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

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B $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 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%
MPC Marathon Petroleum Corp. 0.10% 6,294 $1.1M Reduce -4.5%
BCE Bce Inc. 0.10% 32,880 $1.1M New
CBOE Cboe Global Markets Inc. 0.10% 6,120 $1.0M Reduce -69.0%
LSPD Lightspeed Commerce Inc. 0.09% 69,664 $952K Reduce -0.6%
ECL Ecolab Inc. 0.08% 3,726 $887K Add +64.4%
CAH Cardinal Health Inc. 0.08% 9,010 $886K No change
BAH Booz Allen Hamilton Holdings 0.08% 5,704 $878K Add +78.3%
IAG Iamgold Corp. 0.08% 231,296 $869K New
RGEN Repligen Corp. 0.08% 6,645 $838K No change
TDG Transdigm Group Inc. 0.07% 615 $786K Add +0.3%
CTAS Cintas Corp. 0.07% 1,092 $765K No change
SLSR Solaris Resources Inc. 0.06% 251,525 $702K New
TSM Taiwan Semiconductor-SP ADR 0.06% 4,004 $696K Add +2.2%
FMX Fomento Economico Mex-SP ADR 0.05% 5,315 $572K Reduce -87.3%
ENB Enbridge Inc. 0.05% 15,390 $547K Reduce -97.6%
OWL Blue Owl Capital Inc. 0.05% 30,499 $541K New
PSX Phillips 66 0.05% 3,595 $508K No change
RGA Reinsurance Group of America 0.04% 2,218 $455K Add +16.1%
FSV Firstservice Corp. 0.04% 2,949 $449K Reduce -98.2%
TNK Teekay Tankers Ltd. Class A 0.04% 5,910 $407K No change
MA Mastercard Inc. Class A 0.03% 837 $369K Add +1.0%
CFG Citizens Financial Group 0.03% 9,348 $337K Add +57.7%
TD Toronto-Dominion Bank 0.03% 5,600 $308K Reduce -99.2%
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.03% 334 $301K No change
SHEL Shell PLC-ADR 0.03% 4,055 $293K Add +2.9%
ONTO Onto Innovation Inc. 0.03% 1,315 $289K New
INTU Intuit Inc. 0.02% 403 $265K Reduce -62.5%
APG Api Group Corp. 0.02% 6,905 $260K Add +2.0%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.02% 2,750 $246K Reduce -6.8%
POWL Powell Industries Inc. 0.02% 1,635 $234K Add +1.2%
VMC Vulcan Materials Co. 0.02% 935 $233K New
CW Curtiss-Wright Corp. 0.02% 850 $230K No change
DGS Wisdomtree Em Small Cap 0.02% 4,305 $221K New
FTI Technipfmc PLC 0.02% 8,150 $213K No change
AAPL Apple Inc. 0.02% 970 $204K Reduce -40.6%
NOW ServiceNow Inc. 0.02% 256 $201K New
JOF Japan Smaller Capitalization 0.02% 24,600 $186K No change
CX Cemex Sab-Spons ADR Part Cer 0.01% 15,535 $99K Reduce -58.9%
GAU Galiano Gold Inc. 0.00% 17,000 $29K No change

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

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