BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

2. Key Holdings

The portfolio is dominated by a "Barbell" strategy, balancing high-growth US technology with stable Canadian financials and yield-oriented ETFs.

• Technology Dominance: The top three positions are all US tech giants. NVIDIA (NVDA) remains the largest holding at $942.82M (5.40%), despite a reduction in shares. Microsoft (MSFT) and Apple (AAPL) follow at 4.75% and 4.06%, respectively. This heavy weighting indicates BCI is maintaining substantial exposure to the AI and software growth themes, even while taking profits.
• Fixed Income ETFs: The iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is the second-largest holding at $911M (5.22%). This is a notable deviation from a standard equity-heavy portfolio, suggesting a focus on income generation or capital preservation strategies within the 13F context.
• Canadian Financials: Royal Bank of Canada (RY) and Toronto Dominion Bank (TD) are the primary Canadian anchors, ranking 7th and 11th respectively. These positions provide stability and dividend yield, balancing the volatility of the tech holdings.
• E-Commerce & Communication: Shopify (SHOP) is a standout top-10 holding at 2.08%, reflecting a strong conviction in the Canadian technology ecosystem. Meta (META) and Alphabet (GOOGL/GOOG) round out the top communication and tech exposures.