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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
ULTA icon
76
Ulta Beauty
ULTA
$23.6B
$162M 0.29%
295,833
+211,266
+250% +$108M
CF icon
77
CF Industries
CF
$18B
$159M 0.29%
1,775,106
+610,259
+52% +$54.4M
WMT icon
78
Walmart Inc
WMT
$897B
$157M 0.28%
1,526,387
-525,432
-26% -$52.3M
GS icon
79
Goldman Sachs
GS
$301B
$156M 0.28%
196,389
-23,978
-11% -$17.8M
ENB icon
80
Enbridge
ENB
$112B
$156M 0.28%
3,093,209
-758,807
-20% -$35.7M
VZ icon
81
Verizon
VZ
$196B
$156M 0.28%
3,549,383
+466,309
+15% +$20.2M
MU icon
82
Micron Technology
MU
$975B
$155M 0.28%
929,340
+639,892
+221% +$81.9M
RMD icon
83
ResMed
RMD
$32B
$155M 0.28%
565,901
+123,781
+28% +$33.8M
WEC icon
84
WEC Energy
WEC
$34.4B
$152M 0.27%
1,326,668
+59,688
+5% +$6.47M
SNA icon
85
Snap-on
SNA
$21.4B
$150M 0.27%
433,071
+20,614
+5% +$6.75M
FFIV icon
86
F5
FFIV
$23.5B
$150M 0.27%
462,740
+290,828
+169% +$91M
ICE icon
87
Intercontinental Exchange
ICE
$84.8B
$147M 0.27%
874,017
+169,032
+24% +$30.2M
EMB icon
88
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
$146M 0.26%
1,534,100
+674,100
+78% +$63.1M
CEG icon
89
Constellation Energy
CEG
$98.2B
$143M 0.26%
434,579
+206,649
+91% +$66.7M
GILD icon
90
Gilead Sciences
GILD
$168B
$141M 0.25%
1,271,032
-98,401
-7% -$11.2M
HIG icon
91
Hartford Financial Services
HIG
$38.3B
$138M 0.25%
1,037,853
+224,412
+28% +$28.8M
TROW icon
92
T. Rowe Price
TROW
$24.3B
$134M 0.24%
1,306,922
+584,949
+81% +$61.5M
NRG icon
93
NRG Energy
NRG
$25.1B
$134M 0.24%
827,056
-174,647
-17% -$27.2M
ELV icon
94
Elevance Health
ELV
$85.1B
$132M 0.24%
409,052
+62,685
+18% +$19.5M
EXPD icon
95
Expeditors International
EXPD
$23.1B
$131M 0.24%
1,070,975
+399,250
+59% +$47.5M
TMUS icon
96
T-Mobile US
TMUS
$194B
$131M 0.24%
547,308
+239,406
+78% +$58M
BSX icon
97
Boston Scientific
BSX
$74B
$131M 0.24%
1,341,487
+145,731
+12% +$15.1M
GWW icon
98
W.W. Grainger
GWW
$61.2B
$129M 0.23%
135,600
+42,663
+46% +$42.8M
CBRE icon
99
CBRE Group
CBRE
$42.6B
$129M 0.23%
815,685
-341,905
-30% -$52.9M
LOGI icon
100
Logitech
LOGI
$15B
$128M 0.23%
1,173,769
+244,752
+26% +$24.6M
2 3
4
5 6

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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.