Total reported value
$62.4B
Reporting period: 2026-03-31 · Number of holdings: 684
Caisse de depot et placement du Quebec disclosed 684 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $62.4B and a quarterly turnover rate of 31.8%.
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Trim MSFT
-2.8% -$634.7M
Add CNI
+35.2% $551.1M
Trim GIB
0.0% -$319.5M
Add VTV
+147.2% $307.6M
Trim LRCX
-69.2% -$261.0M
Trim BKNG
-42.0% -$210.1M
Caisse de depot is actively rotating capital from mega-cap growth and defensive assets into industrials, value, and selectively stronger momentum names, signaling a conviction bet on sustained economic expansion and factor-driven alpha extraction rather than fortress-building.
The sale of LQD and GDX alongside additions to CNI and VTV reflects a bet on a regime of rising yields and cyclical recovery, where duration and precious metals are eschewed for industrial and value exposure. The opposing thesis is a recessionary flight to safety that would punish both the growth-to-value rotation and the complete exit from fixed income.
A momentum score of 100.0 on the contrarian scale means this portfolio is fully loaded on the trend-following side, crowded into names like NVDA and AMAT—when the consensus momentum trade unwinds, there is no hedge from bonds or gold to cushion the drawdown.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AAPL | Apple INC | Stock-Tech | 4.51% | +0.04% | +14.31% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 4.41% | +0.16% | +17.40% | |
| 3 | CNI | Canadian Natl Railway Co | Stock-Industrials | 3.09% | +0.76% | +35.19% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.07% | — | +6.75% | |
| 5 | MSFT | Microsoft CORP | Stock-Tech | 2.95% | -1.25% | -2.84% | |
| 6 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.92% | -0.33% | +0.25% | |
| 7 | GIB | Cgi INC | Stock-Tech | 1.90% | -0.66% | — | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.86% | — | +22.89% | |
| 9 | BCE | Bce INC | Stock-Comm Services | 1.37% | — | — | |
| 10 | CAE | Cae INC | Stock-Other | 1.29% | -0.31% | — | |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.26% | — | +10.57% | |
| 12 | TFII | Tfi International INC | Stock-Other | 1.24% | — | +1.00% | |
| 13 | BMO | Bank Of Montreal | Stock-Financials | 1.17% | — | — | |
| 14 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.17% | +0.20% | +7.75% | |
| 15 | MA | Mastercard INC - A | Stock-Financials | 1.16% | — | +5.49% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.13% | — | +4.35% | |
| 17 | AVGO | Broadcom INC | Stock-Tech | 1.09% | — | +3.98% | |
| 18 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.01% | — | +7.88% | |
| 19 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 0.93% | +0.27% | +67.33% | |
| 20 | VTV | Vanguard Value ETF | ETF-Other | 0.81% | +0.47% | +147.25% | |
| 21 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.80% | +0.21% | +24.53% | |
| 22 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.73% | — | -8.04% | |
| 23 | AMAT | Applied Materials INC | Stock-Tech | 0.69% | +0.32% | +48.89% | |
| 24 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.69% | — | +34.86% | |
| 25 | CSCO | Cisco Systems INC | Stock-Tech | 0.69% | +0.23% | +57.38% | |
| 26 | TSLA | Tesla INC | Stock-Consumer Disc | 0.65% | — | +13.54% | |
| 27 | WMT | Walmart INC | Stock-Consumer Staples | 0.65% | — | +10.90% | |
| 28 | T | At&t INC | Stock-Comm Services | 0.60% | +0.17% | +26.89% | |
| 29 | USHY | Ishares Broad Usd High Yield | ETF-High Yield | 0.59% | — | — | |
| 30 | BAC | Bank Of America CORP | Stock-Financials | 0.59% | — | +20.08% | |
| 31 | ABT | Abbott Laboratories | Stock-Healthcare | 0.56% | +0.16% | +82.01% | |
| 32 | ABBV | Abbvie INC | Stock-Healthcare | 0.56% | — | -0.67% | |
| 33 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.56% | — | +34.04% | |
| 34 | PEP | Pepsico INC | Stock-Consumer Staples | 0.55% | — | -2.85% | |
| 35 | C | Citigroup INC | Stock-Financials | 0.54% | — | +6.27% | |
| 36 | PGR | Progressive CORP | Stock-Financials | 0.52% | — | -0.01% | |
| 37 | NEE | Nextera Energy INC | Stock-Utilities | 0.51% | — | -8.28% | |
| 38 | XLV | Ss Health Care Select Sector | ETF-Other | 0.50% | +0.11% | +45.03% | |
| 39 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.50% | +0.24% | +94.31% | |
| 40 | HD | Home Depot INC | Stock-Consumer Disc | 0.48% | +0.26% | +145.10% | |
| 41 | RY | Royal Bank Of Canada | Stock-Financials | 0.48% | — | -6.12% | |
| 42 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.46% | — | +12.62% | |
| 43 | CAT | Caterpillar INC | Stock-Industrials | 0.44% | — | -8.50% | |
| 44 | TD | Toronto-dominion Bank | Stock-Financials | 0.44% | — | +30.01% | |
| 45 | PHM | Pultegroup INC | Stock-Consumer Disc | 0.42% | — | +12.97% | |
| 46 | MU | Micron Technology INC | Stock-Tech | 0.42% | — | -20.68% | |
| 47 | TRP | Tc Energy CORP | Stock-Energy | 0.41% | +0.20% | +80.37% | |
| 48 | NFLX | Netflix INC | Stock-Comm Services | 0.41% | — | +8.16% | |
| 49 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 0.41% | -0.28% | -36.71% | |
| 50 | REGN | Regeneron Pharmaceuticals | Stock-Healthcare | 0.41% | — | -3.89% |
Performance for Q3 2026
+4.7%
Performance Last 4 Quarters
+19.2%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 684 | $62.4B | 32 | |
| 2025-12-31 | 540 | $59.0B | 33 | |
| 2025-09-30 | 539 | $55.5B | 59 | |
| 2025-06-30 | 478 | $46.8B | 0 | |
| 2025-03-31 | 591 | $47.7B | 100 | |
| 2024-12-31 | 516 | $48.1B | 0 | |
| 2024-09-30 | 496 | $50.3B | 0 | |
| 2024-06-30 | 461 | $41.2B | 0 | |
| 2024-03-31 | 481 | $41.6B | 0 | |
| 2023-12-31 | 481 | $39.3B | 0 | |
| 2023-09-30 | 492 | $34.7B | 0 | |
| 2023-06-30 | 477 | $37.6B | 0 | |
| 2023-03-31 | 541 | $35.1B | 0 | |
| 2022-12-31 | 570 | $32.5B | 0 | |
| 2022-09-30 | 548 | $34.4B | 0 | |
| 2022-06-30 | 583 | $36.3B | 0 | |
| 2022-03-31 | 616 | $42.8B | 0 | |
| 2021-12-31 | 570 | $46.2B | 0 | |
| 2021-09-30 | 546 | $47.0B | 0 | |
| 2021-06-30 | 512 | $46.3B | 100 | |
| 2021-03-31 | 681 | $44.4B | 20 | |
| 2020-12-31 | 677 | $43.2B | 29 | |
| 2020-09-30 | 684 | $37.5B | 23 | |
| 2020-06-30 | 685 | $35.5B | 24 | |
| 2020-03-31 | 715 | $31.7B | 36 | |
| 2019-12-31 | 700 | $41.1B | 15 | |
| 2019-09-30 | 820 | $41.0B | 17 | |
| 2019-06-30 | 768 | $40.2B | 20 | |
| 2019-03-31 | 739 | $39.4B | 37 | |
| 2018-12-31 | 735 | $36.6B | 28 | |
| 2018-09-30 | 761 | $43.1B | 18 | |
| 2018-06-30 | 774 | $42.1B | 20 | |
| 2018-03-31 | 731 | $41.3B | 23 | |
| 2017-12-31 | 715 | $43.3B | 18 | |
| 2017-09-30 | 721 | $43.3B | 18 | |
| 2017-06-30 | 713 | $41.0B | 17 | |
| 2017-03-31 | 686 | $40.2B | 19 | |
| 2016-12-31 | 682 | $39.6B | 20 | |
| 2016-09-30 | 689 | $40.3B | 20 | |
| 2016-06-30 | 754 | $38.9B | 22 | |
| 2016-03-31 | 775 | $37.3B | 27 | |
| 2015-12-31 | 668 | $36.2B | 21 | |
| 2015-09-30 | 664 | $36.3B | 22 | |
| 2015-06-30 | 659 | $37.9B | 26 | |
| 2015-03-31 | 645 | $35.9B | 25 | |
| 2014-12-31 | 647 | $37.8B | 20 | |
| 2014-09-30 | 672 | $36.9B | 16 | |
| 2014-06-30 | 656 | $36.4B | 17 | |
| 2014-03-31 | 631 | $33.2B | 20 | |
| 2013-12-31 | 764 | $33.0B | 25 | |
| 2013-09-30 | 782 | $35.2B | 19 | |
| 2013-06-30 | 796 | $34.5B | — |
Caisse de depot et placement du Quebec's most significant position changes for 2026-03-31: Sold out: Vaneck Gold Miners ETF (GDX); Sold out: Ishr Ibx Usd Invgd Cb Etf-ui (LQD); New buy: Ss Financial Select Sector (XLF); New buy: Ss Spdr Bb High Yield Bond (JNK); New buy: Ishares Expanded Tech-softwa (IGV).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CNI | Canadian Natl Railway Co | +0.8% | +35.19% | Add |
| 2 | VTV | Vanguard Value ETF | +0.5% | +147.25% | Add |
| 3 | AMAT | Applied Materials INC | +0.3% | +48.89% | Add |
| 4 | GIL | Gildan Activewear INC | +0.3% | +67.33% | Add |
| 5 | HD | Home Depot INC | +0.3% | +145.10% | Add |
| 6 | TJX | Tjx Companies INC | +0.2% | +94.31% | Add |
| 7 | CSCO | Cisco Systems INC | +0.2% | +57.38% | Add |
| 8 | COST | Costco Wholesale CORP | +0.2% | +24.53% | Add |
| 9 | ENB | Enbridge INC | +0.2% | +106.04% | Add |
| 10 | JNJ | Johnson & Johnson | +0.2% | +7.75% | Add |
| 11 | TRP | Tc Energy CORP | +0.2% | +80.37% | Add |
| 12 | TXN | Texas Instruments INC | +0.2% | +90.77% | Add |
| 13 | T | At&t INC | +0.2% | +26.89% | Add |
| 14 | NVDA | Nvidia CORP | +0.2% | +17.40% | Add |
| 15 | ABT | Abbott Laboratories | +0.2% | +82.01% | Add |
| 16 | V | Visa Inc-class A Shares | +0.2% | +462.84% | Add |
| 17 | NTR | Nutrien LTD | +0.2% | +86.33% | Add |
| 18 | HAL | Halliburton Co | +0.2% | +37.41% | Add |
| 19 | ADM | Archer-daniels-midland Co | +0.2% | +154.28% | Add |
| 20 | GILD | Gilead Sciences INC | +0.1% | +62.64% | Add |
| 21 | UAL | United Airlines Holdings INC | +0.1% | +956.40% | Add |
| 22 | TMUS | T-mobile US INC | +0.1% | +61.68% | Add |
| 23 | XLV | Ss Health Care Select Sector | +0.1% | +45.03% | Add |
| 24 | AAPL | Apple INC | 0% | +14.31% | Add |
| 25 | PYPL | Paypal Holdings INC | -0.1% | -72.40% | Trim |
| 26 | BRO | Brown & Brown INC | -0.1% | -91.81% | Trim |
| 27 | SLB | Slb LTD | -0.2% | -83.02% | Trim |
| 28 | APP | Applovin Corp-class A | -0.2% | -85.21% | Trim |
| 29 | KR | Kroger Co | -0.2% | -96.38% | Trim |
| 30 | ADBE | Adobe INC | -0.2% | -9.19% | Trim |
| 31 | BDX | Becton Dickinson And Co | -0.2% | -80.54% | Trim |
| 32 | BN | Brookfield CORP | -0.2% | -43.90% | Trim |
| 33 | UBER | Uber Technologies INC | -0.2% | -32.99% | Trim |
| 34 | WFC | Wells Fargo & Co | -0.2% | -25.32% | Trim |
| 35 | XLP | Ss Consumer Staples Sel Sect | -0.2% | -49.66% | Trim |
| 36 | CRM | Salesforce INC | -0.3% | -23.84% | Trim |
| 37 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | -0.3% | -36.71% | Trim |
| 38 | CAE | Cae INC | -0.3% | — | Unchanged |
| 39 | AMZN | Amazon.com INC | -0.3% | +0.25% | Add |
| 40 | KLAC | Kla CORP | -0.4% | -79.47% | Trim |
| 41 | BKNG | Booking Holdings INC | -0.4% | -41.99% | Trim |
| 42 | LRCX | Lam Research CORP | -0.5% | -69.17% | Trim |
| 43 | GIB | Cgi INC | -0.7% | — | Unchanged |
| 44 | MSFT | Microsoft CORP | -1.3% | -2.84% | Trim |
| 45 | GDX | Vaneck Gold Miners ETF | — | EXIT | Sold out |
| 46 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | — | EXIT | Sold out |
| 47 | XLF | Ss Financial Select Sector | — | NEW | New buy |
| 48 | JNK | Ss Spdr Bb High Yield Bond | — | NEW | New buy |
| 49 | IGV | Ishares Expanded Tech-softwa | — | NEW | New buy |
| 50 | RACE | Ferrari N.V. | — | NEW | New buy |
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