CIK: 0001283718
Total reported value
$155.0B
Reporting period: 2026-03-31 · Number of holdings: 1680
CANADA PENSION PLAN INVESTMENT BOARD disclosed 1680 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $155.0B and a quarterly turnover rate of 24.8%.
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Canada Pension Plan Investment Board's disclosed holdings carry a Herfindahl concentration index of 0.012 — mathematically equivalent to about 84 equally-sized positions, well below its 1680 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 4.35), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add CEG
+5330.4% $2.1B
Trim AVGO
-10.5% -$792.9M
Add BG
0.0% $1.0B
Trim SPY
-57.5% -$835.8M
Trim MSFT
+18.9% -$548.5M
Add CNQ
-1.8% $575.8M
This is a capital rotation, not a defense. CPPIB is aggressively hunting Alpha by slashing passive beta via SPY and funneling those proceeds into a concentrated thematic bet on AI's energy backbone (CEG rocket from 3bp to 138bp), while selectively trimming momentum tech darlings (AVGO, SHOP). They are raising active conviction in energy (XOM, SM) but ditching Canadian crude (CNQ trim) — they are trading beta for high-conviction factor exposure.
They are pricing in a regime shift where AI-driven power demand creates sustained scarcity rents for nuclear/gas utilities and oil, making real assets the new growth engine. The opposing thesis: if AI capex disappoints or transmission bottlenecks ease, CEG and energy names face multiple compression from peak positioning, while the trimmed SPY leaves them exposed to a bear steepener that wrecks the broader equity risk premium.
The 100 momentum score coupled with a crowded skyrocket bet in CEG is a reflexivity time bomb — if the AI narrative cracks, this position is both oversized and consensus-owned, guaranteeing a liquidity spiral. Meanwhile, 1,680 holdings hide a hidden factor overlap: most of the portfolio carries implicit duration risk and momentum factor crowding, meaning a sharp style rotation could trigger simultaneous pain across dozens of seemingly unrelated names.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
Showing top 200 holdings (of 1680 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 5.49% | — | +8.63% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.22% | — | +5.51% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 3.58% | -0.50% | +18.90% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.49% | -0.27% | +3.74% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.26% | — | +11.40% | |
| 6 | BG | Bunge Global SA | Stock-Consumer Staples | 2.15% | +0.59% | — | |
| 7 | AVGO | Broadcom INC | Stock-Tech | 2.05% | -0.61% | -10.46% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.53% | — | +6.73% | |
| 9 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.53% | -0.22% | +4.02% | |
| 10 | TSLA | Tesla INC | Stock-Consumer Disc | 1.45% | — | +19.96% | |
| 11 | CEG | Constellation Energy | Stock-Utilities | 1.38% | +1.35% | +5330.43% | |
| 12 | CNQ | Canadian Natural Resources | Stock-Energy | 1.27% | +0.34% | -1.81% | |
| 13 | MA | Mastercard INC - A | Stock-Financials | 1.26% | -0.15% | +5.49% | |
| 14 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.24% | — | +17.06% | |
| 15 | RY | Royal Bank Of Canada | Stock-Financials | 1.04% | — | +0.89% | |
| 16 | VIK | Viking Holdings Ltd | Stock-Consumer Disc | 0.95% | — | — | |
| 17 | UNP | Union Pacific CORP | Stock-Industrials | 0.95% | — | +0.33% | |
| 18 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.92% | — | +3.89% | |
| 19 | DLR | Digital Realty Trust INC | Stock-Real Estate | 0.88% | +0.11% | +1.62% | |
| 20 | LYV | Live Nation Entertainment In | Stock-Comm Services | 0.87% | — | -6.73% | |
| 21 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.86% | — | +8.99% | |
| 22 | TMUS | T-mobile US INC | Stock-Comm Services | 0.82% | — | +4.71% | |
| 23 | XOM | Exxon Mobil CORP | Stock-Energy | 0.81% | +0.24% | +5.51% | |
| 24 | TD | Toronto-dominion Bank | Stock-Financials | 0.75% | — | -7.74% | |
| 25 | EQIX | Equinix INC | Stock-Real Estate | 0.75% | +0.16% | +2.56% | |
| 26 | LNG | Cheniere Energy INC | Stock-Energy | 0.75% | +0.23% | +1.63% | |
| 27 | SRAD | Sportradar Group AG | Stock-Other | 0.74% | -0.34% | — | |
| 28 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.72% | +0.23% | +27.85% | |
| 29 | TRP | Tc Energy CORP | Stock-Energy | 0.71% | — | -3.57% | |
| 30 | LIN | Linde plc | Stock-Materials | 0.66% | +0.15% | +15.09% | |
| 31 | SHOP | Shopify INC - Class A | Stock-Tech | 0.64% | -0.30% | -5.15% | |
| 32 | WMT | Walmart INC | Stock-Consumer Staples | 0.63% | +0.13% | +18.82% | |
| 33 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.59% | — | +6.73% | |
| 34 | BAC | Bank Of America CORP | Stock-Financials | 0.58% | — | +26.75% | |
| 35 | MU | Micron Technology INC | Stock-Tech | 0.57% | +0.19% | +31.64% | |
| 36 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.56% | — | -10.14% | |
| 37 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 0.55% | +0.11% | +25.37% | |
| 38 | BMO | Bank Of Montreal | Stock-Financials | 0.55% | — | -1.37% | |
| 39 | ARES | Ares Management CORP - A | Stock-Financials | 0.54% | — | +70.10% | |
| 40 | GE | General Electric | Stock-Industrials | 0.53% | -0.13% | -8.86% | |
| 41 | NFLX | Netflix INC | Stock-Comm Services | 0.53% | — | +16.81% | |
| 42 | CSCO | Cisco Systems INC | Stock-Tech | 0.50% | +0.10% | +26.61% | |
| 43 | CVX | Chevron CORP | Stock-Energy | 0.49% | +0.18% | +19.70% | |
| 44 | ENB | Enbridge INC | Stock-Energy | 0.48% | +0.12% | +23.04% | |
| 45 | AMAT | Applied Materials INC | Stock-Tech | 0.46% | +0.14% | +12.41% | |
| 46 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.46% | — | -2.64% | |
| 47 | AMD | Advanced Micro Devices | Stock-Tech | 0.45% | -0.18% | -21.87% | |
| 48 | ISRG | Intuitive Surgical INC | Stock-Healthcare | 0.45% | — | +7.31% | |
| 49 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.45% | +0.11% | +23.16% | |
| 50 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.44% | — | — |
Performance for Q3 2026
+3%
Performance Last 4 Quarters
+23.2%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1680 | $155.0B | 25 | |
| 2025-12-31 | 1971 | $149.5B | 25 | |
| 2025-09-30 | 1346 | $142.4B | 47 | |
| 2025-06-30 | 1345 | $116.9B | 0 | |
| 2025-03-31 | 1297 | $103.0B | 100 | |
| 2024-12-31 | 1398 | $105.0B | 0 | |
| 2024-09-30 | 1319 | $105.6B | 0 | |
| 2024-06-30 | 1361 | $101.8B | 0 | |
| 2024-03-31 | 1167 | $95.2B | 0 | |
| 2023-12-31 | 1085 | $79.2B | 0 | |
| 2023-09-30 | 992 | $68.4B | 0 | |
| 2023-06-30 | 993 | $65.9B | 0 | |
| 2023-03-31 | 1052 | $63.2B | 0 | |
| 2022-12-31 | 1160 | $56.4B | 0 | |
| 2022-09-30 | 1193 | $58.9B | 0 | |
| 2022-06-30 | 1270 | $60.2B | 0 | |
| 2022-03-31 | 1323 | $74.5B | 0 | |
| 2021-12-31 | 1452 | $94.1B | 0 | |
| 2021-09-30 | 1388 | $88.3B | 0 | |
| 2021-06-30 | 1170 | $83.6B | 0 | |
| 2021-03-31 | 1294 | $76.7B | 49 | |
| 2020-12-31 | 1394 | $66.9B | 50 | |
| 2020-09-30 | 1140 | $53.1B | 39 | |
| 2020-06-30 | 1385 | $46.8B | 43 | |
| 2020-03-31 | 1302 | $38.0B | 52 | |
| 2019-12-31 | 1440 | $50.9B | 34 | |
| 2019-09-30 | 1218 | $48.6B | 32 | |
| 2019-06-30 | 1268 | $49.5B | 29 | |
| 2019-03-31 | 1561 | $51.9B | 36 | |
| 2018-12-31 | 1300 | $44.9B | 43 | |
| 2018-09-30 | 1262 | $54.1B | 36 | |
| 2018-06-30 | 1245 | $52.1B | 39 | |
| 2018-03-31 | 1252 | $59.3B | 35 | |
| 2017-12-31 | 1197 | $53.2B | 36 | |
| 2017-09-30 | 1185 | $48.9B | 31 | |
| 2017-06-30 | 1146 | $43.7B | 38 | |
| 2017-03-31 | 1147 | $38.3B | 48 | |
| 2016-12-31 | 1119 | $27.6B | 47 | |
| 2016-09-30 | 1125 | $27.4B | 40 | |
| 2016-06-30 | 1107 | $24.7B | 35 | |
| 2016-03-31 | 1216 | $24.3B | 64 | |
| 2015-12-31 | 1250 | $21.6B | 76 | |
| 2015-09-30 | 1270 | $24.3B | 51 | |
| 2015-06-30 | 1280 | $30.6B | 42 | |
| 2015-03-31 | 1121 | $27.1B | 50 | |
| 2014-12-31 | 1327 | $31.2B | 46 | |
| 2014-09-30 | 1251 | $28.6B | 32 | |
| 2014-06-30 | 1232 | $28.9B | 35 | |
| 2014-03-31 | 1304 | $25.2B | 27 | |
| 2013-12-31 | 1230 | $24.7B | 43 | |
| 2013-09-30 | 1159 | $22.4B | 31 | |
| 2013-06-30 | 934 | $20.0B | 56 |
Canada Pension Plan Investment Board's most significant position changes for 2026-03-31: Sold out: Invesco Qqq Trust Series 1 (QQQ); Sold out: Civitas Resources INC (CIVI); Sold out: Netskope Inc-cl A (NTSK); Add: Constellation Energy (CEG) — shares +5330.43%; Trim: Broadcom INC (AVGO) — shares -10.46%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CEG | Constellation Energy | +1.4% | +5330.43% | Add |
| 2 | BG | Bunge Global SA | +0.6% | — | Unchanged |
| 3 | CNQ | Canadian Natural Resources | +0.3% | -1.81% | Trim |
| 4 | SM | Sm Energy Co | +0.3% | +2296.06% | Add |
| 5 | XOM | Exxon Mobil CORP | +0.2% | +5.51% | Add |
| 6 | LNG | Cheniere Energy INC | +0.2% | +1.63% | Add |
| 7 | JNJ | Johnson & Johnson | +0.2% | +27.85% | Add |
| 8 | TXN | Texas Instruments INC | +0.2% | +129.49% | Add |
| 9 | MU | Micron Technology INC | +0.2% | +31.64% | Add |
| 10 | CVX | Chevron CORP | +0.2% | +19.70% | Add |
| 11 | VST | Vistra CORP | +0.2% | +154.82% | Add |
| 12 | EQIX | Equinix INC | +0.2% | +2.56% | Add |
| 13 | LIN | Linde plc | +0.2% | +15.09% | Add |
| 14 | SU | Suncor Energy INC | +0.2% | +13.34% | Add |
| 15 | WELL | Welltower INC | +0.2% | +121.29% | Add |
| 16 | AMAT | Applied Materials INC | +0.1% | +12.41% | Add |
| 17 | SPG | Simon Property Group INC | +0.1% | +117.02% | Add |
| 18 | WMT | Walmart INC | +0.1% | +18.82% | Add |
| 19 | CUBE | Cubesmart | +0.1% | +358.87% | Add |
| 20 | ORLY | O'reilly Automotive INC | +0.1% | +329.30% | Add |
| 21 | ENB | Enbridge INC | +0.1% | +23.04% | Add |
| 22 | OTIS | Otis Worldwide CORP | +0.1% | +444.35% | Add |
| 23 | DLR | Digital Realty Trust INC | +0.1% | +1.62% | Add |
| 24 | CM | Can Imperial Bk Of Commerce | +0.1% | +25.37% | Add |
| 25 | KO | Coca-cola Co/the | +0.1% | +23.16% | Add |
| 26 | MTZ | Mastec INC | +0.1% | +325.65% | Add |
| 27 | CSCO | Cisco Systems INC | +0.1% | +26.61% | Add |
| 28 | PBA | Pembina Pipeline CORP | -0.1% | -78.93% | Trim |
| 29 | AVB | Avalonbay Communities INC | -0.1% | -86.14% | Trim |
| 30 | WAY | Waystar Holding CORP | -0.1% | — | Unchanged |
| 31 | BNS | Bank Of Nova Scotia | -0.1% | -15.38% | Trim |
| 32 | GDDY | Godaddy INC - Class A | -0.1% | -59.02% | Trim |
| 33 | GE | General Electric | -0.1% | -8.86% | Trim |
| 34 | ADBE | Adobe INC | -0.2% | -6.29% | Trim |
| 35 | MA | Mastercard INC - A | -0.2% | +5.49% | Add |
| 36 | NTR | Nutrien LTD | -0.2% | -54.15% | Trim |
| 37 | EQH | Equitable Holdings INC | -0.2% | -5.52% | Trim |
| 38 | OMC | Omnicom Group | -0.2% | -61.29% | Trim |
| 39 | CRM | Salesforce INC | -0.2% | -25.06% | Trim |
| 40 | AMD | Advanced Micro Devices | -0.2% | -21.87% | Trim |
| 41 | META | Meta Platforms Inc-class A | -0.2% | +4.02% | Add |
| 42 | AMZN | Amazon.com INC | -0.3% | +3.74% | Add |
| 43 | SHOP | Shopify INC - Class A | -0.3% | -5.15% | Trim |
| 44 | SRAD | Sportradar Group AG | -0.3% | — | Unchanged |
| 45 | MSFT | Microsoft CORP | -0.5% | +18.90% | Add |
| 46 | SPY | Ss Spdr S&p 500 ETF Trust-us | -0.6% | -57.47% | Trim |
| 47 | AVGO | Broadcom INC | -0.6% | -10.46% | Trim |
| 48 | QQQ | Invesco Qqq Trust Series 1 | — | EXIT | Sold out |
| 49 | CIVI | Civitas Resources INC | — | EXIT | Sold out |
| 50 | NTSK | Netskope Inc-cl A | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-09 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-11-16 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-08-16 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-17 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-09 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-07 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2018-01-31 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-03 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-03 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-10-30 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2018-01-31 | Amendment | View on EDGAR |
| 2017-06-30 | 2017-08-01 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2018-01-31 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-04-28 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2017-02-14 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-08 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-10 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-09 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-15 | Amendment | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
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