FD
Federation des caisses Desjardins du Quebec — 13F Portfolio Analysis & Stock Picks (Q2 2026)
Federation des caisses Desjardins du QuebecCIK: 0002022297
Diversified strategyMomentum follower
Total reported value
$32.7B
Reporting period: 2026-06-30 · Number of holdings: 6190
Federation des caisses Desjardins du Quebec disclosed 6190 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $32.7B and a quarterly turnover rate of 28.4%.
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Personality snowflake
- Concentration
- 6.22
- Portfolio Stability
- 28.44
- Momentum
- 91.79
- Sector conviction
- 54.28
- Diversification
- 100
- Sizing Uniformity
- 32.2
Federation des caisses Desjardins du Quebec's disclosed holdings carry a Herfindahl concentration index of 0.016 — mathematically equivalent to about 64 equally-sized positions, well below its 6190 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 6.78), 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.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BCE
-35.3% -$185.8M
Trim TU
-35.9% -$186.1M
Add TD
+7.6% $354.0M
Trim URTH
-44.0% -$106.5M
Trim AEM
-32.4% -$110.3M
Add RY
-2.8% $529.9M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
For the quarter ended June 30, 2026, this 13F print shows a low-turnover (~28%) book of 3,021 names making targeted adjustments rather than wholesale repositioning. Desjardins rotated within Canadian financials — trimming shares of top holding RY even as its weight drifted up to 8.24% on price appreciation, while actively adding TD (3.2%→3.8%) and MFC (1.13%→1.46%) — and stepped up exposure to U.S. mega-cap tech through adds in AAPL (to 2.5%), GOOGL (to 1.96%) and NVDA (to 2.59%). The most decisive move was a near-halving of both Canadian telecom positions, TU (1.42%→0.64%) and BCE (1.50%→0.71%).
Macro & Fundamentals
These flows line up directionally with the observable market pattern of capital concentrating further into large-cap growth and AI-linked tech names while high-yield defensive sectors see net reductions — though with a single filer and one quarter of data, this should be read as an inference, not a confirmed causal claim. On style, the filer scores 91.8 on the momentum–contrarian axis, and the pattern of adding strength while exiting laggards reads as momentum-leaning, although the payload does not define the axis polarity. The 32.7% Financials weight also appears consistent with home-market anchoring typical of a Quebec-based cooperative group rather than a fresh macro call.
Blind Spots / Risks
The structural vulnerability sits beneath the headline diversification: with an HHI of just 0.0155 across 3,021 holdings, security-level crowding is minimal, yet Financials alone carry 32.7% of the book and RY stands at 8.24% — a level reached passively through price drift even after an active trim. That leaves the portfolio exposed to a correlated shock in Canadian financials (rates, credit, housing cycle) that the raw holding count badly understates. Two caveats compound the picture: roughly 15% of reported value is unmapped to sectors, so the true industry mix is somewhat less clean than these figures suggest, and share-count deltas are absent from the file, limiting verification of trade size beyond weights.
This narrative is generated by AI from data disclosed in this institution's SEC EDGAR Form 13F filings and describes past holdings only. It is not a recommendation to buy or sell any security; the source filing is linked below. View the original 2026-06-30 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 6190 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | Stock-Financials | 8.24% | +0.45% | -2.79% | |
| 2 | TD | Toronto-dominion Bank | Stock-Financials | 3.80% | +0.60% | +7.55% | |
| 3 | NVDA | Nvidia CORP | Stock-Tech | 2.59% | +0.28% | +15.20% | |
| 4 | AAPL | Apple Inc | Stock-Tech | 2.50% | +0.43% | +24.77% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 2.28% | -0.05% | +14.12% | |
| 6 | BNS | Bank Of Nova Scotia | Stock-Financials | 2.01% | +0.09% | -1.84% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.96% | +0.41% | +19.72% | |
| 8 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.88% | +0.05% | +6.05% | |
| 9 | BMO | Bank Of Montreal | Stock-Financials | 1.81% | -0.12% | -15.62% | |
| 10 | SU | Suncor Energy Inc | Stock-Energy | 1.81% | -0.22% | +28.82% | |
| 11 | BN | Brookfield CORP | Stock-Financials | 1.67% | -0.27% | -3.98% | |
| 12 | TRP | Tc Energy CORP | Stock-Energy | 1.50% | -0.29% | -7.70% | |
| 13 | MFC | Manulife Financial CORP | Stock-Financials | 1.46% | +0.33% | +29.55% | |
| 14 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.41% | — | +1.46% | |
| 15 | ENB | Enbridge Inc | Stock-Energy | 1.40% | -0.21% | +1.65% | |
| 16 | PSLV | Sprott Physical Silver Trust | Stock-Other | 1.31% | -0.24% | +28.13% | |
| 17 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.30% | +0.23% | +29.20% | |
| 18 | SLF | Sun Life Financial Inc | Stock-Financials | 1.27% | +0.04% | -2.87% | |
| 19 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.24% | +0.02% | -1.89% | |
| 20 | SHOP | Shopify Inc - Class A | Stock-Tech | 1.21% | -0.03% | +18.83% | |
| 21 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.20% | +0.16% | +10.38% | |
| 22 | GIB | Cgi Inc | Stock-Tech | 0.97% | -0.01% | +31.48% | |
| 23 | AVGO | Broadcom Inc | Stock-Tech | 0.90% | +0.07% | +4.19% | |
| 24 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.86% | -0.04% | +7.84% | |
| 25 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.82% | +0.13% | +25.78% | |
| 26 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.80% | +0.20% | +51.43% | |
| 27 | TFII | Tfi International Inc | Stock-Other | 0.80% | -0.05% | -16.50% | |
| 28 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.71% | -0.02% | +16.21% | |
| 29 | BCE | Bce Inc | Stock-Comm Services | 0.71% | -0.79% | -35.26% | |
| 30 | V | Visa Inc-class A Shares | Stock-Financials | 0.69% | +0.01% | +4.40% | |
| 31 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.68% | +0.01% | +4.59% | |
| 32 | FTS | Fortis Inc | Stock-Utilities | 0.67% | +0.39% | +175.48% | |
| 33 | NTR | Nutrien LTD | Stock-Materials | 0.66% | -0.24% | +2.42% | |
| 34 | TU | Telus CORP | Stock-Other | 0.64% | -0.78% | -35.90% | |
| 35 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.61% | — | +2.18% | |
| 36 | AMD | Advanced Micro Devices | Stock-Tech | 0.58% | +0.38% | +18.04% | |
| 37 | WMT | Walmart Inc | Stock-Consumer Staples | 0.56% | -0.15% | +2.41% | |
| 38 | MU | Micron Technology Inc | Stock-Tech | 0.56% | +0.40% | +21.10% | |
| 39 | B | Barrick Mining CORP | Stock-Materials | 0.56% | +0.34% | +231.52% | |
| 40 | URTH | Ishares Msci World ETF | ETF-Other | 0.55% | -0.49% | -44.05% | |
| 41 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.55% | -0.27% | -8.70% | |
| 42 | PHYS | Sprott Physical Gold Trust | Stock-Other | 0.54% | -0.20% | +1.17% | |
| 43 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.53% | +0.13% | +1.90% | |
| 44 | LRCX | Lam Research CORP | Stock-Tech | 0.52% | +0.29% | +31.00% | |
| 45 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.50% | +0.14% | +23.05% | |
| 46 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.45% | +0.05% | -5.26% | |
| 47 | BAC | Bank Of America CORP | Stock-Financials | 0.45% | +0.02% | +4.96% | |
| 48 | MGA | Magna International Inc | Stock-Consumer Disc | 0.41% | — | -1.38% | |
| 49 | MA | Mastercard Inc - A | Stock-Financials | 0.41% | -0.03% | +8.32% | |
| 50 | TSLA | Tesla Inc | Stock-Consumer Disc | 0.39% | +0.07% | +29.50% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+3.4%
Performance Last 4 Quarters
+24.9%
- Stdev
- +12.3%
- Beta
- +0.86
- Alpha
- +1.7%
- Max Drawdown
- -6.3%
- Annualized Perf
- +19.8%
- Batting Avg vs S&P
- +41.7%
- Sortino
- +3.02
- Stutzer
- +0.45
- Treynor
- +0.22
- Sterling
- +1.29
- Calmar
- +3.16
- Information Ratio
- -0.2
- Tracking Error
- +5.5%
- Stdev Down
- +6.3%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +35.8%
- Worst 12 Months
- +3.9%
- Efficiency Ratio
- +0.61
- Sharpe
- +1.54
- Stdev Sectors
- +9%
- Skewness
- -0.13
- Kurtosis
- -0.21
- Upside Potential
- +4.63
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 6190 | $32.7B | 28 | ||
| 2026 Q1 | 6218 | $27.8B | 20 | ||
| 2025 Q4 | 5720 | $26.2B | 20 | ||
| 2025 Q3 | 5648 | $25.4B | 34 | ||
| 2025 Q2 | 5065 | $22.8B | 0 | ||
| 2025 Q1 | 5117 | $20.2B | 0 | ||
| 2024 Q4 | 3786 | $19.6B | 0 | ||
| 2024 Q3 | 3801 | $20.2B | 0 | ||
| 2024 Q2 | 3747 | $18.6B | 0 | ||
| 2024 Q1 | 3850 | $13.8B | 0 | ||
| 2023 Q4 | 2953 | $10.7B | 0 | ||
| 2023 Q3 | 3001 | $9.7B | 0 | ||
| 2023 Q2 | 2907 | $10.2B | — | ||
| 2023 Q1 | 2907 | $9.1B | — | ||
| 2022 Q4 | 2978 | $8.4B | — | ||
| 2022 Q3 | 3083 | $8.4B | — | ||
| 2022 Q2 | 3111 | $9.0B | — | ||
| 2022 Q1 | 3115 | $10.3B | — | ||
| 2021 Q4 | 3097 | $10.1B | — | ||
| 2021 Q3 | 3151 | $9.6B | — | ||
| 2021 Q2 | 3145 | $9.9B | — | ||
| 2021 Q1 | 3068 | $9.1B | — | ||
| 2020 Q4 | 2932 | $8.3B | — | ||
| 2020 Q3 | 2397 | $7.1B | — | ||
| 2020 Q2 | 2344 | $6.7B | — | ||
| 2020 Q1 | 2469 | $5.7B | — | ||
| 2019 Q4 | 2784 | $7.1B | — | ||
| 2019 Q3 | 2731 | $6.9B | — | ||
| 2019 Q2 | 2681 | $6.8B | — | ||
| 2019 Q1 | 2463 | $6.5B | — | ||
| 2018 Q4 | 2488 | $5.9B | — | ||
| 2018 Q3 | 2520 | $6.8B | — | ||
| 2018 Q2 | 2560 | $6.7B | — | ||
| 2018 Q1 | 2543 | $6.4B | — | ||
| 2017 Q4 | 2543 | $6.6B | — | ||
| 2017 Q3 | 2486 | $6.3B | — | ||
| 2017 Q2 | 2577 | $6.1B | — | ||
| 2017 Q1 | 2099 | $5.3B | — |
Holding changes this quarter
Federation des caisses Desjardins du Quebec's most significant position changes for 2026-06-30: New buy: Aya Gold & Silver Inc (AYA); Sold out: Thomson Reuters CORP (TRI4EUR); New buy: Thomson Reuters CORP (TRI); New buy: ; Sold out: Honeywell International Inc (HON).
Showing top 200 changes by size (of 3192 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TD | Toronto-dominion Bank | +0.6% | +7.55% | Add |
| 2 | RY | Royal Bank Of Canada | +0.5% | -2.79% | Trim |
| 3 | AAPL | Apple Inc | +0.4% | +24.77% | Add |
| 4 | GOOGL | Alphabet Inc-cl A | +0.4% | +19.72% | Add |
| 5 | MU | Micron Technology Inc | +0.4% | +21.10% | Add |
| 6 | FTS | Fortis Inc | +0.4% | +175.48% | Add |
| 7 | AMD | Advanced Micro Devices | +0.4% | +18.04% | Add |
| 8 | B | Barrick Mining CORP | +0.3% | +231.52% | Add |
| 9 | MFC | Manulife Financial CORP | +0.3% | +29.55% | Add |
| 10 | LRCX | Lam Research CORP | +0.3% | +31.00% | Add |
| 11 | NVDA | Nvidia CORP | +0.3% | +15.20% | Add |
| 12 | CP | Canadian Pacific Kansas City | +0.2% | +29.20% | Add |
| 13 | JNJ | Johnson & Johnson | +0.2% | +51.43% | Add |
| 14 | AMAT | Applied Materials Inc | +0.2% | +125.49% | Add |
| 15 | GOOG | Alphabet Inc-cl C | +0.2% | +10.38% | Add |
| 16 | LLY | Eli Lilly & Co | +0.1% | +23.05% | Add |
| 17 | JPM | Jpmorgan Chase & Co | +0.1% | +25.78% | Add |
| 18 | UNH | Unitedhealth Group Inc | +0.1% | +1.90% | Add |
| 19 | MDA | Mda Space LTD | +0.1% | +4.30% | Add |
| 20 | INTC | Intel CORP | +0.1% | +11.87% | Add |
| 21 | RBA | Rb Global Inc | +0.1% | +157.40% | Add |
| 22 | CAT | Caterpillar Inc | +0.1% | +37.50% | Add |
| 23 | GIL | Gildan Activewear Inc | +0.1% | +111.26% | Add |
| 24 | URI | United Rentals Inc | +0.1% | +85.59% | Add |
| 25 | BNS | Bank Of Nova Scotia | +0.1% | -1.84% | Trim |
| 26 | KLAC | Kla CORP | +0.1% | +912.27% | Add |
| 27 | GLW | Corning Inc | +0.1% | +89.41% | Add |
| 28 | ABT | Abbott Laboratories | +0.1% | +112.43% | Add |
| 29 | WDC | Western Digital CORP | +0.1% | +38.67% | Add |
| 30 | MRVL | Marvell Technology Inc | +0.1% | +43.04% | Add |
| 31 | MLI | Mueller Industries Inc | +0.1% | +559.36% | Add |
| 32 | AVGO | Broadcom Inc | +0.1% | +4.19% | Add |
| 33 | TSLA | Tesla Inc | +0.1% | +29.50% | Add |
| 34 | PANW | Palo Alto Networks Inc | +0.1% | -32.70% | Trim |
| 35 | AXP | American Express Co | +0.1% | +68.81% | Add |
| 36 | BNY | Bank Of New York Mellon CORP | +0.1% | +40.95% | Add |
| 37 | LOW | Lowe's Cos Inc | +0.1% | +226.40% | Add |
| 38 | AYA | Aya Gold & Silver Inc | +0.1% | NEW | New buy |
| 39 | TER | Teradyne Inc | +0.1% | +86.93% | Add |
| 40 | ADI | Analog Devices Inc | +0.1% | +52.15% | Add |
| 41 | SNDK | Sandisk CORP | +0.1% | +42.93% | Add |
| 42 | AMZN | Amazon.com Inc | +0.1% | +6.05% | Add |
| 43 | TSM | Taiwan Semiconductor-sp Adr | +0.1% | -5.26% | Trim |
| 44 | FLEX | Flex Ltd. | +0.1% | +88.36% | Add |
| 45 | TRI | Thomson Reuters CORP | +0.1% | NEW | New buy |
| 46 | FIX | Comfort Systems USA Inc | +0.1% | +134.00% | Add |
| 47 | ✓ | +0.1% | NEW | New buy | |
| 48 | SLF | Sun Life Financial Inc | 0% | -2.87% | Trim |
| 49 | C | Citigroup Inc | 0% | +9.82% | Add |
| 50 | TECK | Teck Resources Ltd-cls B | 0% | +27.32% | Add |
1–50 of 200
Filing History
FAQ
What is Federation des caisses Desjardins du Quebec and what type of investor is it?
Federation des caisses Desjardins du Quebec is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $32.7B, spread across 6190 disclosed positions.
What are Federation des caisses Desjardins du Quebec's largest equity positions?
Based on the latest 13F filing, Federation des caisses Desjardins du Quebec's top holdings by market value are:
1. Royal Bank Of Canada (RY) — $2.7B (8.2%)
2. Toronto-dominion Bank (TD) — $1.2B (3.8%)
3. Nvidia CORP (NVDA) — $847.4M (2.6%)
4. Apple Inc (AAPL) — $819.8M (2.5%)
5. Microsoft CORP (MSFT) — $746.2M (2.3%)
What changes did Federation des caisses Desjardins du Quebec make in its most recent portfolio filing?
In the latest reported quarter, Federation des caisses Desjardins du Quebec made 200 notable position adjustments: 5 new positions were initiated, 132 existing holdings were added to, 61 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Aya Gold & Silver Inc (AYA); Sold out: Thomson Reuters CORP (TRI4EUR); New buy: Thomson Reuters CORP (TRI); New buy: ; Sold out: Honeywell International Inc (HON)
What sectors does Federation des caisses Desjardins du Quebec focus on?
Federation des caisses Desjardins du Quebec is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 32.7%
• Information Technology: 21.1%
• Industrials: 8.7%
• Energy: 8.4%
• Communication Services: 6.7%
• Health Care: 6.4%
Investment Profile
Federation des caisses Desjardins du Quebec returned an annualized 19.8% over the trailing 36 months — outperforming the S&P 500 by 1.7 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.86 (less volatile than the market) and a 42% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 32.7% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 28 over the past 4 quarters — a shift toward more active trading.
It has added to its RY position over the past two quarters (+$1.1B, now $2.7B), while trimming AGI over the same stretch (-$75.2M, still holding $15.2M).
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Developer Access
Access Federation des caisses Desjardins du Quebec's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/federation-des-caisses-desjardins-du-quebecCLI
npx alphasmo institutions get federation-des-caisses-desjardins-du-quebec