Triasima Portfolio Management inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Triasima Portfolio Management inc. reported 128 stock positions worth $547.2 million. Its top holding was Royal Bank of Canada (RY) at 5.2% of the portfolio, followed by Brookfield (BN, 3.0%) and Shopify Class A (SHOP, 2.8%). Compared with Q1 2025, it opened 23 new positions, sold out of 39, added to 54 and reduced 43. The biggest buy was a new position in Toronto-Dominion Bank (TD) and the biggest sale an exit from Pembina Pipeline (PBA).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001938757
- Portfolio Value
- $547.2M (Q2 2025)
- SEC Filing
- 0001938757-25-000009 ↗ filed Jul 23, 2025
Holdings Value
Holdings 128 stocks · $547.2M
| RY Royal Bank of Canada | 5.21% | 216,559 | $28.5M | Reduce -20.7% |
| BN Brookfield Corp. | 2.99% | 264,943 | $16.4M | Reduce -28.5% |
| SHOP Shopify Inc. Class A | 2.82% | 134,249 | $15.5M | Reduce -14.4% |
| CLS Celestica Inc. | 2.64% | 92,775 | $14.5M | Reduce -13.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 2.49% | 192,086 | $13.6M | Reduce -1.9% |
| KGC Kinross Gold Corp. | 2.45% | 859,091 | $13.4M | Reduce -29.2% |
| ENB Enbridge Inc. | 2.17% | 262,391 | $11.9M | Add +14.6% |
| AGI Alamos Gold Inc. Class A | 2.11% | 435,364 | $11.6M | Reduce -25.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.09% | 103,567 | $11.5M | Reduce -27.6% |
| NVDA Nvidia Corp. | 1.87% | 64,600 | $10.2M | Add +18.5% |
| FTS Fortis Inc. | 1.83% | 209,745 | $10.0M | Add +85.5% |
| TRI Thomson Reuters Corp. | 1.72% | 46,995 | $9.4M | Reduce -13.3% |
| AVGO Broadcom Inc. | 1.72% | 34,122 | $9.4M | Add +10.2% |
| MSFT Microsoft Corp. | 1.69% | 18,575 | $9.2M | Add +10.8% |
| NTR Nutrien Ltd. | 1.64% | 154,600 | $9.0M | Add +1.6% |
| RACE Ferrari NV | 1.63% | 18,223 | $8.9M | Reduce -15.7% |
| GOOGL Alphabet Inc. Class A | 1.56% | 48,588 | $8.6M | Reduce -13.7% |
| TD Toronto-Dominion Bank | 1.55% | 115,690 | $8.5M | New |
| MELI MercadoLibre Inc. | 1.53% | 3,200 | $8.4M | Add +9.4% |
| ARES Ares Management Corp. Class A | 1.50% | 47,287 | $8.2M | Reduce -2.3% |
| RBA RB Global Inc. | 1.47% | 75,749 | $8.0M | Reduce -1.9% |
| JPM JPMorgan Chase & Co. | 1.44% | 27,154 | $7.9M | Add +16.3% |
| RELX Relx PLC - Spon ADR | 1.27% | 127,720 | $6.9M | Add +192.2% |
| MFC Manulife Financial Corp. | 1.26% | 215,410 | $6.9M | Reduce -40.5% |
| WELL Welltower Inc. | 1.19% | 42,449 | $6.5M | Add +14.4% |
| AXON Axon Enterprise Inc. | 1.17% | 7,765 | $6.4M | Add +4.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.15% | 51,160 | $6.3M | Add +7.3% |
| META Meta Platforms Inc. Class A | 1.14% | 8,456 | $6.2M | Add +15.8% |
| V Visa Inc. Class A | 1.11% | 17,137 | $6.1M | Add +27.1% |
| PAAS Pan American Silver Corp. | 1.09% | 211,010 | $6.0M | Add +29.1% |
| SPOT Spotify Technology SA | 1.06% | 7,529 | $5.8M | New |
| NOW ServiceNow Inc. | 1.03% | 5,489 | $5.6M | Add +0.0% |
| IAG Iamgold Corp. | 1.02% | 759,188 | $5.6M | Add +189.2% |
| GEV GE Vernova Inc. | 1.01% | 10,402 | $5.5M | Add +39.0% |
| TRP TC Energy Corp. | 0.93% | 104,481 | $5.1M | Reduce -47.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.91% | 22,089 | $5.0M | Add +44.6% |
| BSX Boston Scientific Corp. | 0.91% | 46,484 | $5.0M | Add +4.3% |
| AER Aercap Holdings NV | 0.91% | 42,510 | $5.0M | Add +3.1% |
| RSG Republic Services Inc. | 0.89% | 19,846 | $4.9M | Add +8.8% |
| CIB Grupo Cibest SA-ADR | 0.88% | 104,655 | $4.8M | Add +138.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.88% | 15,077 | $4.8M | Reduce -7.0% |
| CAE Cae Inc. | 0.84% | 157,900 | $4.6M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.83% | 135,120 | $4.5M | Add +0.2% |
| UNM Unum Group | 0.82% | 55,290 | $4.5M | Add +47.5% |
| WCN Waste Connections Inc. | 0.80% | 23,365 | $4.4M | Reduce -28.6% |
| XPEV Xpeng Inc. - ADR | 0.77% | 236,865 | $4.2M | Add +82.1% |
| AEM Agnico Eagle Mines Ltd. | 0.77% | 35,535 | $4.2M | Reduce -31.1% |
| SYK Stryker Corp. | 0.75% | 10,424 | $4.1M | Add +160.9% |
| CNQ Canadian Natural Resources | 0.71% | 124,670 | $3.9M | Add +46.8% |
| VOO Vanguard S&P 500 ETF | 0.71% | 6,835 | $3.9M | Add +5.2% |
| HLI Houlihan Lokey Inc. | 0.71% | 21,500 | $3.9M | Reduce -5.1% |
| GILD Gilead Sciences Inc. | 0.70% | 34,666 | $3.8M | Add +838.2% |
| TOST Toast Inc. Class A | 0.70% | 86,727 | $3.8M | New |
| COST Costco Wholesale Corp. | 0.69% | 3,805 | $3.8M | Add +12.3% |
| WAB Wabtec Corp. | 0.68% | 17,850 | $3.7M | Add +64.3% |
| STN Stantec Inc. | 0.68% | 34,319 | $3.7M | New |
| GATX Gatx Corp. | 0.68% | 24,176 | $3.7M | Add +66.9% |
| MMYT Makemytrip Ltd. | 0.68% | 37,769 | $3.7M | Add +54.6% |
| TTAN Servicetitan Inc. Class A | 0.67% | 34,037 | $3.6M | New |
| SLF Sun Life Financial Inc. | 0.66% | 54,630 | $3.6M | Reduce -22.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.65% | 64,190 | $3.5M | Reduce -59.4% |
| BBU Brookfield Business PT-Unit | 0.64% | 135,680 | $3.5M | Reduce -20.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.64% | 254,379 | $3.5M | Reduce -19.6% |
| ORLY O'reilly Automotive Inc. | 0.64% | 38,685 | $3.5M | Add +789.3% |
| TIGO Millicom Intl Cellular S.A. | 0.63% | 91,505 | $3.4M | New |
| KD Kyndryl Holdings Inc. | 0.62% | 80,565 | $3.4M | Reduce -0.4% |
| ROP Roper Technologies Inc. | 0.60% | 5,772 | $3.3M | Add +1372.5% |
| MCK McKesson Corp. | 0.59% | 4,434 | $3.2M | New |
| PANW Palo Alto Networks Inc. | 0.58% | 15,621 | $3.2M | Reduce -1.5% |
| CHRW C.H. Robinson Worldwide Inc. | 0.57% | 32,645 | $3.1M | No change |
| SFM Sprouts Farmers Market Inc. | 0.56% | 18,702 | $3.1M | Add +26.2% |
| BOW Bowhead Specialty Holdings I | 0.56% | 81,720 | $3.1M | Add +311.2% |
| SOBO South Bow Corp. | 0.55% | 116,885 | $3.0M | No change |
| CP Canadian Pacific Kansas City | 0.55% | 37,700 | $3.0M | New |
| NGD New Gold Inc. | 0.55% | 601,765 | $3.0M | Add +42.0% |
| DSGX The Descartes Systems Grp | 0.54% | 29,305 | $3.0M | Reduce -57.5% |
| BABA Alibaba Group Holding-SP ADR | 0.53% | 25,450 | $2.9M | Add +22.9% |
| WPM Wheaton Precious Metals Corp. | 0.50% | 30,600 | $2.7M | Reduce -35.6% |
| ROL Rollins Inc. | 0.49% | 47,465 | $2.7M | Add +958.3% |
| CCJ Cameco Corp. | 0.47% | 34,350 | $2.5M | Reduce -37.4% |
| AMZN Amazon.com Inc. | 0.44% | 11,012 | $2.4M | Reduce -9.2% |
| BCH Banco DE Chile-ADR | 0.43% | 77,380 | $2.4M | Add +227.3% |
| FER Ferrovial NV | 0.43% | 43,585 | $2.3M | New |
| ABT Abbott Laboratories | 0.40% | 16,285 | $2.2M | New |
| T AT&T Inc. | 0.39% | 73,389 | $2.1M | Add +30.3% |
| NVS Novartis AG-Sponsored ADR | 0.39% | 17,465 | $2.1M | No change |
| CSCO Cisco Systems Inc. | 0.32% | 25,574 | $1.8M | Add +67.5% |
| MRSH Marsh & McLennan Cos | 0.32% | 8,018 | $1.8M | Reduce -68.4% |
| UBER Uber Technologies Inc. | 0.31% | 18,463 | $1.7M | Add +155.3% |
| VZLA Vizsla Silver Corp. | 0.28% | 524,856 | $1.5M | New |
| BNT Brookfield Wealth Solutions | 0.28% | 25,022 | $1.5M | Reduce -19.2% |
| EFA iShares MSCI Eafe ETF | 0.27% | 16,796 | $1.5M | Reduce -10.2% |
| AZO AutoZone Inc. | 0.27% | 391 | $1.5M | Add +394.9% |
| CARR Carrier Global Corp. | 0.26% | 19,420 | $1.4M | New |
| OTIS Otis Worldwide Corp. | 0.25% | 13,969 | $1.4M | No change |
| ECL Ecolab Inc. | 0.25% | 5,068 | $1.4M | Add +10.2% |
| EZPW Ezcorp Inc. Class A | 0.24% | 95,195 | $1.3M | Add +90.3% |
| CTAS Cintas Corp. | 0.22% | 5,479 | $1.2M | Add +36.7% |
| GFL GFL Environmental Inc.-Sub VT | 0.22% | 24,196 | $1.2M | Reduce -63.8% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.21% | 174,907 | $1.2M | New |
Portfolio Sells Q1 2025 → Q2 2025
| PBA Pembina Pipeline Corp. | Sold out | 0.00% | −2.10 |
| MFC Manulife Financial Corp. | Reduce -40.5% | 1.26% | −0.96 |
| AGI Alamos Gold Inc. Class A | Reduce -25.4% | 2.11% | −0.96 |
| TRP TC Energy Corp. | Reduce -47.4% | 0.93% | −0.92 |
| MRSH Marsh & McLennan Cos | Reduce -68.4% | 0.32% | −0.90 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −0.89 |
| RY Royal Bank of Canada | Reduce -20.7% | 5.21% | −0.85 |
| BNS Bank of Nova Scotia | Reduce -59.4% | 0.65% | −0.83 |
| BN Brookfield Corp. | Reduce -28.5% | 2.99% | −0.83 |
| DSGX The Descartes Systems Grp | Reduce -57.5% | 0.54% | −0.82 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.70 |
| AVB Avalonbay Communities Inc. | Sold out | 0.00% | −0.69 |
| PG The Procter & Gamble Co. | Sold out | 0.00% | −0.67 |
| ANET Arista Networks Inc. | Reduce -85.6% | 0.14% | −0.67 |
| KEY Keycorp | Sold out | 0.00% | −0.63 |
| BMO Bank of Montreal | Reduce -27.6% | 2.09% | −0.59 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −0.59 |
| GEHC GE Healthcare Technology | Sold out | 0.00% | −0.58 |
| KGC Kinross Gold Corp. | Reduce -29.2% | 2.45% | −0.56 |
| WCN Waste Connections Inc. | Reduce -28.6% | 0.80% | −0.53 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.51 |
| ONON On Holding AG Class A | Sold out | 0.00% | −0.48 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −0.48 |
| FSV Firstservice Corp. | Sold out | 0.00% | −0.47 |
| AMT American Tower Corp. | Sold out | 0.00% | −0.44 |
| CL Colgate-Palmolive Co. | Sold out | 0.00% | −0.44 |
| CRH CRH PLC | Sold out | 0.00% | −0.43 |
| GFL GFL Environmental Inc.-Sub VT | Reduce -63.8% | 0.22% | −0.41 |
| IT Gartner Inc. | Sold out | 0.00% | −0.35 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.34 |
| AEM Agnico Eagle Mines Ltd. | Reduce -31.1% | 0.77% | −0.33 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.32 |
| ASML ASML Holding NV-NY Reg SHS | Sold out | 0.00% | −0.26 |
| WPM Wheaton Precious Metals Corp. | Reduce -35.6% | 0.50% | −0.22 |
| AJG Arthur J Gallagher & Co. | Reduce -7.0% | 0.88% | −0.22 |
| CEG Constellation Energy | Reduce -65.2% | 0.21% | −0.20 |
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −0.19 |
| ROST Ross Stores Inc. | Sold out | 0.00% | −0.19 |
| RACE Ferrari NV | Reduce -15.7% | 1.63% | −0.19 |
| PPTA Perpetua Resources Corp. | Sold out | 0.00% | −0.17 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.16 |
| CIGI Colliers Intl GR-Subord Vot | Sold out | 0.00% | −0.16 |
| GOOGL Alphabet Inc. Class A | Reduce -13.7% | 1.56% | −0.15 |
| MEOH Methanex Corp. | Sold out | 0.00% | −0.15 |
| BBU Brookfield Business PT-Unit | Reduce -20.5% | 0.64% | −0.14 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.14 |
| DCBO Docebo Inc. | Sold out | 0.00% | −0.13 |
| SLF Sun Life Financial Inc. | Reduce -22.0% | 0.66% | −0.13 |
| LNC Lincoln National Corp. | Sold out | 0.00% | −0.12 |
| TRI Thomson Reuters Corp. | Reduce -13.3% | 1.72% | −0.12 |
Portfolio Buys Q1 2025 → Q2 2025
| TD Toronto-Dominion Bank | New | 1.55% | +1.55 |
| SPOT Spotify Technology SA | New | 1.06% | +1.06 |
| CAE Cae Inc. | New | 0.84% | +0.84 |
| RELX Relx PLC - Spon ADR | Add +192.2% | 1.27% | +0.83 |
| FTS Fortis Inc. | Add +85.5% | 1.83% | +0.81 |
| NVDA Nvidia Corp. | Add +18.5% | 1.87% | +0.70 |
| TOST Toast Inc. Class A | New | 0.70% | +0.70 |
| AVGO Broadcom Inc. | Add +10.2% | 1.72% | +0.70 |
| IAG Iamgold Corp. | Add +189.2% | 1.02% | +0.70 |
| STN Stantec Inc. | New | 0.68% | +0.68 |
| TTAN Servicetitan Inc. Class A | New | 0.67% | +0.67 |
| TIGO Millicom Intl Cellular S.A. | New | 0.63% | +0.63 |
| GILD Gilead Sciences Inc. | Add +838.2% | 0.70% | +0.62 |
| MCK McKesson Corp. | New | 0.59% | +0.59 |
| GEV GE Vernova Inc. | Add +39.0% | 1.01% | +0.56 |
| ORLY O'reilly Automotive Inc. | Add +789.3% | 0.64% | +0.56 |
| ROP Roper Technologies Inc. | Add +1372.5% | 0.60% | +0.55 |
| CP Canadian Pacific Kansas City | New | 0.55% | +0.55 |
| CIB Grupo Cibest SA-ADR | Add +138.0% | 0.88% | +0.54 |
| SYK Stryker Corp. | Add +160.9% | 0.75% | +0.46 |
| MSFT Microsoft Corp. | Add +10.8% | 1.69% | +0.45 |
| ROL Rollins Inc. | Add +958.3% | 0.49% | +0.44 |
| FER Ferrovial NV | New | 0.43% | +0.43 |
| TSM Taiwan Semiconductor-SP ADR | Add +44.6% | 0.91% | +0.42 |
| MELI MercadoLibre Inc. | Add +9.4% | 1.53% | +0.41 |
| ABT Abbott Laboratories | New | 0.40% | +0.40 |
| AXON Axon Enterprise Inc. | Add +4.3% | 1.17% | +0.40 |
| BOW Bowhead Specialty Holdings I | Add +311.2% | 0.56% | +0.40 |
| META Meta Platforms Inc. Class A | Add +15.8% | 1.14% | +0.31 |
| JPM JPMorgan Chase & Co. | Add +16.3% | 1.44% | +0.31 |
| BCH Banco DE Chile-ADR | Add +227.3% | 0.43% | +0.31 |
| WAB Wabtec Corp. | Add +64.3% | 0.68% | +0.30 |
| VZLA Vizsla Silver Corp. | New | 0.28% | +0.28 |
| PAAS Pan American Silver Corp. | Add +29.1% | 1.09% | +0.26 |
| CARR Carrier Global Corp. | New | 0.26% | +0.26 |
| XPEV Xpeng Inc. - ADR | Add +82.1% | 0.77% | +0.24 |
| NGD New Gold Inc. | Add +42.0% | 0.55% | +0.24 |
| GATX Gatx Corp. | Add +66.9% | 0.68% | +0.24 |
| UNM Unum Group | Add +47.5% | 0.82% | +0.22 |
| ARIS Aris Mining Corp. | New | 0.21% | +0.21 |
| UBER Uber Technologies Inc. | Add +155.3% | 0.31% | +0.21 |
| AZO AutoZone Inc. | Add +394.9% | 0.27% | +0.21 |
| MMYT Makemytrip Ltd. | Add +54.6% | 0.68% | +0.21 |
| CNQ Canadian Natural Resources | Add +46.8% | 0.71% | +0.20 |
| V Visa Inc. Class A | Add +27.1% | 1.11% | +0.18 |
| ENB Enbridge Inc. | Add +14.6% | 2.17% | +0.18 |
| NOW ServiceNow Inc. | Add +0.0% | 1.03% | +0.17 |
| NTR Nutrien Ltd. | Add +1.6% | 1.64% | +0.16 |
| CSCO Cisco Systems Inc. | Add +67.5% | 0.32% | +0.14 |
| SFM Sprouts Farmers Market Inc. | Add +26.2% | 0.56% | +0.12 |
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 |