Montrusco Bolton Investments Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 23, 2025), Montrusco Bolton Investments Inc. reported 61 stock positions worth $8.3 billion. Its top holding was Microsoft (MSFT) at 10.3% of the portfolio, followed by Nvidia (NVDA, 7.7%) and Amazon.com (AMZN, 7.4%). Compared with Q3 2024, it opened 2 new positions, sold out of 3, added to 14 and reduced 45. The biggest buy was a new position in BlackRock (BLK) and the biggest sale Sysco (SYY, shares −59%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001475940
- Portfolio Value
- $8.3B (Q4 2024)
- SEC Filing
- 0001085146-25-000414 ↗ filed Jan 23, 2025
Holdings Value
Holdings 61 stocks · $8.3B
| MSFT Microsoft Corp. | 10.32% | 2,085,394 | $852.5M | Reduce -12.6% |
| NVDA Nvidia Corp. | 7.67% | 4,838,488 | $633.6M | Reduce -6.2% |
| AMZN Amazon.com Inc. | 7.43% | 2,871,723 | $613.8M | Reduce -8.7% |
| GOOGL Alphabet Inc. Class A | 6.18% | 2,777,717 | $510.2M | Reduce -17.5% |
| MA Mastercard Inc. Class A | 4.93% | 794,248 | $407.0M | Reduce -33.0% |
| DHR Danaher Corp. | 4.64% | 1,715,826 | $382.9M | Add +0.6% |
| BLK BlackRock Inc. | 4.17% | 343,739 | $344.0M | New |
| ROL Rollins Inc. | 4.05% | 7,462,332 | $334.3M | Reduce -20.6% |
| META Meta Platforms Inc. Class A | 3.96% | 576,466 | $327.3M | Reduce -19.8% |
| WCN Waste Connections Inc. | 3.86% | 1,927,900 | $319.1M | Reduce -16.3% |
| AMGN Amgen Inc. | 3.71% | 1,212,534 | $306.6M | Reduce -23.7% |
| ADBE Adobe Inc. | 3.50% | 668,498 | $288.8M | Reduce -16.0% |
| WDAY Workday Inc. Class A | 3.19% | 1,053,221 | $263.5M | Reduce -18.8% |
| VLO Valero Energy Corp. | 3.06% | 2,059,010 | $252.4M | Reduce -18.7% |
| TXN Texas Instruments Inc. | 2.87% | 1,298,418 | $237.2M | Add +23.6% |
| AAPL Apple Inc. | 2.85% | 941,021 | $235.7M | Reduce -3.0% |
| PSA Public Storage | 2.33% | 662,685 | $192.1M | Reduce -15.5% |
| MNST Monster Beverage Corp. | 2.17% | 3,468,660 | $178.8M | Add +250.9% |
| UBER Uber Technologies Inc. | 2.01% | 2,845,296 | $166.1M | New |
| MRSH Marsh & McLennan Cos | 1.89% | 751,825 | $156.2M | Reduce -43.5% |
| SYY Sysco Corp. | 1.72% | 1,948,961 | $142.2M | Reduce -59.3% |
| CFR Cullen/Frost Bankers Inc. | 1.38% | 848,892 | $114.0M | Reduce -29.8% |
| MTD Mettler-Toledo International | 1.25% | 84,499 | $103.4M | Reduce -15.8% |
| LULU Lululemon Athletica Inc. | 1.14% | 245,583 | $93.9M | Reduce -59.9% |
| TSM Taiwan Semiconductor-SP ADR | 1.11% | 484,552 | $91.7M | Add +603.7% |
| GRMN Garmin Ltd. | 1.08% | 431,188 | $88.9M | Add +42.5% |
| SHW The Sherwin-Williams Co. | 0.89% | 216,170 | $73.5M | Reduce -9.0% |
| ZTS Zoetis Inc. | 0.82% | 431,847 | $67.7M | Reduce -5.3% |
| RY Royal Bank of Canada | 0.63% | 433,017 | $52.2M | Add +20.9% |
| WMT Walmart Inc. | 0.51% | 466,347 | $42.1M | Reduce -20.7% |
| ENB Enbridge Inc. | 0.46% | 886,273 | $37.6M | Reduce -8.6% |
| BAM Brookfield Asset Mgmt-A | 0.34% | 519,006 | $28.1M | Reduce -22.8% |
| CNQ Canadian Natural Resources | 0.33% | 894,468 | $27.6M | Reduce -11.6% |
| TD Toronto-Dominion Bank | 0.33% | 505,061 | $26.9M | Reduce -31.5% |
| BIP Brookfield Infrastructure Pa | 0.32% | 829,187 | $26.3M | Add +5.0% |
| CNI Canadian Natl Railway Co. | 0.31% | 253,008 | $25.7M | Reduce -8.0% |
| FNV Franco-Nevada Corp. | 0.21% | 146,489 | $17.2M | Reduce -12.0% |
| WPM Wheaton Precious Metals Corp. | 0.19% | 273,217 | $15.4M | Reduce -7.5% |
| TU Telus Corp. | 0.18% | 1,091,751 | $14.8M | Add +27.4% |
| CIGI Colliers Intl GR-Subord Vot | 0.18% | 107,018 | $14.5M | Reduce -1.1% |
| GRTUF Granite Real Estate Investme | 0.17% | 285,250 | $13.8M | Reduce -2.5% |
| NGD New Gold Inc. | 0.16% | 5,242,547 | $13.1M | Reduce -4.8% |
| FSV Firstservice Corp. | 0.14% | 63,948 | $11.6M | Reduce -1.1% |
| ERO Ero Copper Corp. | 0.13% | 775,356 | $10.4M | Add +3.9% |
| OR Osisko Gold Royalties Ltd. | 0.13% | 574,704 | $10.4M | Reduce -3.5% |
| GIB Cgi Inc. | 0.12% | 93,679 | $10.2M | Reduce -7.4% |
| TFII Tfi International Inc. | 0.12% | 75,474 | $10.2M | Reduce -1.1% |
| TFPM Triple Flag Precious Met | 0.12% | 670,446 | $10.1M | Reduce -3.8% |
| EGO Eldorado Gold Corp. | 0.11% | 634,591 | $9.4M | Reduce -6.8% |
| BNT Brookfield Wealth Solutions | 0.11% | 151,641 | $8.7M | Add +7.9% |
| BKNG Booking Holdings Inc. | 0.08% | 1,382 | $6.9M | Add +31.2% |
| BN Brookfield Corp. | 0.08% | 118,415 | $6.8M | Reduce -1.7% |
| CMG Chipotle Mexican Grill Inc. | 0.07% | 89,470 | $5.4M | Add +23.1% |
| TRI Thomson Reuters Corp. | 0.06% | 33,157 | $5.3M | Reduce -8.0% |
| DSGX The Descartes Systems Grp | 0.06% | 42,384 | $4.8M | Reduce -1.2% |
| ENPH Enphase Energy Inc. | 0.05% | 63,430 | $4.4M | Reduce -92.8% |
| SHOP Shopify Inc. Class A | 0.04% | 34,159 | $3.6M | Reduce -2.7% |
| PG The Procter & Gamble Co. | 0.03% | 14,598 | $2.4M | Add +0.4% |
| CP Canadian Pacific Kansas City | 0.03% | 32,547 | $2.4M | Add +8.2% |
| BBU Brookfield Business PT-Unit | 0.01% | 43,866 | $1.0M | Reduce -2.2% |
| SLF Sun Life Financial Inc. | 0.01% | 10,573 | $627K | Reduce -9.3% |
Portfolio Sells Q3 2024 → Q4 2024
| SYY Sysco Corp. | Reduce -59.3% | 1.72% | −2.14 |
| AMGN Amgen Inc. | Reduce -23.7% | 3.71% | −1.56 |
| CME Cme Group Inc. | Sold out | 0.00% | −1.34 |
| MRSH Marsh & McLennan Cos | Reduce -43.5% | 1.89% | −1.19 |
| MA Mastercard Inc. Class A | Reduce -33.0% | 4.93% | −1.11 |
| ENPH Enphase Energy Inc. | Reduce -92.8% | 0.05% | −0.99 |
| ROL Rollins Inc. | Reduce -20.6% | 4.05% | −0.86 |
| ADBE Adobe Inc. | Reduce -16.0% | 3.50% | −0.74 |
| PSA Public Storage | Reduce -15.5% | 2.33% | −0.62 |
| LULU Lululemon Athletica Inc. | Reduce -59.9% | 1.14% | −0.61 |
| VLO Valero Energy Corp. | Reduce -18.7% | 3.06% | −0.55 |
| WCN Waste Connections Inc. | Reduce -16.3% | 3.86% | −0.37 |
| MTD Mettler-Toledo International | Reduce -15.8% | 1.25% | −0.33 |
| META Meta Platforms Inc. Class A | Reduce -19.8% | 3.96% | −0.29 |
| MSFT Microsoft Corp. | Reduce -12.6% | 10.32% | −0.26 |
| TD Toronto-Dominion Bank | Reduce -31.5% | 0.33% | −0.17 |
| ZTS Zoetis Inc. | Reduce -5.3% | 0.82% | −0.09 |
| WDAY Workday Inc. Class A | Reduce -18.8% | 3.19% | −0.07 |
| SHW The Sherwin-Williams Co. | Reduce -9.0% | 0.89% | −0.07 |
| CFR Cullen/Frost Bankers Inc. | Reduce -29.8% | 1.38% | −0.04 |
| BEP Brookfield Renewable Partner | Sold out | 0.00% | −0.04 |
| CNI Canadian Natl Railway Co. | Reduce -8.0% | 0.31% | −0.03 |
| CNQ Canadian Natural Resources | Reduce -11.6% | 0.33% | −0.02 |
| GRTUF Granite Real Estate Investme | Reduce -2.5% | 0.17% | −0.02 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.01 |
| EGO Eldorado Gold Corp. | Reduce -6.8% | 0.11% | −0.01 |
| NGD New Gold Inc. | Reduce -4.8% | 0.16% | −0.01 |
| FNV Franco-Nevada Corp. | Reduce -12.0% | 0.21% | −0.01 |
| WPM Wheaton Precious Metals Corp. | Reduce -7.5% | 0.19% | −0.00 |
| TRI Thomson Reuters Corp. | Reduce -8.0% | 0.06% | −0.00 |
| SLF Sun Life Financial Inc. | Reduce -9.3% | 0.01% | +0.00 |
| GIB Cgi Inc. | Reduce -7.4% | 0.12% | +0.00 |
| BBU Brookfield Business PT-Unit | Reduce -2.2% | 0.01% | +0.00 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -1.1% | 0.18% | +0.00 |
| TFPM Triple Flag Precious Met | Reduce -3.8% | 0.12% | +0.00 |
| BAM Brookfield Asset Mgmt-A | Reduce -22.8% | 0.34% | +0.01 |
| OR Osisko Gold Royalties Ltd. | Reduce -3.5% | 0.13% | +0.01 |
| WMT Walmart Inc. | Reduce -20.7% | 0.51% | +0.01 |
| DSGX The Descartes Systems Grp | Reduce -1.2% | 0.06% | +0.01 |
| TFII Tfi International Inc. | Reduce -1.1% | 0.12% | +0.01 |
| SHOP Shopify Inc. Class A | Reduce -2.7% | 0.04% | +0.01 |
| BN Brookfield Corp. | Reduce -1.7% | 0.08% | +0.01 |
| FSV Firstservice Corp. | Reduce -1.1% | 0.14% | +0.02 |
| ENB Enbridge Inc. | Reduce -8.6% | 0.46% | +0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -17.5% | 6.18% | +0.43 |
| AAPL Apple Inc. | Reduce -3.0% | 2.85% | +0.47 |
| NVDA Nvidia Corp. | Reduce -6.2% | 7.67% | +1.19 |
| AMZN Amazon.com Inc. | Reduce -8.7% | 7.43% | +1.38 |
Portfolio Buys Q3 2024 → Q4 2024
| BLK BlackRock Inc. | New | 4.17% | +4.17 |
| UBER Uber Technologies Inc. | New | 2.01% | +2.01 |
| MNST Monster Beverage Corp. | Add +250.9% | 2.17% | +1.62 |
| TSM Taiwan Semiconductor-SP ADR | Add +603.7% | 1.11% | +1.01 |
| TXN Texas Instruments Inc. | Add +23.6% | 2.87% | +0.63 |
| GRMN Garmin Ltd. | Add +42.5% | 1.08% | +0.52 |
| RY Royal Bank of Canada | Add +20.9% | 0.63% | +0.16 |
| BKNG Booking Holdings Inc. | Add +31.2% | 0.08% | +0.04 |
| TU Telus Corp. | Add +27.4% | 0.18% | +0.03 |
| BNT Brookfield Wealth Solutions | Add +7.9% | 0.11% | +0.03 |
| BIP Brookfield Infrastructure Pa | Add +5.0% | 0.32% | +0.03 |
| CMG Chipotle Mexican Grill Inc. | Add +23.1% | 0.07% | +0.02 |
| PG The Procter & Gamble Co. | Add +0.4% | 0.03% | +0.00 |
| CP Canadian Pacific Kansas City | Add +8.2% | 0.03% | +0.00 |
| ERO Ero Copper Corp. | Add +3.9% | 0.13% | −0.05 |
| DHR Danaher Corp. | Add +0.6% | 4.64% | −0.27 |
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 |