reduce -0.1% | 6.48% | −0.09 |
| TXN Texas Instruments Inc. | Reduce -10.2% | 2.25% | −0.08 |
| WDAY Workday Inc. Class A | Reduce -10.7% | 3.27% | −0.07 |
| TRI Thomson Reuters Corp. | Reduce -35.0% | 0.06% | −0.03 |
| AAPL Apple Inc. | Reduce -10.3% | 2.38% | −0.01 |
| MTD Mettler-Toledo International | Reduce -7.7% | 1.59% | −0.01 |
| BBU Brookfield Business PT-Unit | Reduce -1.4% | 0.01% | +0.00 |
| SHOP Shopify Inc. Class A | Reduce -0.8% | 0.03% | +0.01 |
| OR Osisko Gold Royalties Ltd. | Reduce -11.8% | 0.12% | +0.01 |
| BN Brookfield Corp. | Reduce -1.1% | 0.07% | +0.01 |
| EGO Eldorado Gold Corp. | Reduce -1.3% | 0.12% | +0.02 |
| NGD New Gold Inc. | Reduce -16.7% | 0.17% | +0.03 |
| WMT Walmart Inc. | Reduce -7.5% | 0.50% | +0.05 |
| SHW The Sherwin-Williams Co. | Reduce -13.4% | 0.96% | +0.10 |
| PSA Public Storage | Reduce -6.5% | 2.94% | +0.47 |
| META Meta Platforms Inc. Class A | Reduce -0.1% | 4.25% | +0.53 |
Portfolio Buys Q2 2024 → Q3 2024
| MA Mastercard Inc. Class A | Add +52.8% | 6.04% | +2.52 |
| DHR Danaher Corp. | Add +30.4% | 4.91% | +1.55 |
| AMZN Amazon.com Inc. | Add +33.7% | 6.05% | +1.37 |
| ROL Rollins Inc. | Add +14.0% | 4.90% | +0.79 |
| WCN Waste Connections Inc. | Add +15.5% | 4.23% | +0.65 |
| SYY Sysco Corp. | Add +8.5% | 3.86% | +0.64 |
| ENPH Enphase Energy Inc. | Add +93.4% | 1.05% | +0.57 |
| GRMN Garmin Ltd. | New | 0.56% | +0.56 |
| MNST Monster Beverage Corp. | New | 0.54% | +0.54 |
| LULU Lululemon Athletica Inc. | Add +43.5% | 1.75% | +0.41 |
| AMGN Amgen Inc. | Add +2.0% | 5.27% | +0.29 |
| CFR Cullen/Frost Bankers Inc. | Add +10.2% | 1.43% | +0.26 |
| GIB Cgi Inc. | Add +443.1% | 0.12% | +0.10 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.10% | +0.10 |
| CIGI Colliers Intl GR-Subord Vot | Add +0.9% | 0.17% | +0.05 |
| BKNG Booking Holdings Inc. | New | 0.05% | +0.05 |
| CMG Chipotle Mexican Grill Inc. | New | 0.04% | +0.04 |
| ERO Ero Copper Corp. | Add +17.2% | 0.18% | +0.03 |
| FSV Firstservice Corp. | Add +0.8% | 0.12% | +0.02 |
| BNT Brookfield Wealth Solutions | Add +1.2% | 0.08% | +0.02 |
| TFPM Triple Flag Precious Met | Add +9.0% | 0.12% | +0.02 |
| DSGX The Descartes Systems Grp | Add +19.5% | 0.05% | +0.01 |
| CP Canadian Pacific Kansas City | Add +20.8% | 0.03% | +0.01 |
| SLF Sun Life Financial Inc. | Add +5.1% | 0.01% | +0.00 |
| TFII Tfi International Inc. | Add +0.9% | 0.11% | −0.00 |
| GOOGL Alphabet Inc. Class A | Add +6.1% | 5.75% | −0.17 |
| MSFT Microsoft Corp. | Add +1.4% | 10.59% | −0.20 |
| ADBE Adobe Inc. | Add +2.1% | 4.24% | −0.20 |
| VLO Valero Energy Corp. | Add +6.3% | 3.60% | −0.31 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 80 | $6.5B | NVDA, GOOGL, MSFT, AMZN, JPM |
| Q1 2026 | 72 | $6.6B | NVDA, MSFT, GOOGL, AMZN, JPM |
| Q4 2025 | 73 | $8.0B | MSFT, NVDA, GOOGL, AMZN, WCN |
| Q3 2025 | 78 | $8.6B | MSFT, NVDA, AMZN, GOOGL, JPM |
| Q2 2025 | 75 | $9.0B | MSFT, NVDA, AMZN, META, JPM |
| Q1 2025 | 62 | $7.6B | MSFT, NVDA, AMZN, GOOGL, BLK |
| Q4 2024 | 61 | $8.3B | MSFT, NVDA, AMZN, GOOGL, MA |
| Q3 2024 | 62 | $9.5B | MSFT, NVDA, AMZN, MA, GOOGL |
| Q2 2024 | 58 | $9.5B | MSFT, NVDA, GOOGL, AMGN, AMZN |
| Q1 2024 | 58 | $9.4B | MSFT, MA, NVDA, GOOGL, AMGN |