Triasima Portfolio Management inc.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 21, 2026), Triasima Portfolio Management inc. reported 127 stock positions worth $740.3 million. Its top holding was Royal Bank of Canada (RY) at 7.1% of the portfolio, followed by Toronto-Dominion Bank (TD, 5.0%) and Can Imperial BK of Commerce (CM, 3.8%). Compared with Q1 2026, it opened 19 new positions, sold out of 29, added to 55 and reduced 41. The biggest buy was a new position in Royalty Pharma Class A (RPRX) and the biggest sale Shopify Class A (SHOP, shares −66%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001938757
Portfolio Value
$740.3M (Q2 2026)
SEC Filing
0001938757-26-000008 ↗ filed Jul 21, 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 Q1 2026 Q2 2026: $740.3M $740.3M Q2 2026

Holdings 127 stocks · $740.3M
RY Royal Bank of Canada 7.13% 255,069 $52.8M Add +0.8%
TD Toronto-Dominion Bank 5.02% 306,074 $37.2M Add +10.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 3.79% 243,652 $28.0M Add +5.4%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 3.67% 153,984 $27.2M Add +9.4%
TIGO Millicom Intl Cellular S.A. 2.51% 204,624 $18.6M Add +0.4%
GOOGL Alphabet Inc. Class A 2.32% 47,985 $17.1M Add +0.5%
TSM Taiwan Semiconductor-SP ADR 2.16% 33,457 $16.0M Add +3.0%
FTS Fortis Inc. 2.04% 263,190 $15.1M Add +2.7%
HBM Hudbay Minerals Inc. 1.80% 563,547 $13.3M Reduce -1.7%
CNI Canadian Natl Railway Co. 1.73% 107,420 $12.8M Add +79.2%
LLY Eli Lilly & Co. 1.63% 10,046 $12.0M Add +58.2%
CLS Celestica Inc. 1.59% 32,199 $11.7M Reduce -13.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.52% 74,259 $11.3M Add +3.8%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 1.51% 128,680 $11.2M No change
WELL Welltower Inc. 1.48% 48,359 $11.0M Add +7.0%
LRCX Lam Research Corp. 1.48% 25,293 $11.0M Reduce -12.4%
AAPL Apple Inc. 1.44% 36,826 $10.7M Add +50.5%
MSFT Microsoft Corp. 1.43% 28,430 $10.6M Reduce -1.3%
TFII Tfi International Inc. 1.41% 72,751 $10.5M Add +5.8%
NVDA Nvidia Corp. 1.40% 51,649 $10.3M Reduce -0.1%
RPRX Royalty Pharma PLC Class A 1.37% 180,710 $10.1M New
CIB Grupo Cibest SA-ADR 1.32% 123,151 $9.8M Reduce -14.2%
ENB Enbridge Inc. 1.30% 177,163 $9.6M Add +21.8%
SPG Simon Property Group Inc. 1.29% 42,583 $9.5M Add +35.6%
KLAC KLA Corp. 1.28% 31,300 $9.4M No change
IBKR Interactive Brokers Gro Class A 1.21% 102,684 $8.9M Add +131.0%
INTC Intel Corp. 1.17% 61,940 $8.6M Reduce -46.8%
CCJ Cameco Corp. 1.16% 84,052 $8.6M Reduce -22.8%
AVGO Broadcom Inc. 1.15% 22,617 $8.5M Add +1.1%
GS Goldman Sachs Group Inc. 1.15% 8,447 $8.5M Add +14.0%
MGA Magna International Inc. 1.14% 128,240 $8.4M Add +20.5%
KGC Kinross Gold Corp. 1.13% 354,983 $8.4M Reduce -30.0%
CVE Cenovus Energy Inc. 1.09% 323,882 $8.0M Reduce -6.2%
MDA Mda Space Ltd. 1.08% 192,919 $8.0M Add +24.4%
FIX Comfort Systems USA Inc. 1.04% 3,869 $7.7M Reduce -16.6%
UBS UBS Group AG-Reg 1.03% 154,449 $7.7M Add +4.2%
MFC Manulife Financial Corp. 1.01% 184,858 $7.5M Add +9.8%
GEV GE Vernova Inc. 1.00% 6,302 $7.4M Reduce -16.6%
CSCO Cisco Systems Inc. 0.97% 61,389 $7.2M Add +9.0%
FER Ferrovial NV 0.97% 105,043 $7.2M Reduce -25.5%
AER Aercap Holdings NV 0.95% 48,416 $7.1M Add +0.2%
NVS Novartis AG-Sponsored ADR 0.95% 44,755 $7.0M Reduce -14.7%
PAAS Pan American Silver Corp. 0.94% 155,520 $7.0M Reduce -30.3%
CNQ Canadian Natural Resources 0.89% 166,100 $6.6M Add +405.1%
CFG Citizens Financial Group 0.87% 92,429 $6.5M Add +48.1%
EFXT Enerflex Ltd. 0.86% 260,824 $6.4M Add +59.6%
EZPW Ezcorp Inc. Class A 0.83% 178,150 $6.2M Reduce -0.5%
SHOP Shopify Inc. Class A 0.82% 52,977 $6.1M Reduce -65.9%
PWR Quanta Services Inc. 0.81% 8,358 $6.0M Add +52.0%
CHRW C.H. Robinson Worldwide Inc. 0.80% 31,305 $5.9M No change
GILD Gilead Sciences Inc. 0.77% 45,238 $5.7M Reduce -6.0%
JPM JPMorgan Chase & Co. 0.77% 17,419 $5.7M Reduce -16.1%
IMO Imperial Oil Ltd. 0.77% 50,745 $5.7M Reduce -30.2%
TXN Texas Instruments Inc. 0.73% 18,066 $5.4M Add +48.2%
MPWR Monolithic Power Systems Inc. 0.69% 3,707 $5.1M No change
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.69% 2,571 $5.1M Add +28.8%
BCS Barclays PLC-Spons ADR 0.66% 182,245 $4.9M Reduce -3.7%
WPM Wheaton Precious Metals Corp. 0.65% 42,748 $4.8M Reduce -0.7%
SOBO South Bow Corp. 0.60% 127,160 $4.5M Add +12.1%
NXT Nextpower Inc. 0.60% 37,123 $4.4M Add +7.8%
BWA Borgwarner Inc. 0.58% 64,190 $4.3M New
VOO Vanguard S&P 500 ETF 0.57% 6,102 $4.2M Reduce -3.0%
JBL Jabil Inc. 0.55% 10,515 $4.1M Add +0.2%
NOK Nokia Corp.-Spon ADR 0.48% 266,135 $3.5M New
CVS CVS Health Corp. 0.46% 32,715 $3.4M New
RL Ralph Lauren Corp. 0.42% 7,775 $3.1M New
TRP TC Energy Corp. 0.42% 46,770 $3.1M New
PBA Pembina Pipeline Corp. 0.41% 66,050 $3.1M New
IAG Iamgold Corp. 0.41% 190,733 $3.0M No change
TGT Target Corp. 0.41% 23,080 $3.0M New
HBAN Huntington Bancshares Inc. 0.40% 167,905 $3.0M Add +12.3%
ELVA Electrovaya Inc. 0.39% 276,776 $2.9M Add +2.3%
WSM Williams-Sonoma Inc. 0.39% 12,275 $2.9M No change
BCE Bce Inc. 0.38% 130,932 $2.8M Reduce -55.8%
CGNX Cognex Corp. 0.33% 33,583 $2.4M New
DNN Denison Mines Corp. 0.31% 741,091 $2.3M Add +1.7%
POWL Powell Industries Inc. 0.30% 7,719 $2.2M Reduce -3.1%
SU Suncor Energy Inc. 0.30% 40,785 $2.2M Reduce -34.3%
MEOH Methanex Corp. 0.29% 46,852 $2.2M New
APH Amphenol Corp. Class A 0.29% 12,239 $2.2M Add +2.0%
RCI Rogers Communications Inc. Class B 0.29% 65,751 $2.1M Reduce -36.2%
AMZN Amazon.com Inc. 0.28% 8,608 $2.1M Add +57.9%
HSLV Highlander Silver Corp. 0.27% 428,593 $2.0M Add +1.4%
BELFA Bel Fuse Inc. Class A 0.27% 6,902 $2.0M Add +296.2%
QSR Restaurant Brands Intern 0.26% 26,800 $1.9M No change
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.25% 191,800 $1.9M Reduce -23.2%
ANET Arista Networks Inc. 0.23% 10,143 $1.7M Add +3.3%
NTR Nutrien Ltd. 0.23% 26,992 $1.7M Add +60.4%
EFA iShares MSCI Eafe ETF 0.22% 16,023 $1.7M Add +1.9%
TECK Teck Resources Ltd.-CLS B 0.22% 27,450 $1.6M New
BCH Banco DE Chile-ADR 0.21% 38,915 $1.5M Reduce -64.0%
BWXT BWX Technologies Inc. 0.20% 7,744 $1.5M Add +194.0%
ARIS Aris Mining Corp. 0.19% 92,410 $1.4M Reduce -29.0%
GOOG Alphabet Inc. Class C 0.18% 3,787 $1.3M No change
AEM Agnico Eagle Mines Ltd. 0.18% 8,384 $1.3M Reduce -59.8%
CSX CSX Corp. 0.17% 26,440 $1.3M Add +138.2%
AEP American Electric Power 0.17% 9,099 $1.2M New
SPHR Sphere Entertainment Co. 0.16% 6,850 $1.2M Add +224.8%
AMAT Applied Materials Inc. 0.15% 1,577 $1.1M New
CP Canadian Pacific Kansas City 0.15% 12,915 $1.1M Add +76.0%
WMT Walmart Inc. 0.15% 9,665 $1.1M Add +4.2%
FITB Fifth Third Bancorp 0.14% 18,915 $1.1M Add +105.4%
CASY Casey's General Stores Inc. 0.14% 1,303 $1.0M New
NVT Nvent Electric PLC 0.13% 5,656 $959K Add +4.9%
BN Brookfield Corp. 0.12% 21,642 $923K Reduce -65.3%
COR Cencora Inc. 0.12% 3,129 $885K Reduce -19.9%
NIC Nicolet Bankshares Inc. 0.11% 5,117 $846K Add +35.5%
MU Micron Technology Inc. 0.11% 703 $811K Reduce -5.5%
VOD Vodafone Group PLC-SP ADR 0.11% 59,025 $781K New
CME Cme Group Inc. 0.10% 3,420 $755K Add +29.6%
CW Curtiss-Wright Corp. 0.09% 865 $655K No change
FTI Technipfmc PLC 0.07% 8,340 $553K No change
ITT Itt Inc. 0.07% 2,629 $520K New
FROG Jfrog Ltd. 0.07% 5,655 $514K New
GIL Gildan Activewear Inc. 0.07% 9,760 $503K Reduce -70.3%
META Meta Platforms Inc. Class A 0.06% 801 $451K Reduce -65.8%
MCK McKesson Corp. 0.06% 562 $425K Reduce -90.8%
DGS Wisdomtree Em Small Cap 0.05% 5,970 $386K No change
PL Planet Labs PBC 0.05% 10,995 $364K Add +2.3%
UBER Uber Technologies Inc. 0.04% 4,554 $329K Reduce -18.8%
COST Costco Wholesale Corp. 0.04% 332 $311K Reduce -29.7%
JOF Japan Smaller Capitalization 0.03% 21,800 $257K No change
TKO Tko Group Holdings Inc. 0.03% 1,183 $238K Reduce -90.9%
TXG 10X Genomics Inc. Class A 0.03% 6,140 $235K New
AGI Alamos Gold Inc. Class A 0.03% 7,033 $213K Reduce -95.6%
FIGS Figs Inc. Class A 0.02% 13,665 $140K New
KOPN Kopin Corp. 0.01% 15,265 $68K Add +41.3%

Portfolio Sells Q1 2026 → Q2 2026
SHOP Shopify Inc. Class A Reduce -65.9% 0.82% −1.96
KGC Kinross Gold Corp. Reduce -30.0% 1.13% −1.20
GRTUF Granite Real Estate Investme Sold out 0.00% −1.04
AGI Alamos Gold Inc. Class A Reduce -95.6% 0.03% −1.03
PAAS Pan American Silver Corp. Reduce -30.3% 0.94% −0.90
BCE Bce Inc. Reduce -55.8% 0.38% −0.75
MCK McKesson Corp. Reduce -90.8% 0.06% −0.74
SPGI S&P Global Inc. Sold out 0.00% −0.71
IMO Imperial Oil Ltd. Reduce -30.2% 0.77% −0.67
CCJ Cameco Corp. Reduce -22.8% 1.16% −0.63
AQN Algonquin Power & Utilities Sold out 0.00% −0.57
ALB Albemarle Corp. Sold out 0.00% −0.55
AEM Agnico Eagle Mines Ltd. Reduce -59.8% 0.18% −0.46
MDT Medtronic PLC Sold out 0.00% −0.44
PH Parker Hannifin Corp. Sold out 0.00% −0.42
FER Ferrovial NV Reduce -25.5% 0.97% −0.41
NE Noble Corp. PLC Sold out 0.00% −0.41
BCH Banco DE Chile-ADR Reduce -64.0% 0.21% −0.40
CAE Cae Inc. Sold out 0.00% −0.39
TKO Tko Group Holdings Inc. Reduce -90.9% 0.03% −0.36
NU Nu Holdings Ltd./Cayman Isl-A Sold out 0.00% −0.35
ORLA Orla Mining Ltd. Reduce -23.2% 0.25% −0.35
PAC Grupo Aeroportuario Pac-ADR Sold out 0.00% −0.35
EXC Exelon Corp. Sold out 0.00% −0.34
ECL Ecolab Inc. Sold out 0.00% −0.33
SU Suncor Energy Inc. Reduce -34.3% 0.30% −0.32
LITE Lumentum Holdings Inc. Sold out 0.00% −0.32
RCI Rogers Communications Inc. Class B Reduce -36.2% 0.29% −0.31
DOO BRP Inc./Ca- Sub Voting Sold out 0.00% −0.30
CVE Cenovus Energy Inc. Reduce -6.2% 1.09% −0.30
NVS Novartis AG-Sponsored ADR Reduce -14.7% 0.95% −0.26
CIB Grupo Cibest SA-ADR Reduce -14.2% 1.32% −0.26
BN Brookfield Corp. Reduce -65.3% 0.12% −0.26
IBP Installed Building Products Sold out 0.00% −0.25
GILD Gilead Sciences Inc. Reduce -6.0% 0.77% −0.24
RSG Republic Services Inc. Sold out 0.00% −0.24
GIL Gildan Activewear Inc. Reduce -70.3% 0.07% −0.21
WPM Wheaton Precious Metals Corp. Reduce -0.7% 0.65% −0.20
MSFT Microsoft Corp. Reduce -1.3% 1.43% −0.18
ARIS Aris Mining Corp. Reduce -29.0% 0.19% −0.18
CACI Caci International Inc. Class A Sold out 0.00% −0.17
JPM JPMorgan Chase & Co. Reduce -16.1% 0.77% −0.15
META Meta Platforms Inc. Class A Reduce -65.8% 0.06% −0.14
RIG Transocean Ltd. Sold out 0.00% −0.14
VNET Vnet Group Inc.-ADR Sold out 0.00% −0.10
MELI MercadoLibre Inc. Sold out 0.00% −0.09
MCD McDonald's Corp. Sold out 0.00% −0.08
QXO Qxo Inc. Sold out 0.00% −0.07
MA Mastercard Inc. Class A Sold out 0.00% −0.07
COR Cencora Inc. Reduce -19.9% 0.12% −0.07

Portfolio Buys Q1 2026 → Q2 2026
RPRX Royalty Pharma PLC Class A New 1.37% +1.37
TD Toronto-Dominion Bank Add +10.9% 5.02% +1.14
RY Royal Bank of Canada Add +0.8% 7.13% +0.97
CNI Canadian Natl Railway Co. Add +79.2% 1.73% +0.80
BMO Bank of Montreal Add +9.4% 3.67% +0.80
IBKR Interactive Brokers Gro Class A Add +131.0% 1.21% +0.76
LLY Eli Lilly & Co. Add +58.2% 1.63% +0.74
CNQ Canadian Natural Resources Add +405.1% 0.89% +0.65
BWA Borgwarner Inc. New 0.58% +0.58
AAPL Apple Inc. Add +50.5% 1.44% +0.50
TSM Taiwan Semiconductor-SP ADR Add +3.0% 2.16% +0.50
CM Can Imperial BK of Commerce Add +5.4% 3.79% +0.49
MDA Mda Space Ltd. Add +24.4% 1.08% +0.48
NOK Nokia Corp.-Spon ADR New 0.48% +0.48
CVS CVS Health Corp. New 0.46% +0.46
RL Ralph Lauren Corp. New 0.42% +0.42
TRP TC Energy Corp. New 0.42% +0.42
PBA Pembina Pipeline Corp. New 0.41% +0.41
TGT Target Corp. New 0.41% +0.41
SPG Simon Property Group Inc. Add +35.6% 1.29% +0.40
TXN Texas Instruments Inc. Add +48.2% 0.73% +0.37
PWR Quanta Services Inc. Add +52.0% 0.81% +0.36
EFXT Enerflex Ltd. Add +59.6% 0.86% +0.35
CGNX Cognex Corp. New 0.33% +0.33
CSCO Cisco Systems Inc. Add +9.0% 0.97% +0.31
CFG Citizens Financial Group Add +48.1% 0.87% +0.31
MEOH Methanex Corp. New 0.29% +0.29
ASML ASML Holding NV-NY Reg SHS Add +28.8% 0.69% +0.29
TFII Tfi International Inc. Add +5.8% 1.41% +0.29
MGA Magna International Inc. Add +20.5% 1.14% +0.24
GOOGL Alphabet Inc. Class A Add +0.5% 2.32% +0.24
BELFA Bel Fuse Inc. Class A Add +296.2% 0.27% +0.22
TECK Teck Resources Ltd.-CLS B New 0.22% +0.22
GS Goldman Sachs Group Inc. Add +14.0% 1.15% +0.21
TIGO Millicom Intl Cellular S.A. Add +0.4% 2.51% +0.20
AEP American Electric Power New 0.17% +0.17
UBS UBS Group AG-Reg Add +4.2% 1.03% +0.16
AMAT Applied Materials Inc. New 0.15% +0.15
CASY Casey's General Stores Inc. New 0.14% +0.14
MFC Manulife Financial Corp. Add +9.8% 1.01% +0.14
WELL Welltower Inc. Add +7.0% 1.48% +0.13
JBL Jabil Inc. Add +0.2% 0.55% +0.13
SPHR Sphere Entertainment Co. Add +224.8% 0.16% +0.12
BWXT BWX Technologies Inc. Add +194.0% 0.20% +0.12
ENB Enbridge Inc. Add +21.8% 1.30% +0.11
AVGO Broadcom Inc. Add +1.1% 1.15% +0.11
AMZN Amazon.com Inc. Add +57.9% 0.28% +0.11
VOD Vodafone Group PLC-SP ADR New 0.11% +0.11
CSX CSX Corp. Add +138.2% 0.17% +0.10
FITB Fifth Third Bancorp Add +105.4% 0.14% +0.08

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