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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
+11.94%
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
$46.8B
AUM Growth
-$826M
(-1.7%)
Cap. Flow
-$4.77B
Cap. Flow
% of AUM
-10.19%
Top 10 Holdings %
Top 10 Hldgs %
30.11%
Holding
642
New
51
Increased
190
Reduced
227
Closed
164
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street Health Care Select Sector SPDR ETF
XLV
|
+$451M |
| 2 |
Brown & Brown
BRO
|
+$270M |
| 3 |
NVIDIA
NVDA
|
+$230M |
| 4 |
Apple
AAPL
|
+$178M |
| 5 |
BCE
BCE
|
+$128M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Morningstar Value ETF
VTV
|
+$838M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$394M |
| 3 |
Invesco S&P 500 Equal Weight ETF
RSP
|
+$393M |
| 4 |
JPMorgan Chase
JPM
|
+$226M |
| 5 |
MRSH
Marsh
MRSH
|
+$214M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.2% |
| 2 | Financials | 15.15% |
| 3 | Industrials | 13.25% |
| 4 | Healthcare | 9.63% |
| 5 | Communication Services | 9.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.45T
| $2.22B | 4.75% |
4,469,388
+165,067
| +4% | +$71.7M |
|
|
2
NVIDIA
NVDA
$4.86T
| $2.22B | 4.73% |
14,025,153
+1,828,721
| +15% | +$230M |
|
|
3
Apple
AAPL
$4.54T
| $1.84B | 3.94% |
8,990,725
+882,855
| +11% | +$178M |
|
4
CGI
GIB
$15.1B
| $1.71B | 3.65% |
16,290,487
| – | – |
|
5
Canadian National Railway
CNI
$76.9B
| $1.43B | 3.05% |
13,737,922
+1,241,322
| +10% | +$126M |
|
6
Meta Platforms (Facebook)
META
$1.42T
| $1.11B | 2.37% |
1,503,379
-156,240
| -9% | -$96.5M |
|
7
Alphabet (Google) Class A
GOOGL
$4.36T
| $971M | 2.07% |
5,507,139
+414,313
| +8% | +$67.8M |
|
8
Amazon
AMZN
$2.92T
| $947M | 2.02% |
4,318,713
-327,943
| -7% | -$64.9M |
|
9
CAE Inc. Common Shares
CAE
$8.3B
| $904M | 1.93% |
30,917,402
| – | – |
|
10
Mastercard
MA
$502B
| $754M | 1.61% |
1,341,647
+110,512
| +9% | +$61.1M |
|
|
11
BCE
BCE
$20.2B
| $688M | 1.47% |
31,083,196
+5,833,896
| +23% | +$128M |
|
12
Berkshire Hathaway Class B
BRK.B
$1.1T
| $663M | 1.41% |
1,364,015
-10,934
| -0.8% | -$5.55M |
|
13
Bank of Montreal
BMO
$126B
| $599M | 1.28% |
5,419,567
| – | – |
|
14
Broadcom
AVGO
$1.85T
| $586M | 1.25% |
2,126,704
-510,715
| -19% | -$111M |
|
15
Cisco
CSCO
$457B
| $528M | 1.13% |
7,614,988
+738,393
| +11% | +$45.4M |
|
|
16
State Street Health Care Select Sector SPDR ETF
XLV
$41.9B
| $520M | 1.11% |
3,858,426
+3,337,794
| +641% | +$451M |
|
|
17
JPMorgan Chase
JPM
$935B
| $512M | 1.09% |
1,766,385
-883,959
| -33% | -$226M |
|
18
Johnson & Johnson
JNJ
$618B
| $500M | 1.07% |
3,272,750
-328,397
| -9% | -$50.5M |
|
19
Netflix
NFLX
$299B
| $447M | 0.95% |
3,337,570
-386,630
| -10% | -$43.7M |
|
20
Eli Lilly
LLY
$1.02T
| $426M | 0.91% |
546,408
-218,622
| -29% | -$170M |
|
21
Procter & Gamble
PG
$336B
| $409M | 0.87% |
2,565,609
-45,685
| -2% | -$7.46M |
|
22
TFI International
TFII
$11.1B
| $364M | 0.78% |
4,059,400
+209,000
| +5% | +$17.7M |
|
23
Costco
COST
$422B
| $362M | 0.77% |
366,047
-37,858
| -9% | -$37.6M |
|
24
Merck
MRK
$322B
| $350M | 0.75% |
4,420,111
+104,701
| +2% | +$8.32M |
|
25
Progressive
PGR
$123B
| $307M | 0.65% |
1,149,181
-432,831
| -27% | -$119M |
|
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Caisse de Depot et Placement du Quebec (CDPQ)'s Q2 2025 Portfolio in Review
As of Q2 2025, Caisse de Depot et Placement du Quebec (CDPQ) held 642 positions worth $46.8B, down 1.7% from $47.7B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Caisse de Depot et Placement du Quebec (CDPQ) withdrew a net $4.77B in Q2 2025, closing 164 positions and reducing 227 holdings. Its most notable exit was Vanguard Morningstar Value ETF, an estimated $838M position sold in full.
By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 26% a quarter earlier, followed by Financials and Industrials.
Against the trend, Caisse de Depot et Placement du Quebec (CDPQ) opened a new position in Jones Lang LaSalle worth $92.9M.
- Caisse de Depot et Placement du Quebec (CDPQ)'s largest Q2 2025 buy was Jones Lang LaSalle: 363,100 shares worth $92.9M.
- Caisse de Depot et Placement du Quebec (CDPQ) added most to State Street Health Care Select Sector SPDR ETF in Q2 2025, an estimated $451M increase.
- Caisse de Depot et Placement du Quebec (CDPQ)'s biggest Q2 2025 reduction was Invesco S&P 500 Equal Weight ETF, cutting an estimated $393M.
- Caisse de Depot et Placement du Quebec (CDPQ) fully exited Vanguard Morningstar Value ETF in Q2 2025, selling an estimated $838M.
- Caisse de Depot et Placement du Quebec (CDPQ)'s ten largest holdings make up 30% of its $46.8B portfolio in Q2 2025.
- Caisse de Depot et Placement du Quebec (CDPQ) opened 51 new positions and closed 164 in Q2 2025.
- Caisse de Depot et Placement du Quebec (CDPQ)'s portfolio value fell 1.7% quarter-over-quarter to $46.8B.
Based on Caisse de Depot et Placement du Quebec (CDPQ)'s 13F filing for Q2 2025, filed 14 Aug 2025.