CDPQ Q1 2026 13F: $62.43B Tech Core

TL;DR: CDPQ's 2026Q1 13F shows a $62.43B reported U.S.-listed equity book, with Apple (AAPL) at $2.81B, Nvidia (NVDA) at $2.75B and Canadian National Railway (CNI) at $1.93B leading the filing. The strongest read is not a one-stock bet: this is a pension/sovereign allocator pairing AI-platform exposure with Canadian infrastructure and industrial franchises.

CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, often referred to as CDPQ or La Caisse, is not a hedge fund and not a passive index vehicle. It is a large Canadian pension/sovereign-style institutional allocator with active discretion across public markets and private assets. Its U.S. Form 13F is therefore only a subset of a broader global multi-asset portfolio, but the disclosed book is still large enough to show where public-equity risk was concentrated at the quarter end.

The SEC time stamp matters: the latest filing is a Form 13F-HR for report date 2026-03-31, filed 2026-05-14, accession 0001140361-26-021351. On that filing, CDPQ's filer page shows $62.43B of reported 13F value and a WhaleScore of 66.50.

What the Q1 2026 filing says first

The headline is the balance between scale and diversification. CDPQ's top disclosed holding, Apple (AAPL), is $2.81B and 4.53% of the filing. Nvidia (NVDA) is close behind at $2.75B and 4.43%. Canadian National Railway (CNI) ranks third at $1.93B and 3.10%, which keeps the top of the book from reading like a pure U.S. mega-cap technology sleeve.

The top-eight chart shows a familiar AI-platform cluster, but CDPQ's mix is broader than a simple Nasdaq proxy. Alphabet (GOOGL) appears at $1.91B and 3.08%, while Microsoft (MSFT) sits at $1.84B and 2.97%. Amazon (AMZN), CGI (GIB) and Meta Platforms (META) round out the visible platform and services exposure.

The portfolio is big, but not narrow

For a retail investor reading only the top holdings, CDPQ may look like another large institution leaning into the AI trade. The concentration chart tempers that conclusion. The top position is 4.53%, the second is 4.43%, and the diversified tail accounts for 73.51% of the filing.

That is consistent with the institution's current public messaging: La Caisse has emphasized diversification, public markets, infrastructure, private equity, real estate and private credit as parts of a wider mandate. In other words, the 13F equity book is a window into public U.S.-listed positioning, not a complete map of CDPQ's total capital base.

The top-ten mix also reflects that broader allocator identity. BCE (BCE) at $857.8M and CAE (CAE) at $802.4M add Canadian telecom and aerospace/simulation exposure below the mega-cap leaders, while CNI and GIB keep the top group connected to Canada-linked operating franchises.

The AUM line confirms a step-up, not a one-quarter anomaly

CDPQ's reported 13F value reached $62.43B in 2026Q1 after $58.95B in 2025Q4. The brief records +5.9% for the latest quarter, following +6.2% in 2025Q4 and +18.5% in 2025Q3. The relevant point is the sequence: the latest filing extends the rise rather than reversing it.

The history also shows why precision matters. This article uses the canonicalAumDisplay from the research brief: $62.43B. That is the reported U.S.-listed 13F value, not CDPQ's total global firm assets, because the pension/sovereign allocator also invests outside U.S.-listed 13F securities.

How to interpret the top five names

Rank	Holding	Value	Weight	Read-through
1	AAPL	$2.81B	4.53%	Largest disclosed U.S.-listed line item.
2	NVDA	$2.75B	4.43%	AI compute exposure nearly matches Apple.
3	CNI	$1.93B	3.10%	Canadian transportation and infrastructure-linked exposure.
4	GOOGL	$1.91B	3.08%	Search, cloud and AI platform exposure.
5	MSFT	$1.84B	2.97%	Software, cloud and enterprise AI exposure.

The table is not a buy list. It is a map of disclosed positioning from a pension/sovereign allocator whose job is long-term capital deployment. The read-through is that CDPQ's Q1 2026 13F combines large-cap AI infrastructure with transportation, telecom, aerospace and Canadian-linked operating franchises.

What changed for investors tracking CDPQ

The quarter's most useful signal is the shape of the disclosed equity book. A $62.43B filing with 684 holdings can absorb large platform positions without becoming a one-theme portfolio. The top-five combined exposure is visible, but the 73.51% diversified tail means the filing still behaves like an allocator book rather than a concentrated hedge fund letter.

That distinction is important for anyone comparing CDPQ with active managers on 13F Insight. CDPQ is eligible for smart-money analysis because it has active discretion, but its mandate is closer to a pension/sovereign allocator than a trading-oriented fund. The right comparison is not whether it "beat" a hedge fund into Nvidia; it is whether its public-equity sleeve is reinforcing or diversifying the institution's broader long-term allocation.

FAQ

What does CDPQ hold in Q1 2026?

CDPQ's Q1 2026 13F is led by AAPL at $2.81B, NVDA at $2.75B, CNI at $1.93B, GOOGL at $1.91B and MSFT at $1.84B.

How large is CDPQ's 2026Q1 13F portfolio?

CDPQ's 2026Q1 filing shows $62.43B of reported 13F value. That figure covers U.S.-listed reportable securities, not the institution's total global multi-asset portfolio.

Is CDPQ a hedge fund or a passive index fund?

CDPQ is neither. It is a Canadian pension/sovereign-style institutional allocator with active discretion, so its 13F should be read as a public-equity sleeve within a broader mandate.

Why is Nvidia important in CDPQ's Q1 2026 13F?

Nvidia is CDPQ's second-largest disclosed holding at $2.75B and 4.43%, placing AI compute exposure almost level with Apple in the filing's top positions.