1832 Asset Management L.P.
Reported US equity positions for Q1 2026 — $75.5B across 628 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| TD The Toronto Dominion Bank | $2.8B | 3.7% | 30,345,986 |
| RY Royal Bank Of Canada | $2.7B | 3.5% | 16,505,826 |
| MSFT Microsoft Corporation | $2.3B | 3.1% | 6,323,428 |
| CNR Core Natural Resources, Inc. | $1.9B | 2.5% | 18,683,240 |
| AMZN Amazon.com, Inc. | $1.7B | 2.3% | 8,349,910 |
| BN Brookfield Corporation Class A Limited Voting Shares | $1.7B | 2.3% | 42,945,630 |
| NVDA NVIDIA Corporation | $1.7B | 2.2% | 9,466,648 |
| ENB Enbridge Inc | $1.6B | 2.1% | 29,071,069 |
| TRP TC Energy Corporation | $1.4B | 1.8% | 22,038,036 |
| CRC California Resources Corporation | $1.4B | 1.8% | 27,936,558 |
| BMO Bank Of Montreal | $1.3B | 1.7% | 9,599,929 |
| AAPL Apple Inc. | $1.3B | 1.7% | 5,073,214 |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | $1.3B | 1.7% | 18,254,276 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $1.2B | 1.6% | 10,187,742 |
| WCN Waste Connections, Inc. | $1.2B | 1.5% | 7,113,604 |
| CP Canadian Pacific Kansas City Limited | $1.1B | 1.5% | 14,142,830 |
| GOOGL Alphabet Inc. | $1.1B | 1.5% | 3,848,693 |
| SU Suncor Energy Inc. | $1.1B | 1.4% | 16,192,065 |
| MFC Manulife Financial Corporation | $972.9M | 1.3% | 28,248,714 |
| TMO Thermo Fisher Scientific Inc | $968.1M | 1.3% | 1,969,618 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $884.4M | 1.2% | 2,616,954 |
| GOOG Alphabet Inc. - Class C Capital Stock | $875.8M | 1.2% | 3,053,037 |
| V Visa Inc. | $854.7M | 1.1% | 2,827,907 |
| AEM Agnico Eagle Mines Limited | $795.3M | 1.1% | 3,918,282 |
| TJX The TJX Companies, Inc. | $780.4M | 1.0% | 4,886,954 |
| TRI4EUR Thomson Reuters Corp | $651.0M | 0.9% | 7,235,355 |
| FNV Franco-Nevada Corporation | $644.8M | 0.9% | 2,609,825 |
| OTEX Open Text Corporation | $605.8M | 0.8% | 27,238,523 |
| JPM JP Morgan Chase & Co. | $589.9M | 0.8% | 2,005,420 |
| SLF Sun Life Financial Inc. | $567.0M | 0.8% | 9,063,878 |
| HD The Home Depot, Inc. | $566.5M | 0.8% | 1,722,535 |
| JNJ Johnson & Johnson | $535.4M | 0.7% | 2,190,308 |
| PPL PPL Corporation | $524.9M | 0.7% | 11,726,867 |
| SHW The Sherwin-Williams Company | $512.2M | 0.7% | 1,597,905 |
| IVV iShares Core S&P 500 ETF | $504.4M | 0.7% | 772,216 |
| NTR Nutrien Ltd. | $483.2M | 0.6% | 6,403,823 |
| MCD McDonald's Corporation | $478.1M | 0.6% | 1,538,336 |
| COST Costco Wholesale Corporation | $469.3M | 0.6% | 470,973 |
| BSX Boston Scientific Corporation | $455.1M | 0.6% | 7,252,746 |
| MA Mastercard Incorporated | $452.7M | 0.6% | 905,930 |
| NFLX Netflix, Inc. | $445.7M | 0.6% | 4,635,918 |
| DHR Danaher Corporation | $442.6M | 0.6% | 2,334,521 |
| TFII TFI International Inc. | $432.4M | 0.6% | 3,980,503 |
| XOM ExxonMobil Holdings Corporation | $430.3M | 0.6% | 2,536,468 |
| CAE CAE Inc | $427.1M | 0.6% | 16,395,507 |
| CSCO Cisco Systems, Inc. | $422.6M | 0.6% | 5,447,085 |
| FTS Fortis Inc. | $421.8M | 0.6% | 7,561,136 |
| G29183103 Eaton Corp PLC | $381.5M | 0.5% | 1,066,609 |
| KGC Kinross Gold Corporation | $380.1M | 0.5% | 12,454,068 |
| META Meta Platforms, Inc. | $378.1M | 0.5% | 660,844 |
| G54950103 Linde PLC | $374.5M | 0.5% | 755,338 |
| N07059210 Asml Hldg Nv | $369.1M | 0.5% | 279,479 |
| AVGO Broadcom Inc. | $363.4M | 0.5% | 1,174,029 |
| EMR Emerson Electric Company | $354.2M | 0.5% | 2,703,627 |
| GIB CGI Inc. | $349.2M | 0.5% | 4,776,348 |
| ORCL Oracle Corporation | $346.6M | 0.5% | 2,356,324 |
| CIGI Colliers International Group Inc. - Subordinate Voting Shares | $344.6M | 0.5% | 3,224,175 |
| STN Stantec Inc | $339.3M | 0.4% | 3,927,603 |
| RBA RB Global, Inc. | $332.6M | 0.4% | 3,469,699 |
| VLO Valero Energy Corporation | $329.4M | 0.4% | 1,333,143 |
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 |
|---|---|---|---|---|
| TD The Toronto Dominion Bank | Trim | $2.8B | $3.0B | -6% |
| RY Royal Bank Of Canada | Trim | $2.7B | $2.9B | -2% |
| MSFT Microsoft Corporation | Add | $2.3B | $2.7B | +12% |
| AMZN Amazon.com, Inc. | Add | $1.7B | $1.8B | +7% |
| BN Brookfield Corporation Class A Limited Voting Shares | Trim | $1.7B | $2.1B | -6% |
| NVDA NVIDIA Corporation | Add | $1.7B | $1.3B | +33% |
| ENB Enbridge Inc | Trim | $1.6B | $1.5B | -5% |
| TRP TC Energy Corporation | Trim | $1.4B | $1.3B | -10% |
| CRC California Resources Corporation | Trim | $1.4B | $1.1B | -11% |
| BMO Bank Of Montreal | Trim | $1.3B | $1.4B | -8% |
| AAPL Apple Inc. | Add | $1.3B | $1.2B | +15% |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | Trim | $1.3B | $1.4B | -3% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Add | $1.2B | $1.3B | +30% |
| WCN Waste Connections, Inc. | Add | $1.2B | $991.1M | +26% |
| CP Canadian Pacific Kansas City Limited | Trim | $1.1B | $1.1B | -1% |
| GOOGL Alphabet Inc. | Trim | $1.1B | $1.7B | -31% |
| SU Suncor Energy Inc. | Trim | $1.1B | $789.2M | -9% |
| MFC Manulife Financial Corporation | Trim | $972.9M | $1.0B | -1% |
| TMO Thermo Fisher Scientific Inc | Add | $968.1M | $721.1M | +58% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $884.4M | $856.3M | -7% |
| GOOG Alphabet Inc. - Class C Capital Stock | Add | $875.8M | $793.7M | +21% |
| V Visa Inc. | Add | $854.7M | $953.4M | +4% |
| AEM Agnico Eagle Mines Limited | Add | $795.3M | $629.2M | +6% |
| TJX The TJX Companies, Inc. | Trim | $780.4M | $825.6M | -9% |
| TRI4EUR Thomson Reuters Corp | Add | $651.0M | $693.0M | +38% |
| OTEX Open Text Corporation | Add | $605.8M | $768.7M | +15% |
| JPM JP Morgan Chase & Co. | Trim | $589.9M | $703.5M | -8% |
| SLF Sun Life Financial Inc. | Trim | $567.0M | $637.0M | -11% |
| HD The Home Depot, Inc. | Add | $566.5M | $546.8M | +8% |
| JNJ Johnson & Johnson | Trim | $535.4M | $523.4M | -13% |
| SHW The Sherwin-Williams Company | Trim | $512.2M | $545.0M | -5% |
| NTR Nutrien Ltd. | Trim | $483.2M | $483.4M | -18% |
| MCD McDonald's Corporation | Add | $478.1M | $448.1M | +5% |
| COST Costco Wholesale Corporation | Add | $469.3M | $282.7M | +44% |
| BSX Boston Scientific Corporation | Add | $455.1M | $209.9M | +229% |
| MA Mastercard Incorporated | Trim | $452.7M | $533.2M | -3% |
| NFLX Netflix, Inc. | Add | $445.7M | $328.7M | +32% |
| DHR Danaher Corporation | Add | $442.6M | $328.6M | +63% |
| TFII TFI International Inc. | Trim | $432.4M | $477.4M | -14% |
| XOM ExxonMobil Holdings Corporation | Add | $430.3M | $116.4M | +162% |
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.