CIK: 0002022297
Total reported value
$27.8B
Reporting period: 2026-03-31 · Number of holdings: 6218
Federation des caisses Desjardins du Quebec disclosed 6218 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $27.8B and a quarterly turnover rate of 20.4%.
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Federation des caisses Desjardins du Quebec's disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 68 equally-sized positions, well below its 6218 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 6.51), 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 RY
+44.5% $578.7M
Add SU
+11.6% $224.3M
Add BCE
+90.0% $208.7M
Trim MSFT
+13.6% -$97.1M
Add TU
+59.1% $139.6M
Add AEM
+84.4% $124.5M
The Desjardins franchise executed a pure contrarian capital rotation this quarter, aggressively adding shares across Canadian financials (RY, BMO), telecoms (BCE, TU), and equities mining (AEM) while absorbing Microsoft on weakness despite its weight contraction from price action. Funds have decisively exited crowded mega-cap tech positions to anchor in defensive yield pillars and domestic balance sheet resilience.
The embedded regime bet is that rate volatility will trigger a positioning squeeze on high-multiple growth assets, forcing flows into Canadian banks and telcos for sticky earnings floors. The opposing thesis argues that US technology leadership remains intact, with cloud capex cycles demanding renewed capital rotation back into momentum baskets where value plays will structurally lag.
Near-infinite diversification (2,964 holdings) paired with lax position sizing discipline creates a structural liquidity trap for alpha generation, as active conviction trades get drowned out by portfolio churn and guarantee constant leakage when concentrated sectors rally on speculative volume rather than broad participation.
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 6218 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | Stock-Financials | 7.79% | +1.73% | +44.54% | |
| 2 | TD | Toronto-dominion Bank | Stock-Financials | 3.20% | -0.37% | -3.52% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 2.33% | -0.52% | +13.63% | |
| 4 | NVDA | Nvidia CORP | Stock-Tech | 2.31% | -0.02% | +12.22% | |
| 5 | AAPL | Apple INC | Stock-Tech | 2.07% | — | +6.01% | |
| 6 | SU | Suncor Energy INC | Stock-Energy | 2.03% | +0.73% | +11.58% | |
| 7 | BN | Brookfield CORP | Stock-Financials | 1.94% | -0.36% | +2.17% | |
| 8 | BMO | Bank Of Montreal | Stock-Financials | 1.93% | +0.25% | +18.39% | |
| 9 | BNS | Bank Of Nova Scotia | Stock-Financials | 1.92% | -0.35% | -3.91% | |
| 10 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.83% | — | +7.87% | |
| 11 | TRP | Tc Energy CORP | Stock-Energy | 1.79% | +0.14% | +1.87% | |
| 12 | ENB | Enbridge INC | Stock-Energy | 1.61% | +0.11% | +1.36% | |
| 13 | PSLV | Sprott Physical Silver Trust | Stock-Other | 1.55% | +0.01% | +3.71% | |
| 14 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.55% | — | +5.38% | |
| 15 | BCE | Bce INC | Stock-Comm Services | 1.50% | +0.70% | +90.01% | |
| 16 | TU | Telus CORP | Stock-Other | 1.42% | +0.44% | +59.10% | |
| 17 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.41% | — | +1.47% | |
| 18 | SHOP | Shopify INC - Class A | Stock-Tech | 1.24% | -0.15% | +28.65% | |
| 19 | SLF | Sun Life Financial INC | Stock-Financials | 1.23% | — | -1.65% | |
| 20 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.22% | — | -4.28% | |
| 21 | MFC | Manulife Financial CORP | Stock-Financials | 1.13% | -0.26% | -8.29% | |
| 22 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.07% | — | -6.79% | |
| 23 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.04% | — | +7.19% | |
| 24 | URTH | Ishares Msci World ETF | ETF-Other | 1.04% | +0.28% | +48.45% | |
| 25 | GIB | Cgi INC | Stock-Tech | 0.98% | -0.20% | +12.49% | |
| 26 | NTR | Nutrien LTD | Stock-Materials | 0.90% | +0.04% | -8.43% | |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.90% | — | +2.12% | |
| 28 | TFII | Tfi International INC | Stock-Other | 0.85% | — | +1.95% | |
| 29 | AVGO | Broadcom INC | Stock-Tech | 0.83% | — | +16.12% | |
| 30 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.82% | +0.07% | +4.98% | |
| 31 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.82% | +0.42% | +84.42% | |
| 32 | PHYS | Sprott Physical Gold Trust | Stock-Other | 0.74% | +0.03% | +4.14% | |
| 33 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.73% | — | +7.10% | |
| 34 | WMT | Walmart INC | Stock-Consumer Staples | 0.71% | +0.06% | +3.63% | |
| 35 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.69% | — | +8.58% | |
| 36 | V | Visa Inc-class A Shares | Stock-Financials | 0.68% | — | +5.41% | |
| 37 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.67% | — | -1.17% | |
| 38 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.61% | — | +9.18% | |
| 39 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.60% | +0.09% | +5.03% | |
| 40 | CVE | Cenovus Energy INC | Stock-Energy | 0.55% | — | -42.22% | |
| 41 | CNQ | Canadian Natural Resources | Stock-Energy | 0.50% | +0.05% | -17.24% | |
| 42 | WCN | Waste Connections INC | Stock-Industrials | 0.48% | — | +9.66% | |
| 43 | IEMG | Ishares Core Msci Emerging | ETF-Emerging Markets | 0.47% | -0.13% | -20.44% | |
| 44 | MA | Mastercard INC - A | Stock-Financials | 0.44% | — | +6.06% | |
| 45 | NFLX | Netflix INC | Stock-Comm Services | 0.43% | +0.12% | +46.19% | |
| 46 | BAC | Bank Of America CORP | Stock-Financials | 0.43% | — | +7.23% | |
| 47 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.43% | +0.09% | +14.95% | |
| 48 | MGA | Magna International INC | Stock-Consumer Disc | 0.41% | -0.13% | -21.70% | |
| 49 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.40% | — | +3.44% | |
| 50 | UNH | Unitedhealth Group INC | Stock-Healthcare | 0.40% | — | +7.54% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+27.6%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 6218 | $27.8B | 20 | |
| 2025-12-31 | 5720 | $26.2B | 20 | |
| 2025-09-30 | 5648 | $25.4B | 34 | |
| 2025-06-30 | 5065 | $22.8B | 0 | |
| 2025-03-31 | 5117 | $20.2B | 0 | |
| 2024-12-31 | 3786 | $19.6B | 0 | |
| 2024-09-30 | 3801 | $20.2B | 0 | |
| 2024-06-30 | 3747 | $18.6B | 0 | |
| 2024-03-31 | 3850 | $13.8B | 0 | |
| 2023-12-31 | 2953 | $10.7B | 0 | |
| 2023-09-30 | 3001 | $9.7B | 0 | |
| 2023-06-30 | 2907 | $10.2B | — | |
| 2023-03-31 | 2907 | $9.1B | — | |
| 2022-12-31 | 2978 | $8.4B | — | |
| 2022-09-30 | 3083 | $8.4B | — | |
| 2022-06-30 | 3111 | $9.0B | — | |
| 2022-03-31 | 3115 | $10.3B | — | |
| 2021-12-31 | 3097 | $10.1B | — | |
| 2021-09-30 | 3151 | $9.6B | — | |
| 2021-06-30 | 3145 | $9.9B | — | |
| 2021-03-31 | 3068 | $9.1B | — | |
| 2020-12-31 | 2932 | $8.3B | — | |
| 2020-09-30 | 2397 | $7.1B | — | |
| 2020-06-30 | 2344 | $6.7B | — | |
| 2020-03-31 | 2469 | $5.7B | — | |
| 2019-12-31 | 2784 | $7.1B | — | |
| 2019-09-30 | 2731 | $6.9B | — | |
| 2019-06-30 | 2681 | $6.8B | — | |
| 2019-03-31 | 2463 | $6.5B | — | |
| 2018-12-31 | 2488 | $5.9B | — | |
| 2018-09-30 | 2520 | $6.8B | — | |
| 2018-06-30 | 2560 | $6.7B | — | |
| 2018-03-31 | 2543 | $6.4B | — | |
| 2017-12-31 | 2543 | $6.6B | — | |
| 2017-09-30 | 2486 | $6.3B | — | |
| 2017-06-30 | 2577 | $6.1B | — | |
| 2017-03-31 | 2099 | $5.3B | — |
Federation des caisses Desjardins du Quebec's most significant position changes for 2026-03-31: New buy: Mda Space LTD (MDA); New buy: AstraZeneca PLC (AZN); Add: Royal Bank Of Canada (RY) — shares +44.54%; Add: Suncor Energy INC (SU) — shares +11.58%; Add: Bce INC (BCE) — shares +90.01%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | +1.7% | +44.54% | Add |
| 2 | SU | Suncor Energy INC | +0.7% | +11.58% | Add |
| 3 | BCE | Bce INC | +0.7% | +90.01% | Add |
| 4 | TU | Telus CORP | +0.4% | +59.10% | Add |
| 5 | AEM | Agnico Eagle Mines LTD | +0.4% | +84.42% | Add |
| 6 | URTH | Ishares Msci World ETF | +0.3% | +48.45% | Add |
| 7 | BMO | Bank Of Montreal | +0.3% | +18.39% | Add |
| 8 | TRP | Tc Energy CORP | +0.1% | +1.87% | Add |
| 9 | NFLX | Netflix INC | +0.1% | +46.19% | Add |
| 10 | ENB | Enbridge INC | +0.1% | +1.36% | Add |
| 11 | FNV | Franco-nevada CORP | +0.1% | +65.01% | Add |
| 12 | JNJ | Johnson & Johnson | +0.1% | +5.03% | Add |
| 13 | COST | Costco Wholesale CORP | +0.1% | +14.95% | Add |
| 14 | LRCX | Lam Research CORP | +0.1% | +43.13% | Add |
| 15 | CVX | Chevron CORP | +0.1% | +78.30% | Add |
| 16 | XOM | Exxon Mobil CORP | +0.1% | +28.11% | Add |
| 17 | GIL | Gildan Activewear INC | +0.1% | +175.35% | Add |
| 18 | LNG | Cheniere Energy INC | +0.1% | +47.68% | Add |
| 19 | WPM | Wheaton Precious Metals CORP | +0.1% | +4.98% | Add |
| 20 | CAE | Cae INC | +0.1% | +69.20% | Add |
| 21 | GDX | Vaneck Gold Miners ETF | +0.1% | +36.71% | Add |
| 22 | FTI | TechnipFMC plc | +0.1% | +49.56% | Add |
| 23 | WMT | Walmart INC | +0.1% | +3.63% | Add |
| 24 | CNQ | Canadian Natural Resources | +0.1% | -17.24% | Trim |
| 25 | NTR | Nutrien LTD | 0% | -8.43% | Trim |
| 26 | PHYS | Sprott Physical Gold Trust | 0% | +4.14% | Add |
| 27 | PSLV | Sprott Physical Silver Trust | 0% | +3.71% | Add |
| 28 | NVDA | Nvidia CORP | 0% | +12.22% | Add |
| 29 | SPGI | S&p Global INC | -0.1% | -48.29% | Trim |
| 30 | PGR | Progressive CORP | -0.1% | -39.97% | Trim |
| 31 | AXP | American Express Co | -0.1% | -23.44% | Trim |
| 32 | USXF | Ishares Esg Advance Msci USA | -0.1% | -99.29% | Trim |
| 33 | OTEX | Open Text CORP | -0.1% | -26.72% | Trim |
| 34 | IBTO | Ishares Ibonds Dec 2033 Tres | -0.1% | -99.95% | Trim |
| 35 | MGA | Magna International INC | -0.1% | -21.70% | Trim |
| 36 | IEMG | Ishares Core Msci Emerging | -0.1% | -20.44% | Trim |
| 37 | VGLT | Vanguard Long-term Treasury | -0.1% | -77.61% | Trim |
| 38 | COF | Capital One Financial CORP | -0.1% | -23.86% | Trim |
| 39 | CRM | Salesforce INC | -0.2% | -26.92% | Trim |
| 40 | SHOP | Shopify INC - Class A | -0.2% | +28.65% | Add |
| 41 | GIB | Cgi INC | -0.2% | +12.49% | Add |
| 42 | IWF | Ishares Russell 1000 Growth | -0.3% | -49.95% | Trim |
| 43 | MFC | Manulife Financial CORP | -0.3% | -8.29% | Trim |
| 44 | TRI4EUR | Thomson Reuters CORP | -0.3% | -69.86% | Trim |
| 45 | BNS | Bank Of Nova Scotia | -0.4% | -3.91% | Trim |
| 46 | BN | Brookfield CORP | -0.4% | +2.17% | Add |
| 47 | TD | Toronto-dominion Bank | -0.4% | -3.52% | Trim |
| 48 | MSFT | Microsoft CORP | -0.5% | +13.63% | Add |
| 49 | MDA | Mda Space LTD | — | NEW | New buy |
| 50 | AZN | AstraZeneca PLC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 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 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2024-08-15 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2024-08-30 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2024-08-30 | 13F-HR | View on EDGAR |
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