Ontario Teachers Pension Plan Board

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed February 13, 2026), Ontario Teachers Pension Plan Board reported 396 stock positions worth $10.9 billion. Its top holding was GFL Environmental Inc.-Sub VT (GFL) at 12.9% of the portfolio, followed by Microsoft (MSFT, 10.3%) and Chubb (CB, 6.8%). Compared with Q2 2024, it opened 49 new positions, sold out of 76, added to 58 and reduced 270. The biggest buy was a new position in Ulta Beauty (ULTA) and the biggest sale an exit from Morgan Stanley (MS).

Most Recent 13F
Q2 2026
Location
Toronto, A6
CIK
0000937567
Portfolio Value
$10.9B (Q3 2024)
SEC Filing
0001999371-26-003341 ↗ filed Feb 13, 2026

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $10.7B Q1 2024 Q2 2024: $10.1B Q2 2024 Q3 2024: $10.9B $10.9B Q3 2024 Q4 2024: $7.2B Q4 2024 Q1 2025: $6.3B Q1 2025 Q2 2025: $4.7B Q2 2025 Q3 2025: $4.1B Q3 2025 Q4 2025: $4.3B Q4 2025 Q1 2026: $3.3B Q1 2026 Q2 2026: $15.7B Q2 2026

Holdings 396 stocks · $10.9B
GFL GFL Environmental Inc.-Sub VT 12.89% 35,357,367 $1.4B No change
MSFT Microsoft Corp. 10.30% 2,619,542 $1.1B Add +7.7%
CB Chubb Ltd. 6.78% 2,572,215 $741.8M Reduce -0.9%
CMCSA Comcast Corp. Class A 6.10% 15,983,230 $667.6M Add +5.4%
HON Honeywell International Inc. 6.04% 3,197,717 $661.0M Add +7.7%
LOW Lowe's Cos Inc. 5.80% 2,343,365 $634.7M Add +1.6%
BDX Becton Dickinson and Co. 5.51% 2,502,327 $603.3M Add +9.8%
ABBV Abbvie Inc. 5.30% 2,937,895 $580.2M Reduce -3.6%
CRM Salesforce Inc. 5.15% 2,060,741 $564.0M Add +12.0%
DE Deere & Co. 5.12% 1,341,626 $559.9M Add +11.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 4.37% 4,972,582 $478.3M Add +18.4%
SBUX Starbucks Corp. 4.11% 4,616,281 $450.0M Reduce -15.3%
PYPL PayPal Holdings Inc. 3.59% 5,041,086 $393.4M Reduce -10.9%
HUM Humana Inc. 3.40% 1,173,535 $371.7M Add +6.5%
ULTA Ulta Beauty Inc. 3.29% 923,828 $359.5M New
SNOW Snowflake Inc. 2.70% 2,572,336 $295.5M Add +19399.2%
PINS Pinterest Inc. Class A 2.61% 8,812,117 $285.2M Add +51.5%
VSAT Viasat Inc. 0.93% 8,545,334 $102.0M Reduce -24.8%
COOK Traeger Inc. 0.83% 24,693,075 $90.9M No change
SAND Sandstorm Gold Ltd. 0.37% 6,747,638 $40.5M No change
AMZN Amazon.com Inc. 0.26% 154,613 $28.8M Add +0.4%
NVDA Nvidia Corp. 0.23% 209,655 $25.5M Add +1.3%
SA Seabridge Gold Inc. 0.13% 862,077 $14.5M Add +20.7%
LOGI Logitech International-Reg 0.08% 97,001 $8.7M No change
SU Suncor Energy Inc. 0.05% 145,716 $5.4M Reduce -20.9%
CVE Cenovus Energy Inc. 0.05% 313,137 $5.2M Add +94.7%
CNQ Canadian Natural Resources 0.04% 126,812 $4.2M Add +322.9%
SWX Southwest Gas Holdings Inc. 0.04% 55,870 $4.1M Reduce -50.3%
SR Spire Inc. 0.04% 59,946 $4.0M Reduce -60.4%
NSA National Storage Affiliates 0.04% 83,331 $4.0M Reduce -67.9%
PSA Public Storage 0.03% 10,174 $3.7M Reduce -55.3%
UGI Ugi Corp. 0.03% 138,542 $3.5M Reduce -25.2%
CMI Cummins Inc. 0.03% 10,238 $3.3M Reduce -73.0%
AGCO Agco Corp. 0.03% 32,954 $3.2M Reduce -44.7%
CTSH Cognizant Tech Solutions-A 0.03% 41,521 $3.2M No change
GIB Cgi Inc. 0.03% 27,765 $3.2M Reduce -4.3%
AYI Acuity Inc. 0.03% 11,404 $3.1M Reduce -46.9%
SPG Simon Property Group Inc. 0.03% 18,278 $3.1M Reduce -61.4%
BKH Black Hills Corp. 0.03% 50,214 $3.1M Reduce -57.9%
DOO BRP Inc./Ca- Sub Voting 0.03% 49,712 $3.0M Reduce -35.6%
CI The Cigna Group 0.03% 8,487 $2.9M Reduce -62.9%
OGE Oge Energy Corp. 0.03% 71,146 $2.9M Reduce -73.8%
EMN Eastman Chemical Co. 0.03% 25,989 $2.9M Reduce -52.6%
XEL Xcel Energy Inc. 0.03% 43,969 $2.9M Reduce -67.2%
EIX Edison International 0.03% 32,772 $2.9M Reduce -76.2%
BMY Bristol-Myers Squibb Co. 0.03% 54,945 $2.8M Reduce -61.0%
CRUS Cirrus Logic Inc. 0.03% 22,713 $2.8M Reduce -18.1%
NSP Insperity Inc. 0.03% 32,049 $2.8M Add +110.8%
NTR Nutrien Ltd. 0.03% 58,264 $2.8M Add +6.5%
VLO Valero Energy Corp. 0.03% 20,716 $2.8M Add +256.3%
D Dominion Energy Inc. 0.03% 47,546 $2.7M Reduce -64.4%
KMB Kimberly-Clark Corp. 0.02% 19,161 $2.7M Reduce -14.8%
LDOS Leidos Holdings Inc. 0.02% 16,140 $2.6M Reduce -44.1%
CAT Caterpillar Inc. 0.02% 6,649 $2.6M Reduce -59.8%
MAA Mid-America Apartment Comm 0.02% 16,307 $2.6M Reduce -49.4%
OHI Omega Healthcare Investors 0.02% 62,798 $2.6M Reduce -62.6%
NFG National Fuel Gas Co. 0.02% 41,939 $2.5M Reduce -63.1%
LAMR Lamar Advertising Co. Class A 0.02% 19,014 $2.5M Reduce -25.7%
DCI Donaldson Co. Inc. 0.02% 33,684 $2.5M Reduce -52.3%
INGR Ingredion Inc. 0.02% 17,814 $2.4M Reduce -64.4%
ELS Equity Lifestyle Properties 0.02% 33,984 $2.4M Add +439.5%
QCOM Qualcomm Inc. 0.02% 14,089 $2.4M Reduce -38.8%
TU Telus Corp. 0.02% 140,539 $2.4M Add +159.6%
COST Costco Wholesale Corp. 0.02% 2,657 $2.4M Reduce -46.4%
TGT Target Corp. 0.02% 15,074 $2.3M Reduce -52.2%
BCE Bce Inc. 0.02% 67,224 $2.3M Add +60.1%
ACM Aecom 0.02% 22,494 $2.3M Reduce -59.2%
ASH Ashland Inc. 0.02% 26,418 $2.3M Reduce -42.7%
ENB Enbridge Inc. 0.02% 56,165 $2.3M Add +37.1%
CNI Canadian Natl Railway Co. 0.02% 19,386 $2.3M Reduce -10.4%
NEU Newmarket Corp. 0.02% 4,023 $2.2M Reduce -63.5%
UHS Universal Health Services-B 0.02% 9,661 $2.2M Reduce -59.3%
MEDP Medpace Holdings Inc. 0.02% 6,605 $2.2M Reduce -55.8%
DTE DTE Energy Company 0.02% 17,015 $2.2M Reduce -62.3%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.02% 20,641 $2.2M Add +167.1%
REGN Regeneron Pharmaceuticals 0.02% 2,051 $2.2M No change
MAS Masco Corp. 0.02% 25,320 $2.1M Reduce -63.6%
MMS Maximus Inc. 0.02% 22,792 $2.1M New
WEC WEC Energy Group Inc. 0.02% 21,981 $2.1M Reduce -58.8%
UFPI Ufp Industries Inc. 0.02% 15,950 $2.1M Reduce -64.4%
MUSA Murphy USA Inc. 0.02% 4,236 $2.1M Reduce -32.0%
MGA Magna International Inc. 0.02% 50,152 $2.1M Add +36.3%
HCA HCA Healthcare Inc. 0.02% 5,026 $2.0M Reduce -65.7%
EME Emcor Group Inc. 0.02% 4,742 $2.0M Reduce -68.8%
MTD Mettler-Toledo International 0.02% 1,347 $2.0M Reduce -38.8%
GILD Gilead Sciences Inc. 0.02% 23,965 $2.0M Reduce -63.8%
MFC Manulife Financial Corp. 0.02% 67,928 $2.0M Add +2.7%
LOPE Grand Canyon Education Inc. 0.02% 14,089 $2.0M Reduce -51.2%
EXPO Exponent Inc. 0.02% 17,321 $2.0M Reduce -62.3%
RPM RPM International Inc. 0.02% 16,365 $2.0M Reduce -61.0%
CRI Carter's Inc. 0.02% 29,969 $1.9M Reduce -51.4%
IMO Imperial Oil Ltd. 0.02% 27,326 $1.9M Reduce -28.5%
RGLD Royal Gold Inc. 0.02% 13,569 $1.9M Reduce -42.2%
DVN Devon Energy Corp. 0.02% 48,533 $1.9M Reduce -55.2%
GEN Gen Digital Inc. 0.02% 68,465 $1.9M Reduce -36.5%
NUE Nucor Corp. 0.02% 12,474 $1.9M Reduce -50.2%
WING Wingstop Inc. 0.02% 4,490 $1.9M Reduce -40.3%
CUBE Cubesmart 0.02% 34,556 $1.9M Reduce -44.7%
CL Colgate-Palmolive Co. 0.02% 17,888 $1.9M Reduce -42.8%
URI United Rentals Inc. 0.02% 2,289 $1.9M Reduce -61.2%

Show all 396 holdings

Options reported separately and not counted above: LQD puts ($677.9M).

Other holdings (24): bonds, preferreds, convertibles and warrants · $166.4M (not counted above)
SecurityClassShares / PrincipalValueChange
PALO ALTO NETWORKS (PANW 0.375 06/01/25) NOTE 0.375% 6/0 · principal 10,360,000$35.0MNo change
H WORLD GROUP LTD (HTHT 3 05/01/26) NOTE 3.000% 5/0 · principal 16,000,000$18.2MNo change
BILIBILI INC (BILI 0.5 12/01/26) NOTE 0.500%12/0 · principal 14,500,000$14.4MNo change
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 12,500,000$12.5MNew
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) NOTE 1.500% 9/0 · principal 11,500,000$12.3MNo change
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal 12,500,000$11.9MNo change
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 11,500,000$11.2MNo change
SEA LTD (SEALTD 0.25 09/15/26) NOTE 0.250% 9/1 · principal 10,000,000$9.1MNo change
BLOCK INC (XYZ 0 05/01/26) NOTE 5/0 · principal 7,000,000$6.5MNo change
SNAP INC (SNAP 0 05/01/27) NOTE 5/0 · principal 6,000,000$5.1MNo change
LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) NOTE 0.500% 6/1 · principal 4,500,000$3.9MNo change
CABLE ONE INC (CABO 0 03/15/26) NOTE 3/1 · principal 4,000,000$3.6MNo change
NIO INC (NIO 0.5 02/01/27) NOTE 0.500% 2/0 · principal 3,500,000$3.4MNo change
SNAP INC (SNAP 0.125 03/01/28) NOTE 0.125% 3/0 · principal 4,000,000$3.2MNo change
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 3,000,000$2.8MNo change
UNITY SOFTWARE INC (U 0 11/15/26) NOTE 11/1 · principal 2,500,000$2.2MNo change
DAYFORCE INC (DAY 0.25 03/15/26) NOTE 0.250% 3/1 · principal 2,000,000$1.9MNo change
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 2,000,000$1.9MNo change
HAEMONETICS CORP (HAE 0 03/01/26) NOTE 3/0 · principal 2,000,000$1.8MNo change
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 1,500,000$1.4MNo change
TRIPADVISOR INC (TRIP 0.25 04/01/26) NOTE 0.250% 4/0 · principal 1,237,000$1.2MNo change
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 1,250,000$1.0MNo change
FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) NOTE 11/0 · principal 1,000,000$938KNo change
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal 1,000,000$884KNo change

Total filed on the 13F, all lines: $11.1B.

Portfolio Sells Q2 2024 → Q3 2024
MS Morgan Stanley Sold out 0.00% −1.73
VSAT Viasat Inc. Reduce -24.8% 0.93% −0.50
SBUX Starbucks Corp. Reduce -15.3% 4.11% −0.11
SBAC SBA Communications Corp. Reduce -94.6% 0.01% −0.08
CMI Cummins Inc. Reduce -73.0% 0.03% −0.07
EIX Edison International Reduce -76.2% 0.03% −0.07
PK Park Hotels & Resorts Inc. Sold out 0.00% −0.07
OGE Oge Energy Corp. Reduce -73.8% 0.03% −0.07
NSA National Storage Affiliates Reduce -67.9% 0.04% −0.07
VST Vistra Corp. Reduce -97.0% 0.00% −0.06
SR Spire Inc. Reduce -60.4% 0.04% −0.05
CI The Cigna Group Reduce -62.9% 0.03% −0.05
XEL Xcel Energy Inc. Reduce -67.2% 0.03% −0.05
RHI Robert Half Inc. Reduce -71.3% 0.02% −0.04
SPG Simon Property Group Inc. Reduce -61.4% 0.03% −0.04
NBIX Neurocrine Biosciences Inc. Sold out 0.00% −0.04
CUZ Cousins Properties Inc. Reduce -77.0% 0.02% −0.04
OGS One Gas Inc. Sold out 0.00% −0.04
MEDP Medpace Holdings Inc. Reduce -55.8% 0.02% −0.04
SWX Southwest Gas Holdings Inc. Reduce -50.3% 0.04% −0.04
D Dominion Energy Inc. Reduce -64.4% 0.03% −0.04
CBT Cabot Corp. Reduce -80.9% 0.01% −0.04
AOS Smith (a.o.) Corp. Reduce -94.4% 0.00% −0.04
NFG National Fuel Gas Co. Reduce -63.1% 0.02% −0.04
CHRD Chord Energy Corp. Reduce -75.2% 0.01% −0.04
XOM Exxon Mobil Corp. Reduce -82.4% 0.01% −0.04
BKH Black Hills Corp. Reduce -57.9% 0.03% −0.04
EME Emcor Group Inc. Reduce -68.8% 0.02% −0.04
NEU Newmarket Corp. Reduce -63.5% 0.02% −0.04
SRE Sempra Sold out 0.00% −0.04
DKS Dick's Sporting Goods Inc. Reduce -82.1% 0.01% −0.04
INGR Ingredion Inc. Reduce -64.4% 0.02% −0.03
ALV Autoliv Inc. Reduce -63.0% 0.01% −0.03
BG Bunge Global SA Reduce -73.5% 0.01% −0.03
OHI Omega Healthcare Investors Reduce -62.6% 0.02% −0.03
DVN Devon Energy Corp. Reduce -55.2% 0.02% −0.03
KNF Knife River Corp. Sold out 0.00% −0.03
GLPI Gaming and Leisure Propertie Reduce -83.0% 0.01% −0.03
BMY Bristol-Myers Squibb Co. Reduce -61.0% 0.03% −0.03
PSA Public Storage Reduce -55.3% 0.03% −0.03
CAT Caterpillar Inc. Reduce -59.8% 0.02% −0.03
UFPI Ufp Industries Inc. Reduce -64.4% 0.02% −0.03
ADM Archer-Daniels-Midland Co. Reduce -86.2% 0.00% −0.03
EHC Encompass Health Corp. Reduce -65.6% 0.02% −0.03
DTE DTE Energy Company Reduce -62.3% 0.02% −0.03
JNPR Juniper Networks Inc. Reduce -66.2% 0.01% −0.03
AGCO Agco Corp. Reduce -44.7% 0.03% −0.03
HCA HCA Healthcare Inc. Reduce -65.7% 0.02% −0.03
DCI Donaldson Co. Inc. Reduce -52.3% 0.02% −0.03
CIEN Ciena Corp. Sold out 0.00% −0.03

Portfolio Buys Q2 2024 → Q3 2024
ULTA Ulta Beauty Inc. New 3.29% +3.29
SNOW Snowflake Inc. Add +19399.2% 2.70% +2.68
LOW Lowe's Cos Inc. Add +1.6% 5.80% +0.74
DE Deere & Co. Add +11.6% 5.12% +0.65
CRM Salesforce Inc. Add +12.0% 5.15% +0.45
DIS The Walt Disney Co. Add +18.4% 4.37% +0.22
BDX Becton Dickinson and Co. Add +9.8% 5.51% +0.22
CMCSA Comcast Corp. Class A Add +5.4% 6.10% +0.19
PINS Pinterest Inc. Class A Add +51.5% 2.61% +0.06
SA Seabridge Gold Inc. Add +20.7% 0.13% +0.04
CNQ Canadian Natural Resources Add +322.9% 0.04% +0.03
MMS Maximus Inc. New 0.02% +0.02
ELS Equity Lifestyle Properties Add +439.5% 0.02% +0.02
VLO Valero Energy Corp. Add +256.3% 0.03% +0.02
CVE Cenovus Energy Inc. Add +94.7% 0.05% +0.02
SOLV Solventum Corp. New 0.02% +0.02
UAA Under Armour Inc. Class A New 0.01% +0.01
TU Telus Corp. Add +159.6% 0.02% +0.01
DD Dupont DE Nemours Inc. New 0.01% +0.01
IFF Intl Flavors & Fragrances Add +167.1% 0.02% +0.01
TRP TC Energy Corp. New 0.01% +0.01
J Jacobs Solutions Inc. New 0.01% +0.01
NSP Insperity Inc. Add +110.8% 0.03% +0.01
AVB Avalonbay Communities Inc. New 0.01% +0.01
CAE Cae Inc. New 0.01% +0.01
BNS Bank of Nova Scotia New 0.01% +0.01
TTC Toro Co. New 0.01% +0.01
ODFL Old Dominion Freight Line Add +280.6% 0.01% +0.01
SLGN Silgan Holdings Inc. New 0.01% +0.01
EL Estee Lauder Companies Class A New 0.01% +0.01
CAG Conagra Brands Inc. New 0.01% +0.01
IRM Iron Mountain Inc. New 0.01% +0.01
BCE Bce Inc. Add +60.1% 0.02% +0.01
DG Dollar General Corp. New 0.01% +0.01
HPQ HP Inc. New 0.01% +0.01
PATH Uipath Inc. Class A New 0.01% +0.01
BLDR Builders Firstsource Inc. New 0.01% +0.01
IDXX Idexx Laboratories Inc. New 0.01% +0.01
RCI Rogers Communications Inc. Class B New 0.01% +0.01
PR Permian Resources Corp. Class A New 0.01% +0.01
ENB Enbridge Inc. Add +37.1% 0.02% +0.01
OTEX Open Text Corp. Add +105.8% 0.01% +0.01
LPX Louisiana-Pacific Corp. New 0.01% +0.01
CTAS Cintas Corp. Add +106.7% 0.01% +0.01
CYTK Cytokinetics Inc. New 0.01% +0.01
MRO Marathon Oil Corp. Add +70.0% 0.02% +0.01
AER Aercap Holdings NV Add +212.3% 0.01% +0.01
CM Can Imperial BK of Commerce Add +55.8% 0.01% +0.00
CBSH Commerce Bancshares Inc. New 0.00% +0.00
PSX Phillips 66 New 0.00% +0.00

Options Activity Q2 2024 → Q3 2024
XRT SS SPDR S&P Retail ETF put Sold out 388,900 $29.2Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2024 → Q3 2024
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal New 12,500,000 $12.5M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Sold out 5,000,000 $4.9Mbefore exit
CLOUDFLARE INC (NET 0 08/15/26) NOTE 8/1 · principal Sold out 3,500,000 $3.2Mbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 44$15.7BSPCX, GFL, HYG, LQD, ENB
Q1 2026 145$3.3BGFL, HYG, CRM, COF, PNC
Q4 2025 142$4.3BGFL, HYG, COF, WMT, CRM
Q3 2025Amended 151$4.1BGFL, HYG, COF, WMT, CRM
Q2 2025Amended 287$4.7BGFL, HYG, MSFT, BAC, CRM
Q1 2025Amended 394$6.3BGFL, MSFT, WMT, T, BAC
Q4 2024Amended 401$7.2BGFL, MSFT, CB, BAC, BDX
Q3 2024Amended 396$10.9BGFL, MSFT, CB, CMCSA, HON
Q2 2024Amended 423$10.1BGFL, MSFT, CB, HON, CMCSA
Q1 2024Amended 449$10.7BGFL, MSFT, GOOGL, CB, MS