Ravenstone Capital Management Inc. In its 13F for Q2 2025 (holdings as of June 30, 2025, filed June 26, 2026), Ravenstone Capital Management Inc. reported 45 stock positions worth $190.5 million . Its top holding was Microsoft (MSFT) at 9.3% of the portfolio, followed by Visa Class A (V, 8.9% ) and Amphenol Class A (APH, 7.5% ). Compared with Q1 2025, it opened 9 new positions, sold out of 51, added to 19 and reduced 7. The biggest buy was Brookfield (BN, shares +3174% ) and the biggest sale an exit from Apple (AAPL).
Location TORONTO, A6
CIK 0002086041
Portfolio Value $190.5M (Q2 2025) Holdings 45 stocks · $190.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2025 MSFT Microsoft Corp. 35,768 $17.8M Add +4.1% V Visa Inc. Class A 47,537 $16.9M Reduce -0.5% APH Amphenol Corp. Class A 144,665 $14.3M Reduce -5.9% GOOG Alphabet Inc. Class C 66,641 $11.8M Add +5.4% SPGI S&P Global Inc. 21,284 $11.2M Add +6.5% DHR Danaher Corp. 48,621 $9.6M Add +9.7% FTNT Fortinet Inc. 90,843 $9.6M Add +6.7% RY Royal Bank of Canada 72,043 $9.5M Add +6.4% SHW The Sherwin-Williams Co. 26,835 $9.2M Add +8.7% CP Canadian Pacific Kansas City 112,786 $9.0M Add +5.9% WCN Waste Connections Inc. 47,779 $8.9M Add +3.8% CNI Canadian Natl Railway Co. 83,674 $8.7M Add +5.3% TMO Thermo Fisher Scientific Inc. 21,456 $8.7M Add +12.7% HD Home Depot Inc. 23,583 $8.6M Add +6.2% ZTS Zoetis Inc. 54,646 $8.5M Add +6.4% FAST Fastenal Co. 200,448 $8.4M Add +6.3% ISRG Intuitive Surgical Inc. 14,528 $7.9M Add +4.3% BN Brookfield Corp. 125,643 $7.8M Add +3173.7% TLT iShares 20+ Year Treasury BD 15,791 $1.4M Add +4.9% GOOGL Alphabet Inc. Class A 3,140 $553K Reduce -3.6% BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 9,485 $524K Reduce -4.0% META Meta Platforms Inc. Class A 600 $443K Reduce -6.0% AMZN Amazon.com Inc. 1,140 $250K Add +25.3% CASY Casey's General Stores Inc. 450 $230K No change COST Costco Wholesale Corp. 216 $214K No change CECO Ceco Environmental Corp. 5,500 $156K New CCJ Cameco Corp. 775 $58K No change MA Mastercard Inc. Class A 75 $42K New NVDA Nvidia Corp. 264 $42K Reduce -24.6% BMO Bank of Montreal filed as BANK MONTREAL QUE 175 $19K Add +113.4% BRK.B Berkshire Hathaway Inc. Class B 38 $18K No change TSLA Tesla Inc. 55 $17K Reduce -95.3% GE General Electric filed as GE AEROSPACE 37 $10K New UPS United Parcel Service Class B 75 $8K New DIS The Walt Disney Co. filed as DISNEY WALT CO 60 $7K New XYZ Block Inc. 75 $5K New IBIT iShares Bitcoin Trust ETF 80 $5K No change GEV GE Vernova Inc. 9 $5K New ABVEF Above Food Ingredients Inc. 1,051 $1K No change GEHC GE Healthcare Technology 12 $889 New SNDL SNDL Inc. 383 $464 No change ROKU Roku Inc. 4 $352 No change SNAP Snap Inc. Class A 35 $304 No change WAB Wabtec Corp. 1 $209 New CGC Canopy Growth Corp. 10 $12 No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $1 (not counted above) Security Class Shares / Principal Value Change LFLYW Merida Merger Corp. I -CW26 *W EXP 02/04/202 125 $1 No change
Total filed on the 13F, all lines: $190.5M.
Portfolio Sells Q1 2025 → Q2 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▲ AAPL Apple Inc. Sold out 0.00% −5.44 V Visa Inc. Class A Reduce -0.5% 8.86% −0.88 CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.19 TSLA Tesla Inc. Reduce -95.3% 0.01% −0.17 BAM Brookfield Asset Mgmt-A Sold out 0.00% −0.03 AVGO Broadcom Inc. Sold out 0.00% −0.02 FNV Franco-Nevada Corp. Sold out 0.00% −0.01 TRP TC Energy Corp. Sold out 0.00% −0.01 TD Toronto-Dominion Bank Sold out 0.00% −0.01 PANW Palo Alto Networks Inc. Sold out 0.00% −0.01 MELI MercadoLibre Inc. Sold out 0.00% −0.01 TEAM Atlassian Corp. Class A Sold out 0.00% −0.01 NTRS Northern Trust Corp. Sold out 0.00% −0.01 FISV Fiserv Inc. Sold out 0.00% −0.01 FLS Flowserve Corp. Sold out 0.00% −0.01 ADSK Autodesk Inc. Sold out 0.00% −0.01 NET Cloudflare Inc. Class A Sold out 0.00% −0.01 SU Suncor Energy Inc. Sold out 0.00% −0.01 TWLO Twilio Inc. Class A Sold out 0.00% −0.01 MFC Manulife Financial Corp. Sold out 0.00% −0.01 CNQ Canadian Natural Resources Sold out 0.00% −0.01 OPRA Opera Ltd.-ADR Sold out 0.00% −0.01 PBA Pembina Pipeline Corp. Sold out 0.00% −0.01 UNP Union Pacific Corp. Sold out 0.00% −0.01 BSX Boston Scientific Corp. Sold out 0.00% −0.01 IVV iShares Core S&P 500 ETF Sold out 0.00% −0.01 SLF Sun Life Financial Inc. Sold out 0.00% −0.01 CM Can Imperial BK of Commerce Sold out 0.00% −0.01 ENB Enbridge Inc. Sold out 0.00% −0.01 FTS Fortis Inc. Sold out 0.00% −0.01 BIP Brookfield Infrastructure Pa Sold out 0.00% −0.01 RGLD Royal Gold Inc. Sold out 0.00% −0.00 VRNS Varonis Systems Inc. Sold out 0.00% −0.00 TU Telus Corp. Sold out 0.00% −0.00 MCD McDonald's Corp. Sold out 0.00% −0.00 QSR Restaurant Brands Intern Sold out 0.00% −0.00 HON Honeywell International Inc. Sold out 0.00% −0.00 GOOGL Alphabet Inc. Class A Reduce -3.6% 0.29% −0.00 NTR Nutrien Ltd. Sold out 0.00% −0.00 MO Altria Group Inc. Sold out 0.00% −0.00 KO The Coca-Cola Co. Sold out 0.00% −0.00 JNJ Johnson & Johnson Sold out 0.00% −0.00 MRNA Moderna Inc. Sold out 0.00% −0.00 MDT Medtronic PLC Sold out 0.00% −0.00 UNH Unitedhealth Group Inc. Sold out 0.00% −0.00 GBCI Glacier Bancorp Inc. Sold out 0.00% −0.00 SOBO South Bow Corp. Sold out 0.00% −0.00 GRTUF Granite Real Estate Investme Sold out 0.00% −0.00 IJH iShares Core S&P Midcap ETF Sold out 0.00% −0.00 MRVL Marvell Technology Inc. Sold out 0.00% −0.00
Portfolio Buys Q1 2025 → Q2 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2025 % Of Portfolio Change To Portfolio ▼ BN Brookfield Corp. Add +3173.7% 4.08% +3.96 MSFT Microsoft Corp. Add +4.1% 9.34% +1.84 RY Royal Bank of Canada Add +6.4% 4.98% +0.54 GOOG Alphabet Inc. Class C Add +5.4% 6.21% +0.46 CP Canadian Pacific Kansas City Add +5.9% 4.70% +0.35 FTNT Fortinet Inc. Add +6.7% 5.04% +0.27 FAST Fastenal Co. Add +6.3% 4.42% +0.16 ISRG Intuitive Surgical Inc. Add +4.3% 4.14% +0.13 CECO Ceco Environmental Corp. New 0.08% +0.08 CNI Canadian Natl Railway Co. Add +5.3% 4.58% +0.07 AMZN Amazon.com Inc. Add +25.3% 0.13% +0.03 MA Mastercard Inc. Class A New 0.02% +0.02 BMO Bank of Montreal Add +113.4% 0.01% +0.01 GE General Electric New 0.01% +0.01 UPS United Parcel Service Class B New 0.00% +0.00 DIS The Walt Disney Co. New 0.00% +0.00 XYZ Block Inc. New 0.00% +0.00 GEV GE Vernova Inc. New 0.00% +0.00 GEHC GE Healthcare Technology New 0.00% +0.00 WAB Wabtec Corp. New 0.00% +0.00 SPGI S&P Global Inc. Add +6.5% 5.89% −0.01 TLT iShares 20+ Year Treasury BD Add +4.9% 0.73% −0.07 SHW The Sherwin-Williams Co. Add +8.7% 4.84% −0.18 HD Home Depot Inc. Add +6.2% 4.54% −0.20 DHR Danaher Corp. Add +9.7% 5.04% −0.25 ZTS Zoetis Inc. Add +6.4% 4.47% −0.45 WCN Waste Connections Inc. Add +3.8% 4.68% −0.54 TMO Thermo Fisher Scientific Inc. Add +12.7% 4.57% −0.95
Notes & Other Activity Q1 2025 → Q2 2025 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 53 $244.4M V, APH, GOOG, RY, FTNT Q1 2026 54 $200.2M V, MSFT, GOOG, RY, APH Q4 2025 40 $219.2M GOOG, V, MSFT, APH, TMO Q3 2025 39 $204.3M MSFT, V, GOOG, APH, BN Q2 2025 45 $190.5M MSFT, V, APH, GOOG, SPGI Q1 2025 87 $171.8M V, MSFT, SPGI, APH, GOOG Q4 2024 85 $174.0M V, MSFT, GOOG, AAPL, APH Q3 2024 33 $166.2M MSFT, V, GOOG, DHR, TMO Q2 2024 33 $150.1M MSFT, GOOG, V, APH, DHR Q1 2024 34 $150.2M MSFT, V, GOOG, APH, TMO