# Triasima Portfolio Management inc.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1938757. Source: https://holderbook.com/funds/1938757-triasima-portfolio-management-inc/

- Reported value: $740.3M
- Positions: 127
- Weight of the ten largest: 32.2%
- 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 |
|---|---|---|---|---|---|
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $52.8M | 255,069 | 7.1% | 23 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $37.2M | 306,074 | 5.0% | 5 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $28.0M | 243,652 | 3.8% | 11 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $27.2M | 153,984 | 3.7% | 7 |
| MILLICOM INTL CELLULAR S A | [TIGO](https://holderbook.com/stocks/TIGO/) | $18.6M | 204,624 | 2.5% | 5 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $17.1M | 47,985 | 2.3% | 12 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $16.0M | 33,457 | 2.2% | 7 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $15.1M | 263,190 | 2.0% | 14 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $13.3M | 563,547 | 1.8% | 4 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $12.8M | 107,420 | 1.7% | 3 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $12.0M | 10,046 | 1.6% | 3 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $11.7M | 32,199 | 1.6% | 9 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $11.3M | 74,259 | 1.5% | 14 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $11.2M | 128,680 | 1.5% | 23 |
| WELLTOWER INC | [WELL](https://holderbook.com/stocks/WELL/) | $11.0M | 48,359 | 1.5% | 7 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $11.0M | 25,293 | 1.5% | 3 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $10.7M | 36,826 | 1.4% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $10.6M | 28,430 | 1.4% | 23 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $10.5M | 72,751 | 1.4% | 2 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $10.3M | 51,649 | 1.4% | 23 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $10.1M | 180,710 | 1.4% | 1 |
| GRUPO CIBEST SA | [CIB](https://holderbook.com/stocks/CIB/) | $9.8M | 123,151 | 1.3% | 5 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $9.6M | 177,163 | 1.3% | 23 |
| SIMON PPTY GROUP INC NEW | [SPG](https://holderbook.com/stocks/SPG/) | $9.5M | 42,583 | 1.3% | 2 |
| KLA CORP | [KLAC](https://holderbook.com/stocks/KLAC/) | $9.4M | 31,300 | 1.3% | 4 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $8.9M | 102,684 | 1.2% | 3 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $8.6M | 61,940 | 1.2% | 3 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $8.6M | 84,052 | 1.2% | 7 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $8.5M | 22,617 | 1.2% | 11 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $8.5M | 8,447 | 1.2% | 4 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $8.4M | 128,240 | 1.1% | 4 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $8.4M | 354,983 | 1.1% | 12 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $8.0M | 323,882 | 1.1% | 4 |
| MDA SPACE LTD | [MDA](https://holderbook.com/stocks/MDA/) | $8.0M | 192,919 | 1.1% | 2 |
| COMFORT SYS USA INC | [FIX](https://holderbook.com/stocks/FIX/) | $7.7M | 3,869 | 1.0% | 4 |
| UBS GROUP AG | [UBS](https://holderbook.com/stocks/UBS/) | $7.7M | 154,449 | 1.0% | 4 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $7.5M | 184,858 | 1.0% | 11 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $7.4M | 6,302 | 1.0% | 9 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $7.2M | 61,389 | 1.0% | 7 |
| FERROVIAL NV | [FER](https://holderbook.com/stocks/FER/) | $7.2M | 105,043 | 1.0% | 5 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $7.1M | 48,416 | 1.0% | 7 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $7.0M | 44,755 | 0.9% | 12 |
| PAN AMERN SILVER CORP | [PAAS](https://holderbook.com/stocks/PAAS/) | $7.0M | 155,520 | 0.9% | 7 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $6.6M | 166,100 | 0.9% | 23 |
| CITIZENS FINL GROUP INC | [CFG](https://holderbook.com/stocks/CFG/) | $6.5M | 92,429 | 0.9% | 2 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $6.4M | 260,824 | 0.9% | 3 |
| EZCORP INC | [EZPW](https://holderbook.com/stocks/EZPW/) | $6.2M | 178,150 | 0.8% | 6 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $6.1M | 52,977 | 0.8% | 7 |
| QUANTA SVCS INC | [PWR](https://holderbook.com/stocks/PWR/) | $6.0M | 8,358 | 0.8% | 3 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $5.9M | 31,305 | 0.8% | 7 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $5.7M | 45,238 | 0.8% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $5.7M | 17,419 | 0.8% | 23 |
| IMPERIAL OIL LTD | [IMO](https://holderbook.com/stocks/IMO/) | $5.7M | 50,745 | 0.8% | 4 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $5.4M | 18,066 | 0.7% | 2 |
| MONOLITHIC PWR SYS INC | [MPWR](https://holderbook.com/stocks/MPWR/) | $5.1M | 3,707 | 0.7% | 4 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $5.1M | 2,571 | 0.7% | 3 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $4.9M | 182,245 | 0.7% | 4 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $4.8M | 42,748 | 0.6% | 14 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $4.5M | 127,160 | 0.6% | 7 |
| NEXTPOWER INC | [NXT](https://holderbook.com/stocks/NXT/) | $4.4M | 37,123 | 0.6% | 3 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $4.3M | 64,190 | 0.6% | 1 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $4.2M | 6,102 | 0.6% | 23 |
| JABIL INC | [JBL](https://holderbook.com/stocks/JBL/) | $4.1M | 10,515 | 0.5% | 2 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $3.5M | 266,135 | 0.5% | 1 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $3.4M | 32,715 | 0.5% | 1 |
| RALPH LAUREN CORP | [RL](https://holderbook.com/stocks/RL/) | $3.1M | 7,775 | 0.4% | 1 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $3.1M | 46,770 | 0.4% | 1 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $3.1M | 66,050 | 0.4% | 1 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $3.0M | 190,733 | 0.4% | 9 |
| TARGET CORP | [TGT](https://holderbook.com/stocks/TGT/) | $3.0M | 23,080 | 0.4% | 1 |
| HUNTINGTON BANCSHARES INC | [HBAN](https://holderbook.com/stocks/HBAN/) | $3.0M | 167,905 | 0.4% | 2 |
| ELECTROVAYA INC | [ELVA](https://holderbook.com/stocks/ELVA/) | $2.9M | 276,776 | 0.4% | 3 |
| WILLIAMS SONOMA INC | [WSM](https://holderbook.com/stocks/WSM/) | $2.9M | 12,275 | 0.4% | 2 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $2.8M | 130,932 | 0.4% | 2 |
| COGNEX CORP | [CGNX](https://holderbook.com/stocks/CGNX/) | $2.4M | 33,583 | 0.3% | 1 |
| DENISON MINES CORP | [DNN](https://holderbook.com/stocks/DNN/) | $2.3M | 741,091 | 0.3% | 4 |
| POWELL INDS INC | [POWL](https://holderbook.com/stocks/POWL/) | $2.2M | 7,719 | 0.3% | 4 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $2.2M | 40,785 | 0.3% | 4 |
| METHANEX CORP | [MEOH](https://holderbook.com/stocks/MEOH/) | $2.2M | 46,852 | 0.3% | 1 |
| AMPHENOL CORP | [APH](https://holderbook.com/stocks/APH/) | $2.2M | 12,239 | 0.3% | 4 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $2.1M | 65,751 | 0.3% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.1M | 8,608 | 0.3% | 11 |
| HIGHLANDER SILVER CORP | [HSLV](https://holderbook.com/stocks/HSLV/) | $2.0M | 428,593 | 0.3% | 2 |
| BEL FUSE INC | [BELFA](https://holderbook.com/stocks/BELFA/) | $2.0M | 6,902 | 0.3% | 3 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $1.9M | 26,800 | 0.3% | 2 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $1.9M | 191,800 | 0.3% | 4 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $1.7M | 10,143 | 0.2% | 7 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $1.7M | 26,992 | 0.2% | 2 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $1.7M | 16,023 | 0.2% | 23 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $1.6M | 27,450 | 0.2% | 1 |
| BANCO DE CHILE | [BCH](https://holderbook.com/stocks/BCH/) | $1.5M | 38,915 | 0.2% | 8 |
| BWX TECHNOLOGIES INC | [BWXT](https://holderbook.com/stocks/BWXT/) | $1.5M | 7,744 | 0.2% | 4 |
| ARIS MINING CORPORATION | [ARIS](https://holderbook.com/stocks/ARIS/) | $1.4M | 92,410 | 0.2% | 5 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.3M | 3,787 | 0.2% | 4 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $1.3M | 8,384 | 0.2% | 18 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $1.3M | 26,440 | 0.2% | 2 |
| AMERICAN ELEC PWR CO INC | [AEP](https://holderbook.com/stocks/AEP/) | $1.2M | 9,099 | 0.2% | 1 |
| SPHERE ENTERTAINMENT CO | [SPHR](https://holderbook.com/stocks/SPHR/) | $1.2M | 6,850 | 0.2% | 2 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $1.1M | 1,577 | 0.2% | 1 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $1.1M | 12,915 | 0.2% | 5 |

## 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 | +14.1% | +14.8% | -0.7% | 99% |
| Q1 2026 | +1.7% | -4.6% | +6.4% | 100% |
| Q4 2025 | +5.6% | +2.4% | +3.3% | 100% |
| Q3 2025 | +10.6% | +7.8% | +2.8% | 100% |
| Q2 2025 | +14.4% | +10.5% | +4.0% | 100% |
| Q1 2025 | -1.4% | -4.6% | +3.2% | 100% |
| Q4 2024 | -1.2% | +2.1% | -3.4% | 99% |
| Q3 2024 | +9.2% | +5.4% | +3.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $740.3M | 127 |
| Q1 2026 | $661.5M | 137 |
| Q4 2025 | $667.7M | 143 |
| Q3 2025 | $662.6M | 149 |
| Q2 2025 | $547.2M | 128 |
| Q1 2025 | $508.2M | 144 |
| Q4 2024 | $515.3M | 144 |
| Q3 2024 | $444.9M | 85 |
| Q2 2024 | $1.1B | 139 |
| Q1 2024 | $1.2B | 138 |
| Q4 2023 | $1.2B | 129 |
| Q3 2023 | $1.1B | 127 |