Alberta Investment Management portfolio

What changed this quarter

270 positions with a change (94 new, 45 added to, 71 trimmed, 60 sold); also, 11 entered through an IPO, 25 exited through an acquisition or merger, 43 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• iShares Core S&P 500 ETF−8.9%fewer sharesReduced
  25.9% → 25.3%
• Vanguard S&P 500 ETF+16%more sharesIncreased
  13.7% → 17.0%
• Canadian Natural Resources−70%fewer sharesReduced
  3.0% → 0.7%
• Bank of Nova Scotia−55%fewer sharesReduced
  2.2% → 1.1%
• Strategy−1.1 ppof portfolioSold out
  1.2% → —
• Visa+1.0 ppof portfolioNew
  — → 1.0%
• Canadian Imperial Bank of Commerce−63%fewer sharesReduced
  1.4% → 0.6%
• Royal Bank of Canada−29%fewer sharesReduced
  2.4% → 2.1%
• Micron Technology+0.7 ppof portfolioNew
  — → 0.7%
• Barrick Mining+669%more sharesIncreased
  0.1% → 0.8%
• NVIDIA+0.6 ppof portfolioNew
  — → 0.6%
• Pembina Pipeline−93%fewer sharesReduced
  0.7% → under 0.1%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• iShares Core S&P 500 ETFIVV25.3%
• Vanguard S&P 500 ETFVOO17.0%
• Toronto Dominion BankTD2.7%
• Royal Bank of CanadaRY2.1%
• State Str Spdr S&P 500 ETF TSPY2.0%
• BrookfieldBN1.1%
• Bank of Nova ScotiaBNS1.1%
• Agnico Eagle MinesAEM1.1%
• TC EnergyTRP1.1%
• Suncor EnergySU1.0%
• VisaV1.0%
• ShopifySHOP0.9%
• Cenovus EnergyCVE0.9%
• Bank of MontrealBMO0.9%
• Barrick MiningB0.8%
• Canadian Pacific Kansas CityCP0.7%
• Micron TechnologyMU0.7%
• Canadian Natural ResourcesCNQ0.7%
• Sun Life FinancialSLF0.6%
• NVIDIANVDA0.6%
• Manulife FinancialMFC0.6%
• Canadian Imperial Bank of CommerceCM0.6%
• Canadian National RailwayCNI0.6%
• Smurfit WestrockSW0.6%
• GPGIGPGI0.6%
• AlphabetGOOGL0.6%
• FreshpetFRPT0.5%
• Bank of AmericaBAC0.5%
• IRENIREN0.5%
• VestisVSTS0.5%
• American ExpressAXP0.5%
• First Citizens BancsharesFCNCA0.5%
• MicrosoftMSFT0.5%
• JBSJBS0.4%
• MSC Industrial DirectMSM0.4%
• Restaurant Brands InternationalQSR0.4%
• Cullen/Frost BankersCFR0.4%
• Microchip TechnologyMCHP0.4%
• EnbridgeENB0.4%
• Gilead SciencesGILD0.4%
• RYAN Specialty HoldingsRYAN0.3%
• SLBSLB0.3%
• Anheuser-Busch InBevBUD0.3%
• Yum China HoldingsYUMC0.3%
• TECK ResourcesTECK0.3%
• Meta PlatformsMETA0.3%
• Estée LauderEL0.3%
• Axis Capital HoldingsAXS0.3%
• Liberty Live HoldingsLLYVA0.3%
• Spectrum Brands HoldingsSPB0.3%
• TXNM EnergyTXNM0.3%
• KenvueKVUE0.3%
• Donnelley Financial SolutionsDFIN0.3%
• Webster FinancialWBS0.3%
• Gildan ActivewearGIL0.3%
• NutrienNTR0.3%
• Sony GroupSONY0.3%
• CGIGIB0.3%
• Thomson ReutersTRI0.2%
• Gen DigitalGEN0.2%
• CenteneCNC0.2%
• StantecSTN0.2%
• ATSATS0.2%
• ManpowergroupMAN0.2%
• Blackstone Digital Infrastructure TrustBXDC0.2%
• MedlineMDLN0.2%
• iShares Msci China ETFMCHI0.2%
• Norfolk SouthernNSC0.2%
• BroadcomAVGO0.2%
• Tamboran ResourcesTBN0.2%
• Synchrony FinancialSYF0.2%
• Velos Acquisition IVLOS0.2%
• Electronic ArtsEA0.2%
• ON SemiconductorON0.2%
• Zimmer Biomet HoldingsZBH0.2%
• LearLEA0.2%
• Wheaton Precious MetalsWPM0.2%
• Colliers International GroupCIGI0.2%
• First Industrial Realty TrustFR0.2%
• GMR SolutionsGMRS0.1%
• Rexford Industrial RealtyREXR0.1%
• Kimco RealtyKIM0.1%
• Liberty CapitalGLIBK0.1%
• CelesticaCLS0.1%
• Churchill Capital Corp XIICXIIU(unit)0.1%
• Chart Industries0.1%
• Andretti Acquisition Corp. IIPOLE0.1%
• Gores Holdings XGTEN0.1%
• FortisFTS0.1%
• General Catalyst Global Resilience MergerGCGRU(unit)0.1%
• Axcelis TechnologiesACLS0.1%
• Johnson Controls InternationalJCI0.1%
• Fortress Value Acquisition Corp. VFVAV0.1%
• Infinite Eagle AcquisitionIEAG0.1%
• Karbon Capital PartnersKBON0.1%
• Kinross GoldKGC0.1%
• MethanexMEOH0.1%
• Digital Realty TrustDLR0.1%
• Advanced Energy IndustriesAEIS0.1%