# Forge First Asset Management Inc.

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1963062. Source: https://holderbook.com/funds/1963062-forge-first-asset-management-inc/

- Reported value: $217.9M
- Positions: 38
- Weight of the ten largest: 59.2%
- Filed: 2025-11-12

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 |
|---|---|---|---|---|---|
| GFL ENVIRONMENTAL INC | [GFL](https://holderbook.com/stocks/GFL/) | $19.7M | 416,100 | 9.0% | 12 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $19.7M | 939,600 | 9.0% | 7 |
| CASELLA WASTE SYS INC | [CWST](https://holderbook.com/stocks/CWST/) | $15.4M | 161,722 | 7.0% | 1 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $14.6M | 253,500 | 6.7% | 5 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $13.2M | 536,100 | 6.0% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $12.3M | 44,170 | 5.7% | 7 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $9.1M | 41,650 | 4.2% | 8 |
| TAKE-TWO INTERACTIVE SOFTWAR | [TTWO](https://holderbook.com/stocks/TTWO/) | $8.5M | 33,076 | 3.9% | 3 |
| BRP INC | [DOO](https://holderbook.com/stocks/DOO/) | $8.2M | 134,747 | 3.8% | 1 |
| B2GOLD CORP | [BTG](https://holderbook.com/stocks/BTG/) | $8.2M | 1,652,400 | 3.7% | 1 |
| SKEENA RES LTD NEW | [SKE](https://holderbook.com/stocks/SKE/) | $7.4M | 400,000 | 3.4% | 1 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $6.9M | 100,000 | 3.1% | 1 |
| ITRON INC | [ITRI](https://holderbook.com/stocks/ITRI/) | $6.7M | 53,625 | 3.1% | 2 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $6.5M | 8,786 | 3.0% | 5 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $5.7M | 191,700 | 2.6% | 1 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $5.4M | 49,679 | 2.5% | 3 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $5.3M | 153,300 | 2.5% | 5 |
| TOPBUILD COR | [BLD](https://holderbook.com/stocks/BLD/) | $5.3M | 13,431 | 2.4% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $4.7M | 25,270 | 2.2% | 7 |
| UNITED AIRLS HLDGS INC | [UAL](https://holderbook.com/stocks/UAL/) | $4.6M | 47,400 | 2.1% | 2 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $4.1M | 54,411 | 1.9% | 10 |
| CLEARWATER ANALYTICS HLDGS I | [CWAN](https://holderbook.com/stocks/CWAN/) | $3.9M | 215,400 | 1.8% | 1 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $3.4M | 16,500 | 1.5% | 3 |
| I-80 GOLD CORP | [IAUXWS](https://holderbook.com/stocks/IAUXWS/) | $3.1M | 7,000,000 | 1.4% | 1 |
| COMFORT SYS USA INC | [FIX](https://holderbook.com/stocks/FIX/) | $2.9M | 3,545 | 1.3% | 2 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $2.3M | 3,200 | 1.0% | 12 |
| GALIANO GOLD INC | [GAU](https://holderbook.com/stocks/GAU/) | $2.2M | 1,000,000 | 1.0% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $1.6M | 6,565 | 0.7% | 3 |
| PINTEREST INC | [PINS](https://holderbook.com/stocks/PINS/) | $1.6M | 48,400 | 0.7% | 1 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $1.1M | 100,000 | 0.5% | 1 |
| POWELL INDS INC | [POWL](https://holderbook.com/stocks/POWL/) | $933.0K | 3,061 | 0.4% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $917.2K | 750 | 0.4% | 1 |
| HEWLETT PACKARD ENTERPRISE C | [HPE](https://holderbook.com/stocks/HPE/) | $736.0K | 4,000 | 0.3% | 1 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $670.0K | 1,000 | 0.3% | 1 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $571.1K | 2,000 | 0.3% | 1 |
| INSTALLED BLDG PRODS INC | [IBP](https://holderbook.com/stocks/IBP/) | $352.8K | 300 | 0.2% | 1 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $259.7K | 1,500 | 0.1% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $235.0K | 500 | 0.1% | 1 |

## 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 |
|---|---|---|---|---|
| Q3 2025 | +10.9% | +7.8% | +3.1% | 98% |
| Q2 2025 | +14.9% | +10.5% | +4.5% | 98% |
| Q1 2025 | -7.1% | -4.6% | -2.5% | 99% |
| Q4 2024 | +6.0% | +2.1% | +3.9% | 99% |
| Q3 2024 | +7.1% | +5.4% | +1.7% | 98% |
| Q2 2024 | -0.1% | +4.0% | -4.1% | 99% |
| Q1 2024 | +12.6% | +10.0% | +2.6% | 97% |
| Q4 2023 | +15.5% | +11.2% | +4.3% | 93% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $217.9M | 38 |
| Q2 2025 | $276.5M | 36 |
| Q1 2025 | $229.7M | 31 |
| Q4 2024 | $278.5M | 39 |
| Q3 2024 | $182.6M | 34 |
| Q2 2024 | $235.5M | 37 |
| Q1 2024 | $318.5M | 50 |
| Q4 2023 | $198.1M | 37 |
| Q3 2023 | $184.7M | 35 |
| Q2 2023 | $198.8M | 38 |
| Q1 2023 | $221.6M | 39 |
| Q4 2022 | $254.9M | 35 |