Montrusco Bolton Investments Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 25, 2025), Montrusco Bolton Investments Inc. reported 75 stock positions worth $9.0 billion. Its top holding was Microsoft (MSFT) at 9.3% of the portfolio, followed by Nvidia (NVDA, 8.2%) and Amazon.com (AMZN, 6.4%). Compared with Q1 2025, it opened 20 new positions, sold out of 7, added to 26 and reduced 29. The biggest buy was a new position in JPMorgan Chase (JPM) and the biggest sale an exit from Amgen (AMGN).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001475940
- Portfolio Value
- $9.0B (Q2 2025)
- SEC Filing
- 0001085146-25-004174 ↗ filed Jul 25, 2025
Holdings Value
Holdings 75 stocks · $9.0B
| MSFT Microsoft Corp. | 9.29% | 1,723,378 | $837.1M | Reduce -16.6% |
| NVDA Nvidia Corp. | 8.16% | 4,760,297 | $735.8M | Reduce -10.1% |
| AMZN Amazon.com Inc. | 6.36% | 2,674,663 | $573.6M | Add +17.0% |
| META Meta Platforms Inc. Class A | 5.46% | 687,611 | $492.2M | Add +35.1% |
| JPM JPMorgan Chase & Co. | 5.39% | 1,715,064 | $485.8M | New |
| GOOGL Alphabet Inc. Class A | 5.00% | 2,609,606 | $450.5M | Add +3.1% |
| WCN Waste Connections Inc. | 4.65% | 2,306,702 | $419.5M | Add +46.5% |
| BLK BlackRock Inc. | 4.03% | 353,587 | $363.6M | Reduce -11.5% |
| DHR Danaher Corp. | 3.84% | 1,789,225 | $345.8M | Add +4.2% |
| ROL Rollins Inc. | 3.11% | 5,113,393 | $279.9M | Reduce -19.6% |
| CMG Chipotle Mexican Grill Inc. | 3.10% | 5,116,087 | $279.3M | Add +5.5% |
| UBER Uber Technologies Inc. | 2.93% | 2,906,773 | $264.4M | Reduce -10.9% |
| LRCX Lam Research Corp. | 2.71% | 2,561,424 | $244.2M | Add +48.4% |
| IDXX Idexx Laboratories Inc. | 2.49% | 429,409 | $224.2M | Add +50.3% |
| VLO Valero Energy Corp. | 2.48% | 1,664,007 | $223.7M | Reduce -3.1% |
| PSA Public Storage | 2.44% | 769,793 | $220.3M | Add +7.7% |
| MNST Monster Beverage Corp. | 2.40% | 3,502,060 | $216.0M | Reduce -34.7% |
| RYAN Ryan Specialty Holdings Inc. | 2.37% | 3,212,231 | $213.9M | New |
| SNPS Synopsys Inc. | 2.32% | 416,518 | $209.3M | Add +40.0% |
| MA Mastercard Inc. Class A | 2.28% | 374,846 | $205.4M | Reduce -46.0% |
| TSM Taiwan Semiconductor-SP ADR | 2.05% | 863,127 | $184.6M | Add +55.8% |
| AAPL Apple Inc. | 2.04% | 898,066 | $184.3M | Reduce -4.6% |
| ADBE Adobe Inc. | 1.78% | 421,023 | $160.3M | Add +27.2% |
| SHW The Sherwin-Williams Co. | 1.66% | 442,931 | $149.4M | Reduce -0.4% |
| FTNT Fortinet Inc. | 1.20% | 1,022,096 | $108.1M | New |
| ZTS Zoetis Inc. | 0.85% | 492,852 | $76.9M | Reduce -17.2% |
| SYY Sysco Corp. | 0.70% | 832,875 | $63.1M | Add +12.1% |
| RY Royal Bank of Canada | 0.62% | 424,433 | $55.8M | Add +26.2% |
| TSCO Tractor Supply Company | 0.55% | 931,032 | $49.1M | New |
| LLY Eli Lilly & Co. | 0.52% | 59,768 | $46.6M | New |
| WMT Walmart Inc. | 0.51% | 473,970 | $46.3M | Add +7.1% |
| TD Toronto-Dominion Bank | 0.43% | 533,649 | $39.2M | Reduce -7.4% |
| GIB Cgi Inc. | 0.41% | 356,625 | $37.4M | Add +418.4% |
| CNI Canadian Natl Railway Co. | 0.31% | 265,997 | $27.7M | Add +22.4% |
| SLF Sun Life Financial Inc. | 0.27% | 368,367 | $24.5M | Add +4.6% |
| SU Suncor Energy Inc. | 0.26% | 617,173 | $23.1M | Add +2.1% |
| ENB Enbridge Inc. | 0.25% | 493,388 | $22.3M | Reduce -35.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.24% | 193,890 | $21.4M | Reduce -20.0% |
| AEM Agnico Eagle Mines Ltd. | 0.23% | 172,101 | $20.5M | New |
| TFII Tfi International Inc. | 0.22% | 226,034 | $20.2M | Add +415.7% |
| RBA RB Global Inc. | 0.22% | 185,971 | $19.7M | New |
| CIGI Colliers Intl GR-Subord Vot | 0.20% | 138,468 | $18.1M | Add +40.9% |
| BIP Brookfield Infrastructure Pa | 0.20% | 530,720 | $17.7M | Reduce -10.1% |
| FSV Firstservice Corp. | 0.20% | 101,296 | $17.6M | Add +8.3% |
| BAM Brookfield Asset Mgmt-A | 0.19% | 313,417 | $17.3M | Reduce -25.8% |
| CBZ Cbiz Inc. | 0.19% | 233,390 | $16.7M | New |
| CAE Cae Inc. | 0.18% | 560,500 | $16.4M | New |
| NGD New Gold Inc. | 0.18% | 3,202,022 | $15.9M | Reduce -27.1% |
| TU Telus Corp. | 0.16% | 885,468 | $14.2M | Reduce -24.3% |
| ERO Ero Copper Corp. | 0.14% | 767,142 | $12.9M | Reduce -1.9% |
| GRTUF Granite Real Estate Investme | 0.14% | 254,616 | $12.9M | Reduce -4.3% |
| SAND Sandstorm Gold Ltd. | 0.14% | 1,296,000 | $12.2M | New |
| PBA Pembina Pipeline Corp. | 0.13% | 323,405 | $12.1M | Reduce -20.3% |
| DSGX The Descartes Systems Grp | 0.13% | 117,600 | $11.9M | Add +176.4% |
| GIL Gildan Activewear Inc. | 0.13% | 240,000 | $11.8M | New |
| DOO BRP Inc./Ca- Sub Voting | 0.12% | 229,950 | $11.1M | New |
| POOL Pool Corp. | 0.12% | 37,245 | $10.9M | New |
| AGI Alamos Gold Inc. Class A | 0.12% | 401,724 | $10.7M | New |
| OR Or Royalties Inc. | 0.11% | 402,231 | $10.3M | Reduce -14.6% |
| ATS Ats Corp. | 0.11% | 318,781 | $10.1M | New |
| WPM Wheaton Precious Metals Corp. | 0.11% | 112,929 | $10.1M | Reduce -60.5% |
| CNM Core & Main Inc. Class A | 0.11% | 163,195 | $9.8M | New |
| NFLX Netflix Inc. | 0.11% | 7,186 | $9.6M | Add +7.3% |
| UFPT Ufp Technologies Inc. | 0.11% | 38,859 | $9.5M | New |
| FNV Franco-Nevada Corp. | 0.10% | 54,849 | $9.0M | Reduce -63.6% |
| BNT Brookfield Wealth Solutions | 0.09% | 134,655 | $8.3M | Reduce -20.1% |
| APG Api Group Corp. | 0.08% | 140,895 | $7.2M | New |
| TRI Thomson Reuters Corp. | 0.07% | 31,328 | $6.3M | Reduce -4.6% |
| SHOP Shopify Inc. Class A | 0.06% | 45,388 | $5.2M | Add +18.6% |
| EGO Eldorado Gold Corp. | 0.06% | 253,000 | $5.1M | Reduce -42.3% |
| BN Brookfield Corp. | 0.04% | 56,295 | $3.5M | Reduce -22.1% |
| PG The Procter & Gamble Co. | 0.03% | 14,738 | $2.3M | Reduce -3.9% |
| CP Canadian Pacific Kansas City | 0.02% | 27,488 | $2.2M | Add +6.0% |
| LSPD Lightspeed Commerce Inc. | 0.01% | 39,000 | $457K | New |
| WINA Winmark Corp. | 0.00% | 608 | $230K | New |
Portfolio Sells Q1 2025 → Q2 2025
| AMGN Amgen Inc. | Sold out | 0.00% | −2.77 |
| MA Mastercard Inc. Class A | Reduce -46.0% | 2.28% | −2.59 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −2.56 |
| TXN Texas Instruments Inc. | Sold out | 0.00% | −2.13 |
| MNST Monster Beverage Corp. | Reduce -34.7% | 2.40% | −1.60 |
| CFR Cullen/Frost Bankers Inc. | Sold out | 0.00% | −1.37 |
| ROL Rollins Inc. | Reduce -19.6% | 3.11% | −1.25 |
| BLK BlackRock Inc. | Reduce -11.5% | 4.03% | −0.85 |
| AAPL Apple Inc. | Reduce -4.6% | 2.04% | −0.71 |
| MSFT Microsoft Corp. | Reduce -16.6% | 9.29% | −0.61 |
| GRMN Garmin Ltd. | Sold out | 0.00% | −0.51 |
| VLO Valero Energy Corp. | Reduce -3.1% | 2.48% | −0.50 |
| ZTS Zoetis Inc. | Reduce -17.2% | 0.85% | −0.37 |
| SHW The Sherwin-Williams Co. | Reduce -0.4% | 1.66% | −0.34 |
| FNV Franco-Nevada Corp. | Reduce -63.6% | 0.10% | −0.21 |
| ENB Enbridge Inc. | Reduce -35.8% | 0.25% | −0.20 |
| WPM Wheaton Precious Metals Corp. | Reduce -60.5% | 0.11% | −0.18 |
| UBER Uber Technologies Inc. | Reduce -10.9% | 2.93% | −0.12 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.12 |
| PBA Pembina Pipeline Corp. | Reduce -20.3% | 0.13% | −0.08 |
| BAM Brookfield Asset Mgmt-A | Reduce -25.8% | 0.19% | −0.08 |
| BMO Bank of Montreal | Reduce -20.0% | 0.24% | −0.07 |
| TU Telus Corp. | Reduce -24.3% | 0.16% | −0.06 |
| EGO Eldorado Gold Corp. | Reduce -42.3% | 0.06% | −0.04 |
| NGD New Gold Inc. | Reduce -27.1% | 0.18% | −0.04 |
| BIP Brookfield Infrastructure Pa | Reduce -10.1% | 0.20% | −0.03 |
| BNT Brookfield Wealth Solutions | Reduce -20.1% | 0.09% | −0.02 |
| GRTUF Granite Real Estate Investme | Reduce -4.3% | 0.14% | −0.02 |
| TD Toronto-Dominion Bank | Reduce -7.4% | 0.43% | −0.02 |
| OR Or Royalties Inc. | Reduce -14.6% | 0.11% | −0.02 |
| BN Brookfield Corp. | Reduce -22.1% | 0.04% | −0.01 |
| BBU Brookfield Business PT-Unit | Sold out | 0.00% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -3.9% | 0.03% | −0.01 |
| TRI Thomson Reuters Corp. | Reduce -4.6% | 0.07% | −0.00 |
| ERO Ero Copper Corp. | Reduce -1.9% | 0.14% | +0.02 |
| NVDA Nvidia Corp. | Reduce -10.1% | 8.16% | +0.79 |
Portfolio Buys Q1 2025 → Q2 2025
| JPM JPMorgan Chase & Co. | New | 5.39% | +5.39 |
| RYAN Ryan Specialty Holdings Inc. | New | 2.37% | +2.37 |
| META Meta Platforms Inc. Class A | Add +35.1% | 5.46% | +1.71 |
| FTNT Fortinet Inc. | New | 1.20% | +1.20 |
| LRCX Lam Research Corp. | Add +48.4% | 2.71% | +1.10 |
| IDXX Idexx Laboratories Inc. | Add +50.3% | 2.49% | +0.91 |
| TSM Taiwan Semiconductor-SP ADR | Add +55.8% | 2.05% | +0.90 |
| AMZN Amazon.com Inc. | Add +17.0% | 6.36% | +0.81 |
| WCN Waste Connections Inc. | Add +46.5% | 4.65% | +0.76 |
| SNPS Synopsys Inc. | Add +40.0% | 2.32% | +0.68 |
| TSCO Tractor Supply Company | New | 0.55% | +0.55 |
| LLY Eli Lilly & Co. | New | 0.52% | +0.52 |
| GIB Cgi Inc. | Add +418.4% | 0.41% | +0.32 |
| AEM Agnico Eagle Mines Ltd. | New | 0.23% | +0.23 |
| RBA RB Global Inc. | New | 0.22% | +0.22 |
| CBZ Cbiz Inc. | New | 0.19% | +0.19 |
| CAE Cae Inc. | New | 0.18% | +0.18 |
| TFII Tfi International Inc. | Add +415.7% | 0.22% | +0.18 |
| ADBE Adobe Inc. | Add +27.2% | 1.78% | +0.15 |
| SAND Sandstorm Gold Ltd. | New | 0.14% | +0.14 |
| GIL Gildan Activewear Inc. | New | 0.13% | +0.13 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.12% | +0.12 |
| RY Royal Bank of Canada | Add +26.2% | 0.62% | +0.12 |
| POOL Pool Corp. | New | 0.12% | +0.12 |
| AGI Alamos Gold Inc. Class A | New | 0.12% | +0.12 |
| ATS Ats Corp. | New | 0.11% | +0.11 |
| CNM Core & Main Inc. Class A | New | 0.11% | +0.11 |
| UFPT Ufp Technologies Inc. | New | 0.11% | +0.11 |
| APG Api Group Corp. | New | 0.08% | +0.08 |
| DSGX The Descartes Systems Grp | Add +176.4% | 0.13% | +0.08 |
| CIGI Colliers Intl GR-Subord Vot | Add +40.9% | 0.20% | +0.04 |
| CNI Canadian Natl Railway Co. | Add +22.4% | 0.31% | +0.03 |
| NFLX Netflix Inc. | Add +7.3% | 0.11% | +0.02 |
| GOOGL Alphabet Inc. Class A | Add +3.1% | 5.00% | +0.01 |
| SHOP Shopify Inc. Class A | Add +18.6% | 0.06% | +0.01 |
| SLF Sun Life Financial Inc. | Add +4.6% | 0.27% | +0.01 |
| LSPD Lightspeed Commerce Inc. | New | 0.01% | +0.01 |
| WMT Walmart Inc. | Add +7.1% | 0.51% | +0.00 |
| WINA Winmark Corp. | New | 0.00% | +0.00 |
| CMG Chipotle Mexican Grill Inc. | Add +5.5% | 3.10% | +0.00 |
| CP Canadian Pacific Kansas City | Add +6.0% | 0.02% | +0.00 |
| FSV Firstservice Corp. | Add +8.3% | 0.20% | −0.01 |
| SYY Sysco Corp. | Add +12.1% | 0.70% | −0.03 |
| SU Suncor Energy Inc. | Add +2.1% | 0.26% | −0.05 |
| PSA Public Storage | Add +7.7% | 2.44% | −0.28 |
| DHR Danaher Corp. | Add +4.2% | 3.84% | −0.67 |
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 |