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Caisse de Depot et Placement du Quebec (CDPQ)

Caisse de Depot et Placement du Quebec (CDPQ) Portfolio holdings

AUM $62.4B
1-Year Est. Return 23.7%
This Fund
S&P 500
This Quarter Est. Return
+7.9%
1 Year Est. Return
+23.7%
3 Year Est. Return
+77.27%
5 Year Est. Return
+92.63%
10 Year Est. Return
+273.08%
AUM
$55.5B
AUM Growth
+$8.65B
Cap. Flow
+$5.78B
Cap. Flow %
10.41%
Top 10 Hldgs %
28.41%
Holding
590
New
112
Increased
244
Reduced
170
Closed
51

Top Buys

Rank Stock Value
1
USHY icon
iShares Broad USD High Yield Corporate Bond ETF
USHY
+$283M
2
LQD icon
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
+$273M
3
PEP icon
PepsiCo
PEP
+$224M
4
MSFT icon
Microsoft
MSFT
+$223M
5
VLUE icon
iShares MSCI USA Value Factor ETF
VLUE
+$176M

Top Sells

Rank Stock Value
1
WCN
Waste Connections
WCN
+$132M
2
UTHR icon
United Therapeutics
UTHR
+$129M
3
V icon
Visa
V
+$128M
4
USMV icon
iShares MSCI USA Min Vol Factor ETF
USMV
+$122M
5
TJX icon
TJX Companies
TJX
+$115M

Sector Composition

Rank Sector Weight
1 Technology 29.45%
2 Financials 14.11%
3 Industrials 12.44%
4 Healthcare 10.01%
5 Communication Services 9.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PEP icon
26
PepsiCo
PEP
$188B
$365M 0.66%
2,597,986
+1,565,883
+152% +$224M
TSLA icon
27
Tesla
TSLA
$1.31T
$362M 0.65%
814,109
+88,133
+12% +$30.6M
LRCX icon
28
Lam Research
LRCX
$383B
$344M 0.62%
2,568,579
+1,595,759
+164% +$169M
ABBV icon
29
AbbVie
ABBV
$438B
$341M 0.61%
1,471,340
+238,215
+19% +$48.5M
DUK icon
30
Duke Energy
DUK
$94.5B
$323M 0.58%
2,613,595
+419,992
+19% +$51M
PGR icon
31
Progressive
PGR
$124B
$316M 0.57%
1,278,406
+129,225
+11% +$31.9M
T icon
32
AT&T
T
$165B
$307M 0.55%
10,865,453
+1,128,999
+12% +$32.1M
RSG icon
33
Republic Services
RSG
$65.7B
$304M 0.55%
1,326,827
+437,166
+49% +$103M
UNH icon
34
UnitedHealth
UNH
$371B
$290M 0.52%
840,848
+192,878
+30% +$58.3M
RY icon
35
Royal Bank of Canada
RY
$293B
$286M 0.52%
1,938,915
– –
USHY icon
36
iShares Broad USD High Yield Corporate Bond ETF
USHY
$29.1B
$286M 0.51%
+7,557,165
New +$283M
LSPD icon
37
Lightspeed Commerce
LSPD
$1.36B
$280M 0.51%
24,286,219
– –
BAC icon
38
Bank of America
BAC
$447B
$280M 0.51%
5,433,276
+819,420
+18% +$40M
XLP icon
39
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.7B
$278M 0.5%
3,548,211
+1,524,678
+75% +$123M
LQD icon
40
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.6B
$277M 0.5%
+2,487,012
New +$273M
COR icon
41
Cencora
COR
$62B
$276M 0.5%
883,460
-35,009
-4% -$10.3M
CRM icon
42
Salesforce
CRM
$162B
$274M 0.49%
1,155,036
+298,008
+35% +$75.2M
ADBE icon
43
Adobe
ADBE
$109B
$273M 0.49%
772,679
+174,183
+29% +$62.5M
REGN icon
44
Regeneron Pharmaceuticals
REGN
$83.2B
$260M 0.47%
462,502
+247,780
+115% +$140M
ANET icon
45
Arista Networks
ANET
$242B
$252M 0.45%
1,728,224
-2,807
-0.2% -$361K
BKNG icon
46
Booking.com
BKNG
$160B
$250M 0.45%
1,158,775
-100,200
-8% -$22.4M
WFC icon
47
Wells Fargo
WFC
$265B
$231M 0.42%
2,756,155
-280,225
-9% -$22.7M
AZO icon
48
AutoZone
AZO
$50.1B
$231M 0.42%
53,772
+9,756
+22% +$39.1M
UBER icon
49
Uber
UBER
$159B
$220M 0.4%
2,243,012
+344,428
+18% +$32.2M
BRO icon
50
Brown & Brown
BRO
$24B
$219M 0.4%
2,339,505
-98,849
-4% -$9.63M
1
2
3 4 5

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Caisse de Depot et Placement du Quebec (CDPQ)'s Q3 2025 Portfolio in Review

As of Q3 2025, Caisse de Depot et Placement du Quebec (CDPQ) held 590 positions worth $55.5B, up 18% from $46.8B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

Caisse de Depot et Placement du Quebec (CDPQ) deployed $5.78B of net new capital in Q3 2025, opening 112 new positions and adding to 244 existing holdings. Its largest new stake was iShares Broad USD High Yield Corporate Bond ETF: 7,557,165 shares worth $286M.

By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 30% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was United Therapeutics, an estimated $129M trimmed.

  • Caisse de Depot et Placement du Quebec (CDPQ)'s largest Q3 2025 buy was iShares Broad USD High Yield Corporate Bond ETF: 7,557,165 shares worth $286M.
  • Caisse de Depot et Placement du Quebec (CDPQ) added most to PepsiCo in Q3 2025, an estimated $224M increase.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s biggest Q3 2025 reduction was United Therapeutics, cutting an estimated $129M.
  • Caisse de Depot et Placement du Quebec (CDPQ) fully exited Waste Connections in Q3 2025, selling an estimated $132M.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s ten largest holdings make up 28% of its $55.5B portfolio in Q3 2025.
  • Caisse de Depot et Placement du Quebec (CDPQ) opened 112 new positions and closed 51 in Q3 2025.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s portfolio value rose 18% quarter-over-quarter to $55.5B.

Based on Caisse de Depot et Placement du Quebec (CDPQ)'s 13F filing for Q3 2025, filed 14 Nov 2025.