Triasima Portfolio Management inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 26, 2024), Triasima Portfolio Management inc. reported 138 stock positions worth $1.2 billion. Its top holding was Royal Bank of Canada (RY) at 7.1% of the portfolio, followed by Shopify Class A (SHOP, 5.2%) and Canadian Natural Resources (CNQ, 4.8%). Compared with Q4 2023, it opened 22 new positions, sold out of 13, added to 24 and reduced 87. The biggest buy was Manulife Financial (MFC, shares +2430%) and the biggest sale Toronto-Dominion Bank (TD, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001938757
- Portfolio Value
- $1.2B (Q1 2024)
- SEC Filing
- 0001938757-24-000005 ↗ filed Apr 26, 2024
Holdings Value
Holdings 138 stocks · $1.2B
| RY Royal Bank of Canada | 7.12% | 839,462 | $84.7M | Reduce -14.8% |
| SHOP Shopify Inc. Class A | 5.17% | 798,190 | $61.6M | Reduce -11.4% |
| CNQ Canadian Natural Resources | 4.84% | 755,202 | $57.6M | Add +0.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.85% | 469,700 | $45.9M | Reduce -3.4% |
| TD Toronto-Dominion Bank | 3.62% | 714,152 | $43.1M | Reduce -44.7% |
| CP Canadian Pacific Kansas City | 3.15% | 424,740 | $37.4M | Reduce -6.1% |
| BN Brookfield Corp. | 3.12% | 885,814 | $37.1M | Add +12.2% |
| SLF Sun Life Financial Inc. | 2.79% | 608,760 | $33.2M | Reduce -10.2% |
| CCJ Cameco Corp. | 2.79% | 766,992 | $33.2M | Reduce -17.0% |
| STN Stantec Inc. | 2.53% | 362,656 | $30.1M | Reduce -15.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 2.45% | 575,670 | $29.2M | Reduce -21.2% |
| MFC Manulife Financial Corp. | 2.36% | 1,126,000 | $28.1M | Add +2430.3% |
| TRI Thomson Reuters Corp. | 2.32% | 177,141 | $27.6M | Add +5.2% |
| WCN Waste Connections Inc. | 2.30% | 159,309 | $27.4M | Reduce -8.9% |
| FSV Firstservice Corp. | 2.23% | 160,258 | $26.5M | Reduce -8.3% |
| KGC Kinross Gold Corp. | 2.17% | 4,202,450 | $25.8M | Reduce -14.0% |
| BAM Brookfield Asset Mgmt-A | 2.09% | 591,518 | $24.8M | Reduce -6.5% |
| ENB Enbridge Inc. | 1.92% | 631,610 | $22.8M | Add +3424.6% |
| WPM Wheaton Precious Metals Corp. | 1.89% | 477,460 | $22.5M | Add +1021.9% |
| IMO Imperial Oil Ltd. | 1.85% | 319,300 | $22.0M | Add +18.2% |
| CNI Canadian Natl Railway Co. | 1.85% | 166,925 | $22.0M | New |
| EGO Eldorado Gold Corp. | 1.68% | 1,424,456 | $20.0M | Reduce -0.1% |
| PBA Pembina Pipeline Corp. | 1.56% | 525,941 | $18.6M | Add +5.0% |
| AEM Agnico Eagle Mines Ltd. | 1.54% | 307,560 | $18.3M | Reduce -20.0% |
| CVE Cenovus Energy Inc. | 1.53% | 911,500 | $18.2M | New |
| QSR Restaurant Brands Intern | 1.48% | 221,910 | $17.6M | Reduce -7.7% |
| WFG West Fraser Timber Co. Ltd. | 1.27% | 175,435 | $15.1M | New |
| RBA RB Global Inc. | 1.15% | 180,418 | $13.7M | Reduce -6.6% |
| CLS Celestica Inc. | 1.07% | 283,603 | $12.7M | New |
| DSGX The Descartes Systems Grp | 1.03% | 133,524 | $12.2M | Reduce -4.4% |
| TFII Tfi International Inc. | 0.99% | 74,150 | $11.8M | New |
| BIP Brookfield Infrastructure Pa | 0.98% | 374,300 | $11.7M | Reduce -4.1% |
| RCI Rogers Communications Inc. Class B | 0.83% | 239,645 | $9.8M | Reduce -57.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.68% | 62,841 | $8.1M | Reduce -5.2% |
| NOA North American Construction | 0.68% | 362,762 | $8.1M | Reduce -10.0% |
| RACE Ferrari NV | 0.68% | 18,501 | $8.1M | Reduce -9.1% |
| NVDA Nvidia Corp. | 0.66% | 8,645 | $7.8M | Reduce -37.4% |
| TRP TC Energy Corp. | 0.65% | 192,600 | $7.7M | Add +29.1% |
| LLY Eli Lilly & Co. | 0.65% | 9,945 | $7.7M | Reduce -24.2% |
| ARES Ares Management Corp. Class A | 0.60% | 53,711 | $7.1M | Reduce -19.8% |
| MSFT Microsoft Corp. | 0.51% | 14,449 | $6.1M | Reduce -12.7% |
| ANET Arista Networks Inc. | 0.49% | 20,170 | $5.8M | Reduce -34.5% |
| NXE Nexgen Energy Ltd. | 0.46% | 703,809 | $5.5M | Add +182.9% |
| FMX Fomento Economico Mex-SP ADR | 0.46% | 41,720 | $5.4M | Reduce -7.4% |
| MCK McKesson Corp. | 0.45% | 10,023 | $5.4M | Reduce -9.5% |
| HUBB Hubbell Inc. | 0.43% | 12,429 | $5.2M | Reduce -24.7% |
| VOO Vanguard S&P 500 ETF | 0.42% | 10,399 | $5.0M | Reduce -1.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.40% | 11,502 | $4.8M | Reduce -10.2% |
| AGI Alamos Gold Inc. Class A | 0.40% | 324,398 | $4.8M | Reduce -85.0% |
| ETN Eaton Corp. PLC | 0.40% | 15,106 | $4.7M | Reduce -11.1% |
| COR Cencora Inc. | 0.38% | 18,547 | $4.5M | Reduce -17.6% |
| TECK Teck Resources Ltd.-CLS B | 0.37% | 95,510 | $4.4M | Reduce -84.4% |
| GIB Cgi Inc. | 0.36% | 38,760 | $4.3M | Reduce -22.8% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.36% | 16,942 | $4.2M | Reduce -26.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.35% | 80,592 | $4.2M | Reduce -32.6% |
| GOOGL Alphabet Inc. Class A | 0.35% | 27,597 | $4.2M | Reduce -2.2% |
| MRSH Marsh & McLennan Cos | 0.35% | 20,070 | $4.1M | Reduce -31.1% |
| JPM JPMorgan Chase & Co. | 0.34% | 20,477 | $4.1M | Reduce -12.1% |
| V Visa Inc. Class A | 0.31% | 13,419 | $3.7M | Reduce -12.9% |
| ROP Roper Technologies Inc. | 0.31% | 6,613 | $3.7M | Reduce -15.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.31% | 36,400 | $3.7M | Reduce -9.9% |
| CBOE Cboe Global Markets Inc. | 0.30% | 19,740 | $3.6M | Reduce -12.5% |
| SMCI Super Micro Computer Inc. | 0.29% | 3,383 | $3.4M | Reduce -69.8% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.28% | 10,574 | $3.4M | Reduce -40.5% |
| LNC Lincoln National Corp. | 0.27% | 101,540 | $3.2M | New |
| AMGN Amgen Inc. | 0.26% | 11,053 | $3.1M | New |
| SNPS Synopsys Inc. | 0.26% | 5,439 | $3.1M | Reduce -13.1% |
| MLM Martin Marietta Materials | 0.26% | 4,946 | $3.0M | Reduce -22.1% |
| AFL Aflac Inc. | 0.25% | 35,221 | $3.0M | Reduce -13.8% |
| AMZN Amazon.com Inc. | 0.24% | 15,776 | $2.8M | Reduce -14.2% |
| NVS Novartis AG-Sponsored ADR | 0.24% | 29,335 | $2.8M | Reduce -0.6% |
| EQIX Equinix Inc. | 0.23% | 3,261 | $2.7M | Add +51.9% |
| GRBK Green Brick Partners Inc. | 0.22% | 44,285 | $2.7M | Reduce -29.9% |
| OR Osisko Gold Royalties Ltd. | 0.22% | 156,533 | $2.6M | Reduce -8.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.21% | 2,550 | $2.5M | Add +0.8% |
| PANW Palo Alto Networks Inc. | 0.20% | 8,512 | $2.4M | Reduce -12.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.20% | 202,552 | $2.4M | Add +1.6% |
| IT Gartner Inc. | 0.20% | 5,028 | $2.4M | Reduce -14.7% |
| BABA Alibaba Group Holding-SP ADR | 0.20% | 32,965 | $2.4M | New |
| AXON Axon Enterprise Inc. | 0.20% | 7,619 | $2.4M | Reduce -19.3% |
| NVT Nvent Electric PLC | 0.20% | 31,340 | $2.4M | Reduce -12.5% |
| COST Costco Wholesale Corp. | 0.20% | 3,186 | $2.3M | Reduce -10.4% |
| MELI MercadoLibre Inc. | 0.19% | 1,526 | $2.3M | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.19% | 14,119 | $2.3M | New |
| CEG Constellation Energy | 0.19% | 11,929 | $2.2M | Add +196.4% |
| RSG Republic Services Inc. | 0.18% | 11,336 | $2.2M | Reduce -16.8% |
| MSI Motorola Solutions Inc. | 0.18% | 5,935 | $2.1M | No change |
| DCBO Docebo Inc. | 0.17% | 41,723 | $2.0M | Reduce -36.6% |
| KLAC KLA Corp. | 0.17% | 2,866 | $2.0M | Reduce -14.5% |
| EFA iShares MSCI Eafe ETF | 0.17% | 24,920 | $2.0M | Add +2.2% |
| AVGO Broadcom Inc. | 0.16% | 1,452 | $1.9M | Add +2.0% |
| RELX Relx PLC - Spon ADR | 0.16% | 43,780 | $1.9M | Add +3.1% |
| PDD PDD Holdings Inc. | 0.15% | 15,760 | $1.8M | Add +27.2% |
| HLI Houlihan Lokey Inc. | 0.15% | 13,502 | $1.7M | Add +604.0% |
| WTS Watts Water Technologies-A | 0.14% | 7,910 | $1.7M | Add +4.6% |
| COOP Mr Cooper Group Inc. | 0.14% | 20,845 | $1.6M | Add +0.3% |
| KEY Keycorp | 0.13% | 101,172 | $1.6M | New |
| T AT&T Inc. | 0.12% | 82,570 | $1.5M | No change |
| MUSA Murphy USA Inc. | 0.12% | 3,431 | $1.4M | Reduce -32.3% |
| BBU Brookfield Business PT-Unit | 0.12% | 63,415 | $1.4M | New |
Portfolio Sells Q4 2023 → Q1 2024
| TD Toronto-Dominion Bank | Reduce -44.7% | 3.62% | −3.28 |
| AGI Alamos Gold Inc. Class A | Reduce -85.0% | 0.40% | −2.00 |
| TECK Teck Resources Ltd.-CLS B | Reduce -84.4% | 0.37% | −1.77 |
| OTEX Open Text Corp. | Reduce -94.3% | 0.08% | −1.46 |
| RCI Rogers Communications Inc. Class B | Reduce -57.8% | 0.83% | −1.38 |
| ATS Ats Corp. | Reduce -94.4% | 0.06% | −1.21 |
| TU Telus Corp. | Reduce -97.1% | 0.03% | −1.13 |
| RY Royal Bank of Canada | Reduce -14.8% | 7.12% | −1.13 |
| SHOP Shopify Inc. Class A | Reduce -11.4% | 5.17% | −0.63 |
| CCJ Cameco Corp. | Reduce -17.0% | 2.79% | −0.51 |
| CM Can Imperial BK of Commerce | Reduce -21.2% | 2.45% | −0.46 |
| STN Stantec Inc. | Reduce -15.4% | 2.53% | −0.32 |
| WINA Winmark Corp. | Sold out | 0.00% | −0.31 |
| KGC Kinross Gold Corp. | Reduce -14.0% | 2.17% | −0.28 |
| AEM Agnico Eagle Mines Ltd. | Reduce -20.0% | 1.54% | −0.20 |
| FTS Fortis Inc. | Reduce -62.5% | 0.10% | −0.17 |
| BMI Badger Meter Inc. | Sold out | 0.00% | −0.16 |
| BNS Bank of Nova Scotia | Reduce -32.6% | 0.35% | −0.13 |
| BMO Bank of Montreal | Reduce -3.4% | 3.85% | −0.13 |
| AZO AutoZone Inc. | Sold out | 0.00% | −0.13 |
| TAC Transalta Corp. | Sold out | 0.00% | −0.13 |
| ORLA Orla Mining Ltd. | Sold out | 0.00% | −0.12 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.12 |
| SLF Sun Life Financial Inc. | Reduce -10.2% | 2.79% | −0.12 |
| FSV Firstservice Corp. | Reduce -8.3% | 2.23% | −0.11 |
| MRSH Marsh & McLennan Cos | Reduce -31.1% | 0.35% | −0.11 |
| ANET Arista Networks Inc. | Reduce -34.5% | 0.49% | −0.11 |
| DCBO Docebo Inc. | Reduce -36.6% | 0.17% | −0.09 |
| CRWD CrowdStrike Holdings Inc. Class A | Reduce -40.5% | 0.28% | −0.09 |
| GIB Cgi Inc. | Reduce -22.8% | 0.36% | −0.09 |
| DOO BRP Inc./Ca- Sub Voting | Sold out | 0.00% | −0.08 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.08 |
| AJG Arthur J Gallagher & Co. | Reduce -26.7% | 0.36% | −0.07 |
| QSR Restaurant Brands Intern | Reduce -7.7% | 1.48% | −0.07 |
| VMD Viemed Healthcare Inc. | Sold out | 0.00% | −0.06 |
| ARES Ares Management Corp. Class A | Reduce -19.8% | 0.60% | −0.06 |
| LSPD Lightspeed Commerce Inc. | Reduce -10.8% | 0.08% | −0.05 |
| GRBK Green Brick Partners Inc. | Reduce -29.9% | 0.22% | −0.05 |
| AAPL Apple Inc. | Reduce -60.2% | 0.02% | −0.04 |
| ROP Roper Technologies Inc. | Reduce -15.1% | 0.31% | −0.04 |
| BIP Brookfield Infrastructure Pa | Reduce -4.1% | 0.98% | −0.04 |
| PANW Palo Alto Networks Inc. | Reduce -12.8% | 0.20% | −0.03 |
| BAH Booz Allen Hamilton Holdings | Reduce -52.3% | 0.04% | −0.03 |
| MUSA Murphy USA Inc. | Reduce -32.3% | 0.12% | −0.03 |
| UNM Unum Group | Sold out | 0.00% | −0.03 |
| FMX Fomento Economico Mex-SP ADR | Reduce -7.4% | 0.46% | −0.03 |
| CBOE Cboe Global Markets Inc. | Reduce -12.5% | 0.30% | −0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -10.2% | 0.40% | −0.03 |
| CF CF Industries Holdings Inc. | Sold out | 0.00% | −0.02 |
| TDG Transdigm Group Inc. | Reduce -41.6% | 0.06% | −0.02 |
Portfolio Buys Q4 2023 → Q1 2024
| MFC Manulife Financial Corp. | Add +2430.3% | 2.36% | +2.28 |
| ENB Enbridge Inc. | Add +3424.6% | 1.92% | +1.86 |
| CNI Canadian Natl Railway Co. | New | 1.85% | +1.85 |
| WPM Wheaton Precious Metals Corp. | Add +1021.9% | 1.89% | +1.72 |
| CVE Cenovus Energy Inc. | New | 1.53% | +1.53 |
| WFG West Fraser Timber Co. Ltd. | New | 1.27% | +1.27 |
| CLS Celestica Inc. | New | 1.07% | +1.07 |
| TFII Tfi International Inc. | New | 0.99% | +0.99 |
| CNQ Canadian Natural Resources | Add +0.3% | 4.84% | +0.76 |
| IMO Imperial Oil Ltd. | Add +18.2% | 1.85% | +0.58 |
| BN Brookfield Corp. | Add +12.2% | 3.12% | +0.50 |
| NXE Nexgen Energy Ltd. | Add +182.9% | 0.46% | +0.32 |
| TRI Thomson Reuters Corp. | Add +5.2% | 2.32% | +0.28 |
| LNC Lincoln National Corp. | New | 0.27% | +0.27 |
| AMGN Amgen Inc. | New | 0.26% | +0.26 |
| BABA Alibaba Group Holding-SP ADR | New | 0.20% | +0.20 |
| PG The Procter & Gamble Co. | New | 0.19% | +0.19 |
| TRP TC Energy Corp. | Add +29.1% | 0.65% | +0.17 |
| CEG Constellation Energy | Add +196.4% | 0.19% | +0.15 |
| KEY Keycorp | New | 0.13% | +0.13 |
| PBA Pembina Pipeline Corp. | Add +5.0% | 1.56% | +0.13 |
| HLI Houlihan Lokey Inc. | Add +604.0% | 0.15% | +0.13 |
| BBU Brookfield Business PT-Unit | New | 0.12% | +0.12 |
| CNH CNH Industrial NV | New | 0.12% | +0.12 |
| BNT Brookfield Reins Ltd. | New | 0.11% | +0.11 |
| FMS Fresenius Medical Care-ADR | New | 0.11% | +0.11 |
| RGEN Repligen Corp. | New | 0.10% | +0.10 |
| NGD New Gold Inc. | New | 0.09% | +0.09 |
| EQIX Equinix Inc. | Add +51.9% | 0.23% | +0.08 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +1.6% | 0.20% | +0.07 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.8% | 0.21% | +0.05 |
| AVGO Broadcom Inc. | Add +2.0% | 0.16% | +0.03 |
| COOP Mr Cooper Group Inc. | Add +0.3% | 0.14% | +0.02 |
| APG Api Group Corp. | New | 0.02% | +0.02 |
| RELX Relx PLC - Spon ADR | Add +3.1% | 0.16% | +0.02 |
| POWL Powell Industries Inc. | New | 0.02% | +0.02 |
| CW Curtiss-Wright Corp. | New | 0.02% | +0.02 |
| SPSC SPS Commerce Inc. | New | 0.02% | +0.02 |
| CFG Citizens Financial Group | New | 0.02% | +0.02 |
| FTI Technipfmc PLC | New | 0.02% | +0.02 |
| EFA iShares MSCI Eafe ETF | Add +2.2% | 0.17% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.5% | 0.04% | +0.01 |
| WTS Watts Water Technologies-A | Add +4.6% | 0.14% | +0.01 |
| CX Cemex Sab-Spons ADR Part Cer | Add +23.3% | 0.03% | +0.01 |
| JOF Japan Smaller Capitalization | Add +93.7% | 0.02% | +0.01 |
| PDD PDD Holdings Inc. | Add +27.2% | 0.15% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 127 | $740.3M | RY, TD, CM, BMO, TIGO |
| Q1 2026 | 137 | $661.5M | RY, TD, CM, BMO, SHOP |
| Q4 2025 | 143 | $667.7M | RY, SHOP, TD, KGC, CM |
| Q3 2025 | 149 | $662.6M | RY, SHOP, KGC, BN, CLS |
| Q2 2025 | 128 | $547.2M | RY, BN, SHOP, CLS, CM |
| Q1 2025 | 144 | $508.2M | RY, BN, AGI, KGC, SHOP |
| Q4 2024 | 144 | $515.3M | RY, BN, CM, KGC, BNS |
| Q3 2024 | 85 | $444.9M | RY, BN, CM, KGC, PBA |
| Q2 2024 | 139 | $1.1B | RY, CNQ, BN, CM, MFC |
| Q1 2024 | 138 | $1.2B | RY, SHOP, CNQ, BMO, TD |