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MONTRUSCO BOLTON INVESTMENTS INC.

1501 MCGILL COLLEGE AVENUE SUITE 1200, MONTREAL, A8 H3A 3M8 • 514-842-6464

Q4 2025 · Filed 2026-01-29
Market Value
$8.0B
-6.5%
Holdings
75
+3
New Purchases
5
Added To
19
Closed
9
Reduced
40
Top 10 Concentration
54.7%
Turnover
18.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ZTS 3.35% 1.05% +2.31% $267M
AVGO 1.24% 0.00% +1.24% $99M
GOOGL 6.70% 5.55% +1.16% $533M
APG 1.45% 0.59% +0.86% $115M
MNST 3.35% 2.66% +0.69% $267M
MA 2.69% 2.03% +0.66% $214M
WCN 5.00% 4.52% +0.48% $398M
DHR 4.04% 3.65% +0.39% $321M
TSM 2.52% 2.18% +0.33% $200M
ORLA 0.18% 0.00% +0.18% $14M
RYAN 2.74% 2.56% +0.18% $218M
WMT 0.84% 0.68% +0.16% $67M
FSV 0.37% 0.23% +0.15% $30M
TSCO 0.81% 0.67% +0.14% $64M
TFII 0.39% 0.28% +0.11% $31M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BLK 3.27% 4.46% -1.19% $260M
ROL 1.36% 2.42% -1.05% $108M
JPM 3.94% 4.92% -0.99% $313M
META 3.70% 4.58% -0.88% $295M
UBER 2.07% 2.83% -0.76% $165M
MSFT 9.55% 10.22% -0.67% $759M
LLY 0.00% 0.63% -0.63% $0
CMG 2.39% 2.89% -0.50% $190M
SYY 0.00% 0.47% -0.47% $0
SNPS 2.61% 3.04% -0.43% $208M
PSA 2.01% 2.35% -0.33% $160M
VLO 2.25% 2.51% -0.26% $179M
IDXX 1.47% 1.71% -0.24% $117M
ENB 0.08% 0.29% -0.21% $7M
LRCX 1.31% 1.50% -0.19% $104M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Technology 33.4%
Financial Services 14.5%
Communication Services 9.7%
Healthcare 9.6%
Consumer Cyclical 9.3%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 16 $4.1B 50.9%
Large Cap 36 $3.4B 43.4%
Mid Cap 19 $429M 5.4%
Small Cap 4 $26M 0.3%

Portfolio Analytics

Avg Market Cap
$442.6B
Median Market Cap
$44.1B
Avg P/E
34.9
Median P/E
28.0
Avg Dividend Yield
0.01%
Avg Beta
1.12
# Stocks
75
# ETFs / Funds
0

Top Holdings (75 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MSFT 9.55% 1,613,524 $759M $470.68 -$110M -104,742 -6.1%
2 NVDA 9.09% 3,990,992 $723M $181.13 -$42M -209,037 -5.0%
3 GOOGL 6.70% 1,738,855 $533M $306.64 $61M -241,735 -12.2%
4 AMZN 6.01% 2,124,958 $478M $225.04 -$29M -243,523 -10.3%
5 WCN 5.00% 2,345,566 $398M $169.63 $14M +92,633 +4.1%
6 DHR 4.04% 1,444,568 $321M $222.54 $11M -166,963 -10.4%
7 JPM 3.94% 1,005,426 $313M $311.64 -$105M -364,098 -26.6%
8 META 3.70% 457,439 $295M $643.87 -$95M -86,500 -15.9%
9 ZTS 3.35% 2,168,078 $267M $123.10 $178M +1,560,314 +256.7%
10 MNST 3.35% 3,539,158 $267M $75.31 $40M +127,422 +3.7%
11 BLK 3.27% 247,965 $260M $1,049.44 -$119M -85,427 -25.6%
12 RYAN 2.74% 4,343,116 $218M $50.20 $264K +368,247 +9.3%
13 AAPL 2.71% 793,410 $216M $271.86 -$22M -139,617 -15.0%
14 MA 2.69% 382,750 $214M $559.54 $42M +74,110 +24.0%
15 SNPS 2.61% 451,599 $208M $459.69 -$51M -85,556 -15.9%
16 TSM 2.52% 698,967 $200M $286.74 $15M -9,264 -1.3%
17 CMG 2.39% 5,289,270 $190M $35.97 -$55M -1,163,795 -18.0%
18 VLO 2.25% 1,100,912 $179M $162.79 -$35M -154,738 -12.3%
19 UBER 2.07% 2,086,619 $165M $79.06 -$76M -438,343 -17.4%
20 PSA 2.01% 635,726 $160M $251.97 -$40M -75,607 -10.6%
21 SHW 1.54% 387,679 $123M $316.92 -$20M -32,119 -7.7%
22 IDXX 1.47% 176,932 $117M $661.79 -$28M -55,350 -23.8%
23 APG 1.45% 3,090,155 $115M $37.32 $65M +1,624,455 +110.8%
24 ROL 1.36% 1,857,978 $108M $58.37 -$97M -1,783,090 -49.0%
25 ADBE 1.35% 318,040 $107M $337.09 -$17M -44,744 -12.3%
26 LRCX 1.31% 626,819 $104M $166.28 -$23M -348,382 -35.7%
27 AVGO 1.24% 285,740 $99M $346.10 +285,740 NEW
28 FTNT 1.23% 1,228,784 $98M $79.41 -$6M -8,108 -0.7%
29 WMT 0.84% 598,835 $67M $111.41 $9M +36,451 +6.5%
30 TSCO 0.81% 1,285,595 $64M $50.01 $7M +285,065 +28.5%
31 RY 0.61% 285,473 $49M $170.70 -$2M -60,945 -17.6%
32 GIB 0.60% 518,394 $48M $92.49 $6M +50,617 +10.8%
33 TD 0.44% 374,003 $35M $94.37 -$4M -112,406 -23.1%
34 TFII 0.39% 299,155 $31M $103.50 $7M +32,348 +12.1%
35 FSV 0.37% 190,823 $30M $155.72 $11M +90,075 +89.4%
36 AEM 0.37% 171,124 $29M $169.80 -$4M -22,694 -11.7%
37 BMO 0.34% 208,443 $27M $130.04 -$2M -18,698 -8.2%
38 WPM 0.29% 194,388 $23M $117.72 -$3M -39,407 -16.9%
39 SU 0.28% 494,481 $22M $44.44 -$2M -86,948 -14.9%
40 AGI 0.25% 512,247 $20M $38.66 $716K -35,320 -6.5%
41 CNI 0.25% 197,993 $20M $99.03 $726K -2,196 -1.1%
42 DOOO 0.24% 269,343 $19M $70.80 -$277K -48,775 -15.3%
43 CIGI 0.24% 129,177 $19M $147.17 -$2M -6,600 -4.9%
44 CAE 0.22% 565,500 $17M $30.45 $471K
45 DSGX 0.21% 192,740 $17M $87.84 $5M +64,777 +50.6%
46 GIL 0.19% 245,900 $15M $62.59 $1M +3,900 +1.6%
47 CBZ 0.19% 295,121 $15M $50.45 $228K +18,300 +6.6%
48 ERO 0.18% 509,963 $14M $28.33 -$1M -255,933 -33.4%
49 ORLA 0.18% 1,071,537 $14M $13.47 +1,071,537 NEW
50 TGB 0.17% 2,454,659 $14M $5.67 $2M -436,591 -15.1%
51 EXK 0.17% 1,402,392 $13M $9.42 $4M +187,917 +15.5%
52 SLF 0.16% 203,469 $13M $62.51 -$5M -99,080 -32.8%
53 EGO 0.15% 341,707 $12M $35.99 $2M -15,268 -4.3%
54 CNM 0.11% 171,615 $9M $51.97 -$104K +4,000 +2.4%
55 CCJ 0.11% 96,167 $9M $91.69 +96,167 NEW
56 PBA 0.11% 229,490 $9M $38.15 -$3M -49,772 -17.8%
57 POOL 0.09% 32,295 $7M $228.75 -$905K +5,550 +20.8%
58 OTEX 0.09% 218,938 $7M $32.61 +218,938 NEW
59 ENB 0.08% 139,459 $7M $47.92 -$18M -347,968 -71.4%
60 SHOP 0.08% 38,112 $6M $161.23 -$455K -6,300 -14.2%
61 SPSC 0.07% 63,300 $6M $89.13 $500K +13,925 +28.2%
62 UFPT 0.06% 20,329 $5M $222.03 -$2M -11,830 -36.8%
63 BN 0.05% 88,351 $4M $45.97 $283K +33,295 +60.5%
64 EQX 0.03% 159,274 $2M $14.07 +159,274 NEW
65 PG 0.02% 9,231 $1M $143.31 -$942K -5,507 -37.4%
66 LSPD 0.01% 39,000 $471K $12.08 $21K
67 NOW —% -$3M -2,773 -100.0% SOLD
68 OR —% -$13M -332,958 -100.0% SOLD
69 SYY —% -$40M -489,982 -100.0% SOLD
70 LLY —% -$54M -70,389 -100.0% SOLD
71 TU —% -$7M -475,273 -100.0% SOLD
72 NFLX —% -$8M -6,873 -100.0% SOLD
73 NGD —% -$10M -1,331,689 -100.0% SOLD
74 BIP —% -$5M -138,330 -100.0% SOLD
75 SAND —% -$1M -116,599 -100.0% SOLD

New Positions

SymbolValue% Port
AVGO $99M 1.24%
ORLA $14M 0.18%
CCJ $9M 0.11%
OTEX $7M 0.09%
EQX $2M 0.03%

Sold Out Positions

SymbolValue% Port
NOW —%
LLY —%
BIP —%
SYY —%
TU —%
OR —%
NFLX —%
SAND —%
NGD —%
View SEC EDGAR Filings for MONTRUSCO BOLTON INVESTMENTS INC. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms