CIK: 0001963062
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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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.
Trim 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
| # | 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 | 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% | — | — |
Performance for Q3 2026
-5%
Performance Last 4 Quarters
+10%
Based on 68% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 38 | $217.9M | 97 | |
| 2025-06-30 | 36 | $276.5M | 0 | |
| 2025-03-31 | 31 | $229.7M | 0 | |
| 2024-12-31 | 39 | $278.5M | 0 | |
| 2024-09-30 | 34 | $182.6M | 0 | |
| 2024-06-30 | 37 | $235.5M | 0 | |
| 2024-03-31 | 50 | $318.5M | 0 | |
| 2023-12-31 | 37 | $198.1M | 0 | |
| 2023-09-30 | 35 | $184.7M | 0 | |
| 2023-06-30 | 38 | $198.8M | 0 | |
| 2023-03-31 | 39 | $221.6M | 0 | |
| 2022-12-31 | 35 | $254.9M | 0 |
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 | -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 NV | — | EXIT | Sold out |
| 50 | ✓ | Gildan Activewear INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-09 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-10 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-10 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
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