SEC 13F Intelligence

Managers / Q1 2026

Triasima Portfolio Management inc.

CIK 0001938757 · 900 DE MAISONNEUVE BLVD. WEST, SUITE 2520, MONTREAL, H3A0A8 · 514-906-0667

Reported Value
$661M
Q1 2026
Positions
137
Filings on Record
31
2019–present window
Filed
Apr 24, 2026
original filing

Summary

Triasima Portfolio Management Inc. reported $661M in U.S.-listed holdings across 137 positions for Q1 2026.

Its largest position, RY, represents 6.2% of the portfolio.

Compared with Q4 2025, the fund opened 24 new positions and exited 30.

Portfolio Metrics

Turnover
+20.5%
vs prior filed quarter
Top-10 Concentration
+29.7%
share of reported value
Largest Position
+6.2%
Royal Bk Cda
New / Exited
24 / 30
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q2 ’22: $164MQ2 ’22Q3 ’22: $181MQ4 ’22: $1.3BQ4 ’22Q1 ’23: $1.2BQ2 ’23: $1.6BQ2 ’23Q3 ’23: $1.1BQ4 ’23: $1.2BQ4 ’23Q1 ’24: $1.2BQ2 ’24: $1.1BQ2 ’24Q3 ’24: $445MQ4 ’24: $515MQ4 ’24Q1 ’25: $508MQ2 ’25: $547MQ2 ’25Q3 ’25: $663MQ4 ’25: $668MQ4 ’25Q1 ’26: $661Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 82.2%Other: 7.5%ADR: 6.1%REIT: 3.3%ETP: 0.9%Other: 0.0%
  • Common Stock · 82.2% · $544M
  • Other · 7.5% · $50M
  • ADR · 6.1% · $40M
  • REIT · 3.3% · $22M
  • ETP · 0.9% · $6M
  • Other · 0.0% · $237,620

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TFIITRANSFORCE INCNEW+68.7K68.7K+$7M$7M
BCEBCE INCNEW+296.4K296.4K+$7M$7M
GRT-UGRANITE REAL ESTATE INVT TRNEW+117.6K117.6K+$7M$7M
SPGSIMON PPTY GROUP INC NEWNEW+31.4K31.4K+$6M$6M
SPGIS&P GLOBAL INCNEW+11.0K11.0K+$5M$5M
MDAMDA SPACE LTDNEW+155.1K155.1K+$4M$4M
CFGCITIZENS FINL GROUP INCNEW+62.4K62.4K+$4M$4M
JBLJABIL INCNEW+10.5K10.5K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYROYAL BK CDAhistory →COM6.16%$41M253.0K
2TDTORONTO DOMINION BK ONThistory →COM NEW3.89%$26M276.0K
3CMCANADIAN IMPERIAL BANK OF COhistory →COM3.30%$22M231.2K
4BMOBANK MONTREAL MEDIUMhistory →COM2.87%$19M140.8K
5SHOPSHOPIFY INChistory →CL A SUB VTG SHS2.78%$18M155.2K
6KGCKINROSS GOLD CORPhistory →COM2.34%$15M506.8K
7MILLICOM INTL CELLULAR S ACOM STK2.31%$15M203.8K
8FTSFORTIS INChistory →COM2.15%$14M256.3K
9GOOGLALPHABET INChistory →CAP STK CL A2.08%$14M47.7K
10PAASPAN AMERN SILVER CORPhistory →COM1.84%$12M223.2K
11HBMHUDBAY MINERALS INChistory →COM1.81%$12M573.2K
12CCOCAMECO CORPhistory →COM1.78%$12M108.9K
13TJXTJX COS INC NEWhistory →COM1.73%$11M71.5K
14TSMTAIWAN SEMICONDUCTOR MANUFAChistory →SPONSORED ADS1.66%$11M32.5K
15MSFTMICROSOFT CORPhistory →COM1.61%$11M28.8K
16CLSCELESTICA INChistory →COM1.59%$10M37.3K
17CIB1NGRUPO CIBEST SAhistory →SPON ADS1.58%$10M143.5K
18IMOIMPERIAL OIL LTDhistory →COM NEW1.44%$9M72.7K
19FERROVIAL SEORD SHS1.39%$9M141.0K
20CVECENOVUS ENERGY INChistory →COM1.38%$9M345.4K
21NVDANVIDIA CORPORATIONhistory →COM1.36%$9M51.7K
22WELLWELLTOWER INChistory →COM1.35%$9M45.2K
23BNSBANK NOVA SCOTIA B Chistory →COM1.34%$9M128.7K
24NVSNNOVARTIS AGhistory →SPONSORED ADR1.21%$8M52.5K
25ENBENBRIDGE INChistory →COM1.19%$8M145.5K
26TFIITRANSFORCE INChistory →COM1.13%$7M68.7K
27BCEBCE INChistory →COM NEW1.13%$7M296.4K
28AGIALAMOS GOLD INChistory →COM CL A1.06%$7M158.5K
29AVGOBROADCOM INChistory →COM1.05%$7M22.4K
30GRT-UGRANITE REAL ESTATE INVT TRhistory →TR UNIT NEW1.04%$7M117.6K
31GILDGILEAD SCIENCES INChistory →COM1.01%$7M48.1K
32AERCAP HOLDINGS NVSHS1.00%$7M48.3K
33GEVGE VERNOVA INCCOM1.00%$7M7.6K
34FIXCOMFORT SYS USA INCCOM0.97%$6M4.6K
35GSGOLDMAN SACHS GROUP INCCOM0.95%$6M7.4K
36AAPLAPPLE INCCOM0.94%$6M24.5K
37LRCXLAM RESEARCH CORPCOM NEW0.93%$6M28.9K
38CNRCANADIAN NATL RY COCOM0.93%$6M60.0K
39JPMJPMORGAN CHASE & COCOM0.92%$6M20.8K
40MGAMAGNA INTL INCCOM0.90%$6M106.4K
41SPGSIMON PPTY GROUP INC NEWCOM0.89%$6M31.4K
42LLYELI LILLY & COCOM0.88%$6M6.4K
43UBS GROUP AGSHS0.88%$6M148.3K
44MFCMANULIFE FINL CORPCOM0.87%$6M168.3K
45WPMWHEATON PRECIOUS METALS CORPCOM0.85%$6M43.1K
46MCKMCKESSON CORPCOM0.80%$5M6.1K
47CHRWC H ROBINSON WORLDWIDE INCOM NEW0.79%$5M31.3K
48INTCINTEL CORPCOM0.78%$5M116.5K
49SPGIS&P GLOBAL INCCOM0.71%$5M11.0K
50KLACKLA CORPCOM NEW0.70%$5M3.1K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$661M137Apr 24, 202613F-HRchanges · EDGAR ↗
Q4 2025$668M143Feb 2, 202613F-HRchanges · EDGAR ↗
Q3 2025$663M149Oct 29, 202513F-HRchanges · EDGAR ↗
Q2 2025$547M128Jul 23, 202513F-HRchanges · EDGAR ↗
Q1 2025$508M144May 2, 202513F-HRchanges · EDGAR ↗
Q4 2024$515M144Jan 28, 202513F-HRchanges · EDGAR ↗
Q3 2024$445M85Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.1B139Aug 6, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.2B138Apr 26, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.2B129Jan 29, 202413F-HRchanges · EDGAR ↗
Q3 2023$1.1B127Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.6B137Aug 8, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.2B132Apr 28, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.3B129Feb 21, 2023RESTATEMENTchanges · EDGAR ↗
Q3 2022$181M127Oct 20, 202213F-HRchanges · EDGAR ↗
Q2 2022$164M146Jul 20, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.