Sagard Holdings Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sagard Holdings Management Inc. reported 107 stock positions worth $20.0 million. Its top holding was iShares Core S&P 500 ETF (IVV) at 33.2% of the portfolio, followed by iShares MSCI USA Min Vol Fac (USMV, 18.0%) and iShares MSCI Eafe ETF (EFA, 13.1%). Compared with Q2 2025, it opened 1 new position, sold out of 6 and reduced 4. The biggest buy was a new position in Firstservice (FSV) and the biggest sale an exit from Vanguard Ultra Short Bond Et (VUSB).

Most Recent 13F
Q3 2025
Location
Toronto, A6
CIK
0001941151
Portfolio Value
$20.0M (Q3 2025)
SEC Filing
0001193125-25-281580 ↗ filed Nov 14, 2025

Holdings Value

0$10.0M$20.0M$30.0M$40.0M Q2 2025: $35.7M Q2 2025 Q3 2025: $20.0M $20.0M Q3 2025

Holdings 107 stocks · $20.0M
IVV iShares Core S&P 500 ETF 33.22% 9,911 $6.6M No change
USMV iShares MSCI USA Min Vol Fac 17.97% 37,714 $3.6M No change
EFA iShares MSCI Eafe ETF 13.08% 27,979 $2.6M No change
NTR Nutrien Ltd. 7.62% 25,930 $1.5M No change
HGER Harbor Commodity All Weather 3.39% 26,242 $677K Reduce -82.2%
RY Royal Bank of Canada 2.03% 2,752 $405K No change
TD Toronto-Dominion Bank 1.76% 4,409 $352K No change
SLF Sun Life Financial Inc. 0.97% 3,221 $193K No change
BN Brookfield Corp. 0.96% 2,797 $192K No change
MSFT Microsoft Corp. 0.82% 315 $163K No change
ENB Enbridge Inc. 0.78% 3,101 $156K No change
AAPL Apple Inc. 0.75% 588 $150K No change
GOOGL Alphabet Inc. Class A 0.68% 560 $136K No change
SU Suncor Energy Inc. 0.63% 3,004 $126K No change
NVDA Nvidia Corp. 0.60% 640 $119K No change
BCE Bce Inc. 0.57% 4,866 $114K No change
C Citigroup Inc. 0.56% 1,100 $112K No change
META Meta Platforms Inc. Class A 0.53% 144 $106K No change
WCN Waste Connections Inc. 0.53% 599 $105K No change
CP Canadian Pacific Kansas City 0.51% 1,355 $101K No change
MFC Manulife Financial Corp. 0.48% 3,081 $96K No change
TU Telus Corp. 0.48% 6,044 $95K No change
AVGO Broadcom Inc. 0.46% 280 $92K No change
EFAV iShares MSCI Eafe Min Vol Fa 0.45% 1,050 $89K No change
CIGI Colliers Intl GR-Subord Vot 0.43% 555 $87K Reduce -0.9%
BRK.B Berkshire Hathaway Inc. Class B 0.43% 170 $85K No change
FSV Firstservice Corp. 0.40% 416 $79K New
AMZN Amazon.com Inc. 0.40% 360 $79K No change
XOM Exxon Mobil Corp. 0.36% 631 $71K No change
JPM JPMorgan Chase & Co. 0.35% 222 $70K No change
CNQ Canadian Natural Resources 0.31% 1,956 $62K No change
ORLY O'reilly Automotive Inc. 0.28% 525 $57K No change
SPGI S&P Global Inc. 0.28% 114 $55K No change
BTG B2GOLD Corp. 0.26% 10,680 $53K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.26% 362 $52K No change
DOO BRP Inc./Ca- Sub Voting 0.26% 845 $51K No change
TRP TC Energy Corp. 0.26% 942 $51K No change
AON Aon PLC Class A 0.25% 142 $51K No change
PH Parker Hannifin Corp. 0.25% 66 $50K No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.23% 897 $46K No change
BAM Brookfield Asset Mgmt-A 0.20% 703 $40K Reduce -1.0%
OTEX Open Text Corp. 0.19% 1,015 $38K No change
PFE Pfizer Inc. 0.19% 1,472 $38K No change
MA Mastercard Inc. Class A 0.19% 65 $37K No change
ACWI iShares MSCI Acwi ETF 0.17% 250 $35K No change
UNP Union Pacific Corp. 0.17% 145 $34K No change
UNH Unitedhealth Group Inc. 0.16% 94 $32K No change
HD Home Depot Inc. 0.16% 80 $32K No change
V Visa Inc. Class A 0.15% 87 $30K No change
HLT Hilton Worldwide Holdings Inc. 0.15% 114 $30K No change
CME Cme Group Inc. 0.15% 109 $29K No change
CAT Caterpillar Inc. 0.15% 61 $29K No change
MU Micron Technology Inc. 0.14% 171 $29K No change
ULTA Ulta Beauty Inc. 0.13% 46 $25K No change
NOC Northrop Grumman Corp. 0.13% 41 $25K No change
INTU Intuit Inc. 0.12% 36 $25K No change
GE General Electric filed as GE AEROSPACE 0.12% 81 $24K No change
SHW The Sherwin-Williams Co. 0.12% 69 $24K No change
COST Costco Wholesale Corp. 0.11% 24 $22K No change
MGA Magna International Inc. 0.10% 423 $20K No change
COF Capital One Financial Corp. 0.10% 93 $20K No change
SPG Simon Property Group Inc. 0.10% 105 $20K No change
ADBE Adobe Inc. 0.10% 54 $19K No change
TXN Texas Instruments Inc. 0.09% 103 $19K No change
PG The Procter & Gamble Co. 0.09% 122 $19K No change
TMO Thermo Fisher Scientific Inc. 0.09% 37 $18K No change
FANG Diamondback Energy Inc. 0.09% 122 $17K No change
TSLA Tesla Inc. 0.09% 39 $17K No change
QCOM Qualcomm Inc. 0.08% 98 $16K No change
MCD McDonald's Corp. 0.08% 53 $16K No change
ETR Entergy Corp. 0.07% 144 $13K No change
YUM Yum! Brands Inc. 0.06% 82 $12K No change
GILD Gilead Sciences Inc. 0.06% 111 $12K No change
GEV GE Vernova Inc. 0.06% 20 $12K No change
ABT Abbott Laboratories 0.06% 91 $12K No change
MDT Medtronic PLC 0.06% 127 $12K No change
FIS Fidelity National Info Serv 0.06% 181 $12K No change
MRK Merck & Co. Inc. 0.06% 134 $11K No change
KO The Coca-Cola Co. 0.05% 154 $10K No change
PPG PPG Industries Inc. 0.05% 95 $10K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.05% 87 $10K No change
JNJ Johnson & Johnson 0.05% 49 $9K No change
DHR Danaher Corp. 0.04% 43 $9K No change
GM General Motors Co. 0.04% 134 $8K No change
ESS Essex Property Trust Inc. 0.04% 30 $8K No change
BDX Becton Dickinson and Co. 0.04% 42 $8K No change
NEE Nextera Energy Inc. 0.04% 102 $8K No change
PYPL PayPal Holdings Inc. 0.03% 101 $7K No change
ZTS Zoetis Inc. 0.03% 46 $7K No change
GDX Vaneck Gold Miners ETF 0.03% 85 $6K No change
SIL Global X Silver Miners ETF 0.03% 90 $6K No change
CMCSA Comcast Corp. Class A 0.03% 199 $6K No change
F Ford Motor Co. filed as FORD MTR CO 0.03% 468 $6K No change
SILJ Amplify Junior Silver Miners 0.03% 235 $5K No change
INTC Intel Corp. 0.03% 155 $5K No change
SWK Stanley Black & Decker Inc. 0.03% 68 $5K No change
GDXJ Vaneck Junior Gold Miners 0.02% 45 $4K No change
CHTR Charter Communications Inc. Class A 0.02% 15 $4K No change
DOW Dow Inc. 0.02% 144 $3K No change
GEHC GE Healthcare Technology 0.01% 27 $2K No change
SFBS Servisfirst Bancshares Inc. 0.01% 24 $2K No change
WAB Wabtec Corp. 0.01% 8 $2K No change
VLTO Veralto Corp. 0.01% 14 $1K No change
VTRS Viatris Inc. 0.01% 148 $1K No change
BNT Brookfield Wealth Solutions 0.01% 19 $1K No change
AQN Algonquin Power & Utilities 0.00% 118 $634 Reduce -41.6%
EMBC Embecta Corp. 0.00% 8 $113 No change

Portfolio Sells Q2 2025 → Q3 2025
VUSB Vanguard Ultra Short Bond Et Sold out 0.00% −9.79
VGSH Vanguard Short-Term Treasury Sold out 0.00% −9.65
SPTS SS SPDR P St Term TSY ETF Sold out 0.00% −9.65
BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −9.61
HGER Harbor Commodity All Weather Reduce -82.2% 3.39% −6.63
AEM Agnico Eagle Mines Ltd. Sold out 0.00% −0.20
IGIFF Igm Financial Inc. Sold out 0.00% −0.09
AQN Algonquin Power & Utilities Reduce -41.6% 0.00% −0.00
BAM Brookfield Asset Mgmt-A Reduce -1.0% 0.20% +0.09
CIGI Colliers Intl GR-Subord Vot Reduce -0.9% 0.43% +0.23

Portfolio Buys Q2 2025 → Q3 2025
FSV Firstservice Corp. New 0.40% +0.40

Notes & Other Activity Q2 2025 → Q3 2025
BROOKFIELD PROP PFD LP (BPY 6.25 07/26/81) Common Stock Sold out 2 $30before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 107$20.0MIVV, USMV, EFA, NTR, HGER
Q2 2025 112$35.7MIVV, HGER, USMV, VUSB, VGSH