Triasima Portfolio Management inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), Triasima Portfolio Management inc. reported 137 stock positions worth $661.5 million. Its top holding was Royal Bank of Canada (RY) at 6.2% of the portfolio, followed by Toronto-Dominion Bank (TD, 3.9%) and Can Imperial BK of Commerce (CM, 3.3%). Compared with Q4 2025, it opened 24 new positions, sold out of 30, added to 64 and reduced 40. The biggest buy was a new position in Tfi International (TFII) and the biggest sale Brookfield (BN, shares −84%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001938757
Portfolio Value
$661.5M (Q1 2026)
SEC Filing
0001938757-26-000005 ↗ filed Apr 24, 2026

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

Holdings 137 stocks · $661.5M
RY Royal Bank of Canada 6.16% 253,012 $40.8M Add +5.2%
TD Toronto-Dominion Bank 3.89% 276,049 $25.7M Add +9.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 3.30% 231,237 $21.8M Add +3.8%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 2.87% 140,804 $19.0M Add +21.2%
SHOP Shopify Inc. Class A 2.78% 155,216 $18.4M Reduce -14.9%
KGC Kinross Gold Corp. 2.33% 506,825 $15.4M Reduce -34.5%
TIGO Millicom Intl Cellular S.A. 2.31% 203,790 $15.3M Add +0.2%
FTS Fortis Inc. 2.15% 256,307 $14.3M Add +2.5%
GOOGL Alphabet Inc. Class A 2.08% 47,734 $13.7M Add +3.1%
PAAS Pan American Silver Corp. 1.84% 223,230 $12.2M Reduce -11.8%
HBM Hudbay Minerals Inc. 1.81% 573,232 $12.0M Reduce -2.0%
CCJ Cameco Corp. 1.78% 108,916 $11.8M Add +2.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.73% 71,534 $11.4M Add +2.7%
TSM Taiwan Semiconductor-SP ADR 1.66% 32,469 $11.0M Reduce -10.3%
MSFT Microsoft Corp. 1.61% 28,802 $10.7M Add +0.8%
CLS Celestica Inc. 1.59% 37,317 $10.5M Reduce -6.5%
CIB Grupo Cibest SA-ADR 1.58% 143,502 $10.4M Add +2.6%
IMO Imperial Oil Ltd. 1.44% 72,745 $9.5M Reduce -13.4%
FER Ferrovial NV 1.39% 140,994 $9.2M Add +10.6%
CVE Cenovus Energy Inc. 1.38% 345,352 $9.1M Reduce -24.2%
NVDA Nvidia Corp. 1.36% 51,705 $9.0M Reduce -26.9%
WELL Welltower Inc. 1.35% 45,206 $8.9M Add +1.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 1.34% 128,680 $8.9M Reduce -0.9%
NVS Novartis AG-Sponsored ADR 1.21% 52,470 $8.0M Add +4.6%
ENB Enbridge Inc. 1.19% 145,470 $7.9M Reduce -36.8%
TFII Tfi International Inc. filed as TRANSFORCE INC 1.13% 68,741 $7.5M New
BCE Bce Inc. 1.13% 296,421 $7.5M New
AGI Alamos Gold Inc. Class A 1.06% 158,513 $7.0M Add +1.3%
AVGO Broadcom Inc. 1.05% 22,376 $6.9M Reduce -43.8%
GRTUF Granite Real Estate Investme 1.04% 117,603 $6.9M New
GILD Gilead Sciences Inc. 1.01% 48,112 $6.7M Add +2.0%
AER Aercap Holdings NV 1.00% 48,321 $6.6M Add +11.7%
GEV GE Vernova Inc. 1.00% 7,560 $6.6M Reduce -20.4%
FIX Comfort Systems USA Inc. 0.97% 4,639 $6.4M Add +12.6%
GS Goldman Sachs Group Inc. 0.95% 7,411 $6.3M Add +1.7%
AAPL Apple Inc. 0.94% 24,477 $6.2M Add +32.7%
LRCX Lam Research Corp. 0.93% 28,863 $6.2M Add +12.1%
CNI Canadian Natl Railway Co. 0.93% 59,950 $6.2M Add +54.5%
JPM JPMorgan Chase & Co. 0.92% 20,761 $6.1M Reduce -34.5%
MGA Magna International Inc. 0.90% 106,440 $5.9M Add +3.6%
SPG Simon Property Group Inc. 0.89% 31,393 $5.9M New
LLY Eli Lilly & Co. 0.88% 6,351 $5.8M Add +6.4%
UBS UBS Group AG-Reg 0.88% 148,260 $5.8M Add +2.7%
MFC Manulife Financial Corp. 0.87% 168,329 $5.8M Add +1015.3%
WPM Wheaton Precious Metals Corp. 0.85% 43,058 $5.6M Add +154.8%
MCK McKesson Corp. 0.80% 6,079 $5.3M Add +12.7%
CHRW C.H. Robinson Worldwide Inc. 0.79% 31,305 $5.2M No change
INTC Intel Corp. 0.78% 116,515 $5.1M Add +84.8%
SPGI S&P Global Inc. 0.71% 10,966 $4.7M New
KLAC KLA Corp. 0.70% 3,130 $4.6M Reduce -21.1%
EZPW Ezcorp Inc. Class A 0.69% 178,960 $4.5M Add +4.8%
CSCO Cisco Systems Inc. 0.66% 56,309 $4.4M Add +0.0%
AEM Agnico Eagle Mines Ltd. 0.64% 20,833 $4.2M Reduce -1.7%
NXT Nextpower Inc. 0.63% 34,442 $4.2M Add +0.1%
SU Suncor Energy Inc. 0.62% 62,114 $4.1M Add +1.7%
MPWR Monolithic Power Systems Inc. 0.61% 3,707 $4.1M Add +0.3%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.61% 249,877 $4.0M Add +16.9%
BCS Barclays PLC-Spons ADR 0.61% 189,165 $4.0M Reduce -6.6%
BCH Banco DE Chile-ADR 0.60% 107,965 $4.0M Add +38.7%
RCI Rogers Communications Inc. Class B 0.60% 103,099 $4.0M Add +8.3%
MDA Mda Space Ltd. 0.59% 155,065 $3.9M New
AQN Algonquin Power & Utilities 0.57% 622,325 $3.8M Add +208.5%
SOBO South Bow Corp. 0.57% 113,460 $3.8M Reduce -4.2%
VOO Vanguard S&P 500 ETF 0.57% 6,292 $3.8M Reduce -1.5%
CFG Citizens Financial Group 0.57% 62,399 $3.7M New
ALB Albemarle Corp. 0.55% 20,086 $3.6M Add +23.0%
IAG Iamgold Corp. 0.54% 190,733 $3.6M Reduce -69.3%
EFXT Enerflex Ltd. 0.52% 163,406 $3.4M Add +18.2%
PWR Quanta Services Inc. 0.46% 5,498 $3.0M Add +0.8%
IBKR Interactive Brokers Gro Class A 0.45% 44,450 $3.0M Add +15.7%
MDT Medtronic PLC 0.44% 33,215 $2.9M Reduce -50.1%
PH Parker Hannifin Corp. 0.42% 3,118 $2.8M Add +0.7%
JBL Jabil Inc. 0.42% 10,490 $2.8M New
NE Noble Corp. PLC 0.41% 55,225 $2.7M New
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.40% 1,996 $2.6M Add +30.4%
TKO Tko Group Holdings Inc. 0.40% 12,966 $2.6M Add +2.4%
DNN Denison Mines Corp. 0.39% 728,509 $2.6M Add +1.3%
CAE Cae Inc. 0.39% 99,009 $2.6M Add +338.1%
BN Brookfield Corp. 0.38% 62,397 $2.5M Reduce -84.3%
HSLV Highlander Silver Corp. 0.37% 422,804 $2.5M New
ARIS Aris Mining Corp. 0.36% 130,234 $2.4M Reduce -27.9%
TXN Texas Instruments Inc. 0.36% 12,191 $2.4M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.35% 163,238 $2.3M Reduce -0.1%
HBAN Huntington Bancshares Inc. 0.35% 149,505 $2.3M New
PAC Grupo Aeroportuario Pac-ADR 0.35% 9,417 $2.3M Add +8.6%
EXC Exelon Corp. 0.34% 46,355 $2.3M Reduce -0.0%
WSM Williams-Sonoma Inc. 0.34% 12,275 $2.2M New
ECL Ecolab Inc. 0.33% 8,131 $2.2M Add +5.4%
LITE Lumentum Holdings Inc. 0.32% 3,006 $2.1M New
ELVA Electrovaya Inc. 0.32% 270,615 $2.1M Add +66.5%
DOO BRP Inc./Ca- Sub Voting 0.30% 28,005 $2.0M Reduce -64.3%
QSR Restaurant Brands Intern 0.30% 26,800 $2.0M New
GIL Gildan Activewear Inc. 0.28% 32,840 $1.8M Reduce -52.8%
IBP Installed Building Products 0.25% 6,272 $1.7M New
CNQ Canadian Natural Resources 0.24% 32,882 $1.6M Add +4.1%
RSG Republic Services Inc. 0.24% 7,121 $1.6M Add +63.2%
EFA iShares MSCI Eafe ETF 0.23% 15,718 $1.5M Reduce -6.2%
APH Amphenol Corp. Class A 0.23% 12,001 $1.5M Add +5.5%
POWL Powell Industries Inc. 0.22% 2,655 $1.4M Add +1.1%
META Meta Platforms Inc. Class A 0.20% 2,344 $1.3M Reduce -69.0%
NTR Nutrien Ltd. 0.19% 16,827 $1.3M New
COR Cencora Inc. 0.19% 3,905 $1.2M Add +20.7%
ANET Arista Networks Inc. 0.18% 9,820 $1.2M Reduce -66.6%
WMT Walmart Inc. 0.17% 9,275 $1.2M No change
AMZN Amazon.com Inc. 0.17% 5,453 $1.1M Add +5.0%
CACI Caci International Inc. Class A 0.17% 2,045 $1.1M Add +246.6%
GOOG Alphabet Inc. Class C 0.16% 3,787 $1.1M Add +7.1%
RIG Transocean Ltd. 0.14% 135,855 $901K New
CME Cme Group Inc. 0.12% 2,640 $780K Add +6.8%
VNET Vnet Group Inc.-ADR 0.10% 77,265 $648K No change
NVT Nvent Electric PLC 0.10% 5,391 $638K New
MELI MercadoLibre Inc. 0.09% 362 $626K Reduce -20.8%
CW Curtiss-Wright Corp. 0.09% 865 $589K No change
FTI Technipfmc PLC 0.09% 8,340 $577K No change
CP Canadian Pacific Kansas City 0.09% 7,340 $576K No change
NIC Nicolet Bankshares Inc. 0.08% 3,777 $561K Add +1.5%
BWXT BWX Technologies Inc. 0.08% 2,634 $539K Add +75.8%
MCD McDonald's Corp. 0.08% 1,617 $503K New
QXO Qxo Inc. 0.07% 25,160 $489K No change
MA Mastercard Inc. Class A 0.07% 954 $477K Reduce -61.6%
COST Costco Wholesale Corp. 0.07% 472 $470K Reduce -0.6%
CSX CSX Corp. 0.07% 11,100 $456K New
WFC Wells Fargo & Co. 0.07% 5,478 $436K Reduce -9.2%
FITB Fifth Third Bancorp 0.06% 9,210 $428K New
UBER Uber Technologies Inc. 0.06% 5,610 $404K Reduce -16.4%
NEM Newmont Corp. 0.06% 3,704 $401K Add +4.2%
DGS Wisdomtree Em Small Cap 0.05% 5,970 $359K Add +50.4%
RKT Rocket Cos Inc. Class A 0.05% 22,365 $319K Reduce -88.9%
BELFA Bel Fuse Inc. Class A 0.05% 1,742 $314K No change
PL Planet Labs PBC 0.05% 10,745 $300K New
MU Micron Technology Inc. 0.04% 744 $251K Add +3.6%
SPHR Sphere Entertainment Co. 0.04% 2,109 $248K New
ORLY O'reilly Automotive Inc. 0.04% 2,650 $245K Reduce -64.3%
JOF Japan Smaller Capitalization 0.04% 21,800 $238K No change
BSX Boston Scientific Corp. 0.03% 3,410 $214K Reduce -2.4%
VZLA Vizsla Silver Corp. 0.01% 28,000 $92K Reduce -94.6%
KOPN Kopin Corp. 0.00% 10,800 $24K Reduce -54.0%

Portfolio Sells Q4 2025 → Q1 2026
BN Brookfield Corp. Reduce -84.3% 0.38% −2.36
SHOP Shopify Inc. Class A Reduce -14.9% 2.78% −1.63
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −1.13
AVGO Broadcom Inc. Reduce -43.8% 1.05% −1.02
IAG Iamgold Corp. Reduce -69.3% 0.54% −1.00
KGC Kinross Gold Corp. Reduce -34.5% 2.33% −0.94
EVR Evercore Inc. Class A Sold out 0.00% −0.67
FSLR First Solar Inc. Sold out 0.00% −0.63
NVDA Nvidia Corp. Reduce -26.9% 1.36% −0.61
JPM JPMorgan Chase & Co. Reduce -34.5% 0.92% −0.61
META Meta Platforms Inc. Class A Reduce -69.0% 0.20% −0.54
RKT Rocket Cos Inc. Class A Reduce -88.9% 0.05% −0.53
DOO BRP Inc./Ca- Sub Voting Reduce -64.3% 0.30% −0.53
MDT Medtronic PLC Reduce -50.1% 0.44% −0.52
ENB Enbridge Inc. Reduce -36.8% 1.19% −0.46
AMD Advanced Micro Devices Sold out 0.00% −0.46
ROL Rollins Inc. Sold out 0.00% −0.43
ABBV Abbvie Inc. Sold out 0.00% −0.42
VZLA Vizsla Silver Corp. Reduce -94.6% 0.01% −0.41
ANET Arista Networks Inc. Reduce -66.6% 0.18% −0.39
XPEV Xpeng Inc. - ADR Sold out 0.00% −0.38
GIL Gildan Activewear Inc. Reduce -52.8% 0.28% −0.38
PANW Palo Alto Networks Inc. Sold out 0.00% −0.37
NET Cloudflare Inc. Class A Sold out 0.00% −0.36
BNT Brookfield Wealth Solutions Sold out 0.00% −0.26
STN Stantec Inc. Sold out 0.00% −0.25
DB Deutsche Bank AG-Registered Sold out 0.00% −0.24
MRVL Marvell Technology Inc. Sold out 0.00% −0.21
TRI Thomson Reuters Corp. Sold out 0.00% −0.19
CLS Celestica Inc. Reduce -6.5% 1.59% −0.18
CRWD CrowdStrike Holdings Inc. Class A Sold out 0.00% −0.18
TTWO Take-Two Interactive Softwre Sold out 0.00% −0.18
BCS Barclays PLC-Spons ADR Reduce -6.6% 0.61% −0.17
V Visa Inc. Class A Sold out 0.00% −0.15
MA Mastercard Inc. Class A Reduce -61.6% 0.07% −0.14
CEG Constellation Energy Sold out 0.00% −0.13
PAAS Pan American Silver Corp. Reduce -11.8% 1.84% −0.13
BNS Bank of Nova Scotia Reduce -0.9% 1.34% −0.09
VEEV Veeva Systems Inc. Class A Sold out 0.00% −0.08
NGD New Gold Inc. Sold out 0.00% −0.08
SPOT Spotify Technology SA Sold out 0.00% −0.08
ARIS Aris Mining Corp. Reduce -27.9% 0.36% −0.07
ORLY O'reilly Automotive Inc. Reduce -64.3% 0.04% −0.06
NU Nu Holdings Ltd./Cayman Isl-A Reduce -0.1% 0.35% −0.06
MNDY Monday.com Ltd. Sold out 0.00% −0.05
GSY Invesco Ultra Short Duration Sold out 0.00% −0.05
PFGC Performance Food Group Co. Sold out 0.00% −0.05
CIGI Colliers Intl GR-Subord Vot Sold out 0.00% −0.05
MELI MercadoLibre Inc. Reduce -20.8% 0.09% −0.04
SSRM SSR Mining Inc. Sold out 0.00% −0.04

Portfolio Buys Q4 2025 → Q1 2026
TFII Tfi International Inc. New 1.13% +1.13
BCE Bce Inc. New 1.13% +1.13
GRTUF Granite Real Estate Investme New 1.04% +1.04
SPG Simon Property Group Inc. New 0.89% +0.89
MFC Manulife Financial Corp. Add +1015.3% 0.87% +0.79
SPGI S&P Global Inc. New 0.71% +0.71
TIGO Millicom Intl Cellular S.A. Add +0.2% 2.31% +0.62
BMO Bank of Montreal Add +21.2% 2.87% +0.61
MDA Mda Space Ltd. New 0.59% +0.59
CFG Citizens Financial Group New 0.57% +0.57
WPM Wheaton Precious Metals Corp. Add +154.8% 0.85% +0.55
INTC Intel Corp. Add +84.8% 0.78% +0.43
JBL Jabil Inc. New 0.42% +0.42
NE Noble Corp. PLC New 0.41% +0.41
FIX Comfort Systems USA Inc. Add +12.6% 0.97% +0.39
AQN Algonquin Power & Utilities Add +208.5% 0.57% +0.39
HSLV Highlander Silver Corp. New 0.37% +0.37
TXN Texas Instruments Inc. New 0.36% +0.36
CNI Canadian Natl Railway Co. Add +54.5% 0.93% +0.35
HBAN Huntington Bancshares Inc. New 0.35% +0.35
WSM Williams-Sonoma Inc. New 0.34% +0.34
TD Toronto-Dominion Bank Add +9.9% 3.89% +0.34
LITE Lumentum Holdings Inc. New 0.32% +0.32
CCJ Cameco Corp. Add +2.0% 1.78% +0.32
QSR Restaurant Brands Intern New 0.30% +0.30
CAE Cae Inc. Add +338.1% 0.39% +0.29
CM Can Imperial BK of Commerce Add +3.8% 3.30% +0.28
LRCX Lam Research Corp. Add +12.1% 0.93% +0.27
IBP Installed Building Products New 0.25% +0.25
CIB Grupo Cibest SA-ADR Add +2.6% 1.58% +0.25
SU Suncor Energy Inc. Add +1.7% 0.62% +0.21
FTS Fortis Inc. Add +2.5% 2.15% +0.20
ALB Albemarle Corp. Add +23.0% 0.55% +0.20
EFXT Enerflex Ltd. Add +18.2% 0.52% +0.20
NTR Nutrien Ltd. New 0.19% +0.19
EZPW Ezcorp Inc. Class A Add +4.8% 0.69% +0.19
AAPL Apple Inc. Add +32.7% 0.94% +0.19
NXT Nextpower Inc. Add +0.1% 0.63% +0.18
NVS Novartis AG-Sponsored ADR Add +4.6% 1.21% +0.18
ORLA Orla Mining Ltd. Add +16.9% 0.61% +0.17
BCH Banco DE Chile-ADR Add +38.7% 0.60% +0.16
AGI Alamos Gold Inc. Class A Add +1.3% 1.06% +0.16
ASML ASML Holding NV-NY Reg SHS Add +30.4% 0.40% +0.15
FER Ferrovial NV Add +10.6% 1.39% +0.15
GILD Gilead Sciences Inc. Add +2.0% 1.01% +0.15
RIG Transocean Ltd. New 0.14% +0.14
MCK McKesson Corp. Add +12.7% 0.80% +0.13
ELVA Electrovaya Inc. Add +66.5% 0.32% +0.13
TJX TJX Companies Inc. Add +2.7% 1.73% +0.12
CACI Caci International Inc. Class A Add +246.6% 0.17% +0.12

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