Caisse de depot et placement du Quebec portfolio

What changed this quarter

755 positions with a change (106 new, 283 added to, 278 trimmed, 88 sold); also, 2 entered through an IPO, 1 exited through an acquisition or merger, 2 entered through a spin-off. 5 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• NVIDIA−21%fewer sharesReduced
  4.4% → 3.6%
• Invesco Exchange Traded Fund T+295%more sharesIncreased
  0.3% → 1.2%
• Apple−16%fewer sharesReduced
  4.5% → 3.8%
• Alphabet−21%fewer sharesReduced
  3.1% → 2.7%
• Microsoft+21%more sharesIncreased
  2.9% → 3.2%

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

• AppleAAPL3.8%
• NVIDIANVDA3.6%
• AlphabetGOOGL · GOOG3.4%
• Canadian National RailwayCNI3.2%
• MicrosoftMSFT3.2%
• Meta PlatformsMETA2.0%
• Amazon.comAMZN1.9%
• CGIGIB1.5%
• Eli LillyLLY1.4%
• Bank of MontrealBMO1.4%
• TFI InternationalTFII1.3%
• Berkshire HathawayBRK/B1.3%
• Applied MaterialsAMAT1.3%
• Invesco Exchange Traded Fund TRSP1.2%
• CAECAE1.1%
• Vanguard Mrngstr Val ETF-aui ETFVTV1.1%
• BCEBCE1.0%
• JPMorgan ChaseJPM1.0%
• BroadcomAVGO1.0%
• MastercardMA0.9%
• Lam ResearchLRCX0.9%
• Micron TechnologyMU0.9%
• Gildan ActivewearGIL0.9%
• Johnson & JohnsonJNJ0.8%
• MerckMRK0.8%
• UnitedHealth GroupUNH0.8%
• Cisco SystemsCSCO0.8%
• TeslaTSLA0.7%
• ProgressivePGR0.7%
• Texas InstrumentsTXN0.7%
• Costco WholesaleCOST0.6%
• AbbVieABBV0.6%
• WalmartWMT0.6%
• CitigroupC0.6%
• TJXTJX0.5%
• iShares Broad USD High Yield ETFUSHY0.5%
• Toronto Dominion BankTD0.5%
• KLAKLAC0.5%
• Royal Bank of CanadaRY0.5%
• Advanced Micro DevicesAMD0.5%
• IntelINTC0.5%
• Ishares TrHYG0.4%
• Coca-ColaKO0.4%
• Nextera EnergyNEE0.4%
• PultegroupPHM0.4%
• TC EnergyTRP0.4%
• AstrazenecaAZN0.4%
• State Street Health Care Select Sector ETFXLV0.4%
• General MotorsGM0.4%
• Gilead SciencesGILD0.4%
• CencoraCOR0.4%
• EnbridgeENB0.4%
• Lightspeed CommerceLSPD0.4%
• Arista NetworksANET0.4%
• Wells FargoWFC0.4%
• Duke EnergyDUK0.4%
• Comfort Systems USAFIX0.3%
• Bristol-myers SquibbBMY0.3%
• Bank of AmericaBAC0.3%
• Select Sector Spdr TrXLP0.3%
• Booking HoldingsBKNG0.3%
• Canadian Pacific Kansas CityCP0.3%
• At&tT0.3%
• Goldman Sachs GroupGS0.3%
• Procter & GamblePG0.3%
• BlackRockBLK0.3%
• Dollar GeneralDG0.3%
• State Street Financial Select Sector ETFXLF0.3%
• Expedia GroupEXPE0.3%
• Howmet AerospaceHWM0.3%
• Analog DevicesADI0.3%
• Charles SchwabSCHW0.3%
• Cigna GroupCI0.3%
• HalliburtonHAL0.3%
• NVRNVR0.3%
• LindeLIN0.3%
• Motorola SolutionsMSI0.3%
• Old Dominion Freight LineODFL0.3%
• TeradyneTER0.3%
• RB GlobalRBA0.3%
• AflacAFL0.3%
• Snap-onSNA0.3%
• Manulife FinancialMFC0.3%
• W.W. GraingerGWW0.3%
• AdobeADBE0.3%
• Intercontinental ExchangeICE0.2%
• Trane TechnologiesTT0.2%
• Morgan StanleyMS0.2%
• Western DigitalWDC0.2%
• Expeditors International of WashingtonEXPD0.2%
• AllstateALL0.2%
• Brookfield Asset ManagementBAM0.2%
• Marsh & Mclennan CompaniesMRSH0.2%
• Home DepotHD0.2%
• ShopifySHOP0.2%
• T-mobile USTMUS0.2%
• AppLovinAPP0.2%
• American International GroupAIG0.2%
• NetflixNFLX0.2%