Public Sector Pension Investment Board
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Public Sector Pension Investment Board reported 1,230 stock positions worth $23.4 billion. Its top holding was Microsoft (MSFT) at 5.9% of the portfolio, followed by Nvidia (NVDA, 4.8%) and Apple (AAPL, 3.9%). Compared with Q1 2025, it opened 16 new positions, sold out of 23, added to 704 and reduced 478. The biggest buy was Royal Bank of Canada (RY, shares +1319%) and the biggest sale Apple (AAPL, shares −17%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001396318
- Portfolio Value
- $23.4B (Q2 2025)
- SEC Filing
- 0001396318-25-000017 ↗ filed Aug 12, 2025
Holdings Value
Holdings 1,230 stocks · $23.4B
| MSFT Microsoft Corp. | 5.87% | 2,760,349 | $1.4B | Reduce -19.6% |
| NVDA Nvidia Corp. | 4.82% | 7,145,054 | $1.1B | Reduce -24.5% |
| AAPL Apple Inc. | 3.90% | 4,445,876 | $912.2M | Reduce -17.2% |
| AMZN Amazon.com Inc. | 2.34% | 2,492,621 | $546.9M | Reduce -28.3% |
| AVGO Broadcom Inc. | 2.26% | 1,921,754 | $529.7M | Reduce -9.6% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.15% | 7,106,008 | $503.4M | Add +51.8% |
| META Meta Platforms Inc. Class A | 2.06% | 653,034 | $482.0M | Reduce -35.2% |
| TSAT Telesat Corp. | 1.89% | 18,211,203 | $442.3M | No change |
| GOOGL Alphabet Inc. Class A | 1.56% | 2,069,957 | $364.8M | Reduce -24.1% |
| JPM JPMorgan Chase & Co. | 1.37% | 1,103,889 | $320.0M | Reduce -0.1% |
| RY Royal Bank of Canada | 1.09% | 1,936,920 | $254.8M | Add +1318.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.03% | 2,170,118 | $240.0M | Add +2986.2% |
| KO The Coca-Cola Co. | 1.02% | 3,375,244 | $238.8M | Add +12.5% |
| V Visa Inc. Class A | 0.96% | 630,900 | $224.0M | Reduce -14.4% |
| ES Eversource Energy | 0.92% | 3,401,000 | $216.4M | Reduce -0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.90% | 432,404 | $210.0M | Reduce -17.3% |
| TSLA Tesla Inc. | 0.88% | 650,915 | $206.8M | Reduce -23.2% |
| TD Toronto-Dominion Bank | 0.84% | 2,666,729 | $195.7M | Add +1477.7% |
| LIN Linde PLC | 0.82% | 410,416 | $192.6M | Reduce -10.2% |
| PH Parker Hannifin Corp. | 0.82% | 274,315 | $191.6M | Add +32.6% |
| UNP Union Pacific Corp. | 0.77% | 778,683 | $179.2M | Add +0.7% |
| LLY Eli Lilly & Co. | 0.75% | 224,145 | $174.7M | Reduce -25.0% |
| ORCL Oracle Corp. | 0.74% | 794,863 | $173.8M | Reduce -7.8% |
| CRM Salesforce Inc. | 0.74% | 637,207 | $173.8M | Reduce -13.8% |
| MA Mastercard Inc. Class A | 0.74% | 308,463 | $173.3M | Reduce -39.0% |
| WMT Walmart Inc. | 0.73% | 1,753,139 | $171.4M | Reduce -21.0% |
| TMUS T-Mobile US Inc. | 0.71% | 697,961 | $166.3M | Add +64.0% |
| ABBV Abbvie Inc. | 0.71% | 893,046 | $165.8M | Reduce -2.8% |
| NFLX Netflix Inc. | 0.70% | 122,069 | $163.5M | Add +2.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.66% | 3,250,516 | $153.8M | Reduce -9.1% |
| ETN Eaton Corp. PLC | 0.60% | 394,711 | $140.9M | Reduce -5.8% |
| NOW ServiceNow Inc. | 0.58% | 131,993 | $135.7M | Reduce -18.9% |
| ABT Abbott Laboratories | 0.57% | 977,778 | $133.0M | Add +4.3% |
| TRP TC Energy Corp. | 0.56% | 2,680,572 | $130.6M | Add +2573.3% |
| GWW WW Grainger Inc. filed as GRAINGER W W INC | 0.55% | 124,154 | $129.1M | Add +13.2% |
| WFC Wells Fargo & Co. | 0.54% | 1,579,674 | $126.6M | Reduce -11.7% |
| FISV Fiserv Inc. | 0.53% | 719,564 | $124.1M | Add +23.9% |
| ADI Analog Devices Inc. | 0.51% | 501,445 | $119.4M | Add +56.5% |
| AZO AutoZone Inc. | 0.50% | 31,719 | $117.7M | Add +1279.7% |
| XOM Exxon Mobil Corp. | 0.50% | 1,078,623 | $116.3M | Reduce -26.3% |
| KLAC KLA Corp. | 0.50% | 129,752 | $116.2M | Reduce -12.2% |
| C Citigroup Inc. | 0.49% | 1,346,806 | $114.6M | Add +65.3% |
| ARMK Aramark | 0.48% | 2,686,000 | $112.5M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.47% | 893,420 | $110.3M | Reduce -7.1% |
| LOW Lowe's Cos Inc. | 0.43% | 455,030 | $101.0M | Reduce -7.0% |
| BSX Boston Scientific Corp. | 0.42% | 920,033 | $98.8M | Add +13.1% |
| UBER Uber Technologies Inc. | 0.40% | 992,071 | $92.6M | Reduce -11.1% |
| MCK McKesson Corp. | 0.39% | 124,539 | $91.3M | Add +18.4% |
| SYK Stryker Corp. | 0.39% | 230,140 | $91.1M | Add +16.6% |
| UBS UBS Group AG-Reg | 0.38% | 2,644,750 | $89.2M | Reduce -0.5% |
| AXP American Express Co. | 0.37% | 272,924 | $87.1M | Reduce -11.2% |
| JNJ Johnson & Johnson | 0.37% | 565,331 | $86.4M | Add +21.6% |
| HLT Hilton Worldwide Holdings Inc. | 0.36% | 320,556 | $85.4M | Add +18.5% |
| GS Goldman Sachs Group Inc. | 0.36% | 118,775 | $84.1M | Add +42.3% |
| GOOG Alphabet Inc. Class C | 0.34% | 443,709 | $78.7M | Reduce -39.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.33% | 1,410,536 | $77.8M | Add +1073.1% |
| MSI Motorola Solutions Inc. | 0.33% | 184,997 | $77.8M | Reduce -5.2% |
| PG The Procter & Gamble Co. | 0.32% | 465,489 | $74.2M | Reduce -28.1% |
| LMT Lockheed Martin Corp. | 0.30% | 150,553 | $69.7M | Add +39.3% |
| CL Colgate-Palmolive Co. | 0.30% | 764,582 | $69.5M | Reduce -6.0% |
| UNH Unitedhealth Group Inc. | 0.27% | 200,700 | $62.6M | Reduce -7.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.27% | 212,031 | $62.5M | Reduce -22.2% |
| HCA HCA Healthcare Inc. | 0.27% | 162,634 | $62.3M | Reduce -6.5% |
| SPOT Spotify Technology SA | 0.25% | 76,800 | $58.9M | Reduce -0.3% |
| INTC Intel Corp. | 0.25% | 2,599,743 | $58.2M | Add +39.5% |
| GE General Electric filed as GE AEROSPACE | 0.25% | 223,989 | $57.7M | Reduce -8.5% |
| SLF Sun Life Financial Inc. | 0.24% | 854,747 | $56.8M | Add +1441.6% |
| HD Home Depot Inc. | 0.24% | 154,193 | $56.5M | Reduce -56.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.23% | 433,233 | $53.7M | Reduce -20.4% |
| LYV Live Nation Entertainment Inc. | 0.21% | 322,320 | $48.8M | Reduce -2.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.21% | 78,198 | $48.3M | Reduce -44.5% |
| CVX Chevron Corp. | 0.20% | 334,291 | $47.9M | Reduce -25.2% |
| PDD PDD Holdings Inc. | 0.20% | 445,830 | $46.7M | Add +38.0% |
| ARGX Argenx SE - ADR | 0.19% | 82,082 | $45.2M | No change |
| SPGI S&P Global Inc. | 0.19% | 84,595 | $44.6M | Add +0.4% |
| MRK Merck & Co. Inc. | 0.19% | 561,542 | $44.5M | Reduce -46.5% |
| DB Deutsche Bank AG-Registered | 0.19% | 1,488,305 | $44.0M | Reduce -0.5% |
| PNC PNC Financial Services Group | 0.18% | 231,424 | $43.1M | Reduce -9.6% |
| ACN Accenture PLC Class A | 0.18% | 144,323 | $43.1M | Reduce -22.5% |
| GDDY GoDaddy Inc. Class A | 0.18% | 239,498 | $43.1M | Reduce -3.4% |
| BAP Credicorp Ltd. | 0.18% | 188,583 | $42.2M | Reduce -0.1% |
| BLK BlackRock Inc. | 0.18% | 39,994 | $42.0M | Add +2.8% |
| PM Philip Morris International | 0.17% | 224,357 | $40.9M | Reduce -11.8% |
| MFC Manulife Financial Corp. | 0.17% | 1,265,746 | $40.4M | Add +660.9% |
| MU Micron Technology Inc. | 0.16% | 304,323 | $37.5M | Add +76.1% |
| LRCX Lam Research Corp. | 0.16% | 382,203 | $37.2M | Reduce -54.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.16% | 2,709,900 | $37.2M | No change |
| SCHW Schwab (charles) Corp. | 0.16% | 403,517 | $36.8M | Reduce -11.4% |
| MS Morgan Stanley | 0.15% | 254,256 | $35.8M | Reduce -41.0% |
| VZ Verizon Communications Inc. | 0.15% | 810,926 | $35.1M | Reduce -4.9% |
| INTU Intuit Inc. | 0.15% | 44,495 | $35.0M | Add +2.5% |
| APH Amphenol Corp. Class A | 0.15% | 352,358 | $34.8M | Add +87.0% |
| ENPH Enphase Energy Inc. | 0.15% | 876,983 | $34.8M | Add +2322.9% |
| T AT&T Inc. | 0.15% | 1,199,557 | $34.7M | Reduce -61.1% |
| HON Honeywell International Inc. | 0.15% | 146,038 | $34.0M | Add +7.0% |
| RACE Ferrari NV | 0.14% | 68,252 | $33.3M | No change |
| SNOW Snowflake Inc. | 0.14% | 148,900 | $33.3M | New |
| COST Costco Wholesale Corp. | 0.14% | 33,611 | $33.3M | Reduce -71.9% |
| COOP Mr Cooper Group Inc. | 0.14% | 218,125 | $32.5M | Reduce -4.0% |
| PGR Progressive Corp. | 0.14% | 120,662 | $32.2M | Reduce -22.9% |
Options reported separately and not counted above: DKS calls ($14.8M), TSLA calls ($9.5M), LULU calls ($9.5M), APP calls ($7.0M), AAPL calls ($6.6M).
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -17.2% | 3.90% | −1.26 |
| AMZN Amazon.com Inc. | Reduce -28.3% | 2.34% | −0.53 |
| MA Mastercard Inc. Class A | Reduce -39.0% | 0.74% | −0.46 |
| META Meta Platforms Inc. Class A | Reduce -35.2% | 2.06% | −0.45 |
| COST Costco Wholesale Corp. | Reduce -71.9% | 0.14% | −0.35 |
| TMO Thermo Fisher Scientific Inc. | Reduce -70.4% | 0.11% | −0.35 |
| HD Home Depot Inc. | Reduce -56.6% | 0.24% | −0.32 |
| LLY Eli Lilly & Co. | Reduce -25.0% | 0.75% | −0.32 |
| ISRG Intuitive Surgical Inc. | Reduce -84.6% | 0.06% | −0.32 |
| SNPS Synopsys Inc. | Reduce -92.0% | 0.03% | −0.31 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -17.3% | 0.90% | −0.31 |
| CMI Cummins Inc. | Reduce -90.9% | 0.03% | −0.28 |
| EXR Extra Space Storage Inc. | Reduce -91.0% | 0.03% | −0.28 |
| TSM Taiwan Semiconductor-SP ADR | Sold out | 0.00% | −0.27 |
| GOOGL Alphabet Inc. Class A | Reduce -24.1% | 1.56% | −0.27 |
| ALV Autoliv Inc. | Sold out | 0.00% | −0.26 |
| XOM Exxon Mobil Corp. | Reduce -26.3% | 0.50% | −0.26 |
| MLM Martin Marietta Materials | Reduce -96.2% | 0.01% | −0.24 |
| T AT&T Inc. | Reduce -61.1% | 0.15% | −0.23 |
| UNH Unitedhealth Group Inc. | Reduce -7.9% | 0.27% | −0.23 |
| MRK Merck & Co. Inc. | Reduce -46.5% | 0.19% | −0.22 |
| GOOG Alphabet Inc. Class C | Reduce -39.6% | 0.34% | −0.16 |
| PG The Procter & Gamble Co. | Reduce -28.1% | 0.32% | −0.16 |
| V Visa Inc. Class A | Reduce -14.4% | 0.96% | −0.16 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -44.5% | 0.21% | −0.13 |
| ABBV Abbvie Inc. | Reduce -2.8% | 0.71% | −0.12 |
| GPC Genuine Parts Co. | Reduce -95.8% | 0.01% | −0.12 |
| CVX Chevron Corp. | Reduce -25.2% | 0.20% | −0.12 |
| CRM Salesforce Inc. | Reduce -13.8% | 0.74% | −0.12 |
| PFE Pfizer Inc. | Reduce -70.0% | 0.05% | −0.12 |
| WMT Walmart Inc. | Reduce -21.0% | 0.73% | −0.11 |
| LRCX Lam Research Corp. | Reduce -54.6% | 0.16% | −0.11 |
| CMG Chipotle Mexican Grill Inc. | Reduce -82.4% | 0.02% | −0.10 |
| LIN Linde PLC | Reduce -10.2% | 0.82% | −0.10 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.09 |
| SPG Simon Property Group Inc. | Reduce -63.8% | 0.04% | −0.08 |
| EA Electronic Arts Inc. | Reduce -86.6% | 0.01% | −0.08 |
| AMT American Tower Corp. | Reduce -43.7% | 0.09% | −0.07 |
| ACN Accenture PLC Class A | Reduce -22.5% | 0.18% | −0.07 |
| TSLA Tesla Inc. | Reduce -23.2% | 0.88% | −0.07 |
| EQIX Equinix Inc. | Reduce -30.7% | 0.13% | −0.06 |
| MS Morgan Stanley | Reduce -41.0% | 0.15% | −0.06 |
| MCD McDonald's Corp. | Reduce -44.4% | 0.07% | −0.06 |
| PLTR Palantir Technologies Inc. Class A | Reduce -57.5% | 0.13% | −0.06 |
| PEP Pepsico Inc. | Reduce -42.2% | 0.06% | −0.06 |
| HES Hess Corp. | Reduce -59.2% | 0.03% | −0.06 |
| LOW Lowe's Cos Inc. | Reduce -7.0% | 0.43% | −0.06 |
| CCI Crown Castle Inc. | Reduce -59.0% | 0.04% | −0.06 |
| ADBE Adobe Inc. | Reduce -32.7% | 0.12% | −0.06 |
| CAH Cardinal Health Inc. | Reduce -85.0% | 0.01% | −0.06 |
Portfolio Buys Q1 2025 → Q2 2025
| RY Royal Bank of Canada | Add +1318.8% | 1.09% | +1.02 |
| CM Can Imperial BK of Commerce | Add +51.8% | 2.15% | +1.01 |
| BMO Bank of Montreal | Add +2986.2% | 1.03% | +1.00 |
| TD Toronto-Dominion Bank | Add +1477.7% | 0.84% | +0.79 |
| TRP TC Energy Corp. | Add +2573.3% | 0.56% | +0.54 |
| AZO AutoZone Inc. | Add +1279.7% | 0.50% | +0.47 |
| BNS Bank of Nova Scotia | Add +1073.1% | 0.33% | +0.31 |
| PH Parker Hannifin Corp. | Add +32.6% | 0.82% | +0.27 |
| C Citigroup Inc. | Add +65.3% | 0.49% | +0.24 |
| ADI Analog Devices Inc. | Add +56.5% | 0.51% | +0.23 |
| SLF Sun Life Financial Inc. | Add +1441.6% | 0.24% | +0.23 |
| TMUS T-Mobile US Inc. | Add +64.0% | 0.71% | +0.22 |
| NFLX Netflix Inc. | Add +2.5% | 0.70% | +0.22 |
| GS Goldman Sachs Group Inc. | Add +42.3% | 0.36% | +0.16 |
| MFC Manulife Financial Corp. | Add +660.9% | 0.17% | +0.15 |
| SNOW Snowflake Inc. | New | 0.14% | +0.14 |
| ENPH Enphase Energy Inc. | Add +2322.9% | 0.15% | +0.14 |
| STRL Sterling Infrastructure Inc. | New | 0.10% | +0.10 |
| NTR Nutrien Ltd. | Add +845.1% | 0.11% | +0.10 |
| HLT Hilton Worldwide Holdings Inc. | Add +18.5% | 0.36% | +0.10 |
| NXPI NXP Semiconductors NV | Add +250.4% | 0.13% | +0.10 |
| MU Micron Technology Inc. | Add +76.1% | 0.16% | +0.10 |
| APH Amphenol Corp. Class A | Add +87.0% | 0.15% | +0.10 |
| KO The Coca-Cola Co. | Add +12.5% | 1.02% | +0.09 |
| LMT Lockheed Martin Corp. | Add +39.3% | 0.30% | +0.09 |
| ALAB Astera Labs Inc. | Add +196.0% | 0.11% | +0.09 |
| MPWR Monolithic Power Systems Inc. | Add +367.3% | 0.11% | +0.09 |
| MCK McKesson Corp. | Add +18.4% | 0.39% | +0.08 |
| GWW WW Grainger Inc. | Add +13.2% | 0.55% | +0.08 |
| IJR iShares Core S&P Small-Cap E | Add +156.4% | 0.13% | +0.08 |
| APP AppLovin Corp. Class A | New | 0.08% | +0.08 |
| K Kellanova | Add +657.8% | 0.09% | +0.08 |
| RAL Ralliant Corp. | Add +924.7% | 0.08% | +0.07 |
| AVAV Aerovironment Inc. | Add +8.2% | 0.12% | +0.07 |
| SYK Stryker Corp. | Add +16.6% | 0.39% | +0.07 |
| GEV GE Vernova Inc. | Add +37.5% | 0.12% | +0.07 |
| BSX Boston Scientific Corp. | Add +13.1% | 0.42% | +0.07 |
| INTC Intel Corp. | Add +39.5% | 0.25% | +0.07 |
| AZEK The Azek Co. Inc. | New | 0.07% | +0.07 |
| YUMC Yum China Holdings Inc. | Add +237.7% | 0.09% | +0.06 |
| AMRZ Amrize Ltd. | New | 0.06% | +0.06 |
| MET Metlife Inc. | Add +104.1% | 0.11% | +0.05 |
| KTOS Kratos Defense & Security | Add +17.0% | 0.11% | +0.05 |
| CF CF Industries Holdings Inc. | Add +526.1% | 0.06% | +0.05 |
| DUOL Duolingo | New | 0.05% | +0.05 |
| TT Trane Technologies PLC | Add +17.0% | 0.13% | +0.04 |
| RBRK Rubrik Inc. Class A | Add +150.0% | 0.06% | +0.04 |
| DY Dycom Industries Inc. | Add +6.0% | 0.10% | +0.04 |
| COF Capital One Financial Corp. | Add +29.1% | 0.12% | +0.04 |
| NRG NRG Energy Inc. | Add +66.5% | 0.06% | +0.04 |
Options Activity Q1 2025 → Q2 2025
| DLTR Dollar Tree Inc. | call | Sold out | 1,400,000 | $105.1Mbefore exit |
| DKS Dick's Sporting Goods Inc. | call | New | 75,000 | $14.8M |
| TSLA Tesla Inc. | call | New | 30,000 | $9.5M |
| LULU Lululemon Athletica Inc. | call | New | 40,000 | $9.5M |
| APP AppLovin Corp. Class A | call | New | 20,000 | $7.0M |
| AAPL Apple Inc. | call | New | 32,000 | $6.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 1,324 | $38.1B | NVDA, AAPL, MSFT, GOOGL, TSAT |
| Q1 2026 | 1,325 | $32.1B | NVDA, MSFT, AAPL, GOOGL, AMZN |
| Q4 2025 | 1,339 | $29.7B | MSFT, NVDA, GOOGL, AAPL, AMZN |
| Q3 2025 | 1,259 | $27.2B | MSFT, NVDA, AAPL, META, AMZN |
| Q2 2025 | 1,230 | $23.4B | MSFT, NVDA, AAPL, AMZN, AVGO |
| Q1 2025 | 1,236 | $23.1B | MSFT, AAPL, NVDA, AMZN, META |
| Q4 2024 | 1,223 | $23.7B | NVDA, AAPL, MSFT, AMZN, AVGO |
| Q3 2024 | 1,224 | $18.5B | MSFT, AAPL, NVDA, AMZN, LLY |
| Q2 2024 | 1,228 | $15.7B | MSFT, AAPL, NVDA, GOOGL, AVGO |
| Q1 2024 | 1,219 | $13.8B | MSFT, NVDA, AAPL, LLY, AMZN |