Triasima Portfolio Management inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 2, 2025), Triasima Portfolio Management inc. reported 144 stock positions worth $508.2 million. Its top holding was Royal Bank of Canada (RY) at 6.1% of the portfolio, followed by Brookfield (BN, 3.8%) and Alamos Gold Class A (AGI, 3.1%). Compared with Q4 2024, it opened 26 new positions, sold out of 26, added to 43 and reduced 53. The biggest buy was Bank of Montreal (BMO, shares +6665%) and the biggest sale Canadian Natural Resources (CNQ, shares −75%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001938757
- Portfolio Value
- $508.2M (Q1 2025)
- SEC Filing
- 0001938757-25-000005 ↗ filed May 2, 2025
Holdings Value
Holdings 144 stocks · $508.2M
| RY Royal Bank of Canada | 6.05% | 273,197 | $30.8M | Reduce -10.5% |
| BN Brookfield Corp. | 3.82% | 370,672 | $19.4M | Reduce -4.3% |
| AGI Alamos Gold Inc. Class A | 3.07% | 583,564 | $15.6M | Reduce -2.1% |
| KGC Kinross Gold Corp. | 3.01% | 1,213,632 | $15.3M | Reduce -19.0% |
| SHOP Shopify Inc. Class A | 2.93% | 156,799 | $14.9M | Add +102.5% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.69% | 143,072 | $13.7M | Add +6664.6% |
| MFC Manulife Financial Corp. | 2.22% | 362,303 | $11.3M | Reduce -4.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.17% | 195,836 | $11.0M | Reduce -22.2% |
| PBA Pembina Pipeline Corp. | 2.10% | 266,919 | $10.7M | Reduce -1.9% |
| ENB Enbridge Inc. | 1.99% | 229,066 | $10.1M | Add +72.5% |
| TRP TC Energy Corp. | 1.85% | 198,626 | $9.4M | Reduce -26.0% |
| TRI Thomson Reuters Corp. | 1.84% | 54,205 | $9.4M | Reduce -0.5% |
| RACE Ferrari NV | 1.82% | 21,611 | $9.2M | Reduce -0.8% |
| GOOGL Alphabet Inc. Class A | 1.71% | 56,291 | $8.7M | Add +9.0% |
| CLS Celestica Inc. | 1.66% | 106,780 | $8.4M | Add +14.8% |
| RBA RB Global Inc. | 1.53% | 77,250 | $7.8M | Add +43.5% |
| NTR Nutrien Ltd. | 1.49% | 152,242 | $7.6M | New |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.48% | 158,171 | $7.5M | Reduce -38.2% |
| ARES Ares Management Corp. Class A | 1.40% | 48,379 | $7.1M | Add +10.1% |
| DSGX The Descartes Systems Grp | 1.37% | 68,960 | $6.9M | Reduce -7.4% |
| WCN Waste Connections Inc. | 1.33% | 32,729 | $6.7M | Reduce -10.9% |
| MSFT Microsoft Corp. | 1.24% | 16,757 | $6.3M | Reduce -10.7% |
| MRSH Marsh & McLennan Cos | 1.22% | 25,393 | $6.2M | Add +0.2% |
| NVDA Nvidia Corp. | 1.16% | 54,509 | $5.9M | Reduce -28.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.14% | 47,701 | $5.8M | Add +1.2% |
| JPM JPMorgan Chase & Co. | 1.13% | 23,358 | $5.7M | Add +1.3% |
| MELI MercadoLibre Inc. | 1.12% | 2,925 | $5.7M | Add +1.9% |
| WELL Welltower Inc. | 1.12% | 37,108 | $5.7M | Add +209.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 1.10% | 16,219 | $5.6M | Add +2.4% |
| AEM Agnico Eagle Mines Ltd. | 1.10% | 51,600 | $5.6M | Reduce -6.3% |
| AVGO Broadcom Inc. | 1.02% | 30,969 | $5.2M | Reduce -9.2% |
| FTS Fortis Inc. | 1.01% | 113,060 | $5.1M | Add +291.9% |
| V Visa Inc. Class A | 0.93% | 13,480 | $4.7M | Add +4.3% |
| GIL Gildan Activewear Inc. | 0.89% | 101,765 | $4.5M | Add +124.2% |
| BSX Boston Scientific Corp. | 0.88% | 44,569 | $4.5M | Add +8.7% |
| RSG Republic Services Inc. | 0.87% | 18,235 | $4.4M | Add +12.9% |
| NOW ServiceNow Inc. | 0.86% | 5,487 | $4.4M | Add +44.7% |
| IBN Icici Bank Ltd.-Spon ADR | 0.84% | 134,895 | $4.3M | No change |
| PAAS Pan American Silver Corp. | 0.83% | 163,510 | $4.2M | Add +13.6% |
| AER Aercap Holdings NV | 0.83% | 41,210 | $4.2M | Add +73.8% |
| META Meta Platforms Inc. Class A | 0.83% | 7,300 | $4.2M | Add +117.1% |
| ANET Arista Networks Inc. | 0.81% | 53,152 | $4.1M | Reduce -32.3% |
| SLF Sun Life Financial Inc. | 0.79% | 70,030 | $4.0M | Add +46.2% |
| BBU Brookfield Business PT-Unit | 0.79% | 170,685 | $4.0M | New |
| AXON Axon Enterprise Inc. | 0.77% | 7,448 | $3.9M | Reduce -9.2% |
| WPM Wheaton Precious Metals Corp. | 0.73% | 47,500 | $3.7M | Add +15.8% |
| HLI Houlihan Lokey Inc. | 0.72% | 22,656 | $3.7M | No change |
| IMO Imperial Oil Ltd. | 0.70% | 49,330 | $3.6M | Reduce -46.9% |
| AVB Avalonbay Communities Inc. | 0.69% | 16,379 | $3.5M | Reduce -1.9% |
| PG The Procter & Gamble Co. | 0.67% | 19,991 | $3.4M | No change |
| CHRW C.H. Robinson Worldwide Inc. | 0.66% | 32,645 | $3.3M | Add +0.8% |
| VOO Vanguard S&P 500 ETF | 0.66% | 6,500 | $3.3M | Reduce -2.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.64% | 316,356 | $3.2M | Add +1.4% |
| GFL GFL Environmental Inc.-Sub VT | 0.63% | 66,776 | $3.2M | New |
| KEY Keycorp | 0.63% | 201,580 | $3.2M | No change |
| COST Costco Wholesale Corp. | 0.63% | 3,389 | $3.2M | Reduce -4.2% |
| UNM Unum Group | 0.60% | 37,485 | $3.1M | New |
| VRTX Vertex Pharmaceuticals Inc. | 0.59% | 6,213 | $3.0M | Reduce -46.7% |
| SOBO South Bow Corp. | 0.59% | 116,885 | $3.0M | Add +243.2% |
| GEHC GE Healthcare Technology | 0.58% | 36,665 | $3.0M | Add +37.7% |
| BABA Alibaba Group Holding-SP ADR | 0.54% | 20,710 | $2.7M | Add +0.4% |
| PANW Palo Alto Networks Inc. | 0.53% | 15,860 | $2.7M | Add +0.2% |
| XPEV Xpeng Inc. - ADR | 0.53% | 130,070 | $2.7M | New |
| CNQ Canadian Natural Resources | 0.51% | 84,953 | $2.6M | Reduce -74.9% |
| AFL Aflac Inc. | 0.51% | 23,136 | $2.6M | Reduce -44.1% |
| KD Kyndryl Holdings Inc. | 0.50% | 80,900 | $2.5M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.50% | 15,272 | $2.5M | Add +24.8% |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.48% | 55,905 | $2.5M | Add +2.2% |
| COOP Mr Cooper Group Inc. | 0.48% | 20,450 | $2.4M | No change |
| FSV Firstservice Corp. | 0.47% | 14,549 | $2.4M | Reduce -6.5% |
| MMYT Makemytrip Ltd. | 0.47% | 24,423 | $2.4M | Add +21.4% |
| AMZN Amazon.com Inc. | 0.45% | 12,126 | $2.3M | Reduce -33.1% |
| GEV GE Vernova Inc. | 0.45% | 7,482 | $2.3M | Reduce -39.4% |
| SFM Sprouts Farmers Market Inc. | 0.45% | 14,818 | $2.3M | No change |
| CCJ Cameco Corp. | 0.44% | 54,850 | $2.3M | Add +13.9% |
| AMT American Tower Corp. | 0.44% | 10,370 | $2.3M | Reduce -4.4% |
| GATX Gatx Corp. | 0.44% | 14,486 | $2.2M | New |
| CL Colgate-Palmolive Co. | 0.44% | 23,870 | $2.2M | Reduce -5.0% |
| RELX Relx PLC - Spon ADR | 0.43% | 43,710 | $2.2M | Add +0.8% |
| CRH CRH PLC | 0.43% | 24,960 | $2.2M | New |
| CEG Constellation Energy | 0.41% | 10,319 | $2.1M | Reduce -7.0% |
| WAB Wabtec Corp. | 0.39% | 10,867 | $2.0M | New |
| NVS Novartis AG-Sponsored ADR | 0.38% | 17,465 | $1.9M | Reduce -14.8% |
| IT Gartner Inc. | 0.35% | 4,213 | $1.8M | Reduce -45.2% |
| BANCOLOMBIA S.A.-SPONS ADR | 0.35% | 43,975 | $1.8M | New |
| MRVL Marvell Technology Inc. | 0.34% | 28,395 | $1.7M | No change |
| VRT Vertiv Holdings Co. Class A | 0.32% | 22,825 | $1.6M | New |
| IAG Iamgold Corp. | 0.32% | 262,502 | $1.6M | Reduce -25.5% |
| BNT Brookfield Wealth Solutions | 0.32% | 30,951 | $1.6M | Reduce -31.0% |
| T AT&T Inc. | 0.31% | 56,310 | $1.6M | Reduce -31.8% |
| NGD New Gold Inc. | 0.31% | 423,772 | $1.6M | Reduce -31.3% |
| EFA iShares MSCI Eafe ETF | 0.30% | 18,699 | $1.5M | Reduce -0.2% |
| SYK Stryker Corp. | 0.29% | 3,996 | $1.5M | Add +25.3% |
| OTIS Otis Worldwide Corp. | 0.28% | 13,969 | $1.4M | Add +78.6% |
| ASML ASML Holding NV-NY Reg SHS | 0.26% | 1,963 | $1.3M | Reduce -0.1% |
| ECL Ecolab Inc. | 0.23% | 4,600 | $1.2M | No change |
| BIP Brookfield Infrastructure Pa | 0.19% | 33,164 | $986K | Reduce -0.5% |
| ROST Ross Stores Inc. | 0.19% | 7,610 | $972K | No change |
| CSCO Cisco Systems Inc. | 0.19% | 15,272 | $942K | No change |
| PPTA Perpetua Resources Corp. | 0.17% | 80,994 | $864K | New |
Portfolio Sells Q4 2024 → Q1 2025
| CNQ Canadian Natural Resources | Reduce -74.9% | 0.51% | −1.51 |
| BNS Bank of Nova Scotia | Reduce -38.2% | 1.48% | −1.19 |
| HUBB Hubbell Inc. | Sold out | 0.00% | −1.12 |
| RY Royal Bank of Canada | Reduce -10.5% | 6.05% | −1.09 |
| CM Can Imperial BK of Commerce | Reduce -22.2% | 2.17% | −0.92 |
| ANET Arista Networks Inc. | Reduce -32.3% | 0.81% | −0.87 |
| NVDA Nvidia Corp. | Reduce -28.9% | 1.16% | −0.84 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.80 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.68 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −0.61 |
| TRP TC Energy Corp. | Reduce -26.0% | 1.85% | −0.58 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.55 |
| IRM Iron Mountain Inc. | Reduce -91.4% | 0.04% | −0.54 |
| AVGO Broadcom Inc. | Reduce -9.2% | 1.02% | −0.51 |
| BN Brookfield Corp. | Reduce -4.3% | 3.82% | −0.50 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.49 |
| SU Suncor Energy Inc. | Sold out | 0.00% | −0.47 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.43 |
| IMO Imperial Oil Ltd. | Reduce -46.9% | 0.70% | −0.41 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −0.40 |
| MSI Motorola Solutions Inc. | Sold out | 0.00% | −0.40 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.40 |
| IT Gartner Inc. | Reduce -45.2% | 0.35% | −0.38 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.36 |
| GEV GE Vernova Inc. | Reduce -39.4% | 0.45% | −0.34 |
| GRBK Green Brick Partners Inc. | Sold out | 0.00% | −0.33 |
| AFL Aflac Inc. | Reduce -44.1% | 0.51% | −0.32 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -46.7% | 0.59% | −0.32 |
| AMZN Amazon.com Inc. | Reduce -33.1% | 0.45% | −0.32 |
| MSFT Microsoft Corp. | Reduce -10.7% | 1.24% | −0.30 |
| MUSA Murphy USA Inc. | Reduce -62.2% | 0.16% | −0.28 |
| DSGX The Descartes Systems Grp | Reduce -7.4% | 1.37% | −0.28 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -55.8% | 0.16% | −0.24 |
| CBOE Cboe Global Markets Inc. | Sold out | 0.00% | −0.23 |
| AMGN Amgen Inc. | Sold out | 0.00% | −0.21 |
| KLAC KLA Corp. | Sold out | 0.00% | −0.21 |
| BNT Brookfield Wealth Solutions | Reduce -31.0% | 0.32% | −0.18 |
| AXON Axon Enterprise Inc. | Reduce -9.2% | 0.77% | −0.17 |
| BAH Booz Allen Hamilton Holdings | Sold out | 0.00% | −0.17 |
| MEOH Methanex Corp. | Reduce -31.7% | 0.15% | −0.15 |
| DCBO Docebo Inc. | Reduce -22.9% | 0.13% | −0.13 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.10 |
| CTAS Cintas Corp. | Reduce -41.0% | 0.16% | −0.08 |
| CEG Constellation Energy | Reduce -7.0% | 0.41% | −0.07 |
| FSV Firstservice Corp. | Reduce -6.5% | 0.47% | −0.07 |
| GSY Invesco Ultra Short Duration | Sold out | 0.00% | −0.06 |
| TD Toronto-Dominion Bank | Sold out | 0.00% | −0.06 |
| T AT&T Inc. | Reduce -31.8% | 0.31% | −0.05 |
| RGA Reinsurance Group of America | Reduce -48.0% | 0.05% | −0.05 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| BMO Bank of Montreal | Add +6664.6% | 2.69% | +2.65 |
| NTR Nutrien Ltd. | New | 1.49% | +1.49 |
| SHOP Shopify Inc. Class A | Add +102.5% | 2.93% | +1.34 |
| ENB Enbridge Inc. | Add +72.5% | 1.99% | +0.90 |
| WELL Welltower Inc. | Add +209.2% | 1.12% | +0.83 |
| BBU Brookfield Business PT-Unit | New | 0.79% | +0.79 |
| FTS Fortis Inc. | Add +291.9% | 1.01% | +0.78 |
| GFL GFL Environmental Inc.-Sub VT | New | 0.63% | +0.63 |
| UNM Unum Group | New | 0.60% | +0.60 |
| RBA RB Global Inc. | Add +43.5% | 1.53% | +0.58 |
| XPEV Xpeng Inc. - ADR | New | 0.53% | +0.53 |
| KD Kyndryl Holdings Inc. | New | 0.50% | +0.50 |
| GIL Gildan Activewear Inc. | Add +124.2% | 0.89% | +0.47 |
| META Meta Platforms Inc. Class A | Add +117.1% | 0.83% | +0.45 |
| GATX Gatx Corp. | New | 0.44% | +0.44 |
| CRH CRH PLC | New | 0.43% | +0.43 |
| SOBO South Bow Corp. | Add +243.2% | 0.59% | +0.43 |
| AER Aercap Holdings NV | Add +73.8% | 0.83% | +0.39 |
| WAB Wabtec Corp. | New | 0.39% | +0.39 |
| BANCOLOMBIA S.A.-SPONS ADR | New | 0.35% | +0.35 |
| VRT Vertiv Holdings Co. Class A | New | 0.32% | +0.32 |
| WPM Wheaton Precious Metals Corp. | Add +15.8% | 0.73% | +0.28 |
| PAAS Pan American Silver Corp. | Add +13.6% | 0.83% | +0.27 |
| RSG Republic Services Inc. | Add +12.9% | 0.87% | +0.24 |
| SLF Sun Life Financial Inc. | Add +46.2% | 0.79% | +0.24 |
| AJG Arthur J Gallagher & Co. | Add +2.4% | 1.10% | +0.23 |
| BABA Alibaba Group Holding-SP ADR | Add +0.4% | 0.54% | +0.20 |
| GEHC GE Healthcare Technology | Add +37.7% | 0.58% | +0.18 |
| MELI MercadoLibre Inc. | Add +1.9% | 1.12% | +0.18 |
| MRSH Marsh & McLennan Cos | Add +0.2% | 1.22% | +0.18 |
| BSX Boston Scientific Corp. | Add +8.7% | 0.88% | +0.17 |
| PPTA Perpetua Resources Corp. | New | 0.17% | +0.17 |
| BOW Bowhead Specialty Holdings I | New | 0.16% | +0.16 |
| TTWO Take-Two Interactive Softwre | New | 0.15% | +0.15 |
| EZPW Ezcorp Inc. Class A | New | 0.14% | +0.14 |
| OTIS Otis Worldwide Corp. | Add +78.6% | 0.28% | +0.14 |
| V Visa Inc. Class A | Add +4.3% | 0.93% | +0.14 |
| VEEV Veeva Systems Inc. Class A | New | 0.13% | +0.13 |
| WMT Walmart Inc. | New | 0.11% | +0.11 |
| MOS The Mosaic Co. | New | 0.11% | +0.11 |
| ISRG Intuitive Surgical Inc. | Add +191.2% | 0.14% | +0.09 |
| DNN Denison Mines Corp. | New | 0.09% | +0.09 |
| GILD Gilead Sciences Inc. | New | 0.08% | +0.08 |
| NOW ServiceNow Inc. | Add +44.7% | 0.86% | +0.08 |
| SYK Stryker Corp. | Add +25.3% | 0.29% | +0.07 |
| AZO AutoZone Inc. | New | 0.06% | +0.06 |
| VNET Vnet Group Inc.-ADR | New | 0.06% | +0.06 |
| JPM JPMorgan Chase & Co. | Add +1.3% | 1.13% | +0.05 |
| RELX Relx PLC - Spon ADR | Add +0.8% | 0.43% | +0.05 |
| BCH Banco DE Chile-ADR | Add +37.5% | 0.12% | +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 |