Public Sector Pension Investment Board
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 6, 2025), Public Sector Pension Investment Board reported 1,259 stock positions worth $27.2 billion. Its top holding was Microsoft (MSFT) at 5.6% of the portfolio, followed by Nvidia (NVDA, 4.7%) and Apple (AAPL, 3.5%). Compared with Q2 2025, it opened 65 new positions, sold out of 36, added to 1,045 and reduced 130. The biggest buy was Meta Platforms Class A (META, shares +53%) and the biggest sale Bank of Montreal (BMO, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001396318
- Portfolio Value
- $27.2B (Q3 2025)
- SEC Filing
- 0001396318-25-000028 ↗ filed Nov 6, 2025
Holdings Value
Holdings 1,259 stocks · $27.2B
| MSFT Microsoft Corp. | 5.65% | 2,960,942 | $1.5B | Add +7.3% |
| NVDA Nvidia Corp. | 4.67% | 6,807,098 | $1.3B | Reduce -4.7% |
| AAPL Apple Inc. | 3.53% | 3,768,354 | $959.5M | Reduce -15.2% |
| META Meta Platforms Inc. Class A | 2.71% | 1,001,068 | $735.2M | Add +53.3% |
| AMZN Amazon.com Inc. | 2.59% | 3,206,173 | $704.0M | Add +28.6% |
| AVGO Broadcom Inc. | 2.20% | 1,810,043 | $597.2M | Reduce -5.8% |
| TSAT Telesat Corp. | 1.75% | 18,211,203 | $475.5M | No change |
| GOOGL Alphabet Inc. Class A | 1.72% | 1,923,833 | $467.7M | Reduce -7.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.71% | 5,805,760 | $464.0M | Reduce -18.3% |
| JPM JPMorgan Chase & Co. | 1.28% | 1,104,535 | $348.4M | Add +0.1% |
| RY Royal Bank of Canada | 1.23% | 2,261,934 | $333.5M | Add +16.8% |
| V Visa Inc. Class A | 1.10% | 874,312 | $298.5M | Add +38.6% |
| ORCL Oracle Corp. | 1.07% | 1,031,960 | $290.2M | Add +29.8% |
| ES Eversource Energy | 0.89% | 3,405,596 | $242.3M | Add +0.1% |
| ABBV Abbvie Inc. | 0.89% | 1,044,690 | $241.9M | Add +17.0% |
| LIN Linde PLC | 0.89% | 506,855 | $240.8M | Add +23.5% |
| TSLA Tesla Inc. | 0.88% | 537,780 | $239.2M | Reduce -17.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.86% | 463,454 | $233.0M | Add +7.2% |
| CRM Salesforce Inc. | 0.78% | 897,917 | $212.8M | Add +40.9% |
| KLAC KLA Corp. | 0.76% | 192,090 | $207.2M | Add +48.0% |
| ADI Analog Devices Inc. | 0.74% | 821,215 | $201.8M | Add +63.8% |
| LLY Eli Lilly & Co. | 0.74% | 263,650 | $201.2M | Add +17.6% |
| UNP Union Pacific Corp. | 0.73% | 842,206 | $199.1M | Add +8.2% |
| TD Toronto-Dominion Bank | 0.73% | 2,477,621 | $198.2M | Reduce -7.1% |
| MA Mastercard Inc. Class A | 0.70% | 335,582 | $190.9M | Add +8.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.68% | 3,596,371 | $185.5M | Add +10.6% |
| AZO AutoZone Inc. | 0.67% | 42,520 | $182.4M | Add +34.0% |
| BSX Boston Scientific Corp. | 0.66% | 1,823,481 | $178.0M | Add +98.2% |
| BKNG Booking Holdings Inc. | 0.65% | 32,932 | $177.8M | Add +768.2% |
| ABT Abbott Laboratories | 0.65% | 1,316,034 | $176.3M | Add +34.6% |
| MCK McKesson Corp. | 0.62% | 218,460 | $168.8M | Add +75.4% |
| PH Parker Hannifin Corp. | 0.61% | 219,401 | $166.3M | Reduce -20.0% |
| HCA HCA Healthcare Inc. | 0.58% | 369,704 | $157.6M | Add +127.3% |
| AMAT Applied Materials Inc. | 0.55% | 729,612 | $149.4M | Add +336.9% |
| URI United Rentals Inc. | 0.55% | 155,273 | $148.2M | Add +3094.3% |
| C Citigroup Inc. | 0.53% | 1,409,067 | $143.0M | Add +4.6% |
| MSI Motorola Solutions Inc. | 0.50% | 295,679 | $135.2M | Add +59.8% |
| WFC Wells Fargo & Co. | 0.49% | 1,600,740 | $134.2M | Add +1.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.46% | 871,565 | $126.0M | Reduce -2.5% |
| XOM Exxon Mobil Corp. | 0.46% | 1,110,937 | $125.3M | Add +3.0% |
| GOOG Alphabet Inc. Class C | 0.46% | 507,984 | $123.7M | Add +14.5% |
| TDY Teledyne Technologies Inc. | 0.45% | 206,440 | $121.0M | Add +4520.4% |
| UBS UBS Group AG-Reg | 0.41% | 2,742,259 | $112.0M | Add +3.7% |
| KO The Coca-Cola Co. | 0.41% | 1,660,255 | $110.1M | Reduce -50.8% |
| LRCX Lam Research Corp. | 0.40% | 803,009 | $107.5M | Add +110.1% |
| BLDR Builders Firstsource Inc. | 0.39% | 881,439 | $106.9M | Add +10918.0% |
| ARMK Aramark | 0.38% | 2,686,000 | $103.1M | No change |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.38% | 1,575,602 | $101.9M | Add +11.7% |
| ACN Accenture PLC Class A | 0.37% | 404,680 | $99.8M | Add +180.4% |
| UNH Unitedhealth Group Inc. | 0.36% | 287,132 | $99.1M | Add +43.1% |
| PLTR Palantir Technologies Inc. Class A | 0.36% | 540,835 | $98.7M | Add +135.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.35% | 833,540 | $95.4M | Add +92.4% |
| INTC Intel Corp. | 0.35% | 2,825,933 | $94.8M | Add +8.7% |
| CSCO Cisco Systems Inc. | 0.35% | 1,383,400 | $94.7M | Add +267.1% |
| CMCSA Comcast Corp. Class A | 0.35% | 2,989,559 | $93.9M | Add +478.8% |
| AXP American Express Co. | 0.34% | 276,091 | $91.7M | Add +1.2% |
| T AT&T Inc. | 0.30% | 2,888,630 | $81.6M | Add +140.8% |
| MU Micron Technology Inc. | 0.28% | 462,215 | $77.3M | Add +51.9% |
| PG The Procter & Gamble Co. | 0.28% | 490,399 | $75.3M | Add +5.3% |
| GE General Electric filed as GE AEROSPACE | 0.27% | 241,237 | $72.6M | Add +7.7% |
| UBER Uber Technologies Inc. | 0.25% | 691,770 | $67.8M | Reduce -30.3% |
| COST Costco Wholesale Corp. | 0.24% | 71,333 | $66.0M | Add +112.2% |
| SCHW Schwab (charles) Corp. | 0.24% | 677,875 | $64.7M | Add +68.0% |
| CVX Chevron Corp. | 0.24% | 414,964 | $64.4M | Add +24.1% |
| GS Goldman Sachs Group Inc. | 0.24% | 80,634 | $64.2M | Reduce -32.1% |
| HD Home Depot Inc. | 0.23% | 151,251 | $61.3M | Reduce -1.9% |
| COOP Mr Cooper Group Inc. | 0.22% | 288,610 | $60.8M | Add +32.3% |
| SNDK Sandisk Corp. | 0.22% | 538,459 | $60.4M | Add +16.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.22% | 213,275 | $60.2M | Add +0.6% |
| SPOT Spotify Technology SA | 0.22% | 85,700 | $59.8M | Add +11.6% |
| BX Blackstone Inc. | 0.22% | 343,956 | $58.8M | Add +129.1% |
| DB Deutsche Bank AG-Registered | 0.21% | 1,598,828 | $56.3M | Add +7.4% |
| PEP Pepsico Inc. | 0.21% | 397,425 | $55.8M | Add +251.8% |
| PDD PDD Holdings Inc. | 0.20% | 411,930 | $54.4M | Reduce -7.6% |
| WDAY Workday Inc. Class A | 0.20% | 223,752 | $53.9M | Add +981.4% |
| NFLX Netflix Inc. | 0.20% | 44,699 | $53.6M | Reduce -63.4% |
| JNJ Johnson & Johnson | 0.20% | 286,327 | $53.1M | Reduce -49.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.19% | 79,149 | $52.7M | Add +1.2% |
| PGR Progressive Corp. | 0.19% | 213,340 | $52.7M | Add +76.8% |
| PNC PNC Financial Services Group | 0.19% | 261,888 | $52.6M | Add +13.2% |
| USB US Bancorp | 0.18% | 985,594 | $47.6M | Add +207.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.17% | 363,878 | $47.4M | Reduce -83.2% |
| APH Amphenol Corp. Class A | 0.17% | 367,968 | $45.5M | Add +4.4% |
| SE Sea Ltd.-ADR | 0.17% | 252,807 | $45.2M | Add +32.1% |
| IDCC Interdigital Inc. | 0.17% | 130,488 | $45.0M | Add +32.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.16% | 2,732,700 | $43.8M | Add +0.8% |
| HON Honeywell International Inc. | 0.16% | 204,054 | $43.0M | Add +39.7% |
| MS Morgan Stanley | 0.15% | 261,611 | $41.6M | Add +2.9% |
| BWA Borgwarner Inc. | 0.15% | 931,694 | $41.0M | Add +24.4% |
| AWI Armstrong World Industries | 0.15% | 208,870 | $40.9M | Add +10.8% |
| STRL Sterling Infrastructure Inc. | 0.15% | 118,703 | $40.3M | Add +14.4% |
| QRVO Qorvo Inc. | 0.14% | 431,369 | $39.3M | Add +35.5% |
| WMT Walmart Inc. | 0.14% | 379,717 | $39.1M | Reduce -78.3% |
| CNI Canadian Natl Railway Co. | 0.14% | 410,879 | $38.8M | Add +668.2% |
| EQIX Equinix Inc. | 0.14% | 48,299 | $37.8M | Add +26.5% |
| RACE Ferrari NV | 0.14% | 75,839 | $36.7M | Add +11.1% |
| BLK BlackRock Inc. | 0.13% | 31,080 | $36.2M | Reduce -22.3% |
| COF Capital One Financial Corp. | 0.13% | 169,667 | $36.1M | Add +28.9% |
| SPXC SPX Technologies Inc. | 0.13% | 192,701 | $36.0M | Add +21.1% |
| WDC Western Digital Corp. | 0.13% | 293,240 | $35.2M | Add +777.4% |
Options reported separately and not counted above: AAPL calls ($20.4M), AAPL puts ($12.7M), TSLA puts ($11.1M), TSM puts ($9.8M), CORZ calls ($9.0M), LULU puts ($8.9M), MRVL puts ($8.4M), MRVL calls ($6.3M), LULU calls ($6.2M), ARM puts ($5.7M), CRWV calls ($3.4M).
Portfolio Sells Q2 2025 → Q3 2025
| BMO Bank of Montreal | Reduce -83.2% | 0.17% | −0.85 |
| KO The Coca-Cola Co. | Reduce -50.8% | 0.41% | −0.62 |
| TMUS T-Mobile US Inc. | Reduce -80.2% | 0.12% | −0.59 |
| WMT Walmart Inc. | Reduce -78.3% | 0.14% | −0.59 |
| TRP TC Energy Corp. | Reduce -96.2% | 0.02% | −0.54 |
| GWW WW Grainger Inc. | Reduce -90.7% | 0.04% | −0.51 |
| NOW ServiceNow Inc. | Reduce -83.3% | 0.07% | −0.51 |
| NFLX Netflix Inc. | Reduce -63.4% | 0.20% | −0.50 |
| ETN Eaton Corp. PLC | Reduce -76.3% | 0.13% | −0.47 |
| CM Can Imperial BK of Commerce | Reduce -18.3% | 1.71% | −0.44 |
| FISV Fiserv Inc. | Reduce -67.9% | 0.11% | −0.42 |
| LOW Lowe's Cos Inc. | Reduce -89.3% | 0.04% | −0.39 |
| AAPL Apple Inc. | Reduce -15.2% | 3.53% | −0.37 |
| SYK Stryker Corp. | Reduce -86.9% | 0.04% | −0.35 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -93.7% | 0.02% | −0.35 |
| CL Colgate-Palmolive Co. | Reduce -90.2% | 0.02% | −0.28 |
| LMT Lockheed Martin Corp. | Reduce -78.6% | 0.06% | −0.24 |
| PH Parker Hannifin Corp. | Reduce -20.0% | 0.61% | −0.21 |
| LYV Live Nation Entertainment Inc. | Reduce -95.0% | 0.01% | −0.20 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −0.19 |
| GDDY GoDaddy Inc. Class A | Reduce -94.1% | 0.01% | −0.18 |
| JNJ Johnson & Johnson | Reduce -49.4% | 0.20% | −0.17 |
| MFC Manulife Financial Corp. | Reduce -85.6% | 0.02% | −0.15 |
| NVDA Nvidia Corp. | Reduce -4.7% | 4.67% | −0.15 |
| UBER Uber Technologies Inc. | Reduce -30.3% | 0.25% | −0.15 |
| SNOW Snowflake Inc. | Sold out | 0.00% | −0.14 |
| SLF Sun Life Financial Inc. | Reduce -38.3% | 0.12% | −0.13 |
| GS Goldman Sachs Group Inc. | Reduce -32.1% | 0.24% | −0.12 |
| AVAV Aerovironment Inc. | Sold out | 0.00% | −0.12 |
| ALAB Astera Labs Inc. | Sold out | 0.00% | −0.11 |
| KTOS Kratos Defense & Security | Sold out | 0.00% | −0.11 |
| BAP Credicorp Ltd. | Reduce -62.7% | 0.07% | −0.11 |
| TD Toronto-Dominion Bank | Reduce -7.1% | 0.73% | −0.11 |
| MRK Merck & Co. Inc. | Reduce -38.3% | 0.11% | −0.08 |
| ENPH Enphase Energy Inc. | Reduce -41.9% | 0.07% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -45.2% | 0.07% | −0.08 |
| INTU Intuit Inc. | Reduce -34.0% | 0.07% | −0.08 |
| SPGI S&P Global Inc. | Reduce -20.4% | 0.12% | −0.07 |
| AVGO Broadcom Inc. | Reduce -5.8% | 2.20% | −0.07 |
| AZEK The Azek Co. Inc. | Sold out | 0.00% | −0.07 |
| GEV GE Vernova Inc. | Reduce -54.5% | 0.05% | −0.06 |
| GMS GMS Inc. | Sold out | 0.00% | −0.06 |
| MP MP Materials Corp. | Sold out | 0.00% | −0.06 |
| UAL United Airlines Holdings Inc. | Reduce -74.3% | 0.02% | −0.06 |
| ADBE Adobe Inc. | Reduce -32.8% | 0.06% | −0.06 |
| PM Philip Morris International | Reduce -8.8% | 0.12% | −0.05 |
| TMO Thermo Fisher Scientific Inc. | Reduce -46.9% | 0.06% | −0.05 |
| BMY Bristol-Myers Squibb Co. | Reduce -54.9% | 0.03% | −0.05 |
| DUOL Duolingo | Sold out | 0.00% | −0.05 |
| CF CF Industries Holdings Inc. | Reduce -80.0% | 0.01% | −0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| META Meta Platforms Inc. Class A | Add +53.3% | 2.71% | +0.65 |
| BKNG Booking Holdings Inc. | Add +768.2% | 0.65% | +0.56 |
| URI United Rentals Inc. | Add +3094.3% | 0.55% | +0.53 |
| TDY Teledyne Technologies Inc. | Add +4520.4% | 0.45% | +0.44 |
| AMAT Applied Materials Inc. | Add +336.9% | 0.55% | +0.42 |
| BLDR Builders Firstsource Inc. | Add +10918.0% | 0.39% | +0.39 |
| ORCL Oracle Corp. | Add +29.8% | 1.07% | +0.33 |
| HCA HCA Healthcare Inc. | Add +127.3% | 0.58% | +0.31 |
| CMCSA Comcast Corp. Class A | Add +478.8% | 0.35% | +0.27 |
| KLAC KLA Corp. | Add +48.0% | 0.76% | +0.27 |
| AMZN Amazon.com Inc. | Add +28.6% | 2.59% | +0.25 |
| LRCX Lam Research Corp. | Add +110.1% | 0.40% | +0.24 |
| CSCO Cisco Systems Inc. | Add +267.1% | 0.35% | +0.24 |
| BSX Boston Scientific Corp. | Add +98.2% | 0.66% | +0.23 |
| ADI Analog Devices Inc. | Add +63.8% | 0.74% | +0.23 |
| MCK McKesson Corp. | Add +75.4% | 0.62% | +0.23 |
| PLTR Palantir Technologies Inc. Class A | Add +135.3% | 0.36% | +0.23 |
| ACN Accenture PLC Class A | Add +180.4% | 0.37% | +0.18 |
| ABBV Abbvie Inc. | Add +17.0% | 0.89% | +0.18 |
| WDAY Workday Inc. Class A | Add +981.4% | 0.20% | +0.18 |
| AZO AutoZone Inc. | Add +34.0% | 0.67% | +0.17 |
| MSI Motorola Solutions Inc. | Add +59.8% | 0.50% | +0.17 |
| T AT&T Inc. | Add +140.8% | 0.30% | +0.15 |
| PEP Pepsico Inc. | Add +251.8% | 0.21% | +0.14 |
| V Visa Inc. Class A | Add +38.6% | 1.10% | +0.14 |
| RY Royal Bank of Canada | Add +16.8% | 1.23% | +0.14 |
| SNDK Sandisk Corp. | Add +16.9% | 0.22% | +0.13 |
| MU Micron Technology Inc. | Add +51.9% | 0.28% | +0.12 |
| DIS The Walt Disney Co. | Add +92.4% | 0.35% | +0.12 |
| WDC Western Digital Corp. | Add +777.4% | 0.13% | +0.12 |
| BX Blackstone Inc. | Add +129.1% | 0.22% | +0.12 |
| TTD Trade Desk Inc./the Class A | New | 0.12% | +0.12 |
| GOOG Alphabet Inc. Class C | Add +14.5% | 0.46% | +0.12 |
| CNI Canadian Natl Railway Co. | Add +668.2% | 0.14% | +0.12 |
| HL Hecla Mining Co. | New | 0.11% | +0.11 |
| USB US Bancorp | Add +207.4% | 0.18% | +0.11 |
| TLN Talen Energy Corp. | New | 0.11% | +0.11 |
| COST Costco Wholesale Corp. | Add +112.2% | 0.24% | +0.10 |
| EA Electronic Arts Inc. | Add +685.6% | 0.11% | +0.10 |
| INTC Intel Corp. | Add +8.7% | 0.35% | +0.10 |
| ELV Elevance Health Inc. | Add +515.5% | 0.13% | +0.10 |
| UNH Unitedhealth Group Inc. | Add +43.1% | 0.36% | +0.10 |
| FCX Freeport-McMoran Inc. | Add +635.3% | 0.12% | +0.10 |
| HOOD Robinhood Markets Inc. Class A | New | 0.09% | +0.09 |
| MKTX Marketaxess Holdings Inc. | Add +1789.3% | 0.09% | +0.09 |
| COOP Mr Cooper Group Inc. | Add +32.3% | 0.22% | +0.08 |
| MIR Mirion Technologies Inc. | New | 0.08% | +0.08 |
| SCHW Schwab (charles) Corp. | Add +68.0% | 0.24% | +0.08 |
| ABT Abbott Laboratories | Add +34.6% | 0.65% | +0.08 |
| TER Teradyne Inc. | Add +996.9% | 0.08% | +0.08 |
Options Activity Q2 2025 → Q3 2025
| AAPL Apple Inc. | call | Add +150.0% | 80,000 | $20.4M |
| DKS Dick's Sporting Goods Inc. | call | Sold out | 75,000 | $14.8Mbefore exit |
| AAPL Apple Inc. | put | New | 50,000 | $12.7M |
| TSLA Tesla Inc. | put | New | 25,000 | $11.1M |
| TSM Taiwan Semiconductor-SP ADR | put | New | 35,000 | $9.8M |
| TSLA Tesla Inc. | call | Sold out | 30,000 | $9.5Mbefore exit |
| CORZ Core Scientific Inc. | call | New | 500,000 | $9.0M |
| LULU Lululemon Athletica Inc. | put | New | 50,000 | $8.9M |
| MRVL Marvell Technology Inc. | put | New | 100,000 | $8.4M |
| APP AppLovin Corp. Class A | call | Sold out | 20,000 | $7.0Mbefore exit |
| MRVL Marvell Technology Inc. | call | New | 75,000 | $6.3M |
| LULU Lululemon Athletica Inc. | call | Reduce -12.5% | 35,000 | $6.2M |
| ARM Arm Holdings PLC-ADR | put | New | 40,000 | $5.7M |
| CRWV Coreweave Inc. Class A | call | New | 25,000 | $3.4M |
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 |