Triasima Portfolio Management inc.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 6, 2024), Triasima Portfolio Management inc. reported 139 stock positions worth $1.1 billion. Its top holding was Royal Bank of Canada (RY) at 8.5% of the portfolio, followed by Canadian Natural Resources (CNQ, 4.8%) and Brookfield (BN, 4.6%). Compared with Q1 2024, it opened 18 new positions, sold out of 17, added to 55 and reduced 43. The biggest buy was a new position in Suncor Energy (SU) and the biggest sale Toronto-Dominion Bank (TD, shares −99%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001938757
- Portfolio Value
- $1.1B (Q2 2024)
- SEC Filing
- 0001938757-24-000010 ↗ filed Aug 6, 2024
Holdings Value
Holdings 139 stocks · $1.1B
| RY Royal Bank of Canada | 8.48% | 871,119 | $92.7M | Add +3.8% |
| CNQ Canadian Natural Resources | 4.83% | 1,482,364 | $52.8M | Reduce -1.9% |
| BN Brookfield Corp. | 4.56% | 1,199,250 | $49.9M | Add +35.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 3.98% | 914,116 | $43.4M | Add +58.8% |
| MFC Manulife Financial Corp. | 3.85% | 1,581,088 | $42.1M | Add +40.4% |
| CCJ Cameco Corp. | 3.34% | 742,668 | $36.5M | Reduce -3.2% |
| KGC Kinross Gold Corp. | 3.22% | 4,229,150 | $35.2M | Add +0.6% |
| TRI Thomson Reuters Corp. | 3.19% | 207,167 | $34.9M | Add +16.9% |
| CP Canadian Pacific Kansas City | 3.16% | 438,500 | $34.5M | Add +3.2% |
| PBA Pembina Pipeline Corp. | 2.66% | 784,516 | $29.1M | Add +49.2% |
| STN Stantec Inc. | 2.62% | 341,615 | $28.6M | Reduce -5.8% |
| WCN Waste Connections Inc. | 2.46% | 153,537 | $26.9M | Reduce -3.6% |
| IMO Imperial Oil Ltd. | 2.36% | 379,050 | $25.8M | Add +18.7% |
| SU Suncor Energy Inc. | 2.34% | 670,000 | $25.5M | New |
| DSGX The Descartes Systems Grp | 2.25% | 253,849 | $24.6M | Add +90.1% |
| SHOP Shopify Inc. Class A | 2.20% | 363,975 | $24.0M | Reduce -54.4% |
| WPM Wheaton Precious Metals Corp. | 2.05% | 427,000 | $22.4M | Reduce -10.6% |
| AGI Alamos Gold Inc. Class A | 1.99% | 1,389,027 | $21.8M | Add +328.2% |
| BAM Brookfield Asset Mgmt-A | 1.93% | 555,528 | $21.1M | Reduce -6.1% |
| AEM Agnico Eagle Mines Ltd. | 1.92% | 320,300 | $20.9M | Add +4.1% |
| CLS Celestica Inc. | 1.80% | 343,100 | $19.6M | Add +21.0% |
| EGO Eldorado Gold Corp. | 1.72% | 1,275,852 | $18.8M | Reduce -10.4% |
| NTR Nutrien Ltd. | 1.69% | 363,900 | $18.5M | New |
| RBA RB Global Inc. | 1.66% | 237,418 | $18.1M | Add +31.6% |
| BEP Brookfield Renewable Partner | 1.55% | 684,800 | $16.9M | New |
| TECK Teck Resources Ltd.-CLS B | 1.31% | 299,920 | $14.4M | Add +214.0% |
| PRMW Primo Water Corp. | 1.17% | 582,800 | $12.7M | New |
| NVDA Nvidia Corp. | 0.92% | 81,742 | $10.1M | Reduce -5.5% |
| TFII Tfi International Inc. | 0.92% | 69,300 | $10.1M | Reduce -6.5% |
| LLY Eli Lilly & Co. | 0.82% | 9,914 | $9.0M | Reduce -0.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.82% | 62,772 | $9.0M | Reduce -0.1% |
| RACE Ferrari NV | 0.75% | 20,071 | $8.2M | Add +8.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.73% | 95,516 | $8.0M | Reduce -79.7% |
| MSFT Microsoft Corp. | 0.70% | 17,208 | $7.7M | Add +19.1% |
| TRP TC Energy Corp. | 0.67% | 192,517 | $7.3M | Reduce -0.0% |
| ARES Ares Management Corp. Class A | 0.65% | 53,131 | $7.1M | Reduce -1.1% |
| ANET Arista Networks Inc. | 0.65% | 20,190 | $7.1M | Add +0.1% |
| GOOGL Alphabet Inc. Class A | 0.60% | 36,108 | $6.6M | Add +30.8% |
| MCK McKesson Corp. | 0.54% | 10,023 | $5.9M | No change |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.53% | 127,589 | $5.8M | Add +58.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.49% | 11,505 | $5.4M | Add +0.0% |
| VOO Vanguard S&P 500 ETF | 0.47% | 10,320 | $5.2M | Reduce -0.8% |
| HUBB Hubbell Inc. | 0.46% | 13,849 | $5.1M | Add +11.4% |
| ETN Eaton Corp. PLC | 0.43% | 15,106 | $4.7M | No change |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.40% | 16,942 | $4.4M | No change |
| COST Costco Wholesale Corp. | 0.40% | 5,165 | $4.4M | Add +62.1% |
| MRSH Marsh & McLennan Cos | 0.39% | 20,430 | $4.3M | Add +1.8% |
| JPM JPMorgan Chase & Co. | 0.38% | 20,777 | $4.2M | Add +1.5% |
| COR Cencora Inc. | 0.38% | 18,567 | $4.2M | Add +0.1% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.37% | 10,593 | $4.1M | Add +0.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.37% | 36,400 | $4.0M | No change |
| AMZN Amazon.com Inc. | 0.36% | 20,290 | $3.9M | Add +28.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.33% | 279,454 | $3.6M | Add +38.0% |
| V Visa Inc. Class A | 0.32% | 13,369 | $3.5M | Reduce -0.4% |
| AMGN Amgen Inc. | 0.32% | 11,208 | $3.5M | Add +1.4% |
| AFL Aflac Inc. | 0.31% | 37,351 | $3.3M | Add +6.0% |
| SNPS Synopsys Inc. | 0.30% | 5,444 | $3.2M | Add +0.1% |
| LNC Lincoln National Corp. | 0.30% | 103,935 | $3.2M | Add +2.4% |
| PG The Procter & Gamble Co. | 0.29% | 19,534 | $3.2M | Add +38.4% |
| AQN Algonquin Power & Utilities | 0.29% | 538,700 | $3.2M | New |
| MELI MercadoLibre Inc. | 0.28% | 1,882 | $3.1M | Add +23.3% |
| MLM Martin Marietta Materials | 0.28% | 5,562 | $3.0M | Add +12.4% |
| PDD PDD Holdings Inc. | 0.26% | 21,007 | $2.8M | Add +33.3% |
| SMCI Super Micro Computer Inc. | 0.25% | 3,383 | $2.8M | No change |
| CEG Constellation Energy | 0.24% | 13,339 | $2.7M | Add +11.8% |
| NVT Nvent Electric PLC | 0.24% | 34,810 | $2.7M | Add +11.1% |
| ASML ASML Holding NV-NY Reg SHS | 0.24% | 2,590 | $2.6M | Add +1.6% |
| ROP Roper Technologies Inc. | 0.24% | 4,557 | $2.6M | Reduce -31.1% |
| GRBK Green Brick Partners Inc. | 0.23% | 43,985 | $2.5M | Reduce -0.7% |
| BABA Alibaba Group Holding-SP ADR | 0.22% | 32,965 | $2.4M | No change |
| KLAC KLA Corp. | 0.22% | 2,870 | $2.4M | Add +0.1% |
| AVGO Broadcom Inc. | 0.21% | 1,452 | $2.3M | No change |
| BNT Brookfield Reins Ltd. | 0.21% | 55,219 | $2.3M | Add +74.0% |
| AXON Axon Enterprise Inc. | 0.20% | 7,567 | $2.2M | Reduce -0.7% |
| RSG Republic Services Inc. | 0.20% | 11,406 | $2.2M | Add +0.6% |
| SLF Sun Life Financial Inc. | 0.19% | 42,340 | $2.1M | Reduce -93.0% |
| IT Gartner Inc. | 0.19% | 4,614 | $2.1M | Reduce -8.2% |
| WFG West Fraser Timber Co. Ltd. | 0.19% | 26,687 | $2.0M | Reduce -84.8% |
| RELX Relx PLC - Spon ADR | 0.18% | 43,780 | $2.0M | No change |
| EFA iShares MSCI Eafe ETF | 0.18% | 25,135 | $2.0M | Add +0.9% |
| PANW Palo Alto Networks Inc. | 0.17% | 5,598 | $1.9M | Reduce -34.2% |
| NXE Nexgen Energy Ltd. | 0.17% | 269,013 | $1.9M | Reduce -61.8% |
| HLI Houlihan Lokey Inc. | 0.17% | 13,502 | $1.8M | No change |
| REGN Regeneron Pharmaceuticals | 0.16% | 1,694 | $1.8M | New |
| DELL Dell Technologies -C | 0.16% | 12,300 | $1.7M | New |
| COOP Mr Cooper Group Inc. | 0.15% | 20,845 | $1.7M | No change |
| FMS Fresenius Medical Care-ADR | 0.15% | 85,430 | $1.6M | Add +27.4% |
| MUSA Murphy USA Inc. | 0.15% | 3,431 | $1.6M | No change |
| T AT&T Inc. | 0.14% | 82,570 | $1.6M | No change |
| DCBO Docebo Inc. | 0.14% | 40,721 | $1.6M | Reduce -2.4% |
| PWR Quanta Services Inc. | 0.14% | 6,120 | $1.6M | New |
| KEY Keycorp | 0.13% | 101,172 | $1.4M | No change |
| GEV GE Vernova Inc. | 0.13% | 8,265 | $1.4M | New |
| CL Colgate-Palmolive Co. | 0.12% | 14,000 | $1.4M | New |
| MSI Motorola Solutions Inc. | 0.12% | 3,494 | $1.3M | Reduce -41.1% |
| NVS Novartis AG-Sponsored ADR | 0.12% | 12,400 | $1.3M | Reduce -57.7% |
| NGD New Gold Inc. | 0.12% | 665,532 | $1.3M | Reduce -0.6% |
| NOA North American Construction | 0.11% | 61,744 | $1.2M | Reduce -83.0% |
| FTS Fortis Inc. | 0.10% | 28,975 | $1.1M | Reduce -1.4% |
| RCI Rogers Communications Inc. Class B | 0.10% | 29,585 | $1.1M | Reduce -87.7% |
Portfolio Sells Q1 2024 → Q2 2024
| TD Toronto-Dominion Bank | Reduce -99.2% | 0.03% | −3.59 |
| BMO Bank of Montreal | Reduce -79.7% | 0.73% | −3.12 |
| SHOP Shopify Inc. Class A | Reduce -54.4% | 2.20% | −2.97 |
| SLF Sun Life Financial Inc. | Reduce -93.0% | 0.19% | −2.60 |
| FSV Firstservice Corp. | Reduce -98.2% | 0.04% | −2.19 |
| ENB Enbridge Inc. | Reduce -97.6% | 0.05% | −1.87 |
| CNI Canadian Natl Railway Co. | Sold out | 0.00% | −1.85 |
| CVE Cenovus Energy Inc. | Sold out | 0.00% | −1.53 |
| QSR Restaurant Brands Intern | Sold out | 0.00% | −1.48 |
| WFG West Fraser Timber Co. Ltd. | Reduce -84.8% | 0.19% | −1.09 |
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −0.98 |
| RCI Rogers Communications Inc. Class B | Reduce -87.7% | 0.10% | −0.73 |
| NOA North American Construction | Reduce -83.0% | 0.11% | −0.57 |
| FMX Fomento Economico Mex-SP ADR | Reduce -87.3% | 0.05% | −0.40 |
| GIB Cgi Inc. | Sold out | 0.00% | −0.36 |
| NXE Nexgen Energy Ltd. | Reduce -61.8% | 0.17% | −0.29 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.23 |
| OR Osisko Gold Royalties Ltd. | Sold out | 0.00% | −0.22 |
| CBOE Cboe Global Markets Inc. | Reduce -69.0% | 0.10% | −0.21 |
| BAM Brookfield Asset Mgmt-A | Reduce -6.1% | 1.93% | −0.15 |
| WTS Watts Water Technologies-A | Sold out | 0.00% | −0.14 |
| BBU Brookfield Business PT-Unit | Sold out | 0.00% | −0.12 |
| NVS Novartis AG-Sponsored ADR | Reduce -57.7% | 0.12% | −0.12 |
| CNH CNH Industrial NV | Sold out | 0.00% | −0.12 |
| OTEX Open Text Corp. | Sold out | 0.00% | −0.08 |
| ROP Roper Technologies Inc. | Reduce -31.1% | 0.24% | −0.08 |
| TFII Tfi International Inc. | Reduce -6.5% | 0.92% | −0.07 |
| KNSL Kinsale Capital Group Inc. | Sold out | 0.00% | −0.06 |
| ATS Ats Corp. | Sold out | 0.00% | −0.06 |
| MSI Motorola Solutions Inc. | Reduce -41.1% | 0.12% | −0.05 |
| INTU Intuit Inc. | Reduce -62.5% | 0.02% | −0.03 |
| TU Telus Corp. | Sold out | 0.00% | −0.03 |
| PANW Palo Alto Networks Inc. | Reduce -34.2% | 0.17% | −0.03 |
| DCBO Docebo Inc. | Reduce -2.4% | 0.14% | −0.03 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -58.9% | 0.01% | −0.02 |
| SPSC SPS Commerce Inc. | Sold out | 0.00% | −0.02 |
| BRBR Bellring Brands Inc. | Sold out | 0.00% | −0.02 |
| WIRE Encore Wire Corp. | Sold out | 0.00% | −0.02 |
| CNQ Canadian Natural Resources | Reduce -1.9% | 4.83% | −0.01 |
| IT Gartner Inc. | Reduce -8.2% | 0.19% | −0.01 |
| MPC Marathon Petroleum Corp. | Reduce -4.5% | 0.10% | −0.01 |
| AAPL Apple Inc. | Reduce -40.6% | 0.02% | −0.00 |
| IRM Iron Mountain Inc. | Reduce -6.8% | 0.02% | +0.00 |
| AXON Axon Enterprise Inc. | Reduce -0.7% | 0.20% | +0.00 |
| LSPD Lightspeed Commerce Inc. | Reduce -0.6% | 0.09% | +0.00 |
| FTS Fortis Inc. | Reduce -1.4% | 0.10% | +0.01 |
| GRBK Green Brick Partners Inc. | Reduce -0.7% | 0.23% | +0.01 |
| V Visa Inc. Class A | Reduce -0.4% | 0.32% | +0.01 |
| TRP TC Energy Corp. | Reduce -0.0% | 0.67% | +0.02 |
| NGD New Gold Inc. | Reduce -0.6% | 0.12% | +0.03 |
Portfolio Buys Q1 2024 → Q2 2024
| SU Suncor Energy Inc. | New | 2.34% | +2.34 |
| NTR Nutrien Ltd. | New | 1.69% | +1.69 |
| AGI Alamos Gold Inc. Class A | Add +328.2% | 1.99% | +1.59 |
| BEP Brookfield Renewable Partner | New | 1.55% | +1.55 |
| CM Can Imperial BK of Commerce | Add +58.8% | 3.98% | +1.52 |
| MFC Manulife Financial Corp. | Add +40.4% | 3.85% | +1.49 |
| BN Brookfield Corp. | Add +35.4% | 4.56% | +1.45 |
| RY Royal Bank of Canada | Add +3.8% | 8.48% | +1.37 |
| DSGX The Descartes Systems Grp | Add +90.1% | 2.25% | +1.22 |
| PRMW Primo Water Corp. | New | 1.17% | +1.17 |
| PBA Pembina Pipeline Corp. | Add +49.2% | 2.66% | +1.10 |
| KGC Kinross Gold Corp. | Add +0.6% | 3.22% | +1.05 |
| TECK Teck Resources Ltd.-CLS B | Add +214.0% | 1.31% | +0.95 |
| TRI Thomson Reuters Corp. | Add +16.9% | 3.19% | +0.88 |
| CLS Celestica Inc. | Add +21.0% | 1.80% | +0.73 |
| IMO Imperial Oil Ltd. | Add +18.7% | 2.36% | +0.51 |
| RBA RB Global Inc. | Add +31.6% | 1.66% | +0.50 |
| AEM Agnico Eagle Mines Ltd. | Add +4.1% | 1.92% | +0.38 |
| AQN Algonquin Power & Utilities | New | 0.29% | +0.29 |
| GOOGL Alphabet Inc. Class A | Add +30.8% | 0.60% | +0.25 |
| COST Costco Wholesale Corp. | Add +62.1% | 0.40% | +0.21 |
| MSFT Microsoft Corp. | Add +19.1% | 0.70% | +0.19 |
| BNS Bank of Nova Scotia | Add +58.3% | 0.53% | +0.18 |
| REGN Regeneron Pharmaceuticals | New | 0.16% | +0.16 |
| ANET Arista Networks Inc. | Add +0.1% | 0.65% | +0.16 |
| DELL Dell Technologies -C | New | 0.16% | +0.16 |
| PWR Quanta Services Inc. | New | 0.14% | +0.14 |
| GEV GE Vernova Inc. | New | 0.13% | +0.13 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +38.0% | 0.33% | +0.13 |
| CL Colgate-Palmolive Co. | New | 0.12% | +0.12 |
| AMZN Amazon.com Inc. | Add +28.6% | 0.36% | +0.12 |
| PG The Procter & Gamble Co. | Add +38.4% | 0.29% | +0.10 |
| PDD PDD Holdings Inc. | Add +33.3% | 0.26% | +0.10 |
| BNT Brookfield Reins Ltd. | Add +74.0% | 0.21% | +0.10 |
| BCE Bce Inc. | New | 0.10% | +0.10 |
| VRTX Vertex Pharmaceuticals Inc. | Add +0.0% | 0.49% | +0.09 |
| MELI MercadoLibre Inc. | Add +23.3% | 0.28% | +0.09 |
| CRWD CrowdStrike Holdings Inc. Class A | Add +0.2% | 0.37% | +0.09 |
| IAG Iamgold Corp. | New | 0.08% | +0.08 |
| RACE Ferrari NV | Add +8.5% | 0.75% | +0.07 |
| SLSR Solaris Resources Inc. | New | 0.06% | +0.06 |
| CEG Constellation Energy | Add +11.8% | 0.24% | +0.06 |
| AMGN Amgen Inc. | Add +1.4% | 0.32% | +0.06 |
| AFL Aflac Inc. | Add +6.0% | 0.31% | +0.05 |
| OWL Blue Owl Capital Inc. | New | 0.05% | +0.05 |
| KLAC KLA Corp. | Add +0.1% | 0.22% | +0.05 |
| MRSH Marsh & McLennan Cos | Add +1.8% | 0.39% | +0.05 |
| NVT Nvent Electric PLC | Add +11.1% | 0.24% | +0.05 |
| FMS Fresenius Medical Care-ADR | Add +27.4% | 0.15% | +0.04 |
| BAH Booz Allen Hamilton Holdings | Add +78.3% | 0.08% | +0.04 |
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 |