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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
EXPE icon
176
Expedia Group
EXPE
$38.5B
$76.4M 0.14%
357,237
+96,847
+37% +$19.4M
BDX icon
177
Becton Dickinson
BDX
$49.4B
$74.1M 0.13%
395,817
+319,292
+417% +$59.3M
CLS icon
178
Celestica
CLS
$39.1B
$73.4M 0.13%
298,039
-129,562
-30% -$26.1M
AEE icon
179
Ameren
AEE
$29.8B
$73.3M 0.13%
702,353
-595,547
-46% -$59.4M
LPX icon
180
Louisiana-Pacific
LPX
$5.28B
$72.4M 0.13%
815,204
+260,473
+47% +$24M
FTNT icon
181
Fortinet
FTNT
$119B
$72.2M 0.13%
858,987
-482,080
-36% -$43M
PANW icon
182
Palo Alto Networks
PANW
$313B
$72M 0.13%
353,499
+134,439
+61% +$25.7M
DB icon
183
Deutsche Bank
DB
$71.8B
$71.1M 0.13%
+2,021,881
New +$68.9M
LEN icon
184
Lennar Class A
LEN
$21.1B
$70M 0.13%
555,305
+19,566
+4% +$2.43M
PINS icon
185
Pinterest
PINS
$13.4B
$69.1M 0.12%
2,146,618
+365,114
+20% +$13.2M
MELI icon
186
Mercado Libre
MELI
$98.4B
$69M 0.12%
29,512
+8,842
+43% +$21.2M
WTW icon
187
Willis Towers Watson
WTW
$31.8B
$68.9M 0.12%
199,412
-225,522
-53% -$73M
STLD icon
188
Steel Dynamics
STLD
$37.8B
$68.8M 0.12%
493,290
+283,300
+135% +$37.2M
MOS icon
189
The Mosaic Company
MOS
$7.34B
$68.6M 0.12%
1,978,495
-23,483
-1% -$809K
BA icon
190
Boeing
BA
$184B
$67.6M 0.12%
313,149
-8,375
-3% -$1.89M
BMY icon
191
Bristol-Myers Squibb
BMY
$130B
$67.5M 0.12%
1,496,317
+668,155
+81% +$31.2M
NOW icon
192
ServiceNow
NOW
$132B
$67M 0.12%
364,280
+37,460
+11% +$7M
ED icon
193
Consolidated Edison
ED
$39.8B
$66.2M 0.12%
658,318
+110,312
+20% +$11.1M
CRUS icon
194
Cirrus Logic
CRUS
$6.11B
$65.8M 0.12%
524,969
+11,006
+2% +$1.23M
GRMN
195
Garmin
GRMN
$59.7B
$64.7M 0.12%
262,773
-202,624
-44% -$46.8M
RS icon
196
Reliance Steel & Aluminium
RS
$21.6B
$64.4M 0.12%
229,254
+60,562
+36% +$18.2M
CCJ icon
197
Cameco
CCJ
$43B
$64.1M 0.12%
763,847
-32,694
-4% -$2.54M
CBOE icon
198
Cboe Global Markets
CBOE
$29.5B
$64.1M 0.12%
261,207
+78,576
+43% +$18.9M
SYF icon
199
Synchrony
SYF
$25.5B
$62.7M 0.11%
882,085
-418,663
-32% -$30.3M
GDDY icon
200
GoDaddy
GDDY
$11.5B
$62.4M 0.11%
455,807
-206,541
-31% -$31.8M
6 7
8
9 10

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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.