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Forge First Asset Management Inc. Historical SEC 13F Holdings & Archive (Q3 2025)
Forge First Asset Management Inc.CIK: 0001963062
High-turnover traderMomentum followerDiversified strategy
Total reported value
$217.9M
Reporting period: 2025-09-30 · Number of holdings: 38
Forge First Asset Management Inc. disclosed 38 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $217.9M and a quarterly turnover rate of 96.5%.
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Personality snowflake
- Concentration
- 19.11
- Portfolio Stability
- 96.53
- Momentum
- 100
- Sector conviction
- 77.85
- Diversification
- 76
- Sizing Uniformity
- 90.85
Forge First Asset Management Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.048 — mathematically equivalent to about 21 equally-sized positions, well below its 38 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.92), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 28% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim CP
-85.3% -$18.2M
Add AGI
-55.2% $4.4M
Trim NVDA
-69.3% -$4.2M
Add GFL
+42.9% $1.7M
Trim META
+125.3% -$2.5M
Add TTWO
0.0% $1.7M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GFL | Gfl Environmental Inc-sub Vt | Stock-Other | 9.05% | +1.22% | +42.89% | |
| 2 | BKLN | Invesco Senior Loan ETF | ETF-Other | 9.02% | — | -2.46% | |
| 3 | CWST | Casella Waste Systems Inc-a | Stock-Industrials | 7.05% | +7.05% | NEW | |
| 4 | GIL | Gildan Activewear Inc | Stock-Consumer Disc | 6.72% | -0.59% | -44.69% | |
| 5 | HPE | Hewlett Packard Enterprise | Stock-Tech | 6.04% | +6.04% | NEW | |
| 6 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 5.66% | — | -36.23% | |
| 7 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 4.20% | +0.83% | +22.32% | |
| 8 | TTWO | Take-two Interactive Softwre | Stock-Comm Services | 3.92% | +0.94% | — | |
| 9 | DOO | Brp Inc/ca- Sub Voting | Stock-Other | 3.76% | +3.76% | NEW | |
| 10 | BTG | B2gold CORP | Stock-Other | 3.75% | +3.75% | NEW | |
| 11 | SKE | Skeena Resources LTD | Stock-Other | 3.38% | +3.38% | NEW | |
| 12 | BN | Brookfield CORP | Stock-Financials | 3.15% | +3.15% | NEW | |
| 13 | ITRI | Itron Inc | Stock-Tech | 3.07% | +3.07% | NEW | |
| 14 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.96% | -0.94% | +125.28% | |
| 15 | CAE | Cae Inc | Stock-Other | 2.60% | +2.60% | NEW | |
| 16 | STN | Stantec Inc | Stock-Other | 2.46% | +0.85% | -42.62% | |
| 17 | AGI | Alamos Gold Inc-class A | Stock-Materials | 2.45% | +2.05% | -55.22% | |
| 18 | BLD | Topbuild CORP | Stock-Industrials | 2.41% | +2.41% | NEW | |
| 19 | NVDA | Nvidia CORP | Stock-Tech | 2.16% | -1.74% | -69.32% | |
| 20 | UAL | United Airlines Holdings Inc | Stock-Industrials | 2.10% | +2.10% | NEW | |
| 21 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.86% | -7.81% | -85.33% | |
| 22 | CWAN | Clearwater Analytics Holdings, Inc. | Stock-Tech | 1.78% | +1.78% | NEW | |
| 23 | PANW | Palo Alto Networks Inc | Stock-Tech | 1.54% | +0.79% | +47.32% | |
| 24 | IAUX-WS | I-80 Gold CORP -26 | Stock-Other | 1.45% | +1.45% | NEW | |
| 25 | FIX | Comfort Systems USA Inc | Stock-Industrials | 1.34% | +1.34% | NEW | |
| 26 | ✓ | Spdr S&P 500 Etf Tr Put Option | ETF-Large Cap & Growth | 1.05% | -0.57% | -50.77% | |
| 27 | GAU | Galiano Gold Inc | Stock-Other | 1.00% | +1.00% | NEW | |
| 28 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.73% | -0.83% | -81.66% | |
| 29 | PINS | Pinterest Inc- Class A | Stock-Comm Services | 0.71% | +0.71% | NEW | |
| 30 | ORLA | Orla Mining LTD | Stock-Other | 0.50% | +0.50% | NEW | |
| 31 | POWL | Powell Industries Inc | Stock-Industrials | 0.43% | +0.43% | NEW | |
| 32 | AVGO | Broadcom Inc. | Stock-Tech | 0.42% | +0.42% | NEW | |
| 33 | ✓ | Hewlett Packard Enterprise C | Stock-Other | 0.34% | +0.34% | NEW | |
| 34 | SMHC | VanEck China Semiconductor ETF | ETF-Emerging Markets | 0.31% | +0.31% | NEW | |
| 35 | ✓ | Gildan Activewear Inc | Stock-Other | 0.26% | +0.26% | NEW | |
| 36 | ✓ | Stock-Other | 0.16% | — | — | ||
| 37 | ✓ | Brookfield CORP | Stock-Other | 0.12% | — | — | |
| 38 | ✓ | Alphabet Inc | Stock-Other | 0.11% | — | — |
Portfolio Performance
Performance for Q3 2026
+5.4%
Performance Last 4 Quarters
+27.2%
- Stdev
- +15.3%
- Beta
- +1
- Alpha
- +2%
- Max Drawdown
- -10.1%
- Annualized Perf
- +23%
- Batting Avg vs S&P
- +58.3%
- Sortino
- +2.64
- Stutzer
- +0.41
- Treynor
- +0.22
- Sterling
- +1.25
- Calmar
- +2.27
- Information Ratio
- +0.24
- Tracking Error
- +8.3%
- Stdev Down
- +8.3%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +41.7%
- Worst 12 Months
- +3.7%
- Efficiency Ratio
- +0.62
- Sharpe
- +1.44
- Stdev Sectors
- +10.9%
- Skewness
- -0.44
- Kurtosis
- -0.13
- Upside Potential
- +4.07
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Forge First Asset Management Inc.'s most significant position changes for 2025-09-30: Sold out: Canadian Natl Railway Co (CNI); New buy: Casella Waste Systems Inc-a (CWST); New buy: Hewlett Packard Enterprise (HPE); Sold out: Telus CORP (TU); Sold out: Brookfield Business Corporation (BBUC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AGI | Alamos Gold Inc-class A | +2.1% | -55.22% | Add |
| 2 | GFL | Gfl Environmental Inc-sub Vt | +1.2% | +42.89% | Add |
| 3 | TTWO | Take-two Interactive Softwre | +0.9% | — | Unchanged |
| 4 | STN | Stantec Inc | +0.9% | -42.62% | Add |
| 5 | AMZN | Amazon.com Inc | +0.8% | +22.32% | Add |
| 6 | PANW | Palo Alto Networks Inc | +0.8% | +47.32% | Add |
| 7 | ✓ | Spdr S&P 500 Etf Tr Put Option | -0.6% | -50.77% | Trim |
| 8 | GIL | Gildan Activewear Inc | -0.6% | -44.69% | Trim |
| 9 | GOOG | Alphabet Inc-cl C | -0.8% | -81.66% | Trim |
| 10 | META | Meta Platforms Inc-class A | -0.9% | +125.28% | Trim |
| 11 | NVDA | Nvidia CORP | -1.7% | -69.32% | Trim |
| 12 | CP | Canadian Pacific Kansas City | -7.8% | -85.33% | Trim |
| 13 | CNI | Canadian Natl Railway Co | — | EXIT | Sold out |
| 14 | CWST | Casella Waste Systems Inc-a | — | NEW | New buy |
| 15 | HPE | Hewlett Packard Enterprise | — | NEW | New buy |
| 16 | TU | Telus CORP | — | EXIT | Sold out |
| 17 | BBUC | Brookfield Business Corporation | — | EXIT | Sold out |
| 18 | DOO | Brp Inc/ca- Sub Voting | — | NEW | New buy |
| 19 | BTG | B2gold CORP | — | NEW | New buy |
| 20 | SKE | Skeena Resources LTD | — | NEW | New buy |
| 21 | BN | Brookfield CORP | — | NEW | New buy |
| 22 | ITRI | Itron Inc | — | NEW | New buy |
| 23 | MSFT | Microsoft CORP | — | EXIT | Sold out |
| 24 | XYZ | Block Inc | — | EXIT | Sold out |
| 25 | GPN | Global Payments Inc | — | EXIT | Sold out |
| 26 | CAE | Cae Inc | — | NEW | New buy |
| 27 | BLD | Topbuild CORP | — | NEW | New buy |
| 28 | UAL | United Airlines Holdings Inc | — | NEW | New buy |
| 29 | GRTUF | Granite Real Estate Investme | — | EXIT | Sold out |
| 30 | BIP | Brookfield Infrastructure Partners L.P. | — | EXIT | Sold out |
| 31 | V | Visa Inc-class A Shares | — | EXIT | Sold out |
| 32 | SITM | Sitime CORP | — | EXIT | Sold out |
| 33 | MA | Mastercard Inc - A | — | EXIT | Sold out |
| 34 | GRND | Grindr Inc | — | EXIT | Sold out |
| 35 | CWAN | Clearwater Analytics Holdings, Inc. | — | NEW | New buy |
| 36 | PBA | Pembina Pipeline CORP | — | EXIT | Sold out |
| 37 | IAUX-WS | I-80 Gold CORP -26 | — | NEW | New buy |
| 38 | FIX | Comfort Systems USA Inc | — | NEW | New buy |
| 39 | MYRG | Myr Group Inc/delaware | — | EXIT | Sold out |
| 40 | DSGX | Descartes Systems Grp/the | — | EXIT | Sold out |
| 41 | GAU | Galiano Gold Inc | — | NEW | New buy |
| 42 | PINS | Pinterest Inc- Class A | — | NEW | New buy |
| 43 | ORLA | Orla Mining LTD | — | NEW | New buy |
| 44 | PTON | Peloton Interactive Inc-a | — | EXIT | Sold out |
| 45 | POWL | Powell Industries Inc | — | NEW | New buy |
| 46 | AVGO | Broadcom Inc. | — | NEW | New buy |
| 47 | ✓ | Hewlett Packard Enterprise C | — | NEW | New buy |
| 48 | SMHC | VanEck China Semiconductor ETF | — | NEW | New buy |
| 49 | NBIS | Nebius Group N.V. | — | EXIT | Sold out |
| 50 | ✓ | Gildan Activewear Inc | — | NEW | New buy |
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Forge First Asset Management Inc. and what type of investor is it?
Forge First Asset Management Inc. 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 (2025-09-30), the firm manages a tracked equity portfolio valued at approximately $217.9M, spread across 38 disclosed positions.
What are Forge First Asset Management Inc.'s largest equity positions?
Based on the latest 13F filing, Forge First Asset Management Inc.'s top holdings by market value are:
1. Gfl Environmental Inc-sub Vt (GFL) — $19.7M (9.1%)
2. Invesco Senior Loan ETF (BKLN) — $19.7M (9.0%)
3. Casella Waste Systems Inc-a (CWST) — $15.4M (7.0%)
4. Gildan Activewear Inc (GIL) — $14.6M (6.7%)
5. Hewlett Packard Enterprise (HPE) — $13.2M (6.0%)
What changes did Forge First Asset Management Inc. make in its most recent portfolio filing?
In the latest reported quarter, Forge First Asset Management Inc. made 49 notable position adjustments: 21 new positions were initiated, 5 existing holdings were added to, 6 positions were partially reduced, and 17 were completely exited. The largest of these moves: Sold out: Canadian Natl Railway Co (CNI); New buy: Casella Waste Systems Inc-a (CWST); New buy: Hewlett Packard Enterprise (HPE); Sold out: Telus CORP (TU); Sold out: Brookfield Business Corporation (BBUC)
What sectors does Forge First Asset Management Inc. focus on?
Forge First Asset Management Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 35.5%
• Communication Services: 30.2%
• Consumer Discretionary: 15.2%
• Financials: 11.4%
• Industrials: 7.6%
Investment Profile
Forge First Asset Management Inc. returned an annualized 23.0% over the trailing 36 months — outperforming the S&P 500 by 2.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.00 (roughly in line with the market) and a 58% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 35.5% of the portfolio concentrated in Information Technology.
Its turnover score has risen from 0 to 97 over the past 4 quarters — a shift toward more active trading.
It has added to its TTWO position over the past two quarters (+$1.7M, now $8.5M), while trimming Spdr S&P 500 Etf Tr Put Option over the same stretch (-$1.4M, still holding $2.3M).
Peer Institutions
Institutions with a similar AUM
JC
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CIK 0002011609
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2 stks
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Concentration100.0
Portfolio Stability41.5
Sector conviction0.0
AUM within 0.0% of this institution
View detail
GI
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Total reported value
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Concentration59.8
Portfolio Stability0.0
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View detail
FF
Financial Freedom, LLC
CIK 0001965484
Total reported value
$217.9M
107 stks
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Concentration12.1
Portfolio Stability23.4
Sector conviction69.8
AUM within 0.0% of this institution
View detail
Similar Holdings Style
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DP
DSAM Partners (London) Ltd
CIK 0001565061
Total reported value
$176.5M
18 stks
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Stale — no recent filing
Concentration32.3
Portfolio Stability0.0
Sector conviction100.0
Also holds Gfl Environmental Inc-sub Vt as its largest position
View detail
NI
Norwood Investment Partners, LP
CIK 0001888610
Total reported value
$72.4M
14 stks
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Concentration36.9
Portfolio Stability43.6
Sector conviction100.0
Also holds Gfl Environmental Inc-sub Vt as its largest position
View detail
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Developer Access
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