Federation des caisses Desjardins du Quebec
Reported US equity positions for Q1 2026 — $27.8B across 6,218 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| RY Royal Bank Of Canada | $2.2B | 7.8% | 13,445,891 |
| TD The Toronto Dominion Bank | $889.5M | 3.2% | 9,562,538 |
| MSFT Microsoft Corporation | $648.9M | 2.3% | 1,752,915 |
| NVDA NVIDIA Corporation | $641.2M | 2.3% | 3,676,269 |
| AAPL Apple Inc. | $576.3M | 2.1% | 2,270,887 |
| SU Suncor Energy Inc. | $564.5M | 2.0% | 8,560,822 |
| BN Brookfield Corporation Class A Limited Voting Shares | $540.3M | 1.9% | 13,391,262 |
| BMO Bank Of Montreal | $536.9M | 1.9% | 3,998,880 |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | $533.4M | 1.9% | 7,727,358 |
| AMZN Amazon.com, Inc. | $507.8M | 1.8% | 2,437,917 |
| TRP TC Energy Corporation | $497.3M | 1.8% | 8,038,058 |
| ENB Enbridge Inc | $448.8M | 1.6% | 8,332,847 |
| PSLV Sprott Physical Silver Trust ETV | $431.6M | 1.6% | 17,725,590 |
| GOOGL Alphabet Inc. | $430.8M | 1.5% | 1,497,931 |
| BCE BCE, Inc. | $417.1M | 1.5% | 16,616,186 |
| T AT&T Inc. | $394.9M | 1.4% | 30,855,887 |
| CNR Core Natural Resources, Inc. | $391.8M | 1.4% | 3,835,776 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $345.0M | 1.2% | 2,920,057 |
| SLF Sun Life Financial Inc. | $341.0M | 1.2% | 5,482,153 |
| CM Canadian Imperial Bank of Commerce | $340.0M | 1.2% | 3,604,567 |
| MFC Manulife Financial Corporation | $313.5M | 1.1% | 9,161,534 |
| CP Canadian Pacific Kansas City Limited | $296.7M | 1.1% | 3,811,690 |
| GOOG Alphabet Inc. - Class C Capital Stock | $289.1M | 1.0% | 1,007,875 |
| URTH iShares MSCI World ETF | $287.8M | 1.0% | 1,598,941 |
| GIB CGI Inc. | $273.1M | 1.0% | 3,765,567 |
| NTR Nutrien Ltd. | $251.1M | 0.9% | 3,358,464 |
| BRK.B Berkshire Hathaway Inc. | $249.1M | 0.9% | 519,798 |
| TFII TFI International Inc. | $237.7M | 0.9% | 2,210,600 |
| AVGO Broadcom Inc. | $231.4M | 0.8% | 747,553 |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $228.2M | 0.8% | 1,763,884 |
| AEM Agnico Eagle Mines Limited | $228.2M | 0.8% | 1,128,288 |
| PHYS Sprott Physical Gold Trust ETV | $205.6M | 0.7% | 5,821,327 |
| META Meta Platforms, Inc. | $203.7M | 0.7% | 355,946 |
| WMT Walmart Inc. | $197.0M | 0.7% | 1,585,263 |
| JPM JP Morgan Chase & Co. | $191.4M | 0.7% | 650,477 |
| V Visa Inc. | $189.8M | 0.7% | 627,991 |
| IVV iShares Core S&P 500 ETF | $186.4M | 0.7% | 285,306 |
| VOO Vanguard S&P 500 ETF | $170.4M | 0.6% | 285,132 |
| JNJ Johnson & Johnson | $167.1M | 0.6% | 683,670 |
| CVE Cenovus Energy Inc | $153.6M | 0.6% | 5,820,775 |
| CRC California Resources Corporation | $138.7M | 0.5% | 2,866,478 |
| WCN Waste Connections, Inc. | $133.7M | 0.5% | 829,271 |
| IEMG iShares Core MSCI Emerging Markets ETF | $129.8M | 0.5% | 1,860,705 |
| MA Mastercard Incorporated | $121.0M | 0.4% | 242,245 |
| NFLX Netflix, Inc. | $120.0M | 0.4% | 1,248,578 |
| BAC Bank of America Corporation | $120.0M | 0.4% | 2,462,327 |
| COST Costco Wholesale Corporation | $118.3M | 0.4% | 118,736 |
| MGA Magna International, Inc. | $114.3M | 0.4% | 2,097,320 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $110.7M | 0.4% | 327,705 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $110.5M | 0.4% | 408,302 |
| LLY Eli Lilly and Company | $101.2M | 0.4% | 109,969 |
| QQQ Invesco QQQ Trust, Series 1 | $94.7M | 0.3% | 164,068 |
| RCI Rogers Communication, Inc. | $88.7M | 0.3% | 2,331,364 |
| TSLA Tesla, Inc. | $88.1M | 0.3% | 236,940 |
| PANW Palo Alto Networks, Inc. | $83.8M | 0.3% | 522,956 |
| CCO Clear Channel Outdoor Holdings, Inc. | $83.0M | 0.3% | 767,891 |
| AGI Alamos Gold Inc. Class A | $82.2M | 0.3% | 1,860,805 |
| CAE CAE Inc | $79.1M | 0.3% | 3,053,040 |
| FTS Fortis Inc. | $77.4M | 0.3% | 1,391,343 |
| GDX VanEck Gold Miners ETF | $73.6M | 0.3% | 801,680 |
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 |
|---|---|---|---|---|
| RY Royal Bank Of Canada | Add | $2.2B | $1.6B | +45% |
| TD The Toronto Dominion Bank | Trim | $889.5M | $934.1M | -4% |
| MSFT Microsoft Corporation | Add | $648.9M | $746.0M | +14% |
| NVDA NVIDIA Corporation | Add | $641.2M | $610.9M | +12% |
| AAPL Apple Inc. | Add | $576.3M | $582.3M | +6% |
| SU Suncor Energy Inc. | Add | $564.5M | $340.3M | +12% |
| BN Brookfield Corporation Class A Limited Voting Shares | Add | $540.3M | $601.1M | +2% |
| BMO Bank Of Montreal | Add | $536.9M | $438.8M | +18% |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | Trim | $533.4M | $593.1M | -4% |
| AMZN Amazon.com, Inc. | Add | $507.8M | $521.6M | +8% |
| TRP TC Energy Corporation | Add | $497.3M | $432.9M | +2% |
| ENB Enbridge Inc | Add | $448.8M | $392.9M | +1% |
| PSLV Sprott Physical Silver Trust ETV | Add | $431.6M | $403.7M | +4% |
| GOOGL Alphabet Inc. | Add | $430.8M | $444.9M | +5% |
| BCE BCE, Inc. | Add | $417.1M | $208.5M | +90% |
| T AT&T Inc. | Add | $394.9M | $255.3M | +59% |
| CNR Core Natural Resources, Inc. | Add | $391.8M | $374.0M | +1% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Add | $345.0M | $365.1M | +29% |
| SLF Sun Life Financial Inc. | Trim | $341.0M | $347.8M | -2% |
| CM Canadian Imperial Bank of Commerce | Trim | $340.0M | $341.2M | -4% |
| MFC Manulife Financial Corporation | Trim | $313.5M | $362.7M | -8% |
| CP Canadian Pacific Kansas City Limited | Trim | $296.7M | $301.1M | -7% |
| GOOG Alphabet Inc. - Class C Capital Stock | Add | $289.1M | $295.0M | +7% |
| URTH iShares MSCI World ETF | Add | $287.8M | $200.1M | +48% |
| GIB CGI Inc. | Add | $273.1M | $309.1M | +12% |
| NTR Nutrien Ltd. | Trim | $251.1M | $226.0M | -8% |
| BRK.B Berkshire Hathaway Inc. | Add | $249.1M | $255.9M | +2% |
| TFII TFI International Inc. | Add | $237.7M | $223.7M | +2% |
| AVGO Broadcom Inc. | Add | $231.4M | $222.8M | +16% |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | Add | $228.2M | $196.0M | +5% |
| AEM Agnico Eagle Mines Limited | Add | $228.2M | $103.7M | +84% |
| PHYS Sprott Physical Gold Trust ETV | Add | $205.6M | $184.6M | +4% |
| META Meta Platforms, Inc. | Add | $203.7M | $219.4M | +7% |
| WMT Walmart Inc. | Add | $197.0M | $170.4M | +4% |
| JPM JP Morgan Chase & Co. | Add | $191.4M | $193.0M | +9% |
| V Visa Inc. | Add | $189.8M | $208.9M | +5% |
| IVV iShares Core S&P 500 ETF | Trim | $186.4M | $197.7M | -1% |
| VOO Vanguard S&P 500 ETF | Add | $170.4M | $163.8M | +9% |
| JNJ Johnson & Johnson | Add | $167.1M | $134.7M | +5% |
| CVE Cenovus Energy Inc | Trim | $153.6M | $170.3M | -42% |
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.