CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

The Caisse de dépôt et placement du Québec held $62.4B across a focused 684-position book, blending U.S. megacaps (Apple 4.5%, NVIDIA 4.4%, Alphabet, Microsoft) with Canadian names — Canadian National Railway (3.1%) and CGI (1.9%). Unlike most filers this quarter, CDPQ was a net buyer, with 24 positions increased against 10 trimmed. The largest adds were Canadian National Railway (+$551M), NVIDIA (+$245M), Gildan (+$189M), Apple (+$177M) and Cisco (+$159M). The firm trimmed Microsoft (-$635M), the high-yield ETF HYG and Royal Bank of Canada. New positions in Vanguard Value (VTV), Applied Materials, Abbott, the healthcare ETF XLV and TJX. Assets rose from $59.0B to $62.4B.