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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
GE icon
51
GE Aerospace
GE
$385B
$218M 0.39%
725,443
-206,126
-22% -$56.3M
PHM icon
52
Pultegroup
PHM
$25B
$214M 0.39%
1,620,027
-507,534
-24% -$63M
CTAS icon
53
Cintas
CTAS
$82.7B
$202M 0.36%
984,183
+182,923
+23% +$39.1M
ROP icon
54
Roper Technologies
ROP
$39.7B
$201M 0.36%
403,855
+51,687
+15% +$27.6M
SHOP icon
55
Shopify
SHOP
$197B
$199M 0.36%
1,340,070
-12,494
-0.9% -$1.69M
ABT icon
56
Abbott
ABT
$189B
$195M 0.35%
1,458,569
+232,238
+19% +$30.5M
ORCL icon
57
Oracle
ORCL
$423B
$193M 0.35%
687,190
+78,194
+13% +$19.9M
EME icon
58
Emcor
EME
$36.4B
$192M 0.35%
296,035
-40,049
-12% -$24.3M
OR icon
59
OR Royalties Inc
OR
$6.28B
$191M 0.34%
4,767,074
– –
KR icon
60
Kroger
KR
$34.4B
$190M 0.34%
2,815,217
+930,822
+49% +$64.8M
TD icon
61
Toronto Dominion Bank
TD
$201B
$189M 0.34%
2,360,000
+972,513
+70% +$73M
BN icon
62
Brookfield
BN
$111B
$188M 0.34%
4,110,432
+1,095,592
+36% +$48.5M
VLUE icon
63
iShares MSCI USA Value Factor ETF
VLUE
$9.47B
$187M 0.34%
+1,495,891
New +$176M
MSI icon
64
Motorola Solutions
MSI
$77.5B
$186M 0.34%
407,651
+93,399
+30% +$42.1M
CAT icon
65
Caterpillar
CAT
$396B
$180M 0.33%
378,158
+167,393
+79% +$71.5M
TDY icon
66
Teledyne Technologies
TDY
$32B
$180M 0.32%
307,445
+65,943
+27% +$36.1M
INTU icon
67
Intuit
INTU
$91.3B
$179M 0.32%
261,768
+122,786
+88% +$88.5M
LHX icon
68
L3Harris
LHX
$53.7B
$177M 0.32%
579,510
+1,453
+0.3% +$397K
AIG icon
69
American International
AIG
$40.4B
$174M 0.31%
2,216,284
+383,522
+21% +$30.6M
C icon
70
Citigroup
C
$228B
$173M 0.31%
1,704,441
-242,180
-12% -$23M
HD icon
71
Home Depot
HD
$356B
$173M 0.31%
426,236
+2,199
+0.5% +$865K
NVR icon
72
NVR
NVR
$16.9B
$173M 0.31%
21,481
+1,563
+8% +$12.4M
NEE icon
73
NextEra Energy
NEE
$177B
$171M 0.31%
2,259,746
+417,307
+23% +$30.5M
NEM icon
74
Newmont
NEM
$123B
$170M 0.31%
2,015,334
-518,148
-20% -$36.1M
TMO icon
75
Thermo Fisher Scientific
TMO
$222B
$167M 0.3%
343,838
+341,022
+12,110% +$159M
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.