Triasima Portfolio Management inc.

Name: Triasima Portfolio Management inc. 13F holdings, Q2 2025
Creator: Triasima Portfolio Management inc.
Published: 2025-07-23

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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
MOS The Mosaic Co.	0.21%	32,065	$1.2M	Add +54.5%
CEG Constellation Energy	0.21%	3,595	$1.2M	Reduce -65.2%
TTWO Take-Two Interactive Softwre	0.19%	4,224	$1.0M	Add +13.4%
TDG Transdigm Group Inc.	0.17%	625	$950K	Add +12.4%
VEEV Veeva Systems Inc. Class A	0.16%	2,958	$852K	Add +1.9%
ANET Arista Networks Inc.	0.14%	7,650	$783K	Reduce -85.6%
OWL Blue Owl Capital Inc.	0.13%	35,948	$691K	Reduce -7.8%
ISRG Intuitive Surgical Inc.	0.12%	1,212	$659K	Reduce -18.4%
WMT Walmart Inc.	0.11%	6,345	$620K	Reduce -1.6%
TKO Tko Group Holdings Inc.	0.11%	3,349	$609K	New
PBI Pitney Bowes Inc.	0.10%	48,545	$530K	New
MA Mastercard Inc. Class A	0.08%	803	$451K	Reduce -0.1%
KR Kroger Co.	0.08%	6,242	$448K	New
CW Curtiss-Wright Corp.	0.08%	850	$415K	No change
GSY Invesco Ultra Short Duration	0.07%	7,985	$400K	New
DE Deere & Co.	0.07%	765	$389K	New
GGAL Grupo Financiero Galicia-ADR	0.06%	6,873	$346K	Reduce -6.1%
MUSA Murphy USA Inc.	0.06%	755	$307K	Reduce -56.3%
FTI Technipfmc PLC	0.05%	8,150	$281K	No change
KODK Eastman Kodak Co.	0.05%	48,995	$277K	Add +91.7%
BAM Brookfield Asset Mgmt-A	0.05%	4,917	$272K	Reduce -49.5%
VIRT Virtu Financial Inc. Class A	0.05%	5,675	$254K	New
PFGC Performance Food Group Co.	0.05%	2,833	$248K	New
VNET Vnet Group Inc.-ADR	0.04%	31,300	$216K	Reduce -12.6%
SSRM SSR Mining Inc.	0.03%	11,700	$149K	No change
JOF Japan Smaller Capitalization	0.02%	11,900	$115K	No change
EQX Equinox Gold Corp.	0.02%	18,633	$107K	New
BB Blackberry Ltd.	0.02%	19,500	$89K	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