Federation des caisses Desjardins du Quebec
Long book
$27.80B
Q1 2026
Positions
2964
Top-10 weight
27%
concentration
Last quarter
+11.1%
SPY +14.8%
Turnover
13%
of book per quarter
Strategy in plain words
auto-generated from filingsFederation des caisses Desjardins du Quebec is a mechanically diversified allocator, running a $27.80B US long book across 2964 positions.
The portfolio is moderately concentrated (top 10 ≈ 27% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: ROYAL BANK OF CANADA, TORONTO-DOMINION BANK, MICROSOFT CORP, NVIDIA CORP, APPLE INC.
Over the last 9 quarters its long book ran on average 0pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.0%
Q2 2024
+9.0%
Q3 2024
-1.2%
Q4 2024
-2.0%
Q1 2025
+11.4%
Q2 2025
+8.2%
Q3 2025
+5.3%
Q4 2025
-1.0%
Q1 2026
+11.1%
Sector allocation
Financials 29%
Technology 19%
Industrials 10%
Energy 7%
Consumer discretionary 6%
Utilities 5%
Materials 5%
Services media 5%
Long book by quarter
What does Federation des own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RY ROYAL BANK OF CANADA | Financials | 13.4M | $2.17B | 7.8% | +44.5% |
| TD TORONTO-DOMINION BANK | Financials | 9.6M | $889.5M | 3.2% | -3.5% |
| MSFT MICROSOFT CORP | Technology | 1.8M | $648.9M | 2.3% | +13.6% |
| NVDA NVIDIA CORP | Technology | 3.7M | $641.2M | 2.3% | +12.2% |
| AAPL APPLE INC | Technology | 2.3M | $576.3M | 2.1% | +6.0% |
| SU SUNCOR ENERGY INC | Energy | 8.6M | $564.5M | 2.0% | +11.6% |
| BN BROOKFIELD CORP | Real estate | 13.4M | $540.3M | 1.9% | +2.2% |
| BMO BANK OF MONTREAL | Financials | 4.0M | $536.9M | 1.9% | +18.4% |
| BNS BANK OF NOVA SCOTIA | Financials | 7.7M | $533.4M | 1.9% | -3.9% |
| AMZN AMAZON.COM INC | Consumer discretionary | 2.4M | $507.8M | 1.8% | +7.9% |
| TRP TC ENERGY CORP | Utilities | 8.0M | $497.3M | 1.8% | +1.9% |
| ENB ENBRIDGE INC | Energy | 8.3M | $448.8M | 1.6% | +1.4% |
| GOOGL ALPHABET INC-CL A | Technology | 1.5M | $430.8M | 1.5% | +5.4% |
| BCE BCE INC | Communications | 16.6M | $417.1M | 1.5% | +90.0% |
| TU TELUS CORP | Communications | 30.9M | $394.9M | 1.4% | +59.1% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 3.8M | $391.8M | 1.4% | +1.5% |
| SHOP SHOPIFY INC - CLASS A | Technology | 2.9M | $345.0M | 1.2% | +28.7% |
| SLF SUN LIFE FINANCIAL INC | Financials | 5.5M | $341.0M | 1.2% | -1.6% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 3.6M | $340.0M | 1.2% | -4.3% |
| MFC MANULIFE FINANCIAL CORP | Financials | 9.2M | $313.5M | 1.1% | -8.3% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 3.8M | $296.7M | 1.1% | -6.8% |
| GOOG ALPHABET INC-CL C | Technology | 1.0M | $289.1M | 1.0% | +7.2% |
| GIB CGI INC | Services media | 3.8M | $273.1M | 1.0% | +12.5% |
| NTR NUTRIEN LTD | Other | 3.4M | $251.1M | 0.9% | -8.4% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 519.8K | $249.1M | 0.9% | +2.1% |
| TFII TFI INTERNATIONAL INC | Industrials | 2.2M | $237.7M | 0.9% | +2.0% |
| AVGO BROADCOM INC | Technology | 747.6K | $231.4M | 0.8% | +16.1% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 1.8M | $228.2M | 0.8% | +5.0% |
| AEM AGNICO EAGLE MINES LTD | Materials | 1.1M | $228.2M | 0.8% | +84.4% |
| META META PLATFORMS INC-CLASS A | Technology | 355.9K | $203.7M | 0.7% | +7.1% |
| WMT WALMART INC | Consumer discretionary | 1.6M | $197.0M | 0.7% | +3.6% |
| JPM JPMORGAN CHASE & CO | Financials | 650.5K | $191.4M | 0.7% | +8.6% |
| V VISA INC-CLASS A SHARES | Services media | 628.0K | $189.8M | 0.7% | +5.4% |
| JNJ JOHNSON & JOHNSON | Healthcare | 683.7K | $167.1M | 0.6% | +5.0% |
| CVE CENOVUS ENERGY INC | Energy | 5.8M | $153.6M | 0.6% | -42.2% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 2.9M | $138.7M | 0.5% | -17.2% |
| WCN WASTE CONNECTIONS INC | Utilities | 829.3K | $133.7M | 0.5% | +9.7% |
| MA MASTERCARD INC - A | Services media | 242.2K | $121.0M | 0.4% | +6.1% |
| NFLX NETFLIX INC | Services media | 1.2M | $120.0M | 0.4% | +46.2% |
| BAC BANK OF AMERICA CORP | Financials | 2.5M | $120.0M | 0.4% | +7.2% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 118.7K | $118.3M | 0.4% | +15.0% |
| MGA MAGNA INTERNATIONAL INC | Industrials | 2.1M | $114.3M | 0.4% | -21.7% |
| UNH UNITEDHEALTH GROUP INC | Financials | 408.3K | $110.5M | 0.4% | +7.5% |
| LLY ELI LILLY & CO | Healthcare | 110.0K | $101.2M | 0.4% | +12.0% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 2.3M | $88.7M | 0.3% | -8.4% |
| TSLA TESLA INC | Industrials | 236.9K | $88.1M | 0.3% | +4.2% |
| PANW PALO ALTO NETWORKS INC | Technology | 523.0K | $83.8M | 0.3% | +25.7% |
| CCJ CAMECO CORP | Materials | 767.9K | $83.0M | 0.3% | -20.5% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 1.9M | $82.2M | 0.3% | -20.7% |
| CAE CAE INC | Technology | 3.1M | $79.1M | 0.3% | +69.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 6218 | $27.80B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 5720 | $26.17B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 5648 | $25.42B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 5065 | $22.79B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 5117 | $20.20B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 3786 | $19.64B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 3801 | $20.24B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 3747 | $18.64B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 3850 | $13.85B | SEC ↗ | |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 15, 2024 | 3850 | $13.85B | canonical | SEC ↗ |
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