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

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 Q4 2024 Q1 2025: $508.2M $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 · $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
CTAS Cintas Corp. 0.16% 4,009 $824K Reduce -41.0%
MUSA Murphy USA Inc. 0.16% 1,727 $811K Reduce -62.2%
BOW Bowhead Specialty Holdings I 0.16% 19,875 $808K New
ACN Accenture PLC Class A 0.16% 2,587 $807K Add +18.3%
CIGI Colliers Intl GR-Subord Vot 0.16% 6,660 $806K Reduce -55.8%
OWL Blue Owl Capital Inc. 0.15% 38,993 $781K Reduce -0.7%
TTWO Take-Two Interactive Softwre 0.15% 3,725 $772K New
TDG Transdigm Group Inc. 0.15% 556 $769K Reduce -22.7%
MEOH Methanex Corp. 0.15% 21,064 $739K Reduce -31.7%
EZPW Ezcorp Inc. Class A 0.14% 50,020 $736K New
ISRG Intuitive Surgical Inc. 0.14% 1,485 $735K Add +191.2%
NEE Nextera Energy Inc. 0.14% 9,740 $690K No change
VEEV Veeva Systems Inc. Class A 0.13% 2,902 $672K New
DCBO Docebo Inc. 0.13% 22,318 $642K Reduce -22.9%
BCH Banco DE Chile-ADR 0.12% 23,645 $626K Add +37.5%
LNC Lincoln National Corp. 0.12% 17,224 $619K No change
WMT Walmart Inc. 0.11% 6,445 $566K New
MOS The Mosaic Co. 0.11% 20,755 $561K New
UBER Uber Technologies Inc. 0.10% 7,231 $527K Add +50.0%
BAM Brookfield Asset Mgmt-A 0.09% 9,728 $471K No change
DNN Denison Mines Corp. 0.09% 348,688 $455K New
MA Mastercard Inc. Class A 0.09% 804 $441K Reduce -1.5%
ORLY O'reilly Automotive Inc. 0.08% 290 $415K Add +45.0%
GILD Gilead Sciences Inc. 0.08% 3,695 $414K New
CFG Citizens Financial Group 0.08% 10,004 $410K No change
GGAL Grupo Financiero Galicia-ADR 0.08% 7,320 $399K Add +16.0%
COHR Coherent Corp. 0.07% 5,140 $334K Reduce -7.1%
MAA Mid-America Apartment Comm 0.06% 1,800 $302K No change
AZO AutoZone Inc. 0.06% 79 $301K New
NVT Nvent Electric PLC 0.06% 5,622 $295K No change
VNET Vnet Group Inc.-ADR 0.06% 35,825 $294K New
CW Curtiss-Wright Corp. 0.05% 850 $270K No change
POWL Powell Industries Inc. 0.05% 1,554 $265K No change
FTI Technipfmc PLC 0.05% 8,150 $258K No change
ROL Rollins Inc. 0.05% 4,485 $242K Reduce -0.9%
RGA Reinsurance Group of America 0.05% 1,190 $234K Reduce -48.0%
ROP Roper Technologies Inc. 0.05% 392 $231K New
AAPL Apple Inc. 0.04% 970 $215K No change
IRM Iron Mountain Inc. filed as IRON MTN INC DEL 0.04% 2,450 $211K Reduce -91.4%
NLY Annaly Capital Management Inc. 0.04% 10,000 $203K No change
REAL The Realreal Inc. filed as THE REALREAL INC 0.04% 33,400 $180K New
KODK Eastman Kodak Co. 0.03% 25,555 $162K New
SSRM SSR Mining Inc. 0.02% 11,700 $117K New
JOF Japan Smaller Capitalization 0.02% 11,900 $100K No change

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

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