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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
-1.39%
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
$47.7B
AUM Growth
-$420M
Cap. Flow
+$1.43B
Cap. Flow %
3%
Top 10 Hldgs %
24.77%
Holding
663
New
147
Increased
250
Reduced
177
Closed
72

Top Buys

Rank Stock Value
1
VTV icon
Vanguard Morningstar Value ETF
VTV
+$846M
2
V icon
Visa
V
+$212M
3
LLY icon
Eli Lilly
LLY
+$202M
4
BCE icon
BCE
BCE
+$158M
5
LHX icon
L3Harris
LHX
+$149M

Top Sells

Rank Stock Value
1
VUG icon
Vanguard Morningstar Growth ETF
VUG
+$458M
2
XLV icon
State Street Health Care Select Sector SPDR ETF
XLV
+$423M
3
QUAL icon
iShares MSCI USA Quality Factor ETF
QUAL
+$349M
4
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$258M
5
VNQ icon
Vanguard Real Estate ETF
VNQ
+$228M

Sector Composition

Rank Sector Weight
1 Technology 25.73%
2 Financials 15.76%
3 Industrials 12.55%
4 Healthcare 11.74%
5 Consumer Discretionary 9.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAPL icon
1
Apple
AAPL
$4.52T
$1.8B 3.78%
8,107,870
+239,609
+3% +$55.5M
GIB icon
2
CGI
GIB
$15.4B
$1.63B 3.41%
16,290,487
– –
MSFT icon
3
Microsoft
MSFT
$3.66T
$1.62B 3.39%
4,304,321
-224,903
-5% -$91.7M
NVDA icon
4
NVIDIA
NVDA
$5.13T
$1.32B 2.77%
12,196,432
-1,058,873
-8% -$134M
CNI icon
5
Canadian National Railway
CNI
$77B
$1.22B 2.55%
12,496,600
– –
META icon
6
Meta Platforms (Facebook)
META
$1.5T
$957M 2.01%
1,659,619
+118,895
+8% +$76.7M
AMZN icon
7
Amazon
AMZN
$2.99T
$884M 1.85%
4,646,656
-152,609
-3% -$33.1M
VTV icon
8
Vanguard Morningstar Value ETF
VTV
$191B
$838M 1.76%
+4,853,562
New +$846M
GOOGL icon
9
Alphabet (Google) Class A
GOOGL
$4.62T
$788M 1.65%
5,092,826
+51,037
+1% +$9.26M
CAE icon
10
CAE Inc. Common Shares
CAE
$8.62B
$760M 1.59%
30,917,402
– –
BRK.B icon
11
Berkshire Hathaway Class B
BRK.B
$1.12T
$732M 1.54%
1,374,949
-52,145
-4% -$25.4M
MA icon
12
Mastercard
MA
$500B
$675M 1.42%
1,231,135
+11,730
+1% +$6.39M
JPM icon
13
JPMorgan Chase
JPM
$950B
$650M 1.36%
2,650,344
+555,090
+26% +$142M
LLY icon
14
Eli Lilly
LLY
$995B
$632M 1.33%
765,030
+242,560
+46% +$202M
JNJ icon
15
Johnson & Johnson
JNJ
$614B
$597M 1.25%
3,601,147
+664,556
+23% +$104M
BCE icon
16
BCE
BCE
$20.5B
$579M 1.22%
25,249,300
+6,697,900
+36% +$158M
UNH icon
17
UnitedHealth
UNH
$370B
$524M 1.1%
1,000,107
+55,634
+6% +$28.4M
BMO icon
18
Bank of Montreal
BMO
$126B
$517M 1.09%
5,419,567
– –
PGR icon
19
Progressive
PGR
$123B
$448M 0.94%
1,582,012
+28,036
+2% +$7.33M
PG icon
20
Procter & Gamble
PG
$345B
$445M 0.93%
2,611,294
-221,295
-8% -$37.1M
AVGO icon
21
Broadcom
AVGO
$1.99T
$442M 0.93%
2,637,419
+522,154
+25% +$111M
CSCO icon
22
Cisco
CSCO
$480B
$424M 0.89%
6,876,595
-602,277
-8% -$37.1M
RSP icon
23
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$399M 0.84%
2,302,200
-1,241,000
-35% -$221M
SPY icon
24
State Street SPDR S&P 500 ETF Trust
SPY
$821B
$394M 0.83%
703,600
+95,500
+16% +$56.1M
MRK icon
25
Merck
MRK
$316B
$387M 0.81%
4,315,410
+149,218
+4% +$13.9M
1
2 3 4 5

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Caisse de Depot et Placement du Quebec (CDPQ)'s Q1 2025 Portfolio in Review

As of Q1 2025, Caisse de Depot et Placement du Quebec (CDPQ) held 663 positions worth $47.7B, down 0.87% from $48.1B the previous quarter. Its ten largest holdings account for 25% of the portfolio.

Caisse de Depot et Placement du Quebec (CDPQ) deployed $1.43B of net new capital in Q1 2025, opening 147 new positions and adding to 250 existing holdings. Its largest new stake was Vanguard Morningstar Value ETF: 4,853,562 shares worth $838M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 28% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was State Street Health Care Select Sector SPDR ETF, an estimated $423M trimmed.

  • Caisse de Depot et Placement du Quebec (CDPQ)'s largest Q1 2025 buy was Vanguard Morningstar Value ETF: 4,853,562 shares worth $838M.
  • Caisse de Depot et Placement du Quebec (CDPQ) added most to Visa in Q1 2025, an estimated $212M increase.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s biggest Q1 2025 reduction was State Street Health Care Select Sector SPDR ETF, cutting an estimated $423M.
  • Caisse de Depot et Placement du Quebec (CDPQ) fully exited Vanguard Morningstar Growth ETF in Q1 2025, selling an estimated $458M.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s ten largest holdings make up 25% of its $47.7B portfolio in Q1 2025.
  • Caisse de Depot et Placement du Quebec (CDPQ) opened 147 new positions and closed 72 in Q1 2025.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s portfolio value fell 0.87% quarter-over-quarter to $47.7B.

Based on Caisse de Depot et Placement du Quebec (CDPQ)'s 13F filing for Q1 2025, filed 14 May 2025.