Triasima Portfolio Management inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Triasima Portfolio Management inc. reported 149 stock positions worth $662.6 million. Its top holding was Royal Bank of Canada (RY) at 5.0% of the portfolio, followed by Shopify Class A (SHOP, 3.7%) and Kinross Gold (KGC, 3.1%). Compared with Q2 2025, it opened 52 new positions, sold out of 31, added to 59 and reduced 32. The biggest buy was a new position in Hudbay Minerals (HBM) and the biggest sale Manulife Financial (MFC, shares −94%).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001938757
- Portfolio Value
- $662.6M (Q3 2025)
- SEC Filing
- 0001938757-25-000016 ↗ filed Oct 29, 2025
Holdings Value
Holdings 149 stocks · $662.6M
| RY Royal Bank of Canada | 5.00% | 224,679 | $33.1M | Add +3.8% |
| SHOP Shopify Inc. Class A | 3.69% | 164,310 | $24.4M | Add +22.4% |
| KGC Kinross Gold Corp. | 3.05% | 814,961 | $20.2M | Reduce -5.1% |
| BN Brookfield Corp. | 2.99% | 288,866 | $19.8M | Add +9.0% |
| CLS Celestica Inc. | 2.81% | 75,603 | $18.6M | Reduce -18.5% |
| TD Toronto-Dominion Bank | 2.75% | 228,013 | $18.2M | Add +97.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.75% | 228,062 | $18.2M | Add +18.7% |
| MSFT Microsoft Corp. | 2.15% | 27,456 | $14.2M | Add +47.8% |
| AVGO Broadcom Inc. | 2.06% | 41,349 | $13.6M | Add +21.2% |
| NVDA Nvidia Corp. | 2.02% | 71,842 | $13.4M | Add +11.2% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.97% | 99,892 | $13.0M | Reduce -3.5% |
| RBA RB Global Inc. | 1.82% | 111,450 | $12.1M | Add +47.1% |
| GOOGL Alphabet Inc. Class A | 1.78% | 48,643 | $11.8M | Add +0.1% |
| FTS Fortis Inc. | 1.78% | 233,001 | $11.8M | Add +11.1% |
| TIGO Millicom Intl Cellular S.A. | 1.49% | 203,420 | $9.9M | Add +122.3% |
| ENB Enbridge Inc. | 1.48% | 194,272 | $9.8M | Reduce -26.0% |
| PAAS Pan American Silver Corp. | 1.42% | 242,005 | $9.4M | Add +14.7% |
| JPM JPMorgan Chase & Co. | 1.36% | 28,492 | $9.0M | Add +4.9% |
| IAG Iamgold Corp. | 1.35% | 694,050 | $9.0M | Reduce -8.6% |
| NTR Nutrien Ltd. | 1.29% | 145,510 | $8.5M | Reduce -5.9% |
| WELL Welltower Inc. | 1.24% | 46,209 | $8.2M | Add +8.9% |
| MELI MercadoLibre Inc. | 1.22% | 3,470 | $8.1M | Add +8.4% |
| HBM Hudbay Minerals Inc. | 1.22% | 531,833 | $8.1M | New |
| TSM Taiwan Semiconductor-SP ADR | 1.21% | 28,634 | $8.0M | Add +29.6% |
| AGI Alamos Gold Inc. Class A | 1.20% | 227,734 | $7.9M | Reduce -47.7% |
| META Meta Platforms Inc. Class A | 1.18% | 10,652 | $7.8M | Add +26.0% |
| ARES Ares Management Corp. Class A | 1.18% | 48,743 | $7.8M | Add +3.1% |
| SPOT Spotify Technology SA | 1.08% | 10,222 | $7.1M | Add +35.8% |
| FER Ferrovial NV | 1.07% | 121,550 | $7.1M | Add +178.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.03% | 105,882 | $6.8M | Add +65.0% |
| AXON Axon Enterprise Inc. | 1.01% | 9,343 | $6.7M | Add +20.3% |
| IMO Imperial Oil Ltd. | 0.98% | 71,405 | $6.5M | New |
| GEV GE Vernova Inc. | 0.97% | 10,400 | $6.4M | Reduce -0.0% |
| NGD New Gold Inc. | 0.92% | 849,586 | $6.1M | Add +41.2% |
| UBS UBS Group AG-Reg | 0.90% | 144,965 | $5.9M | New |
| CAE Cae Inc. | 0.88% | 197,508 | $5.8M | Add +25.1% |
| AEM Agnico Eagle Mines Ltd. | 0.85% | 33,355 | $5.6M | Reduce -6.1% |
| HLI Houlihan Lokey Inc. | 0.83% | 26,795 | $5.5M | Add +24.6% |
| CIB Grupo Cibest SA-ADR | 0.83% | 105,617 | $5.5M | Add +0.9% |
| XPEV Xpeng Inc. - ADR | 0.82% | 231,805 | $5.4M | Reduce -2.1% |
| AER Aercap Holdings NV | 0.78% | 42,575 | $5.2M | Add +0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.75% | 34,464 | $5.0M | Reduce -32.6% |
| BSX Boston Scientific Corp. | 0.72% | 48,664 | $4.8M | Add +4.7% |
| V Visa Inc. Class A | 0.71% | 13,824 | $4.7M | Reduce -19.3% |
| RSG Republic Services Inc. | 0.71% | 20,413 | $4.7M | Add +2.9% |
| TRI Thomson Reuters Corp. | 0.70% | 29,748 | $4.6M | Reduce -36.7% |
| BABA Alibaba Group Holding-SP ADR | 0.69% | 25,450 | $4.5M | No change |
| COST Costco Wholesale Corp. | 0.67% | 4,789 | $4.4M | Add +25.9% |
| KLAC KLA Corp. | 0.67% | 4,102 | $4.4M | New |
| GILD Gilead Sciences Inc. | 0.66% | 39,111 | $4.3M | Add +12.8% |
| CHRW C.H. Robinson Worldwide Inc. | 0.65% | 32,645 | $4.3M | No change |
| BCS Barclays PLC-Spons ADR | 0.64% | 203,595 | $4.2M | New |
| ORLY O'reilly Automotive Inc. | 0.63% | 38,965 | $4.2M | Add +0.7% |
| GS Goldman Sachs Group Inc. | 0.63% | 5,238 | $4.2M | New |
| DOO BRP Inc./Ca- Sub Voting | 0.62% | 67,635 | $4.1M | New |
| CSCO Cisco Systems Inc. | 0.61% | 59,498 | $4.1M | Add +132.7% |
| STN Stantec Inc. | 0.61% | 37,299 | $4.0M | Add +8.7% |
| VOO Vanguard S&P 500 ETF | 0.59% | 6,343 | $3.9M | Reduce -7.2% |
| ANET Arista Networks Inc. | 0.58% | 26,500 | $3.9M | Add +246.4% |
| NET Cloudflare Inc. Class A | 0.56% | 17,227 | $3.7M | New |
| AMZN Amazon.com Inc. | 0.55% | 16,726 | $3.7M | Add +51.9% |
| ABT Abbott Laboratories | 0.54% | 26,875 | $3.6M | Add +65.0% |
| RACE Ferrari NV | 0.53% | 7,290 | $3.5M | Reduce -60.0% |
| MGA Magna International Inc. | 0.53% | 74,050 | $3.5M | New |
| MCK McKesson Corp. | 0.52% | 4,429 | $3.4M | Reduce -0.1% |
| CCJ Cameco Corp. | 0.50% | 39,700 | $3.3M | Add +15.6% |
| TTAN Servicetitan Inc. Class A | 0.50% | 32,737 | $3.3M | Reduce -3.8% |
| EZPW Ezcorp Inc. Class A | 0.49% | 171,985 | $3.3M | Add +80.7% |
| WPM Wheaton Precious Metals Corp. | 0.48% | 28,605 | $3.2M | Reduce -6.5% |
| SOBO South Bow Corp. | 0.48% | 112,585 | $3.2M | Reduce -3.7% |
| EVR Evercore Inc. Class A | 0.48% | 9,428 | $3.2M | New |
| PANW Palo Alto Networks Inc. | 0.48% | 15,582 | $3.2M | Reduce -0.3% |
| TOST Toast Inc. Class A | 0.48% | 86,727 | $3.2M | No change |
| RKT Rocket Cos Inc. Class A | 0.46% | 157,270 | $3.0M | New |
| ABBV Abbvie Inc. | 0.42% | 12,090 | $2.8M | New |
| ROL Rollins Inc. | 0.42% | 47,465 | $2.8M | No change |
| CVE Cenovus Energy Inc. | 0.42% | 162,775 | $2.8M | New |
| MPWR Monolithic Power Systems Inc. | 0.41% | 2,930 | $2.7M | New |
| MDT Medtronic PLC | 0.41% | 28,246 | $2.7M | New |
| ECL Ecolab Inc. | 0.40% | 9,687 | $2.7M | Add +91.1% |
| LEN Lennar Corp. Class A | 0.39% | 20,550 | $2.6M | New |
| AMD Advanced Micro Devices | 0.38% | 15,595 | $2.5M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.38% | 156,444 | $2.5M | Reduce -38.5% |
| FITB Fifth Third Bancorp | 0.37% | 55,075 | $2.5M | New |
| PH Parker Hannifin Corp. | 0.37% | 3,233 | $2.5M | New |
| TKO Tko Group Holdings Inc. | 0.37% | 11,993 | $2.4M | Add +258.1% |
| FIX Comfort Systems USA Inc. | 0.36% | 2,899 | $2.4M | New |
| BCH Banco DE Chile-ADR | 0.35% | 77,380 | $2.3M | No change |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.35% | 213,489 | $2.3M | New |
| VZLA Vizsla Silver Corp. | 0.34% | 526,573 | $2.3M | Add +0.3% |
| NVS Novartis AG-Sponsored ADR | 0.34% | 17,555 | $2.3M | Add +0.5% |
| PBI Pitney Bowes Inc. | 0.33% | 194,340 | $2.2M | Add +300.3% |
| Z Zillow Group Inc. Class C | 0.33% | 28,605 | $2.2M | New |
| HUBS HubSpot Inc. | 0.31% | 4,445 | $2.1M | New |
| PAC Grupo Aeroportuario Pac-ADR | 0.31% | 8,670 | $2.1M | New |
| UBER Uber Technologies Inc. | 0.30% | 20,278 | $2.0M | Add +9.8% |
| SYK Stryker Corp. | 0.27% | 4,830 | $1.8M | Reduce -53.7% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.26% | 177,659 | $1.7M | Add +1.6% |
| BNT Brookfield Wealth Solutions | 0.26% | 25,142 | $1.7M | Add +0.5% |
| TU Telus Corp. | 0.24% | 100,035 | $1.6M | New |
Portfolio Sells Q2 2025 → Q3 2025
| MFC Manulife Financial Corp. | Reduce -94.3% | 0.06% | −1.20 |
| RELX Relx PLC - Spon ADR | Reduce -86.3% | 0.13% | −1.14 |
| RACE Ferrari NV | Reduce -60.0% | 0.53% | −1.10 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −1.03 |
| TRI Thomson Reuters Corp. | Reduce -36.7% | 0.70% | −1.03 |
| TRP TC Energy Corp. | Sold out | 0.00% | −0.93 |
| AGI Alamos Gold Inc. Class A | Reduce -47.7% | 1.20% | −0.91 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.88 |
| IBN Icici Bank Ltd.-Spon ADR | Sold out | 0.00% | −0.83 |
| UNM Unum Group | Sold out | 0.00% | −0.82 |
| WCN Waste Connections Inc. | Sold out | 0.00% | −0.80 |
| ENB Enbridge Inc. | Reduce -26.0% | 1.48% | −0.69 |
| WAB Wabtec Corp. | Sold out | 0.00% | −0.68 |
| GATX Gatx Corp. | Sold out | 0.00% | −0.68 |
| MMYT Makemytrip Ltd. | Sold out | 0.00% | −0.68 |
| SLF Sun Life Financial Inc. | Sold out | 0.00% | −0.66 |
| BBU Brookfield Business PT-Unit | Sold out | 0.00% | −0.64 |
| KD Kyndryl Holdings Inc. | Sold out | 0.00% | −0.62 |
| ROP Roper Technologies Inc. | Sold out | 0.00% | −0.60 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.56 |
| BOW Bowhead Specialty Holdings I | Sold out | 0.00% | −0.56 |
| CNQ Canadian Natural Resources | Reduce -72.3% | 0.17% | −0.55 |
| DSGX The Descartes Systems Grp | Sold out | 0.00% | −0.54 |
| SYK Stryker Corp. | Reduce -53.7% | 0.27% | −0.48 |
| CP Canadian Pacific Kansas City | Reduce -80.5% | 0.08% | −0.46 |
| TJX TJX Companies Inc. | Reduce -32.6% | 0.75% | −0.40 |
| V Visa Inc. Class A | Reduce -19.3% | 0.71% | −0.40 |
| T AT&T Inc. | Sold out | 0.00% | −0.39 |
| NTR Nutrien Ltd. | Reduce -5.9% | 1.29% | −0.35 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.32 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.26 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -38.5% | 0.38% | −0.26 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.25 |
| GFL GFL Environmental Inc.-Sub VT | Sold out | 0.00% | −0.22 |
| TDG Transdigm Group Inc. | Sold out | 0.00% | −0.17 |
| TTAN Servicetitan Inc. Class A | Reduce -3.8% | 0.50% | −0.17 |
| BMO Bank of Montreal | Reduce -3.5% | 1.97% | −0.13 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.13 |
| VOO Vanguard S&P 500 ETF | Reduce -7.2% | 0.59% | −0.12 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.12 |
| PANW Palo Alto Networks Inc. | Reduce -0.3% | 0.48% | −0.11 |
| CTAS Cintas Corp. | Reduce -17.9% | 0.14% | −0.08 |
| MOS The Mosaic Co. | Reduce -21.3% | 0.13% | −0.08 |
| MCK McKesson Corp. | Reduce -0.1% | 0.52% | −0.08 |
| GSY Invesco Ultra Short Duration | Sold out | 0.00% | −0.07 |
| SOBO South Bow Corp. | Reduce -3.7% | 0.48% | −0.07 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −0.06 |
| MUSA Murphy USA Inc. | Sold out | 0.00% | −0.06 |
| KODK Eastman Kodak Co. | Sold out | 0.00% | −0.05 |
| VIRT Virtu Financial Inc. Class A | Sold out | 0.00% | −0.05 |
Portfolio Buys Q2 2025 → Q3 2025
| HBM Hudbay Minerals Inc. | New | 1.22% | +1.22 |
| TD Toronto-Dominion Bank | Add +97.1% | 2.75% | +1.20 |
| IMO Imperial Oil Ltd. | New | 0.98% | +0.98 |
| UBS UBS Group AG-Reg | New | 0.90% | +0.90 |
| TIGO Millicom Intl Cellular S.A. | Add +122.3% | 1.49% | +0.86 |
| SHOP Shopify Inc. Class A | Add +22.4% | 3.69% | +0.86 |
| KLAC KLA Corp. | New | 0.67% | +0.67 |
| FER Ferrovial NV | Add +178.9% | 1.07% | +0.65 |
| BCS Barclays PLC-Spons ADR | New | 0.64% | +0.64 |
| GS Goldman Sachs Group Inc. | New | 0.63% | +0.63 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.62% | +0.62 |
| NET Cloudflare Inc. Class A | New | 0.56% | +0.56 |
| MGA Magna International Inc. | New | 0.53% | +0.53 |
| EVR Evercore Inc. Class A | New | 0.48% | +0.48 |
| RKT Rocket Cos Inc. Class A | New | 0.46% | +0.46 |
| MSFT Microsoft Corp. | Add +47.8% | 2.15% | +0.46 |
| ANET Arista Networks Inc. | Add +246.4% | 0.58% | +0.44 |
| ABBV Abbvie Inc. | New | 0.42% | +0.42 |
| CVE Cenovus Energy Inc. | New | 0.42% | +0.42 |
| MPWR Monolithic Power Systems Inc. | New | 0.41% | +0.41 |
| MDT Medtronic PLC | New | 0.41% | +0.41 |
| LEN Lennar Corp. Class A | New | 0.39% | +0.39 |
| BNS Bank of Nova Scotia | Add +65.0% | 1.03% | +0.39 |
| AMD Advanced Micro Devices | New | 0.38% | +0.38 |
| NGD New Gold Inc. | Add +41.2% | 0.92% | +0.37 |
| FITB Fifth Third Bancorp | New | 0.37% | +0.37 |
| PH Parker Hannifin Corp. | New | 0.37% | +0.37 |
| FIX Comfort Systems USA Inc. | New | 0.36% | +0.36 |
| RBA RB Global Inc. | Add +47.1% | 1.82% | +0.35 |
| ORLA Orla Mining Ltd. | New | 0.35% | +0.35 |
| AVGO Broadcom Inc. | Add +21.2% | 2.06% | +0.34 |
| Z Zillow Group Inc. Class C | New | 0.33% | +0.33 |
| PAAS Pan American Silver Corp. | Add +14.7% | 1.42% | +0.32 |
| HUBS HubSpot Inc. | New | 0.31% | +0.31 |
| PAC Grupo Aeroportuario Pac-ADR | New | 0.31% | +0.31 |
| TSM Taiwan Semiconductor-SP ADR | Add +29.6% | 1.21% | +0.29 |
| CSCO Cisco Systems Inc. | Add +132.7% | 0.61% | +0.29 |
| CM Can Imperial BK of Commerce | Add +18.7% | 2.75% | +0.26 |
| TKO Tko Group Holdings Inc. | Add +258.1% | 0.37% | +0.25 |
| EZPW Ezcorp Inc. Class A | Add +80.7% | 0.49% | +0.25 |
| PBI Pitney Bowes Inc. | Add +300.3% | 0.33% | +0.24 |
| TU Telus Corp. | New | 0.24% | +0.24 |
| DNN Denison Mines Corp. | New | 0.24% | +0.24 |
| URI United Rentals Inc. | New | 0.22% | +0.22 |
| GOOGL Alphabet Inc. Class A | Add +0.1% | 1.78% | +0.22 |
| MRVL Marvell Technology Inc. | New | 0.22% | +0.22 |
| APH Amphenol Corp. Class A | New | 0.21% | +0.21 |
| RCI Rogers Communications Inc. Class B | New | 0.18% | +0.18 |
| AQN Algonquin Power & Utilities | New | 0.16% | +0.16 |
| COR Cencora Inc. | New | 0.16% | +0.16 |
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 |