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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
NVDA icon
1
NVIDIA
NVDA
$5.1T
$2.76B 4.97%
14,771,767
+746,614
+5% +$130M
MSFT icon
2
Microsoft
MSFT
$3.67T
$2.54B 4.58%
4,907,133
+437,745
+10% +$223M
AAPL icon
3
Apple
AAPL
$4.5T
$2.43B 4.38%
9,550,123
+559,398
+6% +$126M
GIB icon
4
CGI
GIB
$15.1B
$1.45B 2.62%
16,290,487
– –
GOOGL icon
5
Alphabet (Google) Class A
GOOGL
$4.61T
$1.31B 2.37%
5,400,002
-107,137
-2% -$22.4M
CNI icon
6
Canadian National Railway
CNI
$76.4B
$1.31B 2.36%
13,894,922
+157,000
+1% +$15.1M
META icon
7
Meta Platforms (Facebook)
META
$1.48T
$1.2B 2.16%
1,632,882
+129,503
+9% +$96.4M
AMZN icon
8
Amazon
AMZN
$3T
$1.05B 1.89%
4,781,726
+463,013
+11% +$105M
CAE icon
9
CAE Inc. Common Shares
CAE
$8.58B
$916M 1.65%
30,917,402
– –
BRK.B icon
10
Berkshire Hathaway Class B
BRK.B
$1.11T
$797M 1.44%
1,585,914
+221,899
+16% +$107M
BCE icon
11
BCE
BCE
$20.2B
$797M 1.44%
34,107,306
+3,024,110
+10% +$72.8M
AVGO icon
12
Broadcom
AVGO
$1.98T
$790M 1.42%
2,394,925
+268,221
+13% +$82.3M
MA icon
13
Mastercard
MA
$500B
$742M 1.34%
1,304,234
-37,413
-3% -$21.5M
BMO icon
14
Bank of Montreal
BMO
$127B
$706M 1.27%
5,419,567
– –
JNJ icon
15
Johnson & Johnson
JNJ
$611B
$657M 1.18%
3,542,610
+269,860
+8% +$46.2M
JPM icon
16
JPMorgan Chase
JPM
$959B
$591M 1.06%
1,872,389
+106,004
+6% +$31.5M
CSCO icon
17
Cisco
CSCO
$476B
$583M 1.05%
8,518,018
+903,030
+12% +$61.6M
TFII icon
18
TFI International
TFII
$11.5B
$500M 0.9%
5,683,361
+1,623,961
+40% +$149M
XLV icon
19
State Street Health Care Select Sector SPDR ETF
XLV
$41.8B
$467M 0.84%
3,354,440
-503,986
-13% -$68.2M
NFLX icon
20
Netflix
NFLX
$302B
$438M 0.79%
3,656,240
+318,670
+10% +$38.9M
LLY icon
21
Eli Lilly
LLY
$1T
$435M 0.78%
570,669
+24,261
+4% +$18.1M
PG icon
22
Procter & Gamble
PG
$342B
$430M 0.78%
2,799,755
+234,146
+9% +$36.6M
MRK icon
23
Merck
MRK
$319B
$400M 0.72%
4,767,070
+346,959
+8% +$28.6M
GOOG icon
24
Alphabet (Google) Class C
GOOG
$4.58T
$393M 0.71%
1,611,898
-21,073
-1% -$4.43M
COST icon
25
Costco
COST
$418B
$387M 0.7%
418,438
+52,391
+14% +$50.2M
1
2 3 4 5

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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.