Public Sector Pension Investment Board
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Public Sector Pension Investment Board reported 1,339 stock positions worth $29.7 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Nvidia (NVDA, 5.6%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q3 2025, it opened 113 new positions, sold out of 35, added to 551 and reduced 658. The biggest buy was Alphabet Class A (GOOGL, shares +75%) and the biggest sale Eversource Energy (ES, shares −97%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001396318
- Portfolio Value
- $29.7B (Q4 2025)
- SEC Filing
- 0001396318-26-000013 ↗ filed Feb 13, 2026
Holdings Value
Holdings 1,339 stocks · $29.7B
| MSFT Microsoft Corp. | 5.70% | 3,500,156 | $1.7B | Add +18.2% |
| NVDA Nvidia Corp. | 5.63% | 8,966,283 | $1.7B | Add +31.7% |
| GOOGL Alphabet Inc. Class A | 3.56% | 3,372,379 | $1.1B | Add +75.3% |
| AAPL Apple Inc. | 3.52% | 3,840,481 | $1.0B | Add +1.9% |
| AMZN Amazon.com Inc. | 2.63% | 3,386,661 | $781.7M | Add +5.6% |
| AVGO Broadcom Inc. | 2.04% | 1,752,406 | $606.5M | Reduce -3.2% |
| META Meta Platforms Inc. Class A | 1.84% | 825,879 | $545.2M | Reduce -17.5% |
| TSAT Telesat Corp. | 1.79% | 18,211,203 | $529.9M | No change |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.64% | 5,382,831 | $488.0M | Reduce -7.3% |
| JPM JPMorgan Chase & Co. | 1.49% | 1,371,307 | $441.9M | Add +24.1% |
| TSLA Tesla Inc. | 1.23% | 808,833 | $363.7M | Add +50.4% |
| LLY Eli Lilly & Co. | 1.10% | 304,739 | $327.5M | Add +15.6% |
| V Visa Inc. Class A | 1.02% | 862,649 | $302.5M | Reduce -1.3% |
| MA Mastercard Inc. Class A | 0.93% | 483,835 | $276.2M | Add +44.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.89% | 4,794,928 | $263.7M | Add +33.3% |
| ABBV Abbvie Inc. | 0.86% | 1,120,986 | $256.1M | Add +7.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.85% | 499,990 | $251.3M | Add +7.9% |
| BKNG Booking Holdings Inc. | 0.80% | 44,349 | $237.5M | Add +34.7% |
| LIN Linde PLC | 0.78% | 540,288 | $230.4M | Add +6.6% |
| GOOG Alphabet Inc. Class C | 0.77% | 723,928 | $227.2M | Add +42.5% |
| TD Toronto-Dominion Bank | 0.72% | 2,278,633 | $214.8M | Reduce -8.0% |
| KLAC KLA Corp. | 0.71% | 173,800 | $211.2M | Reduce -9.5% |
| ADI Analog Devices Inc. | 0.70% | 766,680 | $207.9M | Reduce -6.6% |
| UNP Union Pacific Corp. | 0.68% | 868,428 | $200.9M | Add +3.1% |
| PH Parker Hannifin Corp. | 0.67% | 224,631 | $197.4M | Add +2.4% |
| ORCL Oracle Corp. | 0.66% | 1,003,176 | $195.5M | Reduce -2.8% |
| GS Goldman Sachs Group Inc. | 0.65% | 220,369 | $193.7M | Add +173.3% |
| MCK McKesson Corp. | 0.62% | 223,703 | $183.5M | Add +2.4% |
| AZO AutoZone Inc. | 0.59% | 51,723 | $175.4M | Add +21.6% |
| ABT Abbott Laboratories | 0.56% | 1,315,642 | $164.8M | Reduce -0.0% |
| NFLX Netflix Inc. | 0.53% | 1,675,633 | $157.1M | Add +274.9% |
| XOM Exxon Mobil Corp. | 0.51% | 1,265,634 | $152.3M | Add +13.9% |
| HCA HCA Healthcare Inc. | 0.51% | 321,417 | $150.1M | Reduce -13.1% |
| KO The Coca-Cola Co. | 0.50% | 2,128,975 | $148.8M | Add +28.2% |
| URI United Rentals Inc. | 0.49% | 179,966 | $145.7M | Add +15.9% |
| MSI Motorola Solutions Inc. | 0.49% | 375,642 | $144.0M | Add +27.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.48% | 919,346 | $141.2M | Add +5.5% |
| BSX Boston Scientific Corp. | 0.46% | 1,416,308 | $135.0M | Reduce -22.3% |
| TDY Teledyne Technologies Inc. | 0.44% | 253,636 | $129.5M | Add +22.9% |
| RY Royal Bank of Canada | 0.43% | 751,791 | $128.2M | Reduce -66.8% |
| TTE Totalenergies SE | 0.42% | 1,891,620 | $123.4M | New |
| WFC Wells Fargo & Co. | 0.41% | 1,299,464 | $121.1M | Reduce -18.8% |
| PEP Pepsico Inc. | 0.40% | 830,186 | $119.1M | Add +108.9% |
| UBS UBS Group AG-Reg | 0.39% | 2,456,492 | $114.4M | Reduce -10.4% |
| CVX Chevron Corp. | 0.38% | 749,033 | $114.2M | Add +80.5% |
| AMAT Applied Materials Inc. | 0.38% | 437,855 | $112.5M | Reduce -40.0% |
| PHM Pultegroup Inc. | 0.37% | 930,622 | $109.1M | Add +5485.0% |
| BLDR Builders Firstsource Inc. | 0.37% | 1,057,720 | $108.8M | Add +20.0% |
| ARMK Aramark | 0.33% | 2,686,000 | $99.0M | No change |
| INTC Intel Corp. | 0.33% | 2,661,531 | $98.2M | Reduce -5.8% |
| PNC PNC Financial Services Group | 0.33% | 468,172 | $97.7M | Add +78.8% |
| CRM Salesforce Inc. | 0.33% | 368,698 | $97.7M | Reduce -58.9% |
| SHOP Shopify Inc. Class A | 0.32% | 593,558 | $95.6M | Add +167.5% |
| HD Home Depot Inc. | 0.29% | 246,069 | $84.7M | Add +62.7% |
| SPGI S&P Global Inc. | 0.28% | 158,958 | $83.1M | Add +135.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 118,788 | $81.0M | Add +50.1% |
| ISRG Intuitive Surgical Inc. | 0.26% | 136,842 | $77.5M | Add +134.3% |
| C Citigroup Inc. | 0.25% | 635,710 | $74.2M | Reduce -54.9% |
| WBD Warner Bros Discovery Inc. | 0.24% | 2,500,038 | $72.1M | Add +810.0% |
| BLK BlackRock Inc. | 0.24% | 66,746 | $71.4M | Add +114.8% |
| CYBR Cyberark Software Ltd./Israel | 0.24% | 159,274 | $71.0M | Add +494.4% |
| MU Micron Technology Inc. | 0.24% | 245,055 | $69.9M | Reduce -47.0% |
| COST Costco Wholesale Corp. | 0.23% | 77,481 | $66.8M | Add +8.6% |
| HON Honeywell International Inc. | 0.22% | 338,903 | $66.1M | Add +66.1% |
| SNDK Sandisk Corp. | 0.22% | 275,471 | $65.4M | Reduce -48.8% |
| JNJ Johnson & Johnson | 0.22% | 315,088 | $65.2M | Add +10.0% |
| PLTR Palantir Technologies Inc. Class A | 0.22% | 363,927 | $64.7M | Reduce -32.7% |
| WMT Walmart Inc. | 0.21% | 568,578 | $63.3M | Add +49.7% |
| SCHW Schwab (charles) Corp. | 0.21% | 625,388 | $62.5M | Reduce -7.7% |
| CME Cme Group Inc. | 0.21% | 225,248 | $61.5M | Add +177.7% |
| STT State Street Corp. | 0.20% | 453,491 | $58.5M | Add +640.9% |
| APH Amphenol Corp. Class A | 0.19% | 419,432 | $56.7M | Add +14.0% |
| PM Philip Morris International | 0.19% | 351,324 | $56.4M | Add +71.7% |
| DB Deutsche Bank AG-Registered | 0.19% | 1,432,217 | $55.6M | Reduce -10.4% |
| NTSK Netskope Inc. Class A | 0.19% | 3,471,065 | $55.3M | New |
| CSCO Cisco Systems Inc. | 0.18% | 712,232 | $54.9M | Reduce -48.5% |
| TFC Truist Financial Corp. | 0.18% | 1,110,752 | $54.7M | Add +299.5% |
| MS Morgan Stanley | 0.18% | 307,583 | $54.6M | Add +17.6% |
| BN Brookfield Corp. | 0.18% | 1,169,344 | $53.7M | Add +187.8% |
| AMD Advanced Micro Devices | 0.17% | 241,418 | $51.7M | Add +41.0% |
| UNH Unitedhealth Group Inc. | 0.17% | 154,129 | $50.9M | Reduce -46.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.17% | 391,429 | $50.8M | Add +7.6% |
| AXP American Express Co. | 0.17% | 136,855 | $50.6M | Reduce -50.4% |
| NXPI NXP Semiconductors NV | 0.17% | 230,522 | $50.0M | Add +63.6% |
| USB US Bancorp | 0.17% | 925,835 | $49.4M | Reduce -6.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.16% | 648,420 | $47.8M | Reduce -58.9% |
| PDD PDD Holdings Inc. | 0.16% | 414,330 | $47.0M | Add +0.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.15% | 2,710,600 | $45.4M | Reduce -0.8% |
| SPOT Spotify Technology SA | 0.15% | 75,180 | $43.7M | Reduce -12.3% |
| PG The Procter & Gamble Co. | 0.15% | 302,566 | $43.4M | Reduce -38.3% |
| NEE Nextera Energy Inc. | 0.14% | 530,380 | $42.6M | Add +19.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.14% | 1,512,494 | $42.5M | Add +557.7% |
| KVUE Kenvue Inc. | 0.14% | 2,447,367 | $42.2M | Add +1375.2% |
| GE General Electric filed as GE AEROSPACE | 0.14% | 136,334 | $42.0M | Reduce -43.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.14% | 138,639 | $41.1M | Reduce -35.0% |
| AEM Agnico Eagle Mines Ltd. | 0.14% | 237,216 | $40.2M | Add +174.8% |
| COF Capital One Financial Corp. | 0.13% | 161,947 | $39.2M | Reduce -4.5% |
| PYPL PayPal Holdings Inc. | 0.13% | 650,341 | $38.0M | Add +524.2% |
| AFL Aflac Inc. | 0.13% | 340,109 | $37.5M | Add +227.6% |
| KDP Keurig Dr Pepper Inc. | 0.13% | 1,333,394 | $37.3M | Add +4.5% |
Options reported separately and not counted above: SPY puts ($68.2M), TSLA puts ($9.0M), AAPL calls ($8.2M), VRT puts ($5.7M), CORZ calls ($5.6M), CRWV calls ($3.6M).
Portfolio Sells Q3 2025 → Q4 2025
| ES Eversource Energy | Reduce -97.2% | 0.02% | −0.87 |
| META Meta Platforms Inc. Class A | Reduce -17.5% | 1.84% | −0.87 |
| RY Royal Bank of Canada | Reduce -66.8% | 0.43% | −0.80 |
| CRM Salesforce Inc. | Reduce -58.9% | 0.33% | −0.45 |
| ORCL Oracle Corp. | Reduce -2.8% | 0.66% | −0.41 |
| CMCSA Comcast Corp. Class A | Reduce -82.2% | 0.05% | −0.29 |
| LRCX Lam Research Corp. | Reduce -76.9% | 0.11% | −0.29 |
| ACN Accenture PLC Class A | Reduce -77.3% | 0.08% | −0.28 |
| C Citigroup Inc. | Reduce -54.9% | 0.25% | −0.28 |
| DIS The Walt Disney Co. | Reduce -68.5% | 0.10% | −0.25 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.22 |
| BNS Bank of Nova Scotia | Reduce -58.9% | 0.16% | −0.21 |
| BSX Boston Scientific Corp. | Reduce -22.3% | 0.46% | −0.20 |
| T AT&T Inc. | Reduce -57.2% | 0.10% | −0.20 |
| UNH Unitedhealth Group Inc. | Reduce -46.3% | 0.17% | −0.19 |
| WDAY Workday Inc. Class A | Reduce -85.7% | 0.02% | −0.17 |
| UBER Uber Technologies Inc. | Reduce -59.2% | 0.08% | −0.17 |
| AMAT Applied Materials Inc. | Reduce -40.0% | 0.38% | −0.17 |
| AXP American Express Co. | Reduce -50.4% | 0.17% | −0.17 |
| CSCO Cisco Systems Inc. | Reduce -48.5% | 0.18% | −0.16 |
| AVGO Broadcom Inc. | Reduce -3.2% | 2.04% | −0.15 |
| BWA Borgwarner Inc. | Sold out | 0.00% | −0.15 |
| PLTR Palantir Technologies Inc. Class A | Reduce -32.7% | 0.22% | −0.15 |
| PG The Procter & Gamble Co. | Reduce -38.3% | 0.15% | −0.13 |
| STRL Sterling Infrastructure Inc. | Reduce -84.9% | 0.02% | −0.13 |
| GE General Electric | Reduce -43.5% | 0.14% | −0.13 |
| DY Dycom Industries Inc. | Sold out | 0.00% | −0.12 |
| BX Blackstone Inc. | Reduce -45.3% | 0.10% | −0.12 |
| SPXC SPX Technologies Inc. | Reduce -87.4% | 0.02% | −0.12 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.11 |
| TTD Trade Desk Inc./the Class A | Reduce -90.3% | 0.01% | −0.11 |
| WDC Western Digital Corp. | Reduce -82.9% | 0.03% | −0.10 |
| CPNG Coupang Inc. | Sold out | 0.00% | −0.10 |
| MPWR Monolithic Power Systems Inc. | Reduce -79.5% | 0.02% | −0.10 |
| ABT Abbott Laboratories | Reduce -0.0% | 0.56% | −0.09 |
| ELV Elevance Health Inc. | Reduce -73.1% | 0.03% | −0.09 |
| EA Electronic Arts Inc. | Reduce -79.3% | 0.02% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -18.8% | 0.41% | −0.09 |
| FCX Freeport-McMoran Inc. | Reduce -76.7% | 0.03% | −0.08 |
| IBM Intl Business Machines Corp. | Reduce -35.0% | 0.14% | −0.08 |
| K Kellanova | Sold out | 0.00% | −0.08 |
| PGR Progressive Corp. | Reduce -30.0% | 0.11% | −0.08 |
| V Visa Inc. Class A | Reduce -1.3% | 1.02% | −0.08 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −0.08 |
| ETN Eaton Corp. PLC | Reduce -46.2% | 0.05% | −0.07 |
| HCA HCA Healthcare Inc. | Reduce -13.1% | 0.51% | −0.07 |
| ROP Roper Technologies Inc. | Reduce -70.2% | 0.02% | −0.07 |
| CORT Corcept Therapeutics Inc. | Reduce -11.4% | 0.04% | −0.07 |
| SPOT Spotify Technology SA | Reduce -12.3% | 0.15% | −0.07 |
| SE Sea Ltd.-ADR | Reduce -12.5% | 0.10% | −0.07 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +75.3% | 3.56% | +1.83 |
| NVDA Nvidia Corp. | Add +31.7% | 5.63% | +0.96 |
| GS Goldman Sachs Group Inc. | Add +173.3% | 0.65% | +0.42 |
| TTE Totalenergies SE | New | 0.42% | +0.42 |
| LLY Eli Lilly & Co. | Add +15.6% | 1.10% | +0.36 |
| PHM Pultegroup Inc. | Add +5485.0% | 0.37% | +0.36 |
| TSLA Tesla Inc. | Add +50.4% | 1.23% | +0.35 |
| NFLX Netflix Inc. | Add +274.9% | 0.53% | +0.33 |
| GOOG Alphabet Inc. Class C | Add +42.5% | 0.77% | +0.31 |
| MA Mastercard Inc. Class A | Add +44.2% | 0.93% | +0.23 |
| WBD Warner Bros Discovery Inc. | Add +810.0% | 0.24% | +0.22 |
| JPM JPMorgan Chase & Co. | Add +24.1% | 1.49% | +0.21 |
| BAC Bank of America Corp. | Add +33.3% | 0.89% | +0.21 |
| SHOP Shopify Inc. Class A | Add +167.5% | 0.32% | +0.20 |
| PEP Pepsico Inc. | Add +108.9% | 0.40% | +0.20 |
| CYBR Cyberark Software Ltd./Israel | Add +494.4% | 0.24% | +0.19 |
| NTSK Netskope Inc. Class A | New | 0.19% | +0.19 |
| STT State Street Corp. | Add +640.9% | 0.20% | +0.17 |
| ISRG Intuitive Surgical Inc. | Add +134.3% | 0.26% | +0.16 |
| SPGI S&P Global Inc. | Add +135.9% | 0.28% | +0.16 |
| CVX Chevron Corp. | Add +80.5% | 0.38% | +0.15 |
| BKNG Booking Holdings Inc. | Add +34.7% | 0.80% | +0.15 |
| TFC Truist Financial Corp. | Add +299.5% | 0.18% | +0.14 |
| PNC PNC Financial Services Group | Add +78.8% | 0.33% | +0.14 |
| KVUE Kenvue Inc. | Add +1375.2% | 0.14% | +0.13 |
| CME Cme Group Inc. | Add +177.7% | 0.21% | +0.13 |
| VICI Vici Properties Inc. | Add +557.7% | 0.14% | +0.12 |
| BN Brookfield Corp. | Add +187.8% | 0.18% | +0.11 |
| BLK BlackRock Inc. | Add +114.8% | 0.24% | +0.11 |
| ARGX Argenx SE - ADR | New | 0.10% | +0.10 |
| PYPL PayPal Holdings Inc. | Add +524.2% | 0.13% | +0.10 |
| KO The Coca-Cola Co. | Add +28.2% | 0.50% | +0.10 |
| RMBS Rambus Inc. | New | 0.09% | +0.09 |
| LKQ LKQ Corp. | Add +1496.6% | 0.09% | +0.08 |
| AFL Aflac Inc. | Add +227.6% | 0.13% | +0.08 |
| PTCT PTC Therapeutics Inc. | New | 0.08% | +0.08 |
| AEM Agnico Eagle Mines Ltd. | Add +174.8% | 0.14% | +0.08 |
| B Barrick Mining Corp. | Add +170.3% | 0.12% | +0.08 |
| SOLS Solstice Adv Materials Inc. | Add +976.9% | 0.09% | +0.08 |
| BE Bloom Energy Corp. Class A | New | 0.08% | +0.08 |
| EMN Eastman Chemical Co. | Add +1491.4% | 0.08% | +0.08 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +50.1% | 0.27% | +0.08 |
| CELC Celcuity Inc. | New | 0.08% | +0.08 |
| AMD Advanced Micro Devices | Add +41.0% | 0.17% | +0.07 |
| WCN Waste Connections Inc. | Add +221.8% | 0.11% | +0.07 |
| CWST Casella Waste Systems Inc. Class A | New | 0.07% | +0.07 |
| WMT Walmart Inc. | Add +49.7% | 0.21% | +0.07 |
| PM Philip Morris International | Add +71.7% | 0.19% | +0.07 |
| HON Honeywell International Inc. | Add +66.1% | 0.22% | +0.06 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.06% | +0.06 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 100,000 | $68.2M |
| AAPL Apple Inc. | put | Sold out | 50,000 | $12.7Mbefore exit |
| TSM Taiwan Semiconductor-SP ADR | put | Sold out | 35,000 | $9.8Mbefore exit |
| TSLA Tesla Inc. | put | Reduce -20.0% | 20,000 | $9.0M |
| LULU Lululemon Athletica Inc. | put | Sold out | 50,000 | $8.9Mbefore exit |
| MRVL Marvell Technology Inc. | put | Sold out | 100,000 | $8.4Mbefore exit |
| AAPL Apple Inc. | call | Reduce -62.5% | 30,000 | $8.2M |
| MRVL Marvell Technology Inc. | call | Sold out | 75,000 | $6.3Mbefore exit |
| LULU Lululemon Athletica Inc. | call | Sold out | 35,000 | $6.2Mbefore exit |
| VRT Vertiv Holdings Co. Class A | put | New | 35,000 | $5.7M |
| ARM Arm Holdings PLC-ADR | put | Sold out | 40,000 | $5.7Mbefore exit |
| CORZ Core Scientific Inc. | call | Reduce -22.5% | 387,500 | $5.6M |
| CRWV Coreweave Inc. Class A | call | Add +100.0% | 50,000 | $3.6M |
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 |