Fiera Capital Corp
Reported US equity positions for Q1 2026 — $29.2B across 684 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $1.8B | 6.0% | 5,210,034 |
| GOOGL Alphabet Inc. | $1.6B | 5.5% | 5,632,241 |
| MSFT Microsoft Corporation | $1.2B | 4.2% | 3,289,871 |
| MCO Moody's Corporation | $1.0B | 3.5% | 2,356,454 |
| MA Mastercard Incorporated | $934.0M | 3.2% | 1,869,288 |
| AZO AutoZone, Inc. | $881.7M | 3.0% | 261,043 |
| CME CME Group Inc. | $793.6M | 2.7% | 2,687,105 |
| TJX The TJX Companies, Inc. | $753.2M | 2.6% | 4,716,647 |
| RY Royal Bank Of Canada | $681.0M | 2.3% | 4,220,026 |
| CNR Core Natural Resources, Inc. | $636.2M | 2.2% | 6,191,510 |
| SHW The Sherwin-Williams Company | $569.0M | 1.9% | 1,775,226 |
| JNJ Johnson & Johnson | $547.6M | 1.9% | 2,240,155 |
| MSCI MSCI Inc. | $529.1M | 1.8% | 981,698 |
| QSR Restaurant Brands International Inc. | $494.4M | 1.7% | 6,692,221 |
| BMO Bank Of Montreal | $471.4M | 1.6% | 3,486,620 |
| CP Canadian Pacific Kansas City Limited | $463.9M | 1.6% | 5,905,413 |
| QQQ Invesco QQQ Trust, Series 1 | $439.3M | 1.5% | 761,153 |
| PEP PepsiCo, Inc. | $421.7M | 1.4% | 2,715,499 |
| WCN Waste Connections, Inc. | $413.1M | 1.4% | 2,547,069 |
| MTD Mettler-Toledo International, Inc. | $396.5M | 1.4% | 314,354 |
| CARR Carrier Global Corporation | $375.4M | 1.3% | 6,666,102 |
| G54950103 Linde PLC | $375.2M | 1.3% | 756,862 |
| OTIS Otis Worldwide Corporation | $375.1M | 1.3% | 4,866,896 |
| GIB CGI Inc. | $366.3M | 1.3% | 5,019,479 |
| RBA RB Global, Inc. | $353.5M | 1.2% | 3,692,061 |
| GGG Graco Inc. | $333.4M | 1.1% | 3,938,901 |
| CPRT Copart, Inc. | $299.2M | 1.0% | 9,012,247 |
| RCI Rogers Communication, Inc. | $285.6M | 1.0% | 7,437,822 |
| AMZN Amazon.com, Inc. | $268.2M | 0.9% | 1,287,850 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $243.2M | 0.8% | 898,935 |
| SU Suncor Energy Inc. | $223.6M | 0.8% | 3,386,302 |
| VOO Vanguard S&P 500 ETF | $220.3M | 0.8% | 368,608 |
| CRC California Resources Corporation | $216.1M | 0.7% | 4,437,467 |
| T AT&T Inc. | $208.7M | 0.7% | 16,258,624 |
| SPGI S&P Global Inc. | $202.7M | 0.7% | 476,622 |
| TRI4EUR Thomson Reuters Corp | $191.9M | 0.7% | 2,133,045 |
| ADI Analog Devices, Inc. | $180.9M | 0.6% | 568,658 |
| G0403H108 Aon PLC | $177.6M | 0.6% | 550,287 |
| STN Stantec Inc | $174.0M | 0.6% | 2,016,034 |
| INSM Insmed Incorporated | $167.1M | 0.6% | 1,021,970 |
| ARGX argenx SE | $158.6M | 0.5% | 217,198 |
| HLT Hilton Worldwide Holdings Inc. | $157.1M | 0.5% | 516,571 |
| H01301128 Alcon Ag | $155.3M | 0.5% | 2,060,804 |
| BWXT BWX Technologies, Inc. | $149.1M | 0.5% | 729,269 |
| SLF Sun Life Financial Inc. | $144.0M | 0.5% | 2,301,995 |
| LOW Lowe's Companies, Inc. | $140.5M | 0.5% | 594,741 |
| AAPL Apple Inc. | $139.3M | 0.5% | 549,008 |
| CW Curtiss-Wright Corporation | $139.3M | 0.5% | 204,498 |
| V Visa Inc. | $124.6M | 0.4% | 412,263 |
| M6191J100 Jfrog LTD | $109.2M | 0.4% | 2,326,298 |
| FIX Comfort Systems USA, Inc. | $106.0M | 0.4% | 76,892 |
| ENTG Entegris, Inc. | $104.1M | 0.4% | 888,194 |
| LSCC Lattice Semiconductor Corporation | $99.4M | 0.3% | 1,071,828 |
| ANET Arista Networks, Inc. | $99.3M | 0.3% | 808,951 |
| MSI Motorola Solutions, Inc. | $98.8M | 0.3% | 227,754 |
| EME EMCOR Group, Inc. | $95.6M | 0.3% | 129,480 |
| MDGL Madrigal Pharmaceuticals, Inc. | $91.1M | 0.3% | 174,011 |
| SPY State Street SPDR S&P 500 ETF Trust | $90.9M | 0.3% | 139,759 |
| SF Stifel Financial Corporation | $90.6M | 0.3% | 1,225,145 |
| CL Colgate-Palmolive Company | $88.1M | 0.3% | 1,033,739 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $1.8B | $1.8B | -14% |
| GOOGL Alphabet Inc. | Trim | $1.6B | $1.9B | -8% |
| MSFT Microsoft Corporation | Add | $1.2B | $1.6B | +1% |
| MA Mastercard Incorporated | Add | $934.0M | $965.1M | +11% |
| AZO AutoZone, Inc. | Trim | $881.7M | $917.9M | -4% |
| CME CME Group Inc. | Add | $793.6M | $719.8M | +2% |
| TJX The TJX Companies, Inc. | Trim | $753.2M | $756.3M | -4% |
| RY Royal Bank Of Canada | Trim | $681.0M | $774.1M | -7% |
| CNR Core Natural Resources, Inc. | Trim | $636.2M | $657.8M | -7% |
| JNJ Johnson & Johnson | Trim | $547.6M | $508.7M | -9% |
| MSCI MSCI Inc. | Add | $529.1M | $552.3M | +2% |
| QSR Restaurant Brands International Inc. | Trim | $494.4M | $466.6M | -2% |
| BMO Bank Of Montreal | Trim | $471.4M | $517.3M | -12% |
| CP Canadian Pacific Kansas City Limited | Trim | $463.9M | $457.6M | -5% |
| WCN Waste Connections, Inc. | Trim | $413.1M | $485.1M | -8% |
| MTD Mettler-Toledo International, Inc. | Add | $396.5M | $432.2M | +1% |
| CARR Carrier Global Corporation | Trim | $375.4M | $365.8M | -4% |
| G54950103 Linde PLC | Add | $375.2M | $178.7M | +81% |
| OTIS Otis Worldwide Corporation | Trim | $375.1M | $438.5M | -3% |
| GIB CGI Inc. | Trim | $366.3M | $498.4M | -7% |
| RBA RB Global, Inc. | Trim | $353.5M | $428.2M | -11% |
| GGG Graco Inc. | Trim | $333.4M | $337.4M | -4% |
| CPRT Copart, Inc. | Add | $299.2M | $345.7M | +2% |
| RCI Rogers Communication, Inc. | Add | $285.6M | $271.8M | +3% |
| AMZN Amazon.com, Inc. | Add | $268.2M | $266.7M | +11% |
| SU Suncor Energy Inc. | Add | $223.6M | $61.0M | +147% |
| VOO Vanguard S&P 500 ETF | Trim | $220.3M | $302.2M | -24% |
| CRC California Resources Corporation | Add | $216.1M | $43.8M | +243% |
| T AT&T Inc. | Trim | $208.7M | $229.0M | -6% |
| SPGI S&P Global Inc. | Trim | $202.7M | $336.6M | -26% |
| TRI4EUR Thomson Reuters Corp | Add | $191.9M | $237.2M | +19% |
| ADI Analog Devices, Inc. | Trim | $180.9M | $164.2M | -6% |
| G0403H108 Aon PLC | Add | $177.6M | $188.3M | +3% |
| STN Stantec Inc | Add | $174.0M | $187.0M | +2% |
| INSM Insmed Incorporated | Add | $167.1M | $172.8M | +3% |
| ARGX argenx SE | Trim | $158.6M | $190.0M | -4% |
| HLT Hilton Worldwide Holdings Inc. | Trim | $157.1M | $163.1M | -9% |
| H01301128 Alcon Ag | Add | $155.3M | $159.8M | +2% |
| SLF Sun Life Financial Inc. | Add | $144.0M | $42.3M | +240% |
| LOW Lowe's Companies, Inc. | Trim | $140.5M | $159.5M | -10% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.