Montrusco Bolton Investments

MONTREAL, A8files as MONTRUSCO BOLTON INVESTMENTS INC.

$6.5bn in 80 US stocks at the end of 30 June 2026. The top 10 are 49.4% of the money. It changed about 14.8% of the portfolio this quarter.

Value

$6.5bn

Stocks

Top 10 share

49.4%

Turnover

14.8%

What changed this quarter

New

Bought for the first time this quarter.

Micron TechnologyMU
3.6% of the fund
LindeLIN
2.0% of the fund
GE VernovaGEV
1.4% of the fund
AstrazenecaAZN
0.6% of the fund
Church & DwightCHD
0.5% of the fund
Bank of Nova ScotiaBNS
0.4% of the fund
Trekor MetalsTGB
0.3% of the fund
Aya Gold & SilverAYA
0.2% of the fund
Centerra GoldCGAU
<0.1% of the fund
SeaSE
<0.1% of the fund
AerCap HoldingsAER
<0.1% of the fund
EnerflexEFXT
<0.1% of the fund

Added

Bought more of a stock they already held.

Idexx LaboratoriesIDXX
3.0% of the fund
+9%
BlackRockBLK
0.6% of the fund
+11%
Brookfield Asset ManagementBAM
0.3% of the fund
+14%
Descartes Systems GroupDSGX
0.3% of the fund
+2%
BRPDOO
0.3% of the fund
+21%
Open TextOTEX
0.1% of the fund
+48%
Integra ResourcesITRG
<0.1% of the fund
+6%
Orla MNG LTD NewORLA
<0.1% of the fund
+30%

Cut

Sold some of their stake.

NvidiaNVDA
8.2% of the fund
-28%
AlphabetGOOGL
6.1% of the fund
-22%
MicrosoftMSFT
5.9% of the fund
-18%
Amazon.comAMZN
5.8% of the fund
-14%
JPMorgan ChaseJPM
4.7% of the fund
-26%
Lam ResearchLRCX
4.5% of the fund
-2%
MastercardMA
3.7% of the fund
-4%
Monster BeverageMNST
3.1% of the fund
-29%
DanaherDHR
3.1% of the fund
-21%
Meta PlatformsMETA
2.9% of the fund
-21%
Taiwan Semiconductor ManufacturingTSM
2.7% of the fund
-29%
APi GroupAPG
2.7% of the fund
-13%
Valero EnergyVLO
2.6% of the fund
-32%
Waste ConnectionsWCN
2.5% of the fund
-47%
AmphenolAPH
2.4% of the fund
-5%
Public StoragePSA
2.2% of the fund
-15%
AppleAAPL
2.0% of the fund
-26%
Uber TechnologiesUBER
1.9% of the fund
-24%
Chipotle Mexican GrillCMG
1.6% of the fund
-35%
Ryan Specialty HoldingsRYAN
1.6% of the fund
-33%
SynopsysSNPS
1.4% of the fund
-28%
ZoetisZTS
1.2% of the fund
-33%
Royal Bank of CanadaRY
0.8% of the fund
-9%
Sunbelt Rentals HoldingsSUNB
0.7% of the fund
-34%
Toronto Dominion BankTD
0.6% of the fund
-14%

Sold out

Sold their entire stake.

Sherwin-WilliamsSHW
-100%
Taseko Mines
-100%
Alamos GoldAGI
-100%
UFP TechnologiesUFPT
-100%

Holdings

NvidiaNVDA
Share
8.2%
Value
$528m
Shares
2,638,049
-28%
AlphabetGOOGL
Share
6.1%
Value
$391m
Shares
1,093,614
-22%
MicrosoftMSFT
Share
5.9%
Value
$381m
Shares
1,021,431
-18%
Amazon.comAMZN
Share
5.8%
Value
$376m
Shares
1,576,144
-14%
JPMorgan ChaseJPM
Share
4.7%
Value
$303m
Shares
924,638
-26%
Lam ResearchLRCX
Share
4.5%
Value
$291m
Shares
671,482
-2%
BroadcomAVGO
Share
3.7%
Value
$241m
Shares
637,407
Held
MastercardMA
Share
3.7%
Value
$241m
Shares
468,356
-4%
Micron TechnologyMU
Share
3.6%
Value
$236m
Shares
204,062
New
Monster BeverageMNST
Share
3.1%
Value
$203m
Shares
2,113,791
-29%
DanaherDHR
Share
3.1%
Value
$203m
Shares
1,064,582
-21%
Idexx LaboratoriesIDXX
Share
3.0%
Value
$196m
Shares
372,788
+9%
Meta PlatformsMETA
Share
2.9%
Value
$188m
Shares
334,610
-21%
Taiwan Semiconductor ManufacturingTSM
Share
2.7%
Value
$173m
Shares
362,899
-29%
APi GroupAPG
Share
2.7%
Value
$172m
Shares
4,051,726
-13%
Valero EnergyVLO
Share
2.6%
Value
$166m
Shares
637,430
-32%
Waste ConnectionsWCN
Share
2.5%
Value
$162m
Shares
974,830
-47%
AmphenolAPH
Share
2.4%
Value
$157m
Shares
889,016
-5%
Public StoragePSA
Share
2.2%
Value
$140m
Shares
438,832
-15%
AppleAAPL
Share
2.0%
Value
$132m
Shares
455,851
-26%
LindeLIN
Share
2.0%
Value
$126m
Shares
242,597
New
Uber TechnologiesUBER
Share
1.9%
Value
$124m
Shares
1,712,052
-24%
Chipotle Mexican GrillCMG
Share
1.6%
Value
$105m
Shares
3,095,354
-35%
Ryan Specialty HoldingsRYAN
Share
1.6%
Value
$102m
Shares
2,689,031
-33%
SynopsysSNPS
Share
1.4%
Value
$90m
Shares
202,769
-28%
GE VernovaGEV
Share
1.4%
Value
$89m
Shares
75,528
New
ZoetisZTS
Share
1.2%
Value
$80m
Shares
1,111,383
-33%
Royal Bank of CanadaRY
Share
0.8%
Value
$52m
Shares
252,983
-9%
Sunbelt Rentals HoldingsSUNB
Share
0.7%
Value
$48m
Shares
662,699
-34%
BlackRockBLK
Share
0.6%
Value
$42m
Shares
43,323
+11%
AstrazenecaAZN
Share
0.6%
Value
$41m
Shares
218,063
New
Toronto Dominion BankTD
Share
0.6%
Value
$39m
Shares
317,741
-14%
Tractor SupplyTSCO
Share
0.6%
Value
$37m
Shares
1,180,097
-9%
FirstServiceFSV
Share
0.6%
Value
$36m
Shares
254,333
-3%
Church & DwightCHD
Share
0.5%
Value
$34m
Shares
354,380
New
WalmartWMT
Share
0.5%
Value
$33m
Shares
292,798
-51%
CGIGIB
Share
0.5%
Value
$32m
Shares
500,474
-4%
TFI InternationalTFII
Share
0.5%
Value
$30m
Shares
211,254
-11%
Bank of Montreal /canBMO
Share
0.5%
Value
$30m
Shares
171,898
-16%
Bank of Nova ScotiaBNS
Share
0.4%
Value
$27m
Shares
305,579
New
Boyd Group ServicesBGSI
Share
0.4%
Value
$23m
Shares
245,132
-13%
Agnico Eagle MinesAEM
Share
0.4%
Value
$23m
Shares
146,585
-10%
Canadian National RailwayCNI
Share
0.3%
Value
$22m
Shares
184,690
-6%
Trekor MetalsTGB
Share
0.3%
Value
$19m
Shares
2,740,135
New
Brookfield Asset ManagementBAM
Share
0.3%
Value
$18m
Shares
394,654
+14%
Descartes Systems GroupDSGX
Share
0.3%
Value
$17m
Shares
251,870
+2%
Wheaton Precious MetalsWPM
Share
0.3%
Value
$17m
Shares
151,403
-23%
BRPDOO
Share
0.3%
Value
$16m
Shares
267,248
+21%
Aya Gold & SilverAYA
Share
0.2%
Value
$16m
Shares
841,081
New
Sun Life FinancialSLF
Share
0.2%
Value
$16m
Shares
200,872
Held
Suncor EnergySU
Share
0.2%
Value
$16m
Shares
290,970
-39%
RB GlobalRBA
Share
0.2%
Value
$15m
Shares
127,548
-18%
Colliers International GroupCIGI
Share
0.2%
Value
$12m
Shares
132,092
-9%
CAECAE
Share
0.2%
Value
$12m
Shares
484,500
-14%
Gildan ActivewearGIL
Share
0.2%
Value
$12m
Shares
226,300
-7%
CbizCBZ
Share
0.2%
Value
$11m
Shares
342,221
Held
Pembina PipelinePBA
Share
0.2%
Value
$10m
Shares
224,122
Held
Endeavour SilverEXK
Share
0.1%
Value
$10m
Shares
1,158,855
-10%
CamecoCCJ
Share
0.1%
Value
$9m
Shares
90,367
-4%
MDA SpaceMDA
Share
0.1%
Value
$8m
Shares
202,497
-39%
Core & MainCNM
Share
0.1%
Value
$8m
Shares
168,215
Held
Brookfield Wealth SolutionsBNT
Share
0.1%
Value
$8m
Shares
179,200
-42%
OR RoyaltiesOR
Share
0.1%
Value
$7m
Shares
236,714
-7%
Open TextOTEX
Share
0.1%
Value
$7m
Shares
318,459
+48%
PoolPOOL
Share
0.1%
Value
$7m
Shares
32,295
Held
Integra ResourcesITRG
Share
<0.1%
Value
$6m
Shares
2,820,394
+6%
Centerra GoldCGAU
Share
<0.1%
Value
$6m
Shares
381,557
New
Orla MNG LTD NewORLA
Share
<0.1%
Value
$5m
Shares
468,027
+30%
BrookfieldBN
Share
<0.1%
Value
$4m
Shares
88,242
Held
SPS CommerceSPSC
Share
<0.1%
Value
$4m
Shares
63,300
Held
ATS Corp /ATSATS
Share
<0.1%
Value
$3m
Shares
99,056
-42%
ShopifySHOP
Share
<0.1%
Value
$3m
Shares
23,843
-10%
Americas Gold & SilverUSAS
Share
<0.1%
Value
$2m
Shares
496,915
-10%
SeaSE
Share
<0.1%
Value
$2m
Shares
20,834
New
AerCap HoldingsAER
Share
<0.1%
Value
$2m
Shares
10,395
New
Equinox GoldEQX
Share
<0.1%
Value
$1m
Shares
147,776
Held
Procter & GamblePG
Share
<0.1%
Value
$1m
Shares
9,067
Held
EnerflexEFXT
Share
<0.1%
Value
$654,252
Shares
26,650
New
Lightspeed CommerceLSPD
Share
<0.1%
Value
$355,877
Shares
34,000
Held
Canadian Pacific Kansas CityCP
Share
<0.1%
Value
$263,990
Shares
3,046
Held

Company	Share of fund	Value	Shares	Change
NvidiaNVDA	8.2%	$528m	2,638,049	-28%
AlphabetGOOGL	6.1%	$391m	1,093,614	-22%
MicrosoftMSFT	5.9%	$381m	1,021,431	-18%
Amazon.comAMZN	5.8%	$376m	1,576,144	-14%
JPMorgan ChaseJPM	4.7%	$303m	924,638	-26%
Lam ResearchLRCX	4.5%	$291m	671,482	-2%
BroadcomAVGO	3.7%	$241m	637,407	Held
MastercardMA	3.7%	$241m	468,356	-4%
Micron TechnologyMU	3.6%	$236m	204,062	New
Monster BeverageMNST	3.1%	$203m	2,113,791	-29%
DanaherDHR	3.1%	$203m	1,064,582	-21%
Idexx LaboratoriesIDXX	3.0%	$196m	372,788	+9%
Meta PlatformsMETA	2.9%	$188m	334,610	-21%
Taiwan Semiconductor ManufacturingTSM	2.7%	$173m	362,899	-29%
APi GroupAPG	2.7%	$172m	4,051,726	-13%
Valero EnergyVLO	2.6%	$166m	637,430	-32%
Waste ConnectionsWCN	2.5%	$162m	974,830	-47%
AmphenolAPH	2.4%	$157m	889,016	-5%
Public StoragePSA	2.2%	$140m	438,832	-15%
AppleAAPL	2.0%	$132m	455,851	-26%
LindeLIN	2.0%	$126m	242,597	New
Uber TechnologiesUBER	1.9%	$124m	1,712,052	-24%
Chipotle Mexican GrillCMG	1.6%	$105m	3,095,354	-35%
Ryan Specialty HoldingsRYAN	1.6%	$102m	2,689,031	-33%
SynopsysSNPS	1.4%	$90m	202,769	-28%
GE VernovaGEV	1.4%	$89m	75,528	New
ZoetisZTS	1.2%	$80m	1,111,383	-33%
Royal Bank of CanadaRY	0.8%	$52m	252,983	-9%
Sunbelt Rentals HoldingsSUNB	0.7%	$48m	662,699	-34%
BlackRockBLK	0.6%	$42m	43,323	+11%
AstrazenecaAZN	0.6%	$41m	218,063	New
Toronto Dominion BankTD	0.6%	$39m	317,741	-14%
Tractor SupplyTSCO	0.6%	$37m	1,180,097	-9%
FirstServiceFSV	0.6%	$36m	254,333	-3%
Church & DwightCHD	0.5%	$34m	354,380	New
WalmartWMT	0.5%	$33m	292,798	-51%
CGIGIB	0.5%	$32m	500,474	-4%
TFI InternationalTFII	0.5%	$30m	211,254	-11%
Bank of Montreal /canBMO	0.5%	$30m	171,898	-16%
Bank of Nova ScotiaBNS	0.4%	$27m	305,579	New
Boyd Group ServicesBGSI	0.4%	$23m	245,132	-13%
Agnico Eagle MinesAEM	0.4%	$23m	146,585	-10%
Canadian National RailwayCNI	0.3%	$22m	184,690	-6%
Trekor MetalsTGB	0.3%	$19m	2,740,135	New
Brookfield Asset ManagementBAM	0.3%	$18m	394,654	+14%
Descartes Systems GroupDSGX	0.3%	$17m	251,870	+2%
Wheaton Precious MetalsWPM	0.3%	$17m	151,403	-23%
BRPDOO	0.3%	$16m	267,248	+21%
Aya Gold & SilverAYA	0.2%	$16m	841,081	New
Sun Life FinancialSLF	0.2%	$16m	200,872	Held
Suncor EnergySU	0.2%	$16m	290,970	-39%
RB GlobalRBA	0.2%	$15m	127,548	-18%
Colliers International GroupCIGI	0.2%	$12m	132,092	-9%
CAECAE	0.2%	$12m	484,500	-14%
Gildan ActivewearGIL	0.2%	$12m	226,300	-7%
CbizCBZ	0.2%	$11m	342,221	Held
Pembina PipelinePBA	0.2%	$10m	224,122	Held
Endeavour SilverEXK	0.1%	$10m	1,158,855	-10%
CamecoCCJ	0.1%	$9m	90,367	-4%
MDA SpaceMDA	0.1%	$8m	202,497	-39%
Core & MainCNM	0.1%	$8m	168,215	Held
Brookfield Wealth SolutionsBNT	0.1%	$8m	179,200	-42%
OR RoyaltiesOR	0.1%	$7m	236,714	-7%
Open TextOTEX	0.1%	$7m	318,459	+48%
PoolPOOL	0.1%	$7m	32,295	Held
Integra ResourcesITRG	<0.1%	$6m	2,820,394	+6%
Centerra GoldCGAU	<0.1%	$6m	381,557	New
Orla MNG LTD NewORLA	<0.1%	$5m	468,027	+30%
BrookfieldBN	<0.1%	$4m	88,242	Held
SPS CommerceSPSC	<0.1%	$4m	63,300	Held
ATS Corp /ATSATS	<0.1%	$3m	99,056	-42%
ShopifySHOP	<0.1%	$3m	23,843	-10%
Americas Gold & SilverUSAS	<0.1%	$2m	496,915	-10%
SeaSE	<0.1%	$2m	20,834	New
AerCap HoldingsAER	<0.1%	$2m	10,395	New
Equinox GoldEQX	<0.1%	$1m	147,776	Held
Procter & GamblePG	<0.1%	$1m	9,067	Held
EnerflexEFXT	<0.1%	$654,252	26,650	New
Lightspeed CommerceLSPD	<0.1%	$355,877	34,000	Held
Canadian Pacific Kansas CityCP	<0.1%	$263,990	3,046	Held

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is down 28.4% since 30 June 2025.

Where the money is

Technology36.1%

Financial services13.6%

Media & telecom9.0%

Retail & consumer8.6%

Industrials8.2%

Health care8.1%

Everyday goods4.2%

Materials3.8%

Energy3.0%

Real estate3.0%

Utilities2.5%

Other0.1%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.