# MONTRUSCO BOLTON INVESTMENTS INC.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1475940. Source: https://holderbook.com/funds/1475940-montrusco-bolton-investments-inc/

- Reported value: $6.5B
- Positions: 80
- Weight of the ten largest: 49.4%
- Filed: 2026-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $527.8M | 2,638,049 | 8.2% | 12 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $390.8M | 1,093,614 | 6.1% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $381.0M | 1,021,431 | 5.9% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $375.7M | 1,576,144 | 5.8% | 31 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $302.7M | 924,638 | 4.7% | 5 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $291.0M | 671,482 | 4.5% | 6 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $240.8M | 637,407 | 3.7% | 3 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $240.5M | 468,356 | 3.7% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $235.5M | 204,062 | 3.6% | 1 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $203.2M | 2,113,791 | 3.1% | 8 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $202.8M | 1,064,582 | 3.1% | 31 |
| IDEXX LABS INC | [IDXX](https://holderbook.com/stocks/IDXX/) | $196.3M | 372,788 | 3.0% | 6 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $188.5M | 334,610 | 2.9% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $173.3M | 362,899 | 2.7% | 8 |
| API GROUP CORP | [APG](https://holderbook.com/stocks/APG/) | $171.6M | 4,051,726 | 2.7% | 5 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $166.0M | 637,430 | 2.6% | 13 |
| WASTE CONNECTIONS INC | [WCN](https://holderbook.com/stocks/WCN/) | $162.5M | 974,830 | 2.5% | 20 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $156.8M | 889,016 | 2.4% | 2 |
| PUBLIC STORAGE | [PSA](https://holderbook.com/stocks/PSA/) | $139.7M | 438,832 | 2.2% | 17 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $131.9M | 455,851 | 2.0% | 31 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $125.9M | 242,597 | 2.0% | 1 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $123.5M | 1,712,052 | 1.9% | 7 |
| CHIPOTLE MEXICAN GRILL INC | [CMG](https://holderbook.com/stocks/CMG/) | $105.2M | 3,095,354 | 1.6% | 8 |
| RYAN SPECIALTY HOLDINGS INC | [RYAN](https://holderbook.com/stocks/RYAN/) | $101.5M | 2,689,031 | 1.6% | 5 |
| SYNOPSYS INC | [SNPS](https://holderbook.com/stocks/SNPS/) | $90.4M | 202,769 | 1.4% | 6 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $88.7M | 75,528 | 1.4% | 1 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $79.9M | 1,111,383 | 1.2% | 15 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $52.4M | 252,983 | 0.8% | 31 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $48.3M | 662,699 | 0.7% | 2 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $41.7M | 43,323 | 0.6% | 7 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $40.8M | 218,063 | 0.6% | 1 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $38.6M | 317,741 | 0.6% | 31 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $37.3M | 1,180,097 | 0.6% | 5 |
| FIRSTSERVICE CORP NEW | [FSV](https://holderbook.com/stocks/FSV/) | $36.2M | 254,333 | 0.6% | 29 |
| CHURCH & DWIGHT CO INC | [CHD](https://holderbook.com/stocks/CHD/) | $34.3M | 354,380 | 0.5% | 1 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $33.2M | 292,798 | 0.5% | 15 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $32.3M | 500,474 | 0.5% | 30 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $30.4M | 211,254 | 0.5% | 26 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $30.4M | 171,898 | 0.5% | 6 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $26.6M | 305,579 | 0.4% | 1 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $23.2M | 245,132 | 0.4% | 2 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $22.8M | 146,585 | 0.4% | 5 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $22.0M | 184,690 | 0.3% | 31 |
| TREKOR METALS LTD | - | $18.9M | 2,740,135 | 0.3% | 1 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $17.7M | 394,654 | 0.3% | 15 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $17.4M | 251,870 | 0.3% | 31 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $17.0M | 151,403 | 0.3% | 12 |
| BRP INC | [DOO](https://holderbook.com/stocks/DOO/) | $16.3M | 267,248 | 0.3% | 5 |
| AYA GOLD & SILVER INC | [AYA](https://holderbook.com/stocks/AYA/) | $15.9M | 841,081 | 0.2% | 1 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $15.8M | 200,872 | 0.2% | 31 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $15.6M | 290,970 | 0.2% | 6 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $14.8M | 127,548 | 0.2% | 5 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $12.4M | 132,092 | 0.2% | 30 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $12.1M | 484,500 | 0.2% | 5 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $11.7M | 226,300 | 0.2% | 5 |
| CBIZ INC | [CBZ](https://holderbook.com/stocks/CBZ/) | $11.0M | 342,221 | 0.2% | 5 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $10.4M | 224,122 | 0.2% | 6 |
| ENDEAVOUR SILVER CORP | [EXK](https://holderbook.com/stocks/EXK/) | $9.6M | 1,158,855 | 0.1% | 4 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $9.2M | 90,367 | 0.1% | 3 |
| MDA SPACE LTD | [MDA](https://holderbook.com/stocks/MDA/) | $8.4M | 202,497 | 0.1% | 2 |
| CORE & MAIN INC | [CNM](https://holderbook.com/stocks/CNM/) | $8.1M | 168,215 | 0.1% | 5 |
| BROOKFIELD WEALTH SOL LTD | [BNT](https://holderbook.com/stocks/BNT/) | $7.6M | 179,200 | 0.1% | 8 |
| OR ROYALTIES INC. | [OR](https://holderbook.com/stocks/OR/) | $7.5M | 236,714 | 0.1% | 2 |
| OPEN TEXT CORP | [OTEX](https://holderbook.com/stocks/OTEX/) | $7.0M | 318,459 | 0.1% | 3 |
| POOL CORP | [POOL](https://holderbook.com/stocks/POOL/) | $6.9M | 32,295 | 0.1% | 5 |
| INTEGRA RES CORP | [ITRG](https://holderbook.com/stocks/ITRG/) | $6.3M | 2,820,394 | 0.1% | 2 |
| CENTERRA GOLD INC | [CGAU](https://holderbook.com/stocks/CGAU/) | $6.0M | 381,557 | 0.1% | 1 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $4.6M | 468,027 | 0.1% | 3 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $3.8M | 88,242 | 0.1% | 15 |
| SPS COMM INC | [SPSC](https://holderbook.com/stocks/SPSC/) | $3.6M | 63,300 | 0.1% | 4 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $2.9M | 99,056 | 0.0% | 5 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $2.7M | 23,843 | 0.0% | 31 |
| AMERICAS GOLD AND SILVER COR | [USAS](https://holderbook.com/stocks/USAS/) | $2.4M | 496,915 | 0.0% | 2 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $2.0M | 20,834 | 0.0% | 1 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $1.5M | 10,395 | 0.0% | 1 |
| EQUINOX GOLD CORP | [EQX](https://holderbook.com/stocks/EQX/) | $1.4M | 147,776 | 0.0% | 3 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.3M | 9,067 | 0.0% | 31 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $654.3K | 26,650 | 0.0% | 1 |
| LIGHTSPEED COMMERCE INC | [LSPD](https://holderbook.com/stocks/LSPD/) | $355.9K | 34,000 | 0.0% | 5 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $264.0K | 3,046 | 0.0% | 13 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| 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% |
| Q3 2024 | +3.0% | +5.4% | -2.4% | 102% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $6.5B | 80 |
| Q1 2026 | $6.6B | 72 |
| Q4 2025 | $8.0B | 73 |
| Q3 2025 | $8.6B | 78 |
| Q2 2025 | $9.0B | 75 |
| Q1 2025 | $7.6B | 62 |
| Q4 2024 | $8.3B | 61 |
| Q3 2024 | $9.5B | 62 |
| Q2 2024 | $9.5B | 58 |
| Q1 2024 | $9.4B | 58 |
| Q4 2023 | $8.1B | 62 |
| Q3 2023 | $6.9B | 62 |