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

0$500.0M$1.0B$1.5B Q1 2024: $1.2B $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $444.9M Q3 2024 Q4 2024: $515.3M Q4 2024 Q1 2025: $508.2M Q1 2025 Q2 2025: $547.2M Q2 2025 Q3 2025: $662.6M Q3 2025 Q4 2025: $667.7M Q4 2025 Q1 2026: $661.5M Q1 2026 Q2 2026: $740.3M Q2 2026

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
CNH CNH Industrial NV 0.12% 106,120 $1.4M New
BNT Brookfield Reins Ltd. 0.11% 31,731 $1.3M New
MPC Marathon Petroleum Corp. 0.11% 6,594 $1.3M Reduce -34.5%
FMS Fresenius Medical Care-ADR 0.11% 67,070 $1.3M New
RGEN Repligen Corp. 0.10% 6,645 $1.2M New
FTS Fortis Inc. 0.10% 29,375 $1.2M Reduce -62.5%
NGD New Gold Inc. 0.09% 669,487 $1.1M New
CAH Cardinal Health Inc. 0.08% 9,010 $1.0M No change
LSPD Lightspeed Commerce Inc. 0.08% 70,077 $986K Reduce -10.8%
OTEX Open Text Corp. 0.08% 25,380 $985K Reduce -94.3%
TDG Transdigm Group Inc. 0.06% 613 $755K Reduce -41.6%
KNSL Kinsale Capital Group Inc. 0.06% 1,437 $754K Reduce -2.4%
CTAS Cintas Corp. 0.06% 1,092 $750K Reduce -3.5%
INTU Intuit Inc. 0.06% 1,074 $698K Reduce -10.8%
ATS Ats Corp. 0.06% 19,812 $667K Reduce -94.4%
PSX Phillips 66 0.05% 3,595 $587K Reduce -12.8%
TSM Taiwan Semiconductor-SP ADR 0.04% 3,919 $533K Add +8.5%
ECL Ecolab Inc. 0.04% 2,266 $523K Reduce -10.3%
BAH Booz Allen Hamilton Holdings 0.04% 3,199 $475K Reduce -52.3%
MA Mastercard Inc. Class A 0.03% 829 $399K Reduce -14.0%
RGA Reinsurance Group of America 0.03% 1,910 $368K Reduce -38.4%
TU Telus Corp. 0.03% 22,927 $367K Reduce -97.1%
TNK Teekay Tankers Ltd. Class A 0.03% 5,910 $345K No change
CX Cemex Sab-Spons ADR Part Cer 0.03% 37,790 $340K Add +23.3%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.03% 334 $340K Reduce -50.5%
AAPL Apple Inc. 0.02% 1,633 $280K Reduce -60.2%
APG Api Group Corp. 0.02% 6,770 $266K New
SHEL Shell PLC-ADR 0.02% 3,940 $264K Reduce -31.1%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.02% 2,950 $237K Reduce -20.3%
POWL Powell Industries Inc. 0.02% 1,615 $230K New
SPSC SPS Commerce Inc. 0.02% 1,180 $218K New
CW Curtiss-Wright Corp. 0.02% 850 $218K New
BRBR Bellring Brands Inc. 0.02% 3,659 $216K Reduce -55.9%
CFG Citizens Financial Group 0.02% 5,928 $215K New
WIRE Encore Wire Corp. 0.02% 781 $205K Reduce -60.1%
FTI Technipfmc PLC 0.02% 8,150 $205K New
JOF Japan Smaller Capitalization 0.02% 24,600 $196K Add +93.7%
GAU Galiano Gold Inc. 0.00% 17,000 $24K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 127$740.3MRY, TD, CM, BMO, TIGO
Q1 2026 137$661.5MRY, TD, CM, BMO, SHOP
Q4 2025 143$667.7MRY, SHOP, TD, KGC, CM
Q3 2025 149$662.6MRY, SHOP, KGC, BN, CLS
Q2 2025 128$547.2MRY, BN, SHOP, CLS, CM
Q1 2025 144$508.2MRY, BN, AGI, KGC, SHOP
Q4 2024 144$515.3MRY, BN, CM, KGC, BNS
Q3 2024 85$444.9MRY, BN, CM, KGC, PBA
Q2 2024 139$1.1BRY, CNQ, BN, CM, MFC
Q1 2024 138$1.2BRY, SHOP, CNQ, BMO, TD