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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
DG icon
151
Dollar General
DG
$26.5B
$93.9M 0.17%
908,110
+855,162
+1,615% +$93.8M
ALL icon
152
Allstate
ALL
$66.8B
$93.8M 0.17%
437,185
+46,443
+12% +$9.37M
HWM icon
153
Howmet Aerospace
HWM
$113B
$92.9M 0.17%
473,185
+188,602
+66% +$34.4M
TT icon
154
Trane Technologies
TT
$106B
$91.4M 0.16%
216,535
+96,921
+81% +$41.4M
TXN icon
155
Texas Instruments
TXN
$256B
$88.7M 0.16%
482,835
+80,540
+20% +$15.7M
QCOM icon
156
Qualcomm
QCOM
$171B
$87.8M 0.16%
527,521
-260,479
-33% -$41.3M
BKR icon
157
Baker Hughes
BKR
$64.2B
$87.5M 0.16%
1,796,648
+527,955
+42% +$23.3M
VRTX icon
158
Vertex Pharmaceuticals
VRTX
$135B
$87M 0.16%
222,262
+157,866
+245% +$66M
DLTR icon
159
Dollar Tree
DLTR
$24.5B
$86.7M 0.16%
918,451
+854,414
+1,334% +$91.4M
BLK icon
160
Blackrock
BLK
$178B
$86.2M 0.16%
73,903
+60,986
+472% +$68.2M
ACN icon
161
Accenture
ACN
$109B
$86M 0.16%
348,736
-77,306
-18% -$20.2M
UNP icon
162
Union Pacific
UNP
$173B
$84.3M 0.15%
356,502
+120,478
+51% +$27.2M
FNV icon
163
Franco-Nevada
FNV
$46.4B
$83.2M 0.15%
373,654
+5,610
+2% +$1.01M
CME icon
164
CME Group
CME
$93.5B
$83.2M 0.15%
307,768
+303,160
+6,579% +$82.5M
INGR icon
165
Ingredion
INGR
$6.58B
$82.6M 0.15%
676,135
+110,738
+20% +$14.3M
JLL icon
166
Jones Lang LaSalle
JLL
$16.7B
$82.4M 0.15%
276,400
-86,700
-24% -$24.8M
LIN icon
167
Linde
LIN
$227B
$82.3M 0.15%
173,207
+8,198
+5% +$3.88M
NEU icon
168
NewMarket
NEU
$8.49B
$82.2M 0.15%
99,256
+78,422
+376% +$60.4M
CP icon
169
Canadian Pacific Kansas City
CP
$80.7B
$80.8M 0.15%
1,084,224
-911,501
-46% -$69.6M
BIIB icon
170
Biogen
BIIB
$30.4B
$79.7M 0.14%
569,253
+499,676
+718% +$67.5M
TRP icon
171
TC Energy
TRP
$66.5B
$78.7M 0.14%
1,447,006
-1,171,716
-45% -$58.8M
TJX icon
172
TJX Companies
TJX
$173B
$78.6M 0.14%
543,833
-865,062
-61% -$115M
VEEV icon
173
Veeva Systems
VEEV
$38.5B
$78.3M 0.14%
262,732
-27,231
-9% -$7.66M
WPM icon
174
Wheaton Precious Metals
WPM
$60.8B
$77M 0.14%
687,782
-161,375
-19% -$15.8M
MLI icon
175
Mueller Industries
MLI
$15.1B
$76.6M 0.14%
1,514,392
-829,852
-35% -$38.1M
5 6
7
8 9

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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.