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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
AEM icon
101
Agnico Eagle Mines
AEM
$92B
$127M 0.23%
754,391
+12,076
+2% +$1.66M
INCY icon
102
Incyte
INCY
$24.5B
$127M 0.23%
1,498,013
+1,087,091
+265% +$85.9M
DECK icon
103
Deckers Outdoor
DECK
$12.8B
$126M 0.23%
1,246,526
+104,293
+9% +$11.4M
MCD icon
104
McDonald's
MCD
$194B
$126M 0.23%
415,725
+13,517
+3% +$4.11M
MNST icon
105
Monster Beverage
MNST
$89.3B
$125M 0.23%
3,716,930
+189,286
+5% +$5.91M
VST icon
106
Vistra
VST
$48.6B
$124M 0.22%
632,151
-129,033
-17% -$25.6M
KO icon
107
Coca-Cola
KO
$372B
$124M 0.22%
1,867,352
+132,274
+8% +$9.1M
HAL icon
108
Halliburton
HAL
$28.2B
$123M 0.22%
4,992,111
+3,100,037
+164% +$68.6M
ZM icon
109
Zoom
ZM
$31.1B
$122M 0.22%
1,481,103
-163,491
-10% -$12.8M
PYPL icon
110
PayPal
PYPL
$50.5B
$122M 0.22%
1,818,346
+247,473
+16% +$17.4M
DHR icon
111
Danaher
DHR
$146B
$121M 0.22%
607,917
+48,476
+9% +$9.65M
HST icon
112
Host Hotels & Resorts
HST
$15.3B
$120M 0.22%
7,061,055
+5,834,750
+476% +$96.8M
COF icon
113
Capital One
COF
$134B
$119M 0.21%
559,867
+132,022
+31% +$28.9M
WSM icon
114
Williams-Sonoma
WSM
$29.5B
$116M 0.21%
594,015
-211,376
-26% -$40.4M
SSNC icon
115
SS&C Technologies
SSNC
$18.7B
$116M 0.21%
1,305,278
-290,227
-18% -$25.1M
J icon
116
Jacobs Solutions
J
$17.3B
$116M 0.21%
771,702
-227,776
-23% -$32.7M
CTSH icon
117
Cognizant
CTSH
$26.4B
$114M 0.21%
1,707,026
+464,482
+37% +$33.6M
ISRG icon
118
Intuitive Surgical
ISRG
$142B
$114M 0.21%
255,694
-66,845
-21% -$32.1M
SEIC icon
119
SEI Investments
SEIC
$12.6B
$114M 0.21%
1,343,757
+317,703
+31% +$28.2M
LULU icon
120
lululemon athletica
LULU
$14.3B
$114M 0.2%
638,720
+260,946
+69% +$52.3M
EXEL icon
121
Exelixis
EXEL
$12.7B
$113M 0.2%
2,724,564
+595,333
+28% +$23.9M
MTG icon
122
MGIC Investment
MTG
$6.23B
$112M 0.2%
3,943,965
+667,876
+20% +$18.2M
VNQ icon
123
Vanguard Real Estate ETF
VNQ
$38.3B
$112M 0.2%
1,223,000
+542,700
+80% +$49.2M
RBA icon
124
RB Global
RBA
$16.6B
$111M 0.2%
1,024,423
-58,462
-5% -$6.55M
ITW icon
125
Illinois Tool Works
ITW
$83.5B
$111M 0.2%
424,547
+316,512
+293% +$82.5M
3 4
5
6 7

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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.