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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
+4.69%
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
$59B
AUM Growth
+$3.46B
Cap. Flow
+$1.69B
Cap. Flow %
2.87%
Top 10 Hldgs %
28.21%
Holding
622
New
83
Increased
237
Reduced
197
Closed
82

Top Buys

Rank Stock Value
1
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$408M
2
GIL icon
Gildan
GIL
+$350M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$239M
4
AMZN icon
Amazon
AMZN
+$222M
5
GDX icon
VanEck Gold Miners ETF
GDX
+$202M

Top Sells

Rank Stock Value
1
CSCO icon
Cisco
CSCO
+$370M
2
RSG icon
Republic Services
RSG
+$304M
3
XLV icon
State Street Health Care Select Sector SPDR ETF
XLV
+$281M
4
NVDA icon
NVIDIA
NVDA
+$246M
5
ORCL icon
Oracle
ORCL
+$193M

Sector Composition

Rank Sector Weight
1 Technology 27.98%
2 Financials 15.55%
3 Industrials 12.11%
4 Healthcare 10.09%
5 Consumer Discretionary 9.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AAPL icon
1
Apple
AAPL
$4.52T
$2.64B 4.47%
9,695,513
+145,390
+2% +$39M
NVDA icon
2
NVIDIA
NVDA
$5.13T
$2.51B 4.25%
13,447,527
-1,324,240
-9% -$246M
MSFT icon
3
Microsoft
MSFT
$3.66T
$2.48B 4.2%
5,119,538
+212,405
+4% +$106M
GOOGL icon
4
Alphabet (Google) Class A
GOOGL
$4.62T
$1.95B 3.31%
6,235,987
+835,985
+15% +$239M
GIB icon
5
CGI
GIB
$15.4B
$1.51B 2.56%
16,290,487
– –
CNI icon
6
Canadian National Railway
CNI
$77B
$1.38B 2.33%
13,894,922
– –
AMZN icon
7
Amazon
AMZN
$2.99T
$1.33B 2.25%
5,750,851
+969,125
+20% +$222M
META icon
8
Meta Platforms (Facebook)
META
$1.5T
$1.09B 1.85%
1,655,608
+22,726
+1% +$15.2M
CAE icon
9
CAE Inc. Common Shares
CAE
$8.62B
$941M 1.6%
30,917,402
– –
BCE icon
10
BCE
BCE
$20.5B
$815M 1.38%
34,107,306
– –
MA icon
11
Mastercard
MA
$500B
$784M 1.33%
1,372,595
+68,361
+5% +$38.2M
BRK.B icon
12
Berkshire Hathaway Class B
BRK.B
$1.12T
$746M 1.27%
1,483,667
-102,247
-6% -$50.9M
JPM icon
13
JPMorgan Chase
JPM
$950B
$738M 1.25%
2,290,823
+418,434
+22% +$130M
TFII icon
14
TFI International
TFII
$11.6B
$733M 1.24%
7,085,634
+1,402,273
+25% +$131M
AVGO icon
15
Broadcom
AVGO
$1.99T
$730M 1.24%
2,110,522
-284,403
-12% -$102M
BMO icon
16
Bank of Montreal
BMO
$126B
$705M 1.2%
5,419,567
– –
LLY icon
17
Eli Lilly
LLY
$995B
$684M 1.16%
636,410
+65,741
+12% +$62.9M
JNJ icon
18
Johnson & Johnson
JNJ
$614B
$573M 0.97%
2,770,621
-771,989
-22% -$153M
MRK icon
19
Merck
MRK
$316B
$435M 0.74%
4,131,458
-635,612
-13% -$59.7M
TSLA icon
20
Tesla
TSLA
$1.29T
$433M 0.73%
962,740
+148,631
+18% +$65.9M
LRCX icon
21
Lam Research
LRCX
$398B
$424M 0.72%
2,478,680
-89,899
-3% -$14M
HYG icon
22
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
$408M 0.69%
+5,059,724
New +$408M
GIL icon
23
Gildan
GIL
$10.5B
$391M 0.66%
6,240,014
+5,892,514
+1,696% +$350M
BKNG icon
24
Booking.com
BKNG
$151B
$386M 0.66%
1,803,075
+644,300
+56% +$133M
USHY icon
25
iShares Broad USD High Yield Corporate Bond ETF
USHY
$28.6B
$376M 0.64%
10,057,165
+2,500,000
+33% +$93.6M
1
2 3 4 5

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Caisse de Depot et Placement du Quebec (CDPQ)'s Q4 2025 Portfolio in Review

As of Q4 2025, Caisse de Depot et Placement du Quebec (CDPQ) held 622 positions worth $59B, up 6.2% from $55.5B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

Caisse de Depot et Placement du Quebec (CDPQ)'s Q4 2025 filing shows 83 new, 237 increased, 197 reduced and 82 closed positions. Its largest new stake was iShares iBoxx $ High Yield Corporate Bond ETF: 5,059,724 shares worth $408M. The largest sale was Cisco, an estimated $370M.

By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Financials and Industrials.

  • Caisse de Depot et Placement du Quebec (CDPQ)'s largest Q4 2025 buy was iShares iBoxx $ High Yield Corporate Bond ETF: 5,059,724 shares worth $408M.
  • Caisse de Depot et Placement du Quebec (CDPQ) added most to Gildan in Q4 2025, an estimated $350M increase.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s biggest Q4 2025 reduction was Cisco, cutting an estimated $370M.
  • Caisse de Depot et Placement du Quebec (CDPQ) fully exited Republic Services in Q4 2025, selling an estimated $304M.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s ten largest holdings make up 28% of its $59B portfolio in Q4 2025.
  • Caisse de Depot et Placement du Quebec (CDPQ) opened 83 new positions and closed 82 in Q4 2025.
  • Caisse de Depot et Placement du Quebec (CDPQ)'s portfolio value rose 6.2% quarter-over-quarter to $59B.

Based on Caisse de Depot et Placement du Quebec (CDPQ)'s 13F filing for Q4 2025, filed 17 Feb 2026.