Triasima Portfolio Management inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 28, 2025), Triasima Portfolio Management inc. reported 144 stock positions worth $515.3 million. Its top holding was Royal Bank of Canada (RY) at 7.1% of the portfolio, followed by Brookfield (BN, 4.3%) and Can Imperial BK of Commerce (CM, 3.1%). Compared with Q3 2024, it opened 66 new positions, sold out of 8, added to 32 and reduced 42. The biggest buy was a new position in Shopify Class A (SHOP) and the biggest sale an exit from Eldorado Gold (EGO).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001938757
Portfolio Value
$515.3M (Q4 2024)
SEC Filing
0001938757-25-000002 ↗ filed Jan 28, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $1.2B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $444.9M Q3 2024 Q4 2024: $515.3M $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 144 stocks · $515.3M
RY Royal Bank of Canada 7.14% 305,386 $36.8M Reduce -2.4%
BN Brookfield Corp. 4.32% 387,470 $22.3M Reduce -9.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 3.09% 251,784 $15.9M Reduce -10.7%
KGC Kinross Gold Corp. 2.70% 1,498,594 $13.9M Reduce -12.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 2.67% 255,921 $13.7M Add +101.8%
TRP TC Energy Corp. 2.42% 268,280 $12.5M Reduce -9.6%
MFC Manulife Financial Corp. 2.25% 377,214 $11.6M Reduce -10.5%
AGI Alamos Gold Inc. Class A 2.13% 596,373 $11.0M Reduce -3.3%
CNQ Canadian Natural Resources 2.03% 338,199 $10.4M Reduce -10.3%
NVDA Nvidia Corp. 2.00% 76,718 $10.3M Reduce -5.8%
PBA Pembina Pipeline Corp. 1.95% 272,032 $10.0M Reduce -22.2%
GOOGL Alphabet Inc. Class A 1.90% 51,624 $9.8M Add +9.9%
RACE Ferrari NV 1.80% 21,782 $9.3M Add +8.5%
TRI Thomson Reuters Corp. 1.70% 54,500 $8.7M Reduce -22.6%
ANET Arista Networks Inc. 1.68% 78,487 $8.7M Add +17.8%
CLS Celestica Inc. 1.67% 93,053 $8.6M Reduce -16.5%
DSGX The Descartes Systems Grp 1.64% 74,460 $8.5M Reduce -6.4%
SHOP Shopify Inc. Class A 1.60% 77,445 $8.2M New
MSFT Microsoft Corp. 1.53% 18,763 $7.9M Add +0.8%
AVGO Broadcom Inc. 1.53% 34,108 $7.9M Add +30.8%
ARES Ares Management Corp. Class A 1.51% 43,934 $7.8M Add +3.7%
WCN Waste Connections Inc. 1.22% 36,727 $6.3M Reduce -3.9%
HUBB Hubbell Inc. 1.12% 13,771 $5.8M Add +2.5%
IMO Imperial Oil Ltd. 1.11% 92,849 $5.7M Reduce -15.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.11% 47,141 $5.7M Add +10.3%
ENB Enbridge Inc. 1.09% 132,811 $5.6M Reduce -0.6%
JPM JPMorgan Chase & Co. 1.07% 23,064 $5.5M Add +3.5%
MRSH Marsh & McLennan Cos 1.04% 25,333 $5.4M Add +23.6%
MELI MercadoLibre Inc. 0.95% 2,870 $4.9M New
AXON Axon Enterprise Inc. 0.95% 8,201 $4.9M New
RBA RB Global Inc. 0.94% 53,823 $4.9M Reduce -4.6%
VRTX Vertex Pharmaceuticals Inc. 0.91% 11,660 $4.7M Add +1.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.87% 15,842 $4.5M Reduce -7.7%
AEM Agnico Eagle Mines Ltd. 0.84% 55,100 $4.3M Add +12.8%
AFL Aflac Inc. 0.83% 41,366 $4.3M Add +3.6%
LLY Eli Lilly & Co. 0.80% 5,311 $4.1M New
V Visa Inc. Class A 0.79% 12,929 $4.1M New
GEV GE Vernova Inc. 0.79% 12,340 $4.1M Reduce -22.6%
IBN Icici Bank Ltd.-Spon ADR 0.78% 134,895 $4.0M New
NOW ServiceNow Inc. 0.78% 3,793 $4.0M New
AMZN Amazon.com Inc. 0.77% 18,134 $4.0M Add +25.6%
HLI Houlihan Lokey Inc. 0.76% 22,656 $3.9M Add +62.4%
IT Gartner Inc. 0.72% 7,692 $3.7M New
AVB Avalonbay Communities Inc. 0.71% 16,696 $3.7M New
BSX Boston Scientific Corp. 0.71% 41,010 $3.7M Add +35.8%
VOO Vanguard S&P 500 ETF 0.70% 6,689 $3.6M Reduce -33.7%
PWR Quanta Services Inc. 0.68% 11,023 $3.5M New
KEY Keycorp 0.67% 201,580 $3.5M Add +107.7%
PG The Procter & Gamble Co. 0.65% 19,991 $3.4M No change
CHRW C.H. Robinson Worldwide Inc. 0.65% 32,380 $3.3M New
RSG Republic Services Inc. 0.63% 16,151 $3.2M Add +10.9%
COST Costco Wholesale Corp. 0.63% 3,538 $3.2M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.63% 311,979 $3.2M Add +8.2%
MRVL Marvell Technology Inc. 0.61% 28,395 $3.1M New
VERX Vertex Inc. Class A 0.61% 58,761 $3.1M New
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.58% 28,540 $3.0M New
ONON On Holding AG Class A filed as ON HLDG AG 0.58% 54,720 $3.0M Add +5.4%
PAAS Pan American Silver Corp. 0.56% 143,975 $2.9M New
PANW Palo Alto Networks Inc. 0.56% 15,825 $2.9M New
SLF Sun Life Financial Inc. 0.55% 47,900 $2.8M Add +0.5%
PYPL PayPal Holdings Inc. 0.55% 33,125 $2.8M New
FSV Firstservice Corp. 0.55% 15,556 $2.8M New
BNT Brookfield Wealth Solutions 0.50% 44,872 $2.6M Reduce -17.0%
REGN Regeneron Pharmaceuticals 0.49% 3,519 $2.5M New
CEG Constellation Energy 0.48% 11,098 $2.5M Reduce -17.4%
CCJ Cameco Corp. 0.48% 48,150 $2.5M New
SU Suncor Energy Inc. 0.47% 68,000 $2.4M Reduce -3.1%
TSM Taiwan Semiconductor-SP ADR 0.47% 12,240 $2.4M New
WPM Wheaton Precious Metals Corp. 0.45% 41,000 $2.3M Add +1.2%
MUSA Murphy USA Inc. 0.44% 4,565 $2.3M New
CL Colgate-Palmolive Co. 0.44% 25,126 $2.3M Add +3.7%
AER Aercap Holdings NV 0.44% 23,710 $2.3M New
MMYT Makemytrip Ltd. 0.44% 20,122 $2.3M New
CP Canadian Pacific Kansas City 0.43% 30,322 $2.2M New
GIL Gildan Activewear Inc. 0.41% 45,390 $2.1M Add +4.3%
GEHC GE Healthcare Technology 0.40% 26,619 $2.1M No change
WFG West Fraser Timber Co. Ltd. 0.40% 23,952 $2.1M Reduce -8.2%
MSI Motorola Solutions Inc. 0.40% 4,435 $2.0M New
CIGI Colliers Intl GR-Subord Vot 0.40% 15,058 $2.0M Add +8.7%
ADSK Autodesk Inc. 0.40% 6,905 $2.0M New
NVS Novartis AG-Sponsored ADR 0.39% 20,498 $2.0M Reduce -36.5%
AMT American Tower Corp. 0.39% 10,850 $2.0M Reduce -37.1%
RELX Relx PLC - Spon ADR 0.38% 43,345 $2.0M Reduce -1.6%
META Meta Platforms Inc. Class A 0.38% 3,362 $2.0M New
COOP Mr Cooper Group Inc. 0.38% 20,450 $2.0M Reduce -1.9%
SFM Sprouts Farmers Market Inc. 0.37% 14,818 $1.9M New
T AT&T Inc. 0.36% 82,510 $1.9M Reduce -0.1%
TFII Tfi International Inc. 0.36% 13,855 $1.9M Add +6.6%
IAG Iamgold Corp. 0.35% 352,315 $1.8M Add +44.5%
BABA Alibaba Group Holding-SP ADR 0.34% 20,635 $1.7M Reduce -38.4%
GRBK Green Brick Partners Inc. 0.33% 29,885 $1.7M Reduce -26.6%
MEOH Methanex Corp. 0.30% 30,835 $1.5M New
NGD New Gold Inc. 0.30% 616,517 $1.5M Reduce -5.6%
WELL Welltower Inc. 0.29% 12,000 $1.5M New
EFA iShares MSCI Eafe ETF 0.28% 18,742 $1.4M Reduce -26.3%
ASML ASML Holding NV-NY Reg SHS 0.26% 1,966 $1.4M New
DCBO Docebo Inc. 0.25% 28,953 $1.3M Reduce -1.3%
CTAS Cintas Corp. 0.24% 6,795 $1.2M New
FTS Fortis Inc. 0.23% 28,852 $1.2M Reduce -0.4%
CBOE Cboe Global Markets Inc. 0.23% 6,120 $1.2M New
ROST Ross Stores Inc. 0.22% 7,610 $1.2M New
SYK Stryker Corp. 0.22% 3,190 $1.1M New
AMGN Amgen Inc. 0.21% 4,244 $1.1M Reduce -62.7%
ECL Ecolab Inc. 0.21% 4,600 $1.1M New
KLAC KLA Corp. 0.21% 1,701 $1.1M New
BIP Brookfield Infrastructure Pa 0.21% 33,330 $1.1M Add +1.1%
OWL Blue Owl Capital Inc. 0.18% 39,249 $913K Add +28.7%
TDG Transdigm Group Inc. 0.18% 719 $911K New
CSCO Cisco Systems Inc. 0.18% 15,272 $904K New
BAH Booz Allen Hamilton Holdings 0.17% 6,856 $882K New
SOBO South Bow Corp. 0.16% 34,055 $803K Reduce -42.6%
ACN Accenture PLC Class A 0.15% 2,187 $769K New
OTIS Otis Worldwide Corp. 0.14% 7,820 $724K New
NEE Nextera Energy Inc. 0.14% 9,740 $698K New
LNC Lincoln National Corp. 0.11% 17,224 $546K Add +4.2%
BAM Brookfield Asset Mgmt-A 0.10% 9,728 $527K Reduce -10.2%
COHR Coherent Corp. 0.10% 5,534 $524K New
NVO Novo-Nordisk A/S-Spons ADR 0.10% 5,693 $490K Reduce -82.7%
RGA Reinsurance Group of America 0.09% 2,290 $489K New
CFG Citizens Financial Group 0.08% 10,004 $438K No change
MA Mastercard Inc. Class A 0.08% 816 $430K New
GGAL Grupo Financiero Galicia-ADR 0.08% 6,310 $393K New
BCH Banco DE Chile-ADR 0.08% 17,190 $390K Add +49.6%
NVT Nvent Electric PLC 0.07% 5,622 $383K New
POWL Powell Industries Inc. 0.07% 1,554 $344K New
CW Curtiss-Wright Corp. 0.06% 850 $302K New
GSY Invesco Ultra Short Duration 0.06% 82,510 $292K New
UBER Uber Technologies Inc. 0.06% 4,822 $291K New
TD Toronto-Dominion Bank 0.06% 5,400 $287K Reduce -95.9%
MAA Mid-America Apartment Comm 0.05% 1,800 $278K New
ISRG Intuitive Surgical Inc. 0.05% 510 $266K New
SHEL Shell PLC-ADR 0.05% 3,975 $249K New
GWW WW Grainger Inc. filed as GRAINGER W W INC 0.05% 231 $243K New
AAPL Apple Inc. 0.05% 970 $243K New
ORLY O'reilly Automotive Inc. 0.05% 200 $237K New
FTI Technipfmc PLC 0.05% 8,150 $236K New
ROL Rollins Inc. 0.04% 4,525 $210K New
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.04% 2,115 $205K New
CMRE Costamare Inc. 0.04% 14,500 $186K No change
NLY Annaly Capital Management Inc. 0.04% 10,000 $183K New
TU Telus Corp. 0.03% 10,805 $146K New
SILV Silvercrest Metals Inc. 0.03% 14,700 $134K New
JOF Japan Smaller Capitalization 0.02% 11,900 $91K Reduce -51.6%
AQN Algonquin Power & Utilities 0.02% 19,700 $87K Reduce -96.3%

Portfolio Sells Q3 2024 → Q4 2024
EGO Eldorado Gold Corp. Sold out 0.00% −2.04
TD Toronto-Dominion Bank Reduce -95.9% 0.06% −1.83
RY Royal Bank of Canada Reduce -2.4% 7.14% −1.64
PBA Pembina Pipeline Corp. Reduce -22.2% 1.95% −1.29
PRMW Primo Water Corp. Sold out 0.00% −1.07
TRI Thomson Reuters Corp. Reduce -22.6% 1.70% −1.00
KGC Kinross Gold Corp. Reduce -12.3% 2.70% −0.90
COR Cencora Inc. Sold out 0.00% −0.87
BN Brookfield Corp. Reduce -9.8% 4.32% −0.81
CM Can Imperial BK of Commerce Reduce -10.7% 3.09% −0.80
CNQ Canadian Natural Resources Reduce -10.3% 2.03% −0.79
NVO Novo-Nordisk A/S-Spons ADR Reduce -82.7% 0.10% −0.79
TRP TC Energy Corp. Reduce -9.6% 2.42% −0.75
BCE Bce Inc. Sold out 0.00% −0.65
AQN Algonquin Power & Utilities Reduce -96.3% 0.02% −0.64
AGI Alamos Gold Inc. Class A Reduce -3.3% 2.13% −0.63
IMO Imperial Oil Ltd. Reduce -15.4% 1.11% −0.63
AMGN Amgen Inc. Reduce -62.7% 0.21% −0.61
B Barrick Gold Corp. Sold out 0.00% −0.55
MFC Manulife Financial Corp. Reduce -10.5% 2.25% −0.55
AMT American Tower Corp. Reduce -37.1% 0.39% −0.52
VOO Vanguard S&P 500 ETF Reduce -33.7% 0.70% −0.50
BABA Alibaba Group Holding-SP ADR Reduce -38.4% 0.34% −0.46
NVS Novartis AG-Sponsored ADR Reduce -36.5% 0.39% −0.45
GRBK Green Brick Partners Inc. Reduce -26.6% 0.33% −0.44
ERO Ero Copper Corp. Sold out 0.00% −0.34
WCN Waste Connections Inc. Reduce -3.9% 1.22% −0.31
CEG Constellation Energy Reduce -17.4% 0.48% −0.30
NVDA Nvidia Corp. Reduce -5.8% 2.00% −0.22
AJG Arthur J Gallagher & Co. Reduce -7.7% 0.87% −0.21
EFA iShares MSCI Eafe ETF Reduce -26.3% 0.28% −0.20
DSGX The Descartes Systems Grp Reduce -6.4% 1.64% −0.20
WFG West Fraser Timber Co. Ltd. Reduce -8.2% 0.40% −0.17
SOBO South Bow Corp. Reduce -42.6% 0.16% −0.16
BNT Brookfield Wealth Solutions Reduce -17.0% 0.50% −0.15
ENB Enbridge Inc. Reduce -0.6% 1.09% −0.13
NGD New Gold Inc. Reduce -5.6% 0.30% −0.13
GEV GE Vernova Inc. Reduce -22.6% 0.79% −0.13
SU Suncor Energy Inc. Reduce -3.1% 0.47% −0.11
FMS Fresenius Medical Care-ADR Sold out 0.00% −0.10
RELX Relx PLC - Spon ADR Reduce -1.6% 0.38% −0.09
RBA RB Global Inc. Reduce -4.6% 0.94% −0.08
FTS Fortis Inc. Reduce -0.4% 0.23% −0.06
COOP Mr Cooper Group Inc. Reduce -1.9% 0.38% −0.05
T AT&T Inc. Reduce -0.1% 0.36% −0.04
DCBO Docebo Inc. Reduce -1.3% 0.25% −0.04
JOF Japan Smaller Capitalization Reduce -51.6% 0.02% −0.03
BAM Brookfield Asset Mgmt-A Reduce -10.2% 0.10% −0.01
GAU Galiano Gold Inc. Sold out 0.00% −0.00
CLS Celestica Inc. Reduce -16.5% 1.67% +0.38

Portfolio Buys Q3 2024 → Q4 2024
SHOP Shopify Inc. Class A New 1.60% +1.60
BNS Bank of Nova Scotia Add +101.8% 2.67% +1.11
MELI MercadoLibre Inc. New 0.95% +0.95
AXON Axon Enterprise Inc. New 0.95% +0.95
LLY Eli Lilly & Co. New 0.80% +0.80
V Visa Inc. Class A New 0.79% +0.79
IBN Icici Bank Ltd.-Spon ADR New 0.78% +0.78
NOW ServiceNow Inc. New 0.78% +0.78
IT Gartner Inc. New 0.72% +0.72
AVB Avalonbay Communities Inc. New 0.71% +0.71
PWR Quanta Services Inc. New 0.68% +0.68
CHRW C.H. Robinson Worldwide Inc. New 0.65% +0.65
COST Costco Wholesale Corp. New 0.63% +0.63
MRVL Marvell Technology Inc. New 0.61% +0.61
VERX Vertex Inc. Class A New 0.61% +0.61
IRM Iron Mountain Inc. New 0.58% +0.58
PAAS Pan American Silver Corp. New 0.56% +0.56
PANW Palo Alto Networks Inc. New 0.56% +0.56
PYPL PayPal Holdings Inc. New 0.55% +0.55
FSV Firstservice Corp. New 0.55% +0.55
AVGO Broadcom Inc. Add +30.8% 1.53% +0.52
REGN Regeneron Pharmaceuticals New 0.49% +0.49
CCJ Cameco Corp. New 0.48% +0.48
TSM Taiwan Semiconductor-SP ADR New 0.47% +0.47
MUSA Murphy USA Inc. New 0.44% +0.44
AER Aercap Holdings NV New 0.44% +0.44
MMYT Makemytrip Ltd. New 0.44% +0.44
CP Canadian Pacific Kansas City New 0.43% +0.43
MSI Motorola Solutions Inc. New 0.40% +0.40
ADSK Autodesk Inc. New 0.40% +0.40
META Meta Platforms Inc. Class A New 0.38% +0.38
SFM Sprouts Farmers Market Inc. New 0.37% +0.37
KEY Keycorp Add +107.7% 0.67% +0.30
MEOH Methanex Corp. New 0.30% +0.30
WELL Welltower Inc. New 0.29% +0.29
HLI Houlihan Lokey Inc. Add +62.4% 0.76% +0.27
ASML ASML Holding NV-NY Reg SHS New 0.26% +0.26
ANET Arista Networks Inc. Add +17.8% 1.68% +0.25
CTAS Cintas Corp. New 0.24% +0.24
CBOE Cboe Global Markets Inc. New 0.23% +0.23
ROST Ross Stores Inc. New 0.22% +0.22
SYK Stryker Corp. New 0.22% +0.22
ECL Ecolab Inc. New 0.21% +0.21
KLAC KLA Corp. New 0.21% +0.21
TDG Transdigm Group Inc. New 0.18% +0.18
CSCO Cisco Systems Inc. New 0.18% +0.18
BAH Booz Allen Hamilton Holdings New 0.17% +0.17
AMZN Amazon.com Inc. Add +25.6% 0.77% +0.17
ACN Accenture PLC Class A New 0.15% +0.15
GOOGL Alphabet Inc. Class A Add +9.9% 1.90% +0.15

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