MONTRUSCO BOLTON INVESTMENTS INC.
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| NVIDIA CORPORATION | NVDA | $522.8M | 2,289,351 | +0.88pp | 13q | -13.2%-$79.6M | |
| MICROSOFT CORP | MSFT | $460.4M | 897,738 | +2.08pp | 32q | -12.1%-$63.4M | |
| ALPHABET INC | GOOGL | $327.6M | 951,981 | -0.38pp | 32q | -13.0%-$48.7M | |
| AMAZON COM INC | AMZN | $325.7M | 1,307,343 | -0.17pp | 32q | -17.1%-$67.0M | |
| META PLATFORMS INC | META | $213.8M | 294,862 | +0.79pp | 32q | -11.9%-$28.8M | |
| LAM RESEARCH CORP | LRCX | $213.0M | 648,283 | -0.82pp | 7q | -3.5%-$7.6M | |
| JPMORGAN CHASE & CO | JPM | $210.2M | 635,233 | -1.05pp | 6q | -31.3%-$95.7M | |
| DANAHER CORP DEL | DHR | $202.1M | 912,150 | +0.36pp | 32q | -14.3%-$33.8M | |
| MICRON TECHNOLOGY INC | MU | $194.2M | 182,304 | -0.28pp | 2q | -10.7%-$23.2M | |
| VALERO ENERGY CORP | VLO | $181.8M | 468,947 | +0.58pp | 14q | -26.4%-$65.3M | |
| IDEXX LABS INC | IDXX | $165.6M | 317,110 | -0.17pp | 7q | -14.9%-$29.1M | |
| BROADCOM INC | AVGO | $164.6M | 468,632 | -0.88pp | 4q | -26.5%-$59.3M | |
| MASTERCARD INCORPORATED | MA | $158.2M | 286,931 | -0.98pp | 32q | -38.7%-$100.1M | |
| AMPHENOL CORP | APH | $146.8M | 1,741,326 | +0.12pp | 3q | -2.1%-$3.1M | |
| APPLE INC | AAPL | $142.1M | 426,645 | +0.42pp | 32q | -6.4%-$9.7M | |
| MONSTER BEVERAGE CORP NEW | MNST | $141.9M | 3,408,610 | -0.69pp | 9q | -19.4%-$34.1M | |
| API GROUP CORP | APG | $132.0M | 3,420,856 | -0.37pp | 6q | -15.6%-$24.4M | |
| LINDE PLC | LIN | $116.3M | 244,948 | +0.06pp | 2q | +1.0%+$1.1M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $114.6M | 251,239 | -0.70pp | 9q | -30.8%-$50.9M | |
| WASTE CONNECTIONS INC | WCN | $114.6M | 744,195 | -0.53pp | 21q | -23.7%-$35.5M | |
| PUBLIC STORAGE | PSA | $106.3M | 375,886 | -0.32pp | 18q | -14.3%-$17.8M | |
| UBER TECHNOLOGIES INC | UBER | $99.8M | 1,457,387 | -0.18pp | 8q | -14.9%-$17.4M | |
| GE VERNOVA INC | GEV | $82.9M | 87,243 | +0.06pp | 2q | +15.5%+$11.1M | |
| CHIPOTLE MEXICAN GRILL INC | CMG | $78.7M | 2,462,514 | -0.27pp | 9q | -20.4%-$20.2M | |
| VERTEX PHARMACEUTICALS INC | VRTX | $78.4M | 149,888 | - | new | NEW | |
| CME GROUP INC | CME | $75.8M | 289,492 | - | new | NEW | |
| RYAN SPECIALTY HOLDINGS INC | RYAN | $74.6M | 2,016,985 | -0.28pp | 6q | -25.0%-$24.9M | |
| CHARLES SCHWAB CORP (THE) | SCHW | $67.9M | 695,062 | - | new | NEW | |
| SYNOPSYS INC | SNPS | $66.9M | 153,722 | -0.24pp | 7q | -24.2%-$21.3M | |
| ZOETIS INC | ZTS | $57.2M | 819,278 | -0.25pp | 16q | -26.3%-$20.4M | |
| SUNBELT RENTALS HOLDINGS INC | SUNB | $51.8M | 698,976 | +0.15pp | 3q | +5.5%+$2.7M | |
| ROYAL BK CDA | RY | $43.2M | 219,335 | -0.06pp | 32q | -13.3%-$6.6M | |
| WALMART INC | WMT | $36.7M | 352,732 | +0.12pp | 16q | +20.5%+$6.2M | |
| CHURCH & DWIGHT CO INC | CHD | $34.6M | 366,739 | +0.07pp | 2q | +3.5%+$1.2M | |
| TRACTOR SUPPLY CO | TSCO | $34.5M | 1,103,804 | +0.02pp | 6q | -6.5%-$2.4M | |
| TORONTO DOMINION BK ONT | TD | $33.6M | 284,911 | -0.02pp | 32q | -10.3%-$3.9M | |
| ASTRAZENECA PLC | AZN | $28.7M | 176,054 | -0.13pp | 2q | -19.3%-$6.9M | |
| CGI INC | GIB | $28.7M | 421,178 | flat | 31q | -15.8%-$5.4M | |
| BANK NOVA SCOTIA B C | BNS | $26.0M | 284,891 | +0.04pp | 2q | -6.8%-$1.9M | |
| TFI INTERNATIONAL INC | TFII | $25.3M | 210,855 | -0.03pp | 27q | HELD | |
| FIRSTSERVICE CORP NEW | FSV | $25.1M | 195,494 | -0.13pp | 30q | -23.1%-$7.6M | |
| BANK OF MONTREAL | BMO | $24.0M | 143,429 | -0.05pp | 7q | -16.6%-$4.8M | |
| TREKOR METALS LTD | TGB | $23.0M | 2,578,107 | +0.11pp | 2q | -5.9%-$1.4M | |
| DESCARTES SYS GROUP INC | DSGX | $20.6M | 254,503 | +0.09pp | 32q | +1.0%+$213.5K | |
| CANADIAN NATL RY CO | CNI | $20.2M | 169,164 | +0.01pp | 32q | -8.4%-$1.9M | |
| BOYD GROUP SERVICES INC | BGSI | $19.0M | 241,859 | -0.03pp | 3q | -1.3%-$257.5K | |
| WHEATON PRECIOUS METALS CORP | WPM | $16.5M | 123,425 | +0.02pp | 13q | -18.5%-$3.7M | |
| AGNICO EAGLE MINES LTD | AEM | $15.3M | 83,567 | -0.09pp | 6q | -43.0%-$11.6M | |
| CENTERRA GOLD INC | CGAU | $15.2M | 696,739 | +0.17pp | 2q | +82.6%+$6.9M | |
| Sun Life Financial, Inc. | SLF | $15.0M | 191,573 | +0.02pp | 32q | -4.6%-$726.5K | |
| BRP INC | DOO | $14.8M | 262,748 | flat | 6q | -1.7%-$253.3K | |
| SUNCOR ENERGY INC NEW | SU | $13.3M | 196,042 | -0.01pp | 7q | -32.6%-$6.5M | |
| MDA SPACE LTD | MDA | $12.1M | 405,947 | +0.08pp | 3q | +100.5%+$6.0M | |
| CAE INC | CAE | $11.4M | 474,000 | +0.01pp | 6q | -2.2%-$253.2K | |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $11.2M | 250,344 | -0.08pp | 16q | -36.6%-$6.5M | |
| COLLIERS INTL GROUP INC | CIGI | $11.1M | 123,569 | flat | 31q | -6.5%-$765.8K | |
| AYA GOLD & SILVER INC | AYA | $10.3M | 380,600 | -0.07pp | 2q | -54.7%-$12.4M | |
| SK HYNIX INC | SKHY | $10.1M | 54,917 | - | new | NEW | |
| PEMBINA PIPELINE CORP | PBA | $9.2M | 206,061 | flat | 7q | -8.1%-$808.2K | |
| GILDAN ACTIVEWEAR INC | GIL | $8.9M | 209,300 | -0.03pp | 6q | -7.5%-$726.0K | |
| ELEMENTAL RTY CORP | ELE | $8.6M | 447,613 | - | new | NEW | |
| RB GLOBAL INC | RBA | $7.8M | 95,208 | -0.10pp | 6q | -25.4%-$2.6M | |
| ENDEAVOUR SILVER CORP | EXK | $7.3M | 846,377 | -0.02pp | 5q | -27.0%-$2.7M | |
| CORE & MAIN INC | CNM | $7.0M | 168,215 | flat | 6q | HELD | |
| OPEN TEXT CORP | OTEX | $6.7M | 297,028 | +0.01pp | 4q | -6.7%-$481.7K | |
| OR ROYALTIES INC. | OR | $6.5M | 188,675 | flat | 3q | -20.3%-$1.7M | |
| ENERFLEX LTD | EFXT | $4.8M | 211,736 | +0.07pp | 2q | +694.5%+$4.2M | |
| POOL CORP | POOL | $4.4M | 26,995 | -0.03pp | 6q | -16.4%-$857.9K | |
| SPS COMM INC | SPSC | $4.1M | 49,550 | +0.01pp | 5q | -21.7%-$1.1M | |
| INTEGRA RES CORP | ITRG | $3.8M | 1,476,686 | -0.03pp | 3q | -47.6%-$3.5M | |
| SHOPIFY INC | SHOP | $3.3M | 22,449 | +0.02pp | 32q | -5.8%-$207.1K | |
| AMERICAS GOLD AND SILVER COR | USAS | $2.9M | 663,040 | +0.01pp | 3q | +33.4%+$730.1K | |
| CAMECO CORP | CCJ | $2.3M | 26,119 | -0.10pp | 4q | -71.1%-$5.6M | |
| EQUINOX GOLD CORP | EQX | $2.1M | 184,612 | +0.01pp | 4q | +24.9%+$409.9K | |
| ELDORADO GOLD CORP NEW | EGO | $1.9M | 49,987 | - | new | NEW | |
| TEVA PHARMACEUTICAL INDS LTD | TEVA | $1.9M | 47,439 | - | new | NEW | |
| AERCAP HOLDINGS NV | AER | $1.5M | 10,364 | flat | 2q | HELD | |
| ALCON AG | ALC | $1.5M | 22,736 | - | new | NEW | |
| SEA LTD | SE | $1.4M | 14,887 | -0.01pp | 2q | -28.5%-$579.0K | |
| GFL ENVIRONMENTAL INC | GFL | $1.4M | 32,495 | - | new | NEW | |
| BROOKFIELD CORP | BN | $1.1M | 29,704 | -0.04pp | 16q | -66.3%-$2.1M | |
| Rogers Communications, Inc. | RCI | $784.7K | 25,424 | - | new | NEW | |
| CELESTICA INC | CLS | $606.4K | 1,672 | - | new | NEW | |
| LIGHTSPEED COMMERCE INC | LSPD | $332.9K | 34,000 | flat | 6q | HELD | |
| CANADIAN PACIFIC KANSAS CITY | CP | $268.6K | 3,147 | flat | 14q | +3.3%+$8.6K |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Semiconductors & Electronics | $1.2B | 21.6% |
| Software & IT Services | $1.1B | 19.1% |
| Business Services | $500.4M | 8.7% |
| Retail & Consumer | $484.5M | 8.4% |
| Banks & Lending | $337.0M | 5.8% |
| Biotech & Pharma | $331.8M | 5.7% |
| Industrials | $217.8M | 3.8% |
| Energy | $204.3M | 3.5% |
| Instruments & Controls | $202.1M | 3.5% |
| Capital Markets | $155.0M | 2.7% |
| Chemicals | $150.8M | 2.6% |
| Real Estate | $143.6M | 2.5% |
| Other sectors | $691.4M | 12.0% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | +2.9% | +2.1% | +0.8% | 100% |
| Q2 2026 | +10.5% | +14.8% | -4.3% | 102% |
| Q1 2026 | -8.2% | -4.6% | -3.5% | 102% |
| Q4 2025 | +1.3% | +2.4% | -1.0% | 102% |
| Q3 2025 | +6.8% | +7.8% | -1.0% | 102% |
| Q2 2025 | +13.3% | +10.5% | +2.8% | 102% |
| Q1 2025 | -4.0% | -4.6% | +0.6% | 102% |
| Q4 2024 | -1.1% | +2.1% | -3.3% | 101% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $5.8B | 85 | 11 | 12 | 58 | 6 | 49.4% | 13 |
| Q2 2026 | $6.5B | 80 | 12 | 12 | 49 | 4 | 49.4% | 21 |
| Q1 2026 | $6.6B | 72 | 7 | 17 | 42 | 8 | 51.8% | 28 |
| Q4 2025 | $8.0B | 73 | 5 | 20 | 46 | 10 | 54.3% | 29 |
| Q3 2025 | $8.6B | 78 | 5 | 25 | 43 | 2 | 55.3% | 43 |
| Q2 2025 | $9.0B | 75 | 21 | 26 | 27 | 8 | 55.3% | 25 |
| Q1 2025 | $7.6B | 62 | 7 | 20 | 32 | 6 | 54.3% | 32 |
| Q4 2024 | $8.3B | 61 | 3 | 13 | 44 | 4 | 57.2% | 23 |
| Q3 2024 | $9.5B | 62 | 6 | 23 | 31 | 2 | 58.5% | 43 |
| Q2 2024 | $9.5B | 58 | 1 | 24 | 33 | 1 | 52.7% | 24 |
| Q1 2024 | $9.4B | 58 | 3 | 23 | 29 | 7 | 53.0% | 30 |
| Q4 2023 | $8.1B | 62 | 6 | 31 | 25 | 6 | 48.7% | 39 |
| Q3 2023 | $6.9B | 62 | 3 | 32 | 24 | 7 | 48.5% | 39 |
| Q2 2023 | $6.5B | 66 | 10 | 31 | 23 | 7 | 45.8% | 34 |
| Q1 2023 | $4.8B | 63 | 1 | 29 | 32 | 4 | 41.6% | 39 |
| Q4 2022 | $4.3B | 66 | 8 | 27 | 27 | 4 | 38.2% | 27 |
| Q3 2022 | $3.8B | 62 | 1 | 27 | 24 | 0 | 38.8% | 38 |
| Q2 2022 | $3.8B | 61 | 2 | 24 | 34 | 4 | 37.3% | 39 |
| Q1 2022 | $4.3B | 63 | 4 | 34 | 24 | 2 | 35.0% | 40 |
| Q4 2021 | $4.2B | 61 | 3 | 22 | 33 | 5 | 37.1% | 38 |
| Q3 2021 | $3.7B | 63 | 3 | 28 | 31 | 4 | 42.1% | 43 |
| Q2 2021 | $3.3B | 64 | 4 | 18 | 41 | 4 | 43.3% | 48 |
| Q1 2021 | $3.1B | 64 | 7 | 34 | 23 | 2 | 39.3% | 42 |
| Q4 2020 | $2.3B | 59 | 3 | 26 | 30 | 3 | 37.0% | 47 |
| Q3 2020 | $2.0B | 59 | 1 | 45 | 9 | 4 | 35.7% | 40 |
| Q2 2020 | $1.7B | 62 | 2 | 30 | 30 | 2 | 35.9% | 43 |
| Q1 2020 | $1.3B | 62 | 6 | 24 | 32 | 5 | 47.4% | 44 |
| Q4 2019 | $1.7B | 61 | 1 | 17 | 36 | 3 | 45.6% | 42 |
| Q3 2019 | $1.7B | 63 | 2 | 37 | 20 | 2 | 46.5% | 39 |
| Q2 2019 | $1.5B | 63 | 5 | 20 | 21 | 7 | 46.7% | 36 |
| Q1 2019 | $1.6B | 65 | 6 | 25 | 33 | 7 | 44.8% | 40 |
| Q4 2018 | $1.5B | 66 | 0 | 0 | 0 | 0 | 48.7% | 43 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.