Fiera Capital portfolio

What changed this quarter

369 positions with a change (19 new, 125 added to, 197 trimmed, 28 sold); also, 2 exited through an acquisition or merger. 6 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Taiwan Semiconductor Manufacturing−35%fewer sharesReduced
  6.0% → 5.8%
• Alphabet−20%fewer sharesReduced
  5.5% → 5.8%
• KLA+207%more sharesIncreased
  0.3% → 2.0%
• Amazon.com+102%more sharesIncreased
  0.9% → 2.2%
• Toronto Dominion Bank+442%more sharesIncreased
  0.2% → 1.2%
• Microsoft−20%fewer sharesReduced
  4.2% → 3.5%

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

• Taiwan Semiconductor ManufacturingTSM5.8%
• AlphabetGOOGL5.8%
• MicrosoftMSFT3.5%
• Moody'sMCO3.4%
• MastercardMA3.2%
• Royal Bank of CanadaRY2.9%
• AutoZoneAZO2.6%
• Canadian National RailwayCNI2.3%
• Amazon.comAMZN2.2%
• TJXTJX2.2%
• CME GroupCME2.1%
• Bank of MontrealBMO2.1%
• Invesco QQQ Trust Series 1 ETFQQQ2.0%
• KLAKLAC2.0%
• Sherwin-williamsSHW1.9%
• Canadian Pacific Kansas CityCP1.8%
• MSCIMSCI1.8%
• Johnson & JohnsonJNJ1.7%
• Restaurant Brands InternationalQSR1.6%
• Carrier GlobalCARR1.5%
• RB GlobalRBA1.5%
• Waste ConnectionsWCN1.5%
• UnitedHealth GroupUNH1.4%
• Mettler-Toledo InternationalMTD1.4%
• LindeLIN1.3%
• Toronto Dominion BankTD1.2%
• PepsicoPEP1.1%
• Otis WorldwideOTIS1.1%
• CGIGIB1.1%
• GracoGGG0.9%
• Vanguard S&P 500 ETFVOO0.9%
• Sun Life FinancialSLF0.9%
• Analog DevicesADI0.8%
• CopartCPRT0.8%
• Rogers CommunicationsRCI0.8%
• Canadian Natural ResourcesCNQ0.7%
• Suncor EnergySU0.7%
• StantecSTN0.7%
• Thomson ReutersTRI0.6%
• AppleAAPL0.6%
• Hilton Worldwide HoldingsHLT0.6%
• TelusTU0.5%
• AonAON0.5%
• Arista NetworksANET0.5%
• VisaV0.5%
• S&P GlobalSPGI0.5%
• JFrogFROG0.4%
• Lowe'sLOW0.4%
• Lattice SemiconductorLSCC0.3%
• AlconALC0.3%
• State Str Spdr S&P 500 ETF TSPY0.3%
• DatadogDDOG0.3%
• EntegrisENTG0.3%
• Motorola SolutionsMSI0.3%
• Colgate-palmoliveCL0.3%
• InsmedINSM0.3%
• Texas InstrumentsTXN0.3%
• Comfort Systems USAFIX0.3%
• ArgenxARGX0.3%
• AmphenolAPH0.3%
• BWX TechnologiesBWXT0.3%
• Descartes Systems GroupDSGX0.3%
• Lam ResearchLRCX0.3%
• ShopifySHOP0.3%
• HeicoHEI/A0.3%
• CAECAE0.3%
• Costco WholesaleCOST0.3%
• Meta PlatformsMETA0.2%
• Applied MaterialsAMAT0.2%
• Neurocrine BiosciencesNBIX0.2%
• EMCOR GroupEME0.2%
• SynopsysSNPS0.2%
• Eli LillyLLY0.2%
• BroadcomAVGO0.2%
• RubrikRBRK0.2%
• CitigroupC0.2%
• MongodbMDB0.2%
• IDEAYA BiosciencesIDYA0.2%
• Agnico Eagle MinesAEM0.2%
• Madrigal PharmaceuticalsMDGL0.2%
• Cadence Design SystemsCDNS0.2%
• Wheaton Precious MetalsWPM0.2%
• Curtiss-wrightCW0.2%
• Franco NevadaFNV0.2%
• iShares Msci Eafe ETFEFA0.2%
• Booking HoldingsBKNG0.2%
• Wintrust FinancialWTFC0.2%
• Modine ManufacturingMOD0.2%
• O Reilly AutomotiveORLY0.2%
• MACOM Technology Solutions HoldingsMTSI0.2%
• Stifel FinancialSF0.2%
• American ExpressAXP0.2%
• Applied Industrial TechnologiesAIT0.2%
• HubbellHUBB0.2%
• Lincoln Electric HoldingsLECO0.2%
• Sunbelt Rentals HoldingsSUNB0.2%
• FerrariRACE0.2%
• CoStar GroupCSGP0.2%
• Intuitive SurgicalISRG0.2%
• FortisFTS0.2%