Montrusco Bolton Investments Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Montrusco Bolton Investments Inc. reported 62 stock positions worth $7.6 billion. Its top holding was Microsoft (MSFT) at 9.9% of the portfolio, followed by Nvidia (NVDA, 7.4%) and Amazon.com (AMZN, 5.6%). Compared with Q4 2024, it opened 7 new positions, sold out of 6, added to 23 and reduced 32. The biggest buy was Chipotle Mexican Grill (CMG, shares +5320%) and the biggest sale an exit from Workday Class A (WDAY).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001475940
- Portfolio Value
- $7.6B (Q1 2025)
- SEC Filing
- 0001085146-25-002552 ↗ filed May 2, 2025
Holdings Value
Holdings 62 stocks · $7.6B
| MSFT Microsoft Corp. | 9.90% | 2,066,121 | $752.9M | Reduce -0.9% |
| NVDA Nvidia Corp. | 7.37% | 5,296,119 | $560.7M | Add +9.5% |
| AMZN Amazon.com Inc. | 5.55% | 2,286,279 | $422.6M | Reduce -20.4% |
| GOOGL Alphabet Inc. Class A | 4.99% | 2,531,957 | $379.4M | Reduce -8.8% |
| BLK BlackRock Inc. | 4.89% | 399,696 | $371.8M | Add +16.3% |
| MA Mastercard Inc. Class A | 4.87% | 694,326 | $370.8M | Reduce -12.6% |
| DHR Danaher Corp. | 4.50% | 1,716,545 | $342.6M | Add +0.0% |
| ROL Rollins Inc. | 4.36% | 6,362,759 | $331.4M | Reduce -14.7% |
| MNST Monster Beverage Corp. | 3.99% | 5,366,126 | $303.7M | Add +54.7% |
| WCN Waste Connections Inc. | 3.89% | 1,573,984 | $296.2M | Reduce -18.4% |
| META Meta Platforms Inc. Class A | 3.75% | 508,880 | $285.3M | Reduce -11.7% |
| CMG Chipotle Mexican Grill Inc. | 3.10% | 4,848,990 | $235.6M | Add +5319.7% |
| UBER Uber Technologies Inc. | 3.05% | 3,263,818 | $232.1M | Add +14.7% |
| VLO Valero Energy Corp. | 2.98% | 1,716,790 | $226.7M | Reduce -16.6% |
| AMGN Amgen Inc. | 2.77% | 689,602 | $210.7M | Reduce -43.1% |
| AAPL Apple Inc. | 2.75% | 941,804 | $209.2M | Add +0.1% |
| PSA Public Storage | 2.72% | 715,030 | $207.2M | Add +7.9% |
| MRSH Marsh & McLennan Cos | 2.56% | 823,645 | $194.8M | Add +9.6% |
| TXN Texas Instruments Inc. | 2.13% | 924,039 | $162.3M | Reduce -28.8% |
| SHW The Sherwin-Williams Co. | 2.00% | 444,537 | $151.9M | Add +105.6% |
| SNPS Synopsys Inc. | 1.64% | 297,557 | $124.7M | New |
| ADBE Adobe Inc. | 1.63% | 331,030 | $123.8M | Reduce -50.5% |
| LRCX Lam Research Corp. | 1.61% | 1,726,228 | $122.4M | New |
| IDXX Idexx Laboratories Inc. | 1.58% | 285,768 | $120.0M | New |
| CFR Cullen/Frost Bankers Inc. | 1.37% | 835,314 | $104.6M | Reduce -1.6% |
| ZTS Zoetis Inc. | 1.22% | 595,349 | $93.0M | Add +37.9% |
| TSM Taiwan Semiconductor-SP ADR | 1.15% | 553,987 | $87.4M | Add +14.3% |
| SYY Sysco Corp. | 0.73% | 743,273 | $55.8M | Reduce -61.9% |
| GRMN Garmin Ltd. | 0.51% | 179,400 | $39.0M | Reduce -58.4% |
| WMT Walmart Inc. | 0.51% | 442,485 | $38.8M | Reduce -5.1% |
| RY Royal Bank of Canada | 0.50% | 336,357 | $37.9M | Reduce -22.3% |
| TD Toronto-Dominion Bank | 0.45% | 576,262 | $34.5M | Add +14.1% |
| ENB Enbridge Inc. | 0.45% | 767,921 | $34.0M | Reduce -13.3% |
| FNV Franco-Nevada Corp. | 0.31% | 150,587 | $23.7M | Add +2.8% |
| SU Suncor Energy Inc. | 0.31% | 604,407 | $23.4M | New |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.30% | 242,313 | $23.1M | New |
| WPM Wheaton Precious Metals Corp. | 0.29% | 285,852 | $22.2M | Add +4.6% |
| CNI Canadian Natl Railway Co. | 0.28% | 217,351 | $21.1M | Reduce -14.1% |
| BAM Brookfield Asset Mgmt-A | 0.27% | 422,195 | $20.4M | Reduce -18.6% |
| SLF Sun Life Financial Inc. | 0.26% | 352,150 | $20.2M | Add +3230.7% |
| BIP Brookfield Infrastructure Pa | 0.23% | 590,509 | $17.6M | Reduce -28.8% |
| TU Telus Corp. | 0.22% | 1,169,763 | $16.8M | Add +7.2% |
| NGD New Gold Inc. | 0.21% | 4,395,223 | $16.2M | Reduce -16.2% |
| PBA Pembina Pipeline Corp. | 0.21% | 405,592 | $16.2M | New |
| FSV Firstservice Corp. | 0.20% | 93,515 | $15.5M | Add +46.2% |
| GRTUF Granite Real Estate Investme | 0.16% | 266,131 | $12.4M | Reduce -6.7% |
| CIGI Colliers Intl GR-Subord Vot | 0.16% | 98,284 | $11.9M | Reduce -8.2% |
| OR Osisko Gold Royalties Ltd. | 0.13% | 471,211 | $9.9M | Reduce -18.0% |
| ERO Ero Copper Corp. | 0.12% | 781,932 | $9.5M | Add +0.8% |
| BNT Brookfield Wealth Solutions | 0.12% | 168,631 | $8.8M | Add +11.2% |
| TFPM Triple Flag Precious Met | 0.12% | 458,770 | $8.8M | Reduce -31.6% |
| EGO Eldorado Gold Corp. | 0.10% | 438,809 | $7.4M | Reduce -30.9% |
| GIB Cgi Inc. | 0.09% | 68,800 | $6.9M | Reduce -26.6% |
| NFLX Netflix Inc. | 0.08% | 6,694 | $6.2M | New |
| TRI Thomson Reuters Corp. | 0.07% | 32,824 | $5.7M | Reduce -1.0% |
| DSGX The Descartes Systems Grp | 0.06% | 42,539 | $4.3M | Add +0.4% |
| BN Brookfield Corp. | 0.05% | 72,219 | $3.8M | Reduce -39.0% |
| SHOP Shopify Inc. Class A | 0.05% | 38,286 | $3.6M | Add +12.1% |
| TFII Tfi International Inc. | 0.04% | 43,832 | $3.4M | Reduce -41.9% |
| PG The Procter & Gamble Co. | 0.03% | 15,330 | $2.6M | Add +5.0% |
| CP Canadian Pacific Kansas City | 0.02% | 25,928 | $1.8M | Reduce -20.3% |
| BBU Brookfield Business PT-Unit | 0.01% | 30,783 | $721K | Reduce -29.8% |
Portfolio Sells Q4 2024 → Q1 2025
| WDAY Workday Inc. Class A | Sold out | 0.00% | −3.19 |
| AMZN Amazon.com Inc. | Reduce -20.4% | 5.55% | −1.88 |
| ADBE Adobe Inc. | Reduce -50.5% | 1.63% | −1.87 |
| MTD Mettler-Toledo International | Sold out | 0.00% | −1.25 |
| GOOGL Alphabet Inc. Class A | Reduce -8.8% | 4.99% | −1.19 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −1.14 |
| SYY Sysco Corp. | Reduce -61.9% | 0.73% | −0.99 |
| AMGN Amgen Inc. | Reduce -43.1% | 2.77% | −0.94 |
| TXN Texas Instruments Inc. | Reduce -28.8% | 2.13% | −0.74 |
| GRMN Garmin Ltd. | Reduce -58.4% | 0.51% | −0.57 |
| MSFT Microsoft Corp. | Reduce -0.9% | 9.90% | −0.43 |
| CNQ Canadian Natural Resources | Sold out | 0.00% | −0.33 |
| META Meta Platforms Inc. Class A | Reduce -11.7% | 3.75% | −0.21 |
| RY Royal Bank of Canada | Reduce -22.3% | 0.50% | −0.13 |
| BIP Brookfield Infrastructure Pa | Reduce -28.8% | 0.23% | −0.09 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.08 |
| TFII Tfi International Inc. | Reduce -41.9% | 0.04% | −0.08 |
| VLO Valero Energy Corp. | Reduce -16.6% | 2.98% | −0.08 |
| BAM Brookfield Asset Mgmt-A | Reduce -18.6% | 0.27% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -12.6% | 4.87% | −0.05 |
| ENPH Enphase Energy Inc. | Sold out | 0.00% | −0.05 |
| GIB Cgi Inc. | Reduce -26.6% | 0.09% | −0.03 |
| CNI Canadian Natl Railway Co. | Reduce -14.1% | 0.28% | −0.03 |
| BN Brookfield Corp. | Reduce -39.0% | 0.05% | −0.03 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -8.2% | 0.16% | −0.02 |
| EGO Eldorado Gold Corp. | Reduce -30.9% | 0.10% | −0.02 |
| ENB Enbridge Inc. | Reduce -13.3% | 0.45% | −0.01 |
| TFPM Triple Flag Precious Met | Reduce -31.6% | 0.12% | −0.01 |
| CFR Cullen/Frost Bankers Inc. | Reduce -1.6% | 1.37% | −0.01 |
| CP Canadian Pacific Kansas City | Reduce -20.3% | 0.02% | −0.00 |
| GRTUF Granite Real Estate Investme | Reduce -6.7% | 0.16% | −0.00 |
| BBU Brookfield Business PT-Unit | Reduce -29.8% | 0.01% | −0.00 |
| WMT Walmart Inc. | Reduce -5.1% | 0.51% | +0.00 |
| OR Osisko Gold Royalties Ltd. | Reduce -18.0% | 0.13% | +0.00 |
| TRI Thomson Reuters Corp. | Reduce -1.0% | 0.07% | +0.01 |
| WCN Waste Connections Inc. | Reduce -18.4% | 3.89% | +0.03 |
| NGD New Gold Inc. | Reduce -16.2% | 0.21% | +0.06 |
| ROL Rollins Inc. | Reduce -14.7% | 4.36% | +0.31 |
Portfolio Buys Q4 2024 → Q1 2025
| CMG Chipotle Mexican Grill Inc. | Add +5319.7% | 3.10% | +3.03 |
| MNST Monster Beverage Corp. | Add +54.7% | 3.99% | +1.83 |
| SNPS Synopsys Inc. | New | 1.64% | +1.64 |
| LRCX Lam Research Corp. | New | 1.61% | +1.61 |
| IDXX Idexx Laboratories Inc. | New | 1.58% | +1.58 |
| SHW The Sherwin-Williams Co. | Add +105.6% | 2.00% | +1.11 |
| UBER Uber Technologies Inc. | Add +14.7% | 3.05% | +1.04 |
| BLK BlackRock Inc. | Add +16.3% | 4.89% | +0.72 |
| MRSH Marsh & McLennan Cos | Add +9.6% | 2.56% | +0.67 |
| ZTS Zoetis Inc. | Add +37.9% | 1.22% | +0.40 |
| PSA Public Storage | Add +7.9% | 2.72% | +0.40 |
| SU Suncor Energy Inc. | New | 0.31% | +0.31 |
| BMO Bank of Montreal | New | 0.30% | +0.30 |
| SLF Sun Life Financial Inc. | Add +3230.7% | 0.26% | +0.26 |
| PBA Pembina Pipeline Corp. | New | 0.21% | +0.21 |
| TD Toronto-Dominion Bank | Add +14.1% | 0.45% | +0.13 |
| WPM Wheaton Precious Metals Corp. | Add +4.6% | 0.29% | +0.11 |
| FNV Franco-Nevada Corp. | Add +2.8% | 0.31% | +0.10 |
| NFLX Netflix Inc. | New | 0.08% | +0.08 |
| FSV Firstservice Corp. | Add +46.2% | 0.20% | +0.06 |
| TU Telus Corp. | Add +7.2% | 0.22% | +0.04 |
| TSM Taiwan Semiconductor-SP ADR | Add +14.3% | 1.15% | +0.04 |
| BNT Brookfield Wealth Solutions | Add +11.2% | 0.12% | +0.01 |
| PG The Procter & Gamble Co. | Add +5.0% | 0.03% | +0.00 |
| SHOP Shopify Inc. Class A | Add +12.1% | 0.05% | +0.00 |
| DSGX The Descartes Systems Grp | Add +0.4% | 0.06% | −0.00 |
| ERO Ero Copper Corp. | Add +0.8% | 0.12% | −0.00 |
| AAPL Apple Inc. | Add +0.1% | 2.75% | −0.10 |
| DHR Danaher Corp. | Add +0.0% | 4.50% | −0.13 |
| NVDA Nvidia Corp. | Add +9.5% | 7.37% | −0.30 |
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 |