Fiera Capital Corp

Key Holdings

The portfolio is characterized by a strong concentration in its top ten positions, which account for approximately 36% of the total assets under management.

• Top-Tier Dominance: The largest positions are heavily weighted towards high-quality technology and communication giants. Taiwan Semiconductor (TSM) is the dominant holding at $1.91 billion (6.17%), followed closely by Microsoft (MSFT) at $1.75 billion (5.67%) and Alphabet (GOOGL) at $1.73 billion (5.61%). These three positions alone constitute nearly 18% of the entire portfolio.
• Quality and Compounders: Beyond the mega-cap tech names, Fiera Capital shows a preference for "compounder" businesses with wide economic moats. AutoZone (AZO) ($1.24B) and Moody’s (MCO) ($1.18B) represent significant bets on the auto parts aftermarket and credit ratings, respectively. Oracle (ORCL) and Mastercard (MA) further reinforce the focus on dominant technology and financial infrastructure players.