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

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 Q1 2025 Q2 2025: $547.2M Q2 2025 Q3 2025: $662.6M $662.6M Q3 2025 Q4 2025: $667.7M Q4 2025 Q1 2026: $661.5M Q1 2026 Q2 2026: $740.3M Q2 2026

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
AZO AutoZone Inc. 0.24% 367 $1.6M Reduce -6.1%
DNN Denison Mines Corp. 0.24% 566,320 $1.6M New
EFA iShares MSCI Eafe ETF 0.23% 16,638 $1.6M Reduce -0.9%
URI United Rentals Inc. 0.22% 1,532 $1.5M New
MRVL Marvell Technology Inc. 0.22% 16,966 $1.4M New
APH Amphenol Corp. Class A 0.21% 11,378 $1.4M New
MA Mastercard Inc. Class A 0.21% 2,460 $1.4M Add +206.3%
RCI Rogers Communications Inc. Class B 0.18% 34,485 $1.2M New
CEG Constellation Energy 0.18% 3,607 $1.2M Add +0.3%
TTWO Take-Two Interactive Softwre 0.17% 4,284 $1.1M Add +1.4%
CNQ Canadian Natural Resources 0.17% 34,554 $1.1M Reduce -72.3%
AQN Algonquin Power & Utilities 0.16% 198,965 $1.1M New
VEEV Veeva Systems Inc. Class A 0.16% 3,572 $1.1M Add +20.8%
COR Cencora Inc. 0.16% 3,361 $1.1M New
CTAS Cintas Corp. 0.14% 4,501 $924K Reduce -17.9%
PFGC Performance Food Group Co. 0.14% 8,806 $916K Add +210.8%
MOS The Mosaic Co. 0.13% 25,235 $875K Reduce -21.3%
GOOG Alphabet Inc. Class C 0.13% 3,536 $861K New
RELX Relx PLC - Spon ADR 0.13% 17,545 $838K Reduce -86.3%
WMT Walmart Inc. 0.11% 7,045 $726K Add +11.0%
POWL Powell Industries Inc. 0.10% 2,260 $689K New
CME Cme Group Inc. 0.10% 2,473 $668K New
WFC Wells Fargo & Co. 0.09% 7,480 $627K New
CP Canadian Pacific Kansas City 0.08% 7,340 $547K Reduce -80.5%
BAM Brookfield Asset Mgmt-A 0.08% 9,274 $528K Add +88.6%
NIC Nicolet Bankshares Inc. 0.08% 3,765 $506K New
CW Curtiss-Wright Corp. 0.07% 865 $470K Add +1.8%
MNDY Monday.com Ltd. 0.07% 2,303 $446K New
QXO Qxo Inc. 0.07% 23,056 $439K New
VNET Vnet Group Inc.-ADR 0.06% 39,525 $408K Add +26.3%
MFC Manulife Financial Corp. 0.06% 12,293 $383K Reduce -94.3%
FNV Franco-Nevada Corp. 0.06% 1,683 $375K New
KR Kroger Co. 0.05% 5,167 $348K Reduce -17.2%
CIGI Colliers Intl GR-Subord Vot 0.05% 2,160 $338K New
FTI Technipfmc PLC 0.05% 8,340 $329K Add +2.3%
DE Deere & Co. 0.05% 665 $304K Reduce -13.1%
SSRM SSR Mining Inc. 0.04% 11,700 $286K No change
LEU Centrus Energy Corp. Class A 0.04% 895 $278K New
BWXT BWX Technologies Inc. 0.04% 1,498 $276K New
VRSN Verisign Inc. 0.04% 946 $264K New
ICE Intercontinental Exchange Inc. 0.04% 1,480 $249K New
AAPL Apple Inc. 0.04% 970 $247K New
DGS Wisdomtree Em Small Cap 0.03% 3,970 $227K New
CYBR Cyberark Software Ltd./Israel 0.03% 467 $226K New
SU Suncor Energy Inc. 0.03% 5,142 $215K New
CFG Citizens Financial Group 0.03% 3,874 $206K New
HWKN Hawkins Inc. 0.03% 1,115 $204K New
JOF Japan Smaller Capitalization 0.03% 15,800 $167K Add +32.8%
DLO Dlocal Ltd. 0.03% 11,590 $166K 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

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