ONTARIO TEACHERS PENSION PLAN BOARD

Ontario Teachers’ $3.46B 13F book shrank roughly $1B quarter-over-quarter, and the shrinkage was not passive drift—it came with an aggressive sector rotation. The pension plan slashed its iShares HYG high-yield bond ETF position by 40% (-$368M) and exited several large-concentration tech names including NVDA (-27% to $93.4M), ROK (-34%), DIS (-56%), and ATLASSIAN (-10%). The proceeds redeployed into a wide net of new positions: PNC ($115M), EATON ($84M), CMG ($68M), MA ($54M), PGR ($53M), and SNOW ($52M) all opened as fresh stakes, while healthcare saw a conviction increase in ZBH (+134% to $24.5M) and ABBV (+17%). GFL ENVIRONMENTAL remains the anchor at 27.1% of the portfolio, which keeps the bookUtilities-heavy and single-stock dependent. The overall story is a sovereign-wealth fund unwinding crowded 2024-era tech exposure and re-basing into financials, software, and select consumer names—without yet reducing its top-position concentration risk.