Triasima Portfolio Management inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Triasima Portfolio Management inc. reported 85 stock positions worth $444.9 million. Its top holding was Royal Bank of Canada (RY) at 8.8% of the portfolio, followed by Brookfield (BN, 5.1%) and Can Imperial BK of Commerce (CM, 3.9%). Compared with Q2 2024, it opened 11 new positions, sold out of 65, added to 28 and reduced 39. The biggest buy was TC Energy (TRP, shares +54%) and the biggest sale an exit from Cameco (CCJ).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001938757
- Portfolio Value
- $444.9M (Q3 2024)
- SEC Filing
- 0001938757-24-000012 ↗ filed Nov 12, 2024
Holdings Value
Holdings 85 stocks · $444.9M
| RY Royal Bank of Canada | 8.78% | 312,914 | $39.1M | Reduce -64.1% |
| BN Brookfield Corp. | 5.13% | 429,550 | $22.8M | Reduce -64.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 3.89% | 281,916 | $17.3M | Reduce -69.2% |
| KGC Kinross Gold Corp. | 3.60% | 1,708,450 | $16.0M | Reduce -59.6% |
| PBA Pembina Pipeline Corp. | 3.24% | 349,538 | $14.4M | Reduce -55.5% |
| TRP TC Energy Corp. | 3.17% | 296,692 | $14.1M | Add +54.1% |
| CNQ Canadian Natural Resources | 2.81% | 376,814 | $12.5M | Reduce -74.6% |
| MFC Manulife Financial Corp. | 2.80% | 421,408 | $12.5M | Reduce -73.3% |
| AGI Alamos Gold Inc. Class A | 2.76% | 616,727 | $12.3M | Reduce -55.6% |
| TRI Thomson Reuters Corp. | 2.70% | 70,407 | $12.0M | Reduce -66.0% |
| NVDA Nvidia Corp. | 2.22% | 81,467 | $9.9M | Reduce -0.3% |
| RACE Ferrari NV | 2.12% | 20,071 | $9.4M | No change |
| EGO Eldorado Gold Corp. | 2.04% | 523,117 | $9.1M | Reduce -59.0% |
| TD Toronto-Dominion Bank | 1.88% | 132,522 | $8.4M | Add +2266.5% |
| DSGX The Descartes Systems Grp | 1.84% | 79,528 | $8.2M | Reduce -68.7% |
| MSFT Microsoft Corp. | 1.80% | 18,611 | $8.0M | Add +8.2% |
| GOOGL Alphabet Inc. Class A | 1.75% | 46,969 | $7.8M | Add +30.1% |
| IMO Imperial Oil Ltd. | 1.74% | 109,750 | $7.7M | Reduce -71.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.55% | 126,789 | $6.9M | Reduce -0.6% |
| WCN Waste Connections Inc. | 1.54% | 38,227 | $6.8M | Reduce -75.1% |
| ARES Ares Management Corp. Class A | 1.48% | 42,350 | $6.6M | Reduce -20.3% |
| ANET Arista Networks Inc. | 1.44% | 16,654 | $6.4M | Reduce -17.5% |
| HUBB Hubbell Inc. | 1.29% | 13,436 | $5.8M | Reduce -3.0% |
| CLS Celestica Inc. | 1.28% | 111,485 | $5.7M | Reduce -67.5% |
| ENB Enbridge Inc. | 1.22% | 133,640 | $5.4M | Add +768.4% |
| VRTX Vertex Pharmaceuticals Inc. | 1.21% | 11,533 | $5.4M | Add +0.2% |
| VOO Vanguard S&P 500 ETF | 1.20% | 10,089 | $5.3M | Reduce -2.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.13% | 42,747 | $5.0M | Add +17.4% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.08% | 17,154 | $4.8M | Add +1.3% |
| PRMW Primo Water Corp. | 1.07% | 189,251 | $4.8M | Reduce -67.5% |
| JPM JPMorgan Chase & Co. | 1.06% | 22,288 | $4.7M | Add +7.3% |
| MRSH Marsh & McLennan Cos | 1.03% | 20,496 | $4.6M | Add +0.3% |
| RBA RB Global Inc. | 1.02% | 56,408 | $4.5M | Reduce -76.2% |
| AVGO Broadcom Inc. | 1.01% | 26,085 | $4.5M | Add +79.7% |
| AFL Aflac Inc. | 1.00% | 39,926 | $4.5M | Add +6.9% |
| GEV GE Vernova Inc. | 0.91% | 15,935 | $4.1M | Add +92.8% |
| AMT American Tower Corp. | 0.90% | 17,255 | $4.0M | New |
| AEM Agnico Eagle Mines Ltd. | 0.88% | 48,850 | $3.9M | Reduce -84.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.88% | 288,224 | $3.9M | Add +3.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.88% | 32,974 | $3.9M | Reduce -47.5% |
| COR Cencora Inc. | 0.87% | 17,246 | $3.9M | Reduce -7.1% |
| NVS Novartis AG-Sponsored ADR | 0.83% | 32,275 | $3.7M | Add +160.3% |
| AMGN Amgen Inc. | 0.82% | 11,382 | $3.7M | Add +1.6% |
| BABA Alibaba Group Holding-SP ADR | 0.80% | 33,510 | $3.6M | Add +1.6% |
| CEG Constellation Energy | 0.79% | 13,441 | $3.5M | Add +0.8% |
| PG The Procter & Gamble Co. | 0.78% | 19,991 | $3.5M | Add +2.3% |
| GRBK Green Brick Partners Inc. | 0.76% | 40,735 | $3.4M | Reduce -7.4% |
| AQN Algonquin Power & Utilities | 0.66% | 538,700 | $2.9M | No change |
| RSG Republic Services Inc. | 0.66% | 14,565 | $2.9M | Add +27.7% |
| BCE Bce Inc. | 0.65% | 82,730 | $2.9M | Add +151.6% |
| BNT Brookfield Wealth Solutions | 0.65% | 54,054 | $2.9M | Reduce -2.1% |
| SLF Sun Life Financial Inc. | 0.62% | 47,650 | $2.8M | Add +12.5% |
| AMZN Amazon.com Inc. | 0.60% | 14,441 | $2.7M | Reduce -28.8% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.59% | 51,920 | $2.6M | New |
| SU Suncor Energy Inc. | 0.58% | 70,200 | $2.6M | Reduce -89.5% |
| WFG West Fraser Timber Co. Ltd. | 0.57% | 26,087 | $2.5M | Reduce -2.3% |
| BSX Boston Scientific Corp. | 0.57% | 30,210 | $2.5M | New |
| CL Colgate-Palmolive Co. | 0.57% | 24,232 | $2.5M | Add +73.1% |
| GEHC GE Healthcare Technology | 0.56% | 26,619 | $2.5M | New |
| WPM Wheaton Precious Metals Corp. | 0.56% | 40,500 | $2.5M | Reduce -90.5% |
| B Barrick Gold Corp. | 0.55% | 123,700 | $2.5M | New |
| HLI Houlihan Lokey Inc. | 0.50% | 13,952 | $2.2M | Add +3.3% |
| EFA iShares MSCI Eafe ETF | 0.48% | 25,427 | $2.1M | Add +1.2% |
| CIGI Colliers Intl GR-Subord Vot | 0.47% | 13,858 | $2.1M | New |
| RELX Relx PLC - Spon ADR | 0.47% | 44,045 | $2.1M | Add +0.6% |
| GIL Gildan Activewear Inc. | 0.46% | 43,500 | $2.0M | New |
| COOP Mr Cooper Group Inc. | 0.43% | 20,845 | $1.9M | No change |
| NGD New Gold Inc. | 0.43% | 653,401 | $1.9M | Reduce -1.8% |
| T AT&T Inc. | 0.41% | 82,570 | $1.8M | No change |
| TFII Tfi International Inc. | 0.40% | 12,999 | $1.8M | Reduce -81.2% |
| KEY Keycorp | 0.37% | 97,074 | $1.6M | Reduce -4.0% |
| ERO Ero Copper Corp. | 0.34% | 67,897 | $1.5M | New |
| FTS Fortis Inc. | 0.30% | 28,975 | $1.3M | No change |
| DCBO Docebo Inc. | 0.29% | 29,346 | $1.3M | Reduce -27.9% |
| IAG Iamgold Corp. | 0.29% | 243,791 | $1.3M | Add +5.4% |
| BIP Brookfield Infrastructure Pa | 0.26% | 32,980 | $1.2M | New |
| OWL Blue Owl Capital Inc. | 0.13% | 30,499 | $590K | No change |
| LNC Lincoln National Corp. | 0.12% | 16,525 | $521K | Reduce -84.1% |
| BAM Brookfield Asset Mgmt-A | 0.12% | 10,828 | $512K | Reduce -98.0% |
| FMS Fresenius Medical Care-ADR | 0.10% | 20,560 | $438K | Reduce -75.9% |
| CFG Citizens Financial Group | 0.09% | 10,004 | $411K | Add +7.0% |
| BCH Banco DE Chile-ADR | 0.07% | 11,490 | $291K | New |
| CMRE Costamare Inc. | 0.05% | 14,500 | $228K | New |
| JOF Japan Smaller Capitalization | 0.05% | 24,600 | $203K | No change |
| GAU Galiano Gold Inc. | 0.00% | 11,000 | $16K | Reduce -35.3% |
Portfolio Sells Q2 2024 → Q3 2024
| CCJ Cameco Corp. | Sold out | 0.00% | −3.34 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −3.16 |
| STN Stantec Inc. | Sold out | 0.00% | −2.62 |
| SHOP Shopify Inc. Class A | Sold out | 0.00% | −2.20 |
| CNQ Canadian Natural Resources | Reduce -74.6% | 2.81% | −2.02 |
| BAM Brookfield Asset Mgmt-A | Reduce -98.0% | 0.12% | −1.82 |
| SU Suncor Energy Inc. | Reduce -89.5% | 0.58% | −1.75 |
| NTR Nutrien Ltd. | Sold out | 0.00% | −1.69 |
| BEP Brookfield Renewable Partner | Sold out | 0.00% | −1.55 |
| WPM Wheaton Precious Metals Corp. | Reduce -90.5% | 0.56% | −1.49 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −1.31 |
| MFC Manulife Financial Corp. | Reduce -73.3% | 2.80% | −1.05 |
| AEM Agnico Eagle Mines Ltd. | Reduce -84.8% | 0.88% | −1.03 |
| WCN Waste Connections Inc. | Reduce -75.1% | 1.54% | −0.93 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.82 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.73 |
| RBA RB Global Inc. | Reduce -76.2% | 1.02% | −0.64 |
| IMO Imperial Oil Ltd. | Reduce -71.0% | 1.74% | −0.63 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.54 |
| TFII Tfi International Inc. | Reduce -81.2% | 0.40% | −0.52 |
| CLS Celestica Inc. | Reduce -67.5% | 1.28% | −0.52 |
| TRI Thomson Reuters Corp. | Reduce -66.0% | 2.70% | −0.49 |
| ETN Eaton Corp. PLC | Sold out | 0.00% | −0.43 |
| DSGX The Descartes Systems Grp | Reduce -68.7% | 1.84% | −0.41 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.40 |
| CRWD CrowdStrike Holdings Inc. Class A | Sold out | 0.00% | −0.37 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.32 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.30 |
| MELI MercadoLibre Inc. | Sold out | 0.00% | −0.28 |
| MLM Martin Marietta Materials | Sold out | 0.00% | −0.28 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.26 |
| SMCI Super Micro Computer Inc. | Sold out | 0.00% | −0.25 |
| NVT Nvent Electric PLC | Sold out | 0.00% | −0.24 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.24 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.24 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.22 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.20 |
| IT Gartner Inc. | Sold out | 0.00% | −0.19 |
| LNC Lincoln National Corp. | Reduce -84.1% | 0.12% | −0.18 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.17 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.17 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.16 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.16 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.15 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.14 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.12 |
| NOA North American Construction | Sold out | 0.00% | −0.11 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −0.10 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.10 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −0.10 |
Portfolio Buys Q2 2024 → Q3 2024
| TRP TC Energy Corp. | Add +54.1% | 3.17% | +2.50 |
| TD Toronto-Dominion Bank | Add +2266.5% | 1.88% | +1.86 |
| ENB Enbridge Inc. | Add +768.4% | 1.22% | +1.17 |
| GOOGL Alphabet Inc. Class A | Add +30.1% | 1.75% | +1.15 |
| MSFT Microsoft Corp. | Add +8.2% | 1.80% | +1.10 |
| AMT American Tower Corp. | New | 0.90% | +0.90 |
| AVGO Broadcom Inc. | Add +79.7% | 1.01% | +0.80 |
| GEV GE Vernova Inc. | Add +92.8% | 0.91% | +0.78 |
| TJX TJX Companies Inc. | Add +17.4% | 1.13% | +0.76 |
| NVS Novartis AG-Sponsored ADR | Add +160.3% | 0.83% | +0.71 |
| VRTX Vertex Pharmaceuticals Inc. | Add +0.2% | 1.21% | +0.71 |
| AFL Aflac Inc. | Add +6.9% | 1.00% | +0.70 |
| AJG Arthur J Gallagher & Co. | Add +1.3% | 1.08% | +0.68 |
| JPM JPMorgan Chase & Co. | Add +7.3% | 1.06% | +0.67 |
| MRSH Marsh & McLennan Cos | Add +0.3% | 1.03% | +0.63 |
| ONON On Holding AG Class A | New | 0.59% | +0.59 |
| BABA Alibaba Group Holding-SP ADR | Add +1.6% | 0.80% | +0.58 |
| BSX Boston Scientific Corp. | New | 0.57% | +0.57 |
| GEHC GE Healthcare Technology | New | 0.56% | +0.56 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +3.1% | 0.88% | +0.55 |
| B Barrick Gold Corp. | New | 0.55% | +0.55 |
| BCE Bce Inc. | Add +151.6% | 0.65% | +0.55 |
| CEG Constellation Energy | Add +0.8% | 0.79% | +0.54 |
| AMGN Amgen Inc. | Add +1.6% | 0.82% | +0.50 |
| PG The Procter & Gamble Co. | Add +2.3% | 0.78% | +0.48 |
| CIGI Colliers Intl GR-Subord Vot | New | 0.47% | +0.47 |
| GIL Gildan Activewear Inc. | New | 0.46% | +0.46 |
| RSG Republic Services Inc. | Add +27.7% | 0.66% | +0.45 |
| CL Colgate-Palmolive Co. | Add +73.1% | 0.57% | +0.44 |
| SLF Sun Life Financial Inc. | Add +12.5% | 0.62% | +0.43 |
| ERO Ero Copper Corp. | New | 0.34% | +0.34 |
| HLI Houlihan Lokey Inc. | Add +3.3% | 0.50% | +0.33 |
| EFA iShares MSCI Eafe ETF | Add +1.2% | 0.48% | +0.30 |
| RELX Relx PLC - Spon ADR | Add +0.6% | 0.47% | +0.29 |
| BIP Brookfield Infrastructure Pa | New | 0.26% | +0.26 |
| IAG Iamgold Corp. | Add +5.4% | 0.29% | +0.21 |
| BCH Banco DE Chile-ADR | New | 0.07% | +0.07 |
| CFG Citizens Financial Group | Add +7.0% | 0.09% | +0.06 |
| CMRE Costamare Inc. | New | 0.05% | +0.05 |
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 |