Federation des caisses Desjardins du Quebec

Key Holdings and Their Significance

• Royal Bank of Canada (RY): $1.99B (7.83%). The single largest position; signals a clear Canadian banking/financial-services anchor to the portfolio.
• Toronto-Dominion (TD): $800.7M (3.15%) — despite a large reduction this quarter it remains a top holding, so the filer keeps sizable exposure to multiple Canadian banks.
• Major U.S. technology growth exposure: Microsoft $776.2M (3.05%), NVIDIA $637.7M (2.51%), Apple $528.2M (2.08%), Amazon $471.3M (1.85%). These positions collectively represent a significant growth/mega-cap technology sleeve (~$2.4B of the top 10).
• Canadian industrials / infrastructure / energy: Brookfield (BN) $599.3M (2.36%), TC Energy (TRP) $455.5M (1.79%), Canadian Pacific Kansas City (CP) $412.3M (1.62%), Enbridge (ENB) $405.9M (1.60%). These are large, liquid, dividend-oriented names that complement the financials exposure.
• ETFs and commodity exposures: URTH $260.96M (new), IVV/VOO/ IEMG combined ~$517M, and direct precious-metals vehicles PSLV $257.7M and PHYS $161.7M plus mining equities (WPM, AEM, CCJ, TECK) — signalling a dedicated allocation to global equity beta and to physical/near-physical precious-metals exposure.

Taken together, the top positions show (a) a pronounced Canadian bias in financials, energy and materials; (b) a meaningful US mega-cap technology sleeve; and (c) deliberate commodity/precious metals exposure.