Montrusco Bolton Investments Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Montrusco Bolton Investments Inc. reported 78 stock positions worth $8.6 billion. Its top holding was Microsoft (MSFT) at 10.1% of the portfolio, followed by Nvidia (NVDA, 8.9%) and Amazon.com (AMZN, 5.9%). Compared with Q2 2025, it opened 5 new positions, sold out of 2, added to 25 and reduced 46. The biggest buy was Apple (AAPL, shares +4%) and the biggest sale Lam Research (LRCX, shares −62%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001475940
- Portfolio Value
- $8.6B (Q3 2025)
- SEC Filing
- 0001475940-25-000002 ↗ filed Nov 12, 2025
Holdings Value
Holdings 78 stocks · $8.6B
| MSFT Microsoft Corp. | 10.11% | 1,718,266 | $869.1M | Reduce -0.3% |
| NVDA Nvidia Corp. | 8.90% | 4,200,029 | $765.1M | Reduce -11.8% |
| AMZN Amazon.com Inc. | 5.90% | 2,368,481 | $506.9M | Reduce -11.4% |
| GOOGL Alphabet Inc. Class A | 5.49% | 1,980,590 | $471.7M | Reduce -24.1% |
| JPM JPMorgan Chase & Co. | 4.87% | 1,369,524 | $418.8M | Reduce -20.1% |
| META Meta Platforms Inc. Class A | 4.54% | 543,939 | $390.0M | Reduce -20.9% |
| WCN Waste Connections Inc. | 4.47% | 2,252,933 | $384.2M | Reduce -2.3% |
| BLK BlackRock Inc. | 4.41% | 333,392 | $379.2M | Reduce -5.7% |
| DHR Danaher Corp. | 3.61% | 1,611,531 | $310.6M | Reduce -9.9% |
| SNPS Synopsys Inc. | 3.01% | 537,155 | $258.6M | Add +29.0% |
| CMG Chipotle Mexican Grill Inc. | 2.86% | 6,453,065 | $245.7M | Add +26.1% |
| UBER Uber Technologies Inc. | 2.81% | 2,524,962 | $241.0M | Reduce -13.1% |
| AAPL Apple Inc. | 2.77% | 933,027 | $237.6M | Add +3.9% |
| MNST Monster Beverage Corp. | 2.63% | 3,411,736 | $226.2M | Reduce -2.6% |
| RYAN Ryan Specialty Holdings Inc. | 2.53% | 3,974,869 | $217.7M | Add +23.7% |
| VLO Valero Energy Corp. | 2.49% | 1,255,650 | $213.8M | Reduce -24.5% |
| ROL Rollins Inc. | 2.39% | 3,641,068 | $205.6M | Reduce -28.8% |
| PSA Public Storage | 2.32% | 711,333 | $199.7M | Reduce -7.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.16% | 708,231 | $185.8M | Reduce -17.9% |
| MA Mastercard Inc. Class A | 2.01% | 308,640 | $172.4M | Reduce -17.7% |
| IDXX Idexx Laboratories Inc. | 1.69% | 232,282 | $145.6M | Reduce -45.9% |
| SHW The Sherwin-Williams Co. | 1.66% | 419,798 | $142.6M | Reduce -5.2% |
| LRCX Lam Research Corp. | 1.49% | 975,201 | $127.7M | Reduce -61.9% |
| ADBE Adobe Inc. | 1.44% | 362,784 | $123.8M | Reduce -13.8% |
| FTNT Fortinet Inc. | 1.21% | 1,236,892 | $104.0M | Add +21.0% |
| ZTS Zoetis Inc. | 1.03% | 607,764 | $88.9M | Add +23.3% |
| WMT Walmart Inc. | 0.67% | 562,384 | $58.0M | Add +18.6% |
| TSCO Tractor Supply Company | 0.66% | 1,000,530 | $56.9M | Add +7.5% |
| LLY Eli Lilly & Co. | 0.63% | 70,389 | $53.7M | Add +17.8% |
| RY Royal Bank of Canada | 0.59% | 346,418 | $51.1M | Reduce -18.4% |
| APG Api Group Corp. | 0.59% | 1,465,700 | $50.4M | Add +593.5% |
| GIB Cgi Inc. | 0.48% | 467,777 | $41.7M | Add +31.2% |
| SYY Sysco Corp. | 0.47% | 489,982 | $40.3M | Reduce -41.2% |
| TD Toronto-Dominion Bank | 0.45% | 486,409 | $38.9M | Reduce -8.8% |
| AEM Agnico Eagle Mines Ltd. | 0.38% | 193,818 | $32.7M | Add +12.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.34% | 227,141 | $29.6M | Add +17.1% |
| WPM Wheaton Precious Metals Corp. | 0.30% | 233,795 | $26.2M | Add +107.0% |
| ENB Enbridge Inc. | 0.29% | 487,427 | $24.6M | Reduce -1.2% |
| SU Suncor Energy Inc. | 0.28% | 581,429 | $24.3M | Reduce -5.8% |
| TFII Tfi International Inc. | 0.27% | 266,807 | $23.5M | Add +18.0% |
| CIGI Colliers Intl GR-Subord Vot | 0.25% | 135,777 | $21.2M | Reduce -1.9% |
| RBA RB Global Inc. | 0.23% | 184,805 | $20.0M | Reduce -0.6% |
| DOO BRP Inc./Ca- Sub Voting | 0.23% | 318,118 | $19.3M | Add +38.3% |
| FSV Firstservice Corp. | 0.22% | 100,748 | $19.2M | Reduce -0.5% |
| AGI Alamos Gold Inc. Class A | 0.22% | 547,567 | $19.1M | Add +36.3% |
| CNI Canadian Natl Railway Co. | 0.22% | 200,189 | $18.9M | Reduce -24.7% |
| BAM Brookfield Asset Mgmt-A | 0.22% | 329,296 | $18.7M | Add +5.1% |
| SLF Sun Life Financial Inc. | 0.21% | 302,549 | $18.2M | Reduce -17.9% |
| CAE Cae Inc. | 0.19% | 565,500 | $16.7M | Add +0.9% |
| ERO Ero Copper Corp. | 0.18% | 765,896 | $15.5M | Reduce -0.2% |
| CBZ Cbiz Inc. | 0.17% | 276,821 | $14.7M | Add +18.6% |
| GRTUF Granite Real Estate Investme | 0.16% | 251,942 | $14.0M | Reduce -1.1% |
| GIL Gildan Activewear Inc. | 0.16% | 242,000 | $14.0M | Add +0.8% |
| OR Or Royalties Inc. | 0.16% | 332,958 | $13.3M | Reduce -17.2% |
| TASEKO MINES LTD | 0.14% | 2,891,250 | $12.3M | New |
| DSGX The Descartes Systems Grp | 0.14% | 127,963 | $12.1M | Add +8.8% |
| PBA Pembina Pipeline Corp. | 0.13% | 279,262 | $11.3M | Reduce -13.7% |
| EGO Eldorado Gold Corp. | 0.12% | 356,975 | $10.3M | Add +41.1% |
| USAS Americas Gold and Silver Cor | 0.12% | 2,668,549 | $10.0M | New |
| NGD New Gold Inc. | 0.11% | 1,331,689 | $9.5M | Reduce -58.4% |
| EXK Endeavour Silver Corp. | 0.11% | 1,214,475 | $9.5M | New |
| BNT Brookfield Wealth Solutions | 0.11% | 134,437 | $9.2M | Reduce -0.2% |
| CNM Core & Main Inc. Class A | 0.10% | 167,615 | $9.0M | Add +2.7% |
| POOL Pool Corp. | 0.10% | 26,745 | $8.3M | Reduce -28.2% |
| NFLX Netflix Inc. | 0.10% | 6,873 | $8.2M | Reduce -4.4% |
| TU Telus Corp. | 0.09% | 475,273 | $7.5M | Reduce -46.3% |
| ATS Ats Corp. | 0.09% | 283,781 | $7.4M | Reduce -11.0% |
| SHOP Shopify Inc. Class A | 0.08% | 44,412 | $6.6M | Reduce -2.1% |
| UFPT Ufp Technologies Inc. | 0.07% | 32,159 | $6.4M | Reduce -17.2% |
| TRI Thomson Reuters Corp. | 0.07% | 37,667 | $5.9M | Add +20.2% |
| SPSC SPS Commerce Inc. | 0.06% | 49,375 | $5.1M | New |
| BIP Brookfield Infrastructure Pa | 0.05% | 138,330 | $4.6M | Reduce -73.9% |
| BN Brookfield Corp. | 0.04% | 55,056 | $3.8M | Reduce -2.2% |
| NOW ServiceNow Inc. | 0.03% | 2,773 | $2.6M | New |
| PG The Procter & Gamble Co. | 0.03% | 14,738 | $2.3M | No change |
| CP Canadian Pacific Kansas City | 0.02% | 22,221 | $1.7M | Reduce -19.2% |
| SAND Sandstorm Gold Ltd. | 0.02% | 116,599 | $1.5M | Reduce -91.0% |
| LSPD Lightspeed Commerce Inc. | 0.01% | 39,000 | $450K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| LRCX Lam Research Corp. | Reduce -61.9% | 1.49% | −1.22 |
| META Meta Platforms Inc. Class A | Reduce -20.9% | 4.54% | −0.92 |
| IDXX Idexx Laboratories Inc. | Reduce -45.9% | 1.69% | −0.79 |
| ROL Rollins Inc. | Reduce -28.8% | 2.39% | −0.71 |
| JPM JPMorgan Chase & Co. | Reduce -20.1% | 4.87% | −0.52 |
| AMZN Amazon.com Inc. | Reduce -11.4% | 5.90% | −0.46 |
| ADBE Adobe Inc. | Reduce -13.8% | 1.44% | −0.34 |
| MA Mastercard Inc. Class A | Reduce -17.7% | 2.01% | −0.27 |
| SYY Sysco Corp. | Reduce -41.2% | 0.47% | −0.23 |
| DHR Danaher Corp. | Reduce -9.9% | 3.61% | −0.22 |
| WCN Waste Connections Inc. | Reduce -2.3% | 4.47% | −0.18 |
| BIP Brookfield Infrastructure Pa | Reduce -73.9% | 0.05% | −0.14 |
| UBER Uber Technologies Inc. | Reduce -13.1% | 2.81% | −0.13 |
| PSA Public Storage | Reduce -7.6% | 2.32% | −0.12 |
| SAND Sandstorm Gold Ltd. | Reduce -91.0% | 0.02% | −0.12 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −0.10 |
| CNI Canadian Natl Railway Co. | Reduce -24.7% | 0.22% | −0.09 |
| TU Telus Corp. | Reduce -46.3% | 0.09% | −0.07 |
| NGD New Gold Inc. | Reduce -58.4% | 0.11% | −0.07 |
| SLF Sun Life Financial Inc. | Reduce -17.9% | 0.21% | −0.06 |
| UFPT Ufp Technologies Inc. | Reduce -17.2% | 0.07% | −0.03 |
| ATS Ats Corp. | Reduce -11.0% | 0.09% | −0.03 |
| RY Royal Bank of Canada | Reduce -18.4% | 0.59% | −0.02 |
| POOL Pool Corp. | Reduce -28.2% | 0.10% | −0.02 |
| NFLX Netflix Inc. | Reduce -4.4% | 0.10% | −0.01 |
| CP Canadian Pacific Kansas City | Reduce -19.2% | 0.02% | −0.00 |
| PBA Pembina Pipeline Corp. | Reduce -13.7% | 0.13% | −0.00 |
| WINA Winmark Corp. | Sold out | 0.00% | −0.00 |
| SHW The Sherwin-Williams Co. | Reduce -5.2% | 1.66% | +0.00 |
| BN Brookfield Corp. | Reduce -2.2% | 0.04% | +0.01 |
| VLO Valero Energy Corp. | Reduce -24.5% | 2.49% | +0.01 |
| RBA RB Global Inc. | Reduce -0.6% | 0.23% | +0.01 |
| BNT Brookfield Wealth Solutions | Reduce -0.2% | 0.11% | +0.02 |
| TD Toronto-Dominion Bank | Reduce -8.8% | 0.45% | +0.02 |
| SHOP Shopify Inc. Class A | Reduce -2.1% | 0.08% | +0.02 |
| GRTUF Granite Real Estate Investme | Reduce -1.1% | 0.16% | +0.02 |
| SU Suncor Energy Inc. | Reduce -5.8% | 0.28% | +0.03 |
| FSV Firstservice Corp. | Reduce -0.5% | 0.22% | +0.03 |
| ERO Ero Copper Corp. | Reduce -0.2% | 0.18% | +0.04 |
| ENB Enbridge Inc. | Reduce -1.2% | 0.29% | +0.04 |
| OR Or Royalties Inc. | Reduce -17.2% | 0.16% | +0.04 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -1.9% | 0.25% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -17.9% | 2.16% | +0.11 |
| MNST Monster Beverage Corp. | Reduce -2.6% | 2.63% | +0.24 |
| BLK BlackRock Inc. | Reduce -5.7% | 4.41% | +0.38 |
| GOOGL Alphabet Inc. Class A | Reduce -24.1% | 5.49% | +0.49 |
| NVDA Nvidia Corp. | Reduce -11.8% | 8.90% | +0.74 |
| MSFT Microsoft Corp. | Reduce -0.3% | 10.11% | +0.83 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +3.9% | 2.77% | +0.72 |
| SNPS Synopsys Inc. | Add +29.0% | 3.01% | +0.69 |
| APG Api Group Corp. | Add +593.5% | 0.59% | +0.51 |
| WPM Wheaton Precious Metals Corp. | Add +107.0% | 0.30% | +0.19 |
| ZTS Zoetis Inc. | Add +23.3% | 1.03% | +0.18 |
| RYAN Ryan Specialty Holdings Inc. | Add +23.7% | 2.53% | +0.16 |
| WMT Walmart Inc. | Add +18.6% | 0.67% | +0.16 |
| AEM Agnico Eagle Mines Ltd. | Add +12.6% | 0.38% | +0.15 |
| TASEKO MINES LTD | New | 0.14% | +0.14 |
| TSCO Tractor Supply Company | Add +7.5% | 0.66% | +0.12 |
| USAS Americas Gold and Silver Cor | New | 0.12% | +0.12 |
| EXK Endeavour Silver Corp. | New | 0.11% | +0.11 |
| LLY Eli Lilly & Co. | Add +17.8% | 0.63% | +0.11 |
| BMO Bank of Montreal | Add +17.1% | 0.34% | +0.11 |
| AGI Alamos Gold Inc. Class A | Add +36.3% | 0.22% | +0.10 |
| DOO BRP Inc./Ca- Sub Voting | Add +38.3% | 0.23% | +0.10 |
| GIB Cgi Inc. | Add +31.2% | 0.48% | +0.07 |
| EGO Eldorado Gold Corp. | Add +41.1% | 0.12% | +0.06 |
| SPSC SPS Commerce Inc. | New | 0.06% | +0.06 |
| TFII Tfi International Inc. | Add +18.0% | 0.27% | +0.05 |
| GIL Gildan Activewear Inc. | Add +0.8% | 0.16% | +0.03 |
| NOW ServiceNow Inc. | New | 0.03% | +0.03 |
| BAM Brookfield Asset Mgmt-A | Add +5.1% | 0.22% | +0.03 |
| CAE Cae Inc. | Add +0.9% | 0.19% | +0.01 |
| FTNT Fortinet Inc. | Add +21.0% | 1.21% | +0.01 |
| DSGX The Descartes Systems Grp | Add +8.8% | 0.14% | +0.01 |
| TRI Thomson Reuters Corp. | Add +20.2% | 0.07% | −0.00 |
| CNM Core & Main Inc. Class A | Add +2.7% | 0.10% | −0.00 |
| CBZ Cbiz Inc. | Add +18.6% | 0.17% | −0.01 |
| CMG Chipotle Mexican Grill Inc. | Add +26.1% | 2.86% | −0.24 |
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 |