PineStone Asset Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), PineStone Asset Management Inc. reported 43 stock positions worth $16.1 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 11.4% of the portfolio, followed by Alphabet Class A (GOOGL, 9.7%) and Microsoft (MSFT, 9.4%). Compared with Q2 2025, it sold out of 1, added to 10 and reduced 25. The biggest buy was Copart (CPRT, shares +21%) and the biggest sale Moody's (MCO, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Montreal, A8
- CIK
- 0001904893
- Portfolio Value
- $16.1B (Q3 2025)
- SEC Filing
- 0001172661-25-004313 ↗ filed Oct 17, 2025
Holdings Value
Holdings 43 stocks · $16.1B
| TSM Taiwan Semiconductor-SP ADR | 11.38% | 6,545,779 | $1.8B | Reduce -6.8% |
| GOOGL Alphabet Inc. Class A | 9.68% | 6,398,927 | $1.6B | Reduce -6.0% |
| MSFT Microsoft Corp. | 9.37% | 2,908,036 | $1.5B | Reduce -6.5% |
| AZO AutoZone Inc. | 7.08% | 265,305 | $1.1B | Reduce -5.8% |
| MCO Moody's Corp. | 6.71% | 2,264,043 | $1.1B | Reduce -2.0% |
| ORCL Oracle Corp. | 6.00% | 3,429,371 | $964.5M | Reduce -4.5% |
| MA Mastercard Inc. Class A | 5.61% | 1,585,690 | $902.0M | Reduce -1.3% |
| CME Cme Group Inc. | 4.32% | 2,570,087 | $694.4M | Add +1.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.90% | 4,338,547 | $627.1M | Reduce -7.5% |
| SHW The Sherwin-Williams Co. | 3.55% | 1,645,885 | $569.9M | Reduce -2.1% |
| MSCI MSCI Inc. | 3.40% | 961,843 | $545.8M | Add +8.1% |
| OTIS Otis Worldwide Corp. | 2.57% | 4,516,521 | $412.9M | Reduce -2.6% |
| MTD Mettler-Toledo International | 2.47% | 323,570 | $397.2M | Reduce -3.2% |
| JNJ Johnson & Johnson | 2.41% | 2,090,409 | $387.6M | Reduce -4.1% |
| CPRT Copart Inc. | 2.16% | 7,722,652 | $347.3M | Add +20.5% |
| PEP Pepsico Inc. | 2.12% | 2,426,874 | $340.8M | Reduce -3.9% |
| GGG Graco Inc. | 2.01% | 3,802,310 | $323.0M | Reduce -2.8% |
| CARR Carrier Global Corp. | 1.97% | 5,315,444 | $317.3M | Add +0.3% |
| SPGI S&P Global Inc. | 1.83% | 602,868 | $293.4M | Reduce -2.5% |
| HDB HDFC Bank Ltd.-ADR | 1.74% | 8,163,734 | $278.9M | Add +0.2% |
| UNH Unitedhealth Group Inc. | 1.66% | 774,624 | $267.5M | Reduce -6.6% |
| LOW Lowe's Cos Inc. | 1.52% | 972,650 | $244.4M | Reduce -1.7% |
| ADI Analog Devices Inc. | 1.41% | 924,976 | $227.3M | Reduce -2.0% |
| HLT Hilton Worldwide Holdings Inc. | 1.35% | 833,724 | $216.3M | Reduce -1.3% |
| CL Colgate-Palmolive Co. | 0.80% | 1,604,089 | $128.2M | Add +27.4% |
| FDS Factset Research Systems Inc. | 0.75% | 419,484 | $120.2M | Add +10.3% |
| NKE Nike Inc. Class B | 0.71% | 1,645,335 | $114.7M | Reduce -2.4% |
| ADBE Adobe Inc. | 0.44% | 200,464 | $70.7M | Reduce -38.7% |
| FSS Federal Signal Corp. | 0.14% | 185,484 | $22.1M | Reduce -6.4% |
| WH Wyndham Hotels & Resorts Inc. | 0.10% | 208,750 | $16.7M | Reduce -49.3% |
| HLI Houlihan Lokey Inc. | 0.10% | 74,495 | $15.3M | No change |
| MEDP Medpace Holdings Inc. | 0.09% | 29,200 | $15.0M | Reduce -19.6% |
| TREX Trex Company Inc. | 0.08% | 239,769 | $12.4M | No change |
| DCI Donaldson Co. Inc. | 0.08% | 150,861 | $12.3M | No change |
| JBTM JBT Marel Corp. | 0.08% | 87,229 | $12.3M | No change |
| IPAR Interparfums Inc. | 0.07% | 119,352 | $11.7M | Add +10.0% |
| SSD Simpson Manufacturing Co. Inc. | 0.06% | 56,810 | $9.5M | Reduce -2.0% |
| EXPO Exponent Inc. | 0.06% | 131,294 | $9.1M | Add +7.0% |
| HAYW Hayward Holdings Inc. | 0.06% | 595,200 | $9.0M | Add +14.2% |
| JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC | 0.06% | 60,200 | $9.0M | No change |
| WDFC WD-40 Co. | 0.05% | 43,610 | $8.6M | No change |
| FND Floor & Decor Holdings Inc. Class A | 0.05% | 112,300 | $8.3M | No change |
| POWI Power Integrations Inc. | 0.02% | 79,100 | $3.2M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| MCO Moody's Corp. | Reduce -2.0% | 6.71% | −0.79 |
| MSFT Microsoft Corp. | Reduce -6.5% | 9.37% | −0.64 |
| OTIS Otis Worldwide Corp. | Reduce -2.6% | 2.57% | −0.40 |
| ADBE Adobe Inc. | Reduce -38.7% | 0.44% | −0.38 |
| SPGI S&P Global Inc. | Reduce -2.5% | 1.83% | −0.28 |
| MA Mastercard Inc. Class A | Reduce -1.3% | 5.61% | −0.23 |
| SHW The Sherwin-Williams Co. | Reduce -2.1% | 3.55% | −0.19 |
| GGG Graco Inc. | Reduce -2.8% | 2.01% | −0.17 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -49.3% | 0.10% | −0.12 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -1.3% | 1.35% | −0.11 |
| MTD Mettler-Toledo International | Reduce -3.2% | 2.47% | −0.07 |
| BRKR Bruker Corp. | Sold out | 0.00% | −0.06 |
| NKE Nike Inc. Class B | Reduce -2.4% | 0.71% | −0.06 |
| ADI Analog Devices Inc. | Reduce -2.0% | 1.41% | −0.04 |
| PEP Pepsico Inc. | Reduce -3.9% | 2.12% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -6.6% | 1.66% | −0.01 |
| FSS Federal Signal Corp. | Reduce -6.4% | 0.14% | +0.00 |
| SSD Simpson Manufacturing Co. Inc. | Reduce -2.0% | 0.06% | +0.00 |
| MEDP Medpace Holdings Inc. | Reduce -19.6% | 0.09% | +0.02 |
| LOW Lowe's Cos Inc. | Reduce -1.7% | 1.52% | +0.10 |
| TJX TJX Companies Inc. | Reduce -7.5% | 3.90% | +0.15 |
| JNJ Johnson & Johnson | Reduce -4.1% | 2.41% | +0.26 |
| AZO AutoZone Inc. | Reduce -5.8% | 7.08% | +0.32 |
| ORCL Oracle Corp. | Reduce -4.5% | 6.00% | +0.92 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.8% | 11.38% | +1.08 |
| GOOGL Alphabet Inc. Class A | Reduce -6.0% | 9.68% | +1.92 |
Portfolio Buys Q2 2025 → Q3 2025
| CPRT Copart Inc. | Add +20.5% | 2.16% | +0.13 |
| MSCI MSCI Inc. | Add +8.1% | 3.40% | +0.07 |
| CL Colgate-Palmolive Co. | Add +27.4% | 0.80% | +0.06 |
| HAYW Hayward Holdings Inc. | Add +14.2% | 0.06% | +0.01 |
| EXPO Exponent Inc. | Add +7.0% | 0.06% | −0.00 |
| IPAR Interparfums Inc. | Add +10.0% | 0.07% | −0.02 |
| CME Cme Group Inc. | Add +1.2% | 4.32% | −0.21 |
| HDB HDFC Bank Ltd.-ADR | Add +0.2% | 1.74% | −0.29 |
| FDS Factset Research Systems Inc. | Add +10.3% | 0.75% | −0.35 |
| CARR Carrier Global Corp. | Add +0.3% | 1.97% | −0.54 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 44 | $16.2B | TSM, GOOGL, MCO, MSFT, MA |
| Q1 2026 | 44 | $14.2B | TSM, GOOGL, MSFT, MCO, MA |
| Q4 2025 | 43 | $16.1B | TSM, GOOGL, MSFT, MCO, MA |
| Q3 2025 | 43 | $16.1B | TSM, GOOGL, MSFT, AZO, MCO |
| Q2 2025 | 44 | $15.5B | TSM, MSFT, GOOGL, MCO, AZO |
| Q1 2025 | 45 | $13.2B | TSM, MSFT, AZO, GOOGL, MCO |
| Q4 2024 | 45 | $10.7B | MSFT, GOOGL, TSM, MCO, AZO |
| Q3 2024 | 44 | $10.4B | MSFT, TSM, GOOGL, MCO, AZO |
| Q2 2024Amended | 43 | $9.4B | MSFT, TSM, GOOGL, MCO, AZO |
| Q1 2024 | 44 | $6.3B | MSFT, TSM, GOOGL, AZO, MCO |