MONTRUSCO BOLTON INVESTMENTS INC.

CIK

1475940

Location

MONTREAL, A8

Portfolio Value

Mid $6,776,473,899

Diversification

Diversified

Filing Date

Global Rank

#536 / 8,616 ▼ 46 · as of Mar 2026

Top Industry

Semiconductors 14.8%

3Y Alpha vs SPY

-6.5%

Period ended 4 months ago

Filed Apr 28, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+47.0%

SPY

+72.4%

Annualised alpha

-6.2%

Max drawdown

−18.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

72 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.4%

−0.1 pts

Top 5

33.2%

−3.0 pts

Top 10

51.9%

−2.5 pts

HHI

395

Diversified−32

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	32.9%	$2,229,000,252	15
Financial Services	13.8%	$935,762,200	11
Industrials	9.8%	$662,793,770	13
Consumer Cyclical	9.7%	$656,100,891	6
Communication Services	9.5%	$645,547,169	2
Healthcare	9.5%	$644,000,852	4
Consumer Defensive	4.3%	$289,925,316	3
Energy	4.2%	$283,199,794	4
Basic Materials	3.5%	$237,606,391	11
Real Estate	2.8%	$192,537,264	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

19 positions

Ticker	Company	Δ Shares	Shares	Value
APG	APi Group Corp	+1,561,990	4,652,145	$188,504,915
TGB	Trekor Metals Ltd	+576,637	3,031,296	$19,551,859
AVGO	Broadcom Inc.	+339,895	625,635	$193,640,288
JPM	Jpmorgan Chase & Co	+240,754	1,246,180	$366,576,308
IDXX	Idexx Laboratories Inc /De	+165,188	342,120	$192,233,806
UBER	Uber Technologies, Inc	+155,770	2,242,389	$161,295,040
MA	Mastercard Inc	+107,093	489,843	$244,754,953
FSV	FirstService Corp	+72,665	263,488	$36,609,022
BNT	Brookfield Wealth Solutions Ltd.	+72,434	307,408	$12,726,691
LRCX	Lam Research Corp	+58,539	685,358	$146,433,590
DSGX	Descartes Systems Group Inc	+53,495	246,235	$17,620,576
CBZ	CBIZ, Inc.	+44,900	340,021	$9,129,563
BAM	Brookfield Asset Management Ltd.	+23,484	345,381	$15,352,185
CIGI	Colliers International Group Inc.	+16,108	145,285	$15,529,513
GIB	Cgi Inc	+4,861	523,255	$38,249,940
TSCO	Tractor Supply Co /De/	+4,859	1,290,454	$58,457,566
WPM	Wheaton Precious Metals Corp.	+1,574	195,962	$25,672,981
CP	Canadian Pacific Kansas City Ltd/Cn	+248	3,003	$236,215
BN	BROOKFIELD Corp /ON/	+4	88,355	$3,575,726
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ORLA	Orla Mining Ltd.	−711,947	359,590	$5,800,186
MNST	Monster Beverage Corp	−578,989	2,960,169	$214,493,845
CMG	Chipotle Mexican Grill Inc	−530,748	4,758,522	$152,320,289
WCN	Waste Connections, Inc.	−523,366	1,822,200	$295,998,168
ZTS	Zoetis Inc.	−501,743	1,666,335	$196,977,460
AGI	Alamos Gold Inc	−424,168	88,079	$3,913,349
MSFT	Microsoft Corp	−364,081	1,249,443	$462,506,315
GOOGL	Alphabet Inc.	−334,350	1,404,505	$403,879,457
NVDA	Nvidia Corp	−331,625	3,659,367	$638,193,604
RYAN	Ryan Specialty Holdings, Inc.	−320,610	4,022,506	$135,719,352
AMZN	Amazon Com Inc	−300,496	1,824,462	$379,980,700
BLK	BlackRock, Inc.	−209,032	38,933	$37,442,255
TSM	Taiwan Semiconductor Manufacturing Co Ltd	−188,725	510,242	$172,436,283
AAPL	Apple Inc.	−174,280	619,130	$157,129,002
SNPS	Synopsys Inc	−170,298	281,301	$111,530,220
VLO	Valero Energy Corp/Tx	−164,679	936,233	$231,324,449
EXK	Endeavour Silver Corp	−120,295	1,282,097	$11,936,323
PSA	Public Storage	−117,420	518,306	$140,398,729
DHR	Danaher Corp /De/	−103,400	1,341,168	$254,285,452
ATS	ATS Corp /ATS	−83,725	170,956	$4,820,959
TFII	TFI International Inc.	−60,990	238,165	$25,871,863
DOO	BRP Inc.	−47,650	221,693	$15,919,774
META	Meta Platforms, Inc.	−35,039	422,400	$241,667,712
SHW	Sherwin Williams Co	−26,748	360,931	$115,696,432
UFPT	Ufp Technologies Inc	−17,725	2,604	$504,134
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
APH	Amphenol Corp /De/	935,551	$118,206,868
SUNB	Sunbelt Rentals Holdings, Inc.	1,002,578	$65,257,802
BGSI	Boyd Group Services Inc.	280,207	$35,827,267
OR	OR Royalties Inc.	254,620	$9,680,652
MDA	MDA Space Ltd.	333,096	$8,433,990
ITRG	Integra Resources Corp.	2,670,377	$7,290,129
USAS	Americas Gold & Silver Corp	549,996	$2,870,979
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
ROL	Rollins Inc	1,857,978	$111,515,839
ADBE	Adobe Inc.	318,040	$111,310,819
FTNT	Fortinet, Inc.	1,228,784	$97,577,737
ERO	Ero Copper Corp.	509,963	$14,426,853
GRTUF	Granite Real Estate Investment Trust	210,254	$12,444,934
EGO	Eldorado Gold Corp /Fi	341,707	$12,274,115
ENB	Enbridge Inc	139,459	$6,670,323
TRI	Thomson Reuters Corp /Can/	29,041	$3,830,217
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

72 positions · $6,776,473,899 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 72 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVDA	Nvidia Corp Technology	Reduced	3,659,367	-331,625	$638,193,604	−14.3%	9.42%
MSFT	Microsoft Corp Technology	Reduced	1,249,443	-364,081	$462,506,315	−40.7%	6.83%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,404,505	-334,350	$403,879,457	−25.8%	5.96%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	1,824,462	-300,496	$379,980,700	−22.5%	5.61%
JPM	Jpmorgan Chase & Co Financial Services	Added	1,246,180	+240,754	$366,576,308	+13.2%	5.41%
WCN	Waste Connections, Inc. Industrials	Reduced	1,822,200	-523,366	$295,998,168	−28.0%	4.37%
DHR	Danaher Corp /De/ Healthcare	Reduced	1,341,168	-103,400	$254,285,452	−23.1%	3.75%
MA	Mastercard Inc Financial Services	Added	489,843	+107,093	$244,754,953	+12.0%	3.61%
META	Meta Platforms, Inc. Communication Services	Reduced	422,400	-35,039	$241,667,712	−20.0%	3.57%
VLO	Valero Energy Corp/Tx Energy	Reduced	936,233	-164,679	$231,324,449	+29.1%	3.41%
MNST	Monster Beverage Corp Consumer Defensive	Reduced	2,960,169	-578,989	$214,493,845	−21.0%	3.17%
ZTS	Zoetis Inc. Healthcare	Reduced	1,666,335	-501,743	$196,977,460	−27.8%	2.91%
AVGO	Broadcom Inc. Technology	Added	625,635	+339,895	$193,640,288	+95.8%	2.86%
IDXX	Idexx Laboratories Inc /De Healthcare	Added	342,120	+165,188	$192,233,806	+60.6%	2.84%
APG	APi Group Corp Industrials	Added	4,652,145	+1,561,990	$188,504,915	+59.4%	2.78%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	510,242	-188,725	$172,436,283	−18.8%	2.54%
UBER	Uber Technologies, Inc Technology	Added	2,242,389	+155,770	$161,295,040	−5.4%	2.38%
AAPL	Apple Inc. Technology	Reduced	619,130	-174,280	$157,129,002	−27.2%	2.32%
CMG	Chipotle Mexican Grill Inc Consumer Cyclical	Reduced	4,758,522	-530,748	$152,320,289	−22.2%	2.25%
LRCX	Lam Research Corp Technology	Added	685,358	+58,539	$146,433,590	+36.5%	2.16%
PSA	Public Storage Real Estate	Reduced	518,306	-117,420	$140,398,729	−14.9%	2.07%
RYAN	Ryan Specialty Holdings, Inc. Financial Services	Reduced	4,022,506	-320,610	$135,719,352	−39.5%	2.00%
APH	Amphenol Corp /De/ Technology	NEW	935,551	NEW	$118,206,868	NEW	1.74%
SHW	Sherwin Williams Co Basic Materials	Reduced	360,931	-26,748	$115,696,432	−7.9%	1.71%
SNPS	Synopsys Inc Technology	Reduced	281,301	-170,298	$111,530,220	−47.4%	1.65%
WMT	Walmart Inc. Consumer Defensive	Reduced	596,410	-2,425	$74,121,834	+11.1%	1.09%
SUNB	Sunbelt Rentals Holdings, Inc. Industrials	NEW	1,002,578	NEW	$65,257,802	NEW	0.96%
TSCO	Tractor Supply Co /De/ Consumer Cyclical	Added	1,290,454	+4,859	$58,457,566	−9.1%	0.86%
RY	Royal Bank Of Canada Financial Services	Reduced	278,201	-7,272	$45,007,357	−7.5%	0.66%
GIB	Cgi Inc Technology	Added	523,255	+4,861	$38,249,940	−20.1%	0.56%
BLK	BlackRock, Inc. Financial Services	Reduced	38,933	-209,032	$37,442,255	−85.9%	0.55%
FSV	FirstService Corp Real Estate	Added	263,488	+72,665	$36,609,022	+23.4%	0.54%
BGSI	Boyd Group Services Inc. Consumer Cyclical	NEW	280,207	NEW	$35,827,267	NEW	0.53%
TD	Toronto Dominion Bank Financial Services	Reduced	367,619	-6,384	$34,302,528	−2.6%	0.51%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	162,760	-8,364	$33,037,024	+13.9%	0.49%
SU	Suncor Energy Inc Energy	Reduced	478,392	-16,089	$31,626,495	+44.2%	0.47%
BMO	Bank Of Montreal /Can/ Financial Services	Reduced	204,967	-3,476	$27,740,233	+2.5%	0.41%
TFII	TFI International Inc. Industrials	Reduced	238,165	-60,990	$25,871,863	−16.3%	0.38%
WPM	Wheaton Precious Metals Corp. Basic Materials	Added	195,962	+1,574	$25,672,981	+12.4%	0.38%
CNI	Canadian National Railway Co Industrials	Reduced	195,490	-2,503	$20,090,507	+2.7%	0.30%
TGB	Trekor Metals Ltd Basic Materials	Added	3,031,296	+576,637	$19,551,859	+40.7%	0.29%
DSGX	Descartes Systems Group Inc Technology	Added	246,235	+53,495	$17,620,576	+4.3%	0.26%
DOO	BRP Inc. Consumer Cyclical	Reduced	221,693	-47,650	$15,919,774	−16.5%	0.23%
CIGI	Colliers International Group Inc. Real Estate	Added	145,285	+16,108	$15,529,513	−18.2%	0.23%
BAM	Brookfield Asset Management Ltd. Financial Services	Added	345,381	+23,484	$15,352,185	−9.0%	0.23%
RBA	Rb Global Inc. Industrials	Reduced	155,700	-11,710	$14,923,845	−13.3%	0.22%
CAE	Cae Inc Industrials	Held	565,500	0	$14,731,275	−14.4%	0.22%
GIL	Gildan Activewear Inc. Consumer Cyclical	Reduced	244,300	-1,600	$13,595,295	−11.5%	0.20%
BNT	Brookfield Wealth Solutions Ltd. Financial Services	Added	307,408	+72,434	$12,726,691	+17.9%	0.19%
SLF	Sun Life Financial Inc Financial Services	Reduced	200,841	-2,628	$12,564,612	−1.0%	0.19%