MONTRUSCO BOLTON INVESTMENTS INC.

MONTREAL, A8 · CIK 1475940 · 13F filing filed 2026-07-21

SEC-registered investment adviser since 2010 · corporation

Assets managed$12.9bn
Staff68 · 16 in investment roles
Main clients (by assets)Banks 36%, Private funds 30%, Mutual funds and ETFs 16%
Private funds2 · $767.3m gross assets
Main officeMontreal, Quebec
Websitemontruscobolton.com
Form ADV · 2026-03-31SEC adviser record

Legal entityMONTRUSCO BOLTON INVESTMENTS INC. (CA)

Kindprivate equity, institutions
Others nearbyMontréal, Toronto, Newport Beach, CA, Frankfurt am Main

As an employer

Offices in3 countries
Private fundsprivate equity 2

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Montreal, Quebec (main office)Canada	Canada	about 11
Toronto, OntarioCanada	Canada	3
Newport Beach, CAUnited States	United States	2
FrankfurtGermany	Germany

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$6.5bn reported value -2.3% vs Q1 2026

80positions

49.4%in top 10

12 new 13 added 51 reduced 4 sold out vs Q1 2026

Also in the report of:

PERSONAL CFO SOLUTIONS, LLC – $873.8k of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	2,638,049	$527.8m8.18%	8.18%	Reduced -1.0m	-1,021,318 -27.9%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,093,614	$390.8m6.05%	6.05%	Reduced -310.9k	-310,891 -22.1%
3	MICROSOFT CORP COM MSFT	MSFT	1,021,431	$381.0m5.90%	5.90%	Reduced -228.0k	-228,012 -18.2%
4	AMAZON COM INC COM AMZN	AMZN	1,576,144	$375.7m5.82%	5.82%	Reduced -248.3k	-248,318 -13.6%
5	JPMORGAN CHASE & CO COM JPM	JPM	924,638	$302.7m4.69%	4.69%	Reduced -321.5k	-321,542 -25.8%
6	LAM RESEARCH CORP COM NEW LRCX	LRCX	671,482	$291.0m4.51%	4.51%	Reduced -13.9k	-13,876 -2.0%
7	BROADCOM INC COM AVGO	AVGO	637,407	$240.8m3.73%	3.73%	Added +11.8k	+11,772 1.9%
8	MASTERCARD INCORPORATED CL A MA	MA	468,356	$240.5m3.73%	3.73%	Reduced -21.5k	-21,487 -4.4%
9	MICRON TECHNOLOGY INC COM MU	MU	204,062	$235.5m3.65%	3.65%	New
10	MONSTER BEVERAGE CORP NEW COM MNST	MNST	2,113,791	$203.2m3.15%	3.15%	Reduced -846.4k	-846,378 -28.6%
11	DANAHER CORPORATION COM DHR	DHR	1,064,582	$202.8m3.14%	3.14%	Reduced -276.6k	-276,586 -20.6%
12	IDEXX LABS INC COM IDXX	IDXX	372,788	$196.3m3.04%	3.04%	Added +30.7k	+30,668 9.0%
13	META PLATFORMS INC CL A META	META	334,610	$188.5m2.92%	2.92%	Reduced -87.8k	-87,790 -20.8%
14	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	362,899	$173.3m2.68%	2.68%	Reduced -147.3k	-147,343 -28.9%
15	API GROUP CORP COM STK APG	APG	4,051,726	$171.6m2.66%	2.66%	Reduced -600.4k	-600,419 -12.9%
16	VALERO ENERGY CORP COM VLO	VLO	637,430	$166.0m2.57%	2.57%	Reduced -298.8k	-298,803 -31.9%
17	WASTE CONNECTIONS INC COM WCN	WCN	974,830	$162.5m2.52%	2.52%	Reduced -847.4k	-847,370 -46.5%
18	AMPHENOL CORP CL A APH	APH	889,016	$156.8m2.43%	2.43%	Reduced -46.5k	-46,535 -5.0%
19	PUBLIC STORAGE COM PSA	PSA	438,832	$139.7m2.16%	2.16%	Reduced -79.5k	-79,474 -15.3%
20	APPLE INC COM AAPL	AAPL	455,851	$131.9m2.04%	2.04%	Reduced -163.3k	-163,279 -26.4%
21	LINDE PLC SHS LIN	LIN	242,597	$125.9m1.95%	1.95%	New
22	UBER TECHNOLOGIES INC COM UBER	UBER	1,712,052	$123.5m1.91%	1.91%	Reduced -530.3k	-530,337 -23.6%
23	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	3,095,354	$105.2m1.63%	1.63%	Reduced -1.7m	-1,663,168 -35.0%
24	RYAN SPECIALTY HOLDINGS INC CL A RYAN	RYAN	2,689,031	$101.5m1.57%	1.57%	Reduced -1.3m	-1,333,475 -33.1%
25	SYNOPSYS INC COM SNPS	SNPS	202,769	$90.4m1.40%	1.40%	Reduced -78.5k	-78,532 -27.9%
26	GE VERNOVA INC COM GEV	GEV	75,528	$88.7m1.37%	1.37%	New
27	ZOETIS INC CL A ZTS	ZTS	1,111,383	$79.9m1.24%	1.24%	Reduced -555.0k	-554,952 -33.3%
28	ROYAL BK CDA COM RY	RY	252,983	$52.4m0.81%	0.81%	Reduced -25.2k	-25,218 -9.1%
29	SUNBELT RENTALS HOLDINGS INC SHS SUNB	SUNB	662,699	$48.3m0.75%	0.75%	Reduced -339.9k	-339,879 -33.9%
30	BLACKROCK INC COM BLK	BLK	43,323	$41.7m0.65%	0.65%	Added +4.4k	+4,390 11.3%
31	ASTRAZENECA PLC ORD AZN	AZN	218,063	$40.8m0.63%	0.63%	New
32	TORONTO DOMINION BK ONT COM NEW TD	TD	317,741	$38.6m0.60%	0.60%	Reduced -49.9k	-49,878 -13.6%
33	TRACTOR SUPPLY CO COM TSCO	TSCO	1,180,097	$37.3m0.58%	0.58%	Reduced -110.4k	-110,357 -8.6%
34	FIRSTSERVICE CORP NEW COM FSV	FSV	254,333	$36.2m0.56%	0.56%	Reduced -9.2k	-9,155 -3.5%
35	CHURCH & DWIGHT CO INC COM CHD	CHD	354,380	$34.3m0.53%	0.53%	New
36	WALMART INC COM WMT	WMT	292,798	$33.2m0.51%	0.51%	Reduced -303.6k	-303,612 -50.9%
37	CGI INC CL A SUB VTG GIB	GIB	500,474	$32.3m0.50%	0.50%	Reduced -22.8k	-22,781 -4.3%
38	TFI INTL INC COM TFII	TFII	211,254	$30.4m0.47%	0.47%	Reduced -26.9k	-26,911 -11.3%
39	BANK MONTREAL QUE COM BMO	BMO	171,898	$30.4m0.47%	0.47%	Reduced -33.1k	-33,069 -16.1%
40	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	305,579	$26.6m0.41%	0.41%	New
41	BOYD GROUP SERVICES INC COM BGSI	BGSI	245,132	$23.2m0.36%	0.36%	Reduced -35.1k	-35,075 -12.5%
42	AGNICO EAGLE MINES LTD COM AEM	AEM	146,585	$22.8m0.35%	0.35%	Reduced -16.2k	-16,175 -9.9%
43	CANADIAN NATL RY CO COM CNI	CNI	184,690	$22.0m0.34%	0.34%	Reduced -10.8k	-10,800 -5.5%
44	TREKOR METALS LTD COM TGB	TGB	2,740,135	$18.9m0.29%	0.29%	New
45	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	394,654	$17.7m0.27%	0.27%	Added +49.3k	+49,273 14.3%
46	DESCARTES SYS GROUP INC COM DSGX	DSGX	251,870	$17.4m0.27%	0.27%	Added +5.6k	+5,635 2.3%
47	WHEATON PRECIOUS METALS CORP COM WPM	WPM	151,403	$17.0m0.26%	0.26%	Reduced -44.6k	-44,559 -22.7%
48	BRP INC COM SUN VTG DOO	DOO	267,248	$16.3m0.25%	0.25%	Added +45.6k	+45,555 20.6%
49	AYA GOLD & SILVER INC COM AYA	AYA	841,081	$15.9m0.25%	0.25%	New
50	SUN LIFE FINANCIAL INC. COM SLF	SLF	200,872	$15.8m0.24%	0.24%	Added +31	+31 0.0%
51	SUNCOR ENERGY INC NEW COM SU	SU	290,970	$15.6m0.24%	0.24%	Reduced -187.4k	-187,422 -39.2%
52	RB GLOBAL INC COM RBA	RBA	127,548	$14.8m0.23%	0.23%	Reduced -28.2k	-28,152 -18.1%
53	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	132,092	$12.4m0.19%	0.19%	Reduced -13.2k	-13,193 -9.1%
54	CAE INC COM CAE	CAE	484,500	$12.1m0.19%	0.19%	Reduced -81.0k	-81,000 -14.3%
55	GILDAN ACTIVEWEAR INC COM GIL	GIL	226,300	$11.7m0.18%	0.18%	Reduced -18.0k	-18,000 -7.4%
56	CBIZ INC COM CBZ	CBZ	342,221	$11.0m0.17%	0.17%	Added +2.2k	+2,200 0.7%
57	PEMBINA PIPELINE CORP COM PBA	PBA	224,122	$10.4m0.16%	0.16%	Reduced -274	-274 -0.1%
58	ENDEAVOUR SILVER CORP COM EXK	EXK	1,158,855	$9.6m0.15%	0.15%	Reduced -123.2k	-123,242 -9.6%
59	CAMECO CORP COM CCJ	CCJ	90,367	$9.2m0.14%	0.14%	Reduced -3.6k	-3,592 -3.8%
60	MDA SPACE LTD COM MDA	MDA	202,497	$8.4m0.13%	0.13%	Reduced -130.6k	-130,599 -39.2%
61	CORE & MAIN INC CL A CNM	CNM	168,215	$8.1m0.13%	0.13%	Added +1.0k	+1,000 0.6%
62	BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB BNT	BNT	179,200	$7.6m0.12%	0.12%	Reduced -128.2k	-128,208 -41.7%
63	OR ROYALTIES INC. COM SHS OR	OR	236,714	$7.5m0.12%	0.12%	Reduced -17.9k	-17,906 -7.0%
64	OPEN TEXT CORP COM OTEX	OTEX	318,459	$7.0m0.11%	0.11%	Added +103.8k	+103,834 48.4%
65	POOL CORP COM POOL	POOL	32,295	$6.9m0.11%	0.11%	Unchanged
66	INTEGRA RES CORP COM ITRG	ITRG	2,820,394	$6.3m0.10%	0.10%	Added +150.0k	+150,017 5.6%
67	CENTERRA GOLD INC COM CGAU	CGAU	381,557	$6.0m0.09%	0.09%	New
68	ORLA MNG LTD NEW COM OLA	OLA	468,027	$4.6m0.07%	0.07%	Added +108.4k	+108,437 30.2%
69	BROOKFIELD CORP CL A LTD VT SH BN	BN	88,242	$3.8m0.06%	0.06%	Reduced -113	-113 -0.1%
70	SPS COMM INC COM SPSC	SPSC	63,300	$3.6m0.06%	0.06%	Unchanged
71	ATS CORPORATION COM ATS	ATS	99,056	$2.9m0.04%	0.04%	Reduced -71.9k	-71,900 -42.1%
72	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	23,843	$2.7m0.04%	0.04%	Reduced -2.8k	-2,769 -10.4%
73	AMERICAS GOLD AND SILVER COR COM NEW USAS	USAS	496,915	$2.4m0.04%	0.04%	Reduced -53.1k	-53,081 -9.7%
74	SEA LTD SPONSORD ADS SE	SE	20,834	$2.0m0.03%	0.03%	New
75	AERCAP HOLDINGS NV SHS AER	AER	10,395	$1.5m0.02%	0.02%	New
76	EQUINOX GOLD CORP COM EQX	EQX	147,776	$1.4m0.02%	0.02%	Reduced -1.4k	-1,358 -0.9%
77	PROCTER AND GAMBLE CO COM PG	PG	9,067	$1.3m0.02%	0.02%	Unchanged
78	ENERFLEX LTD COM EFXT	EFXT	26,650	$654.3k0.01%	0.01%	New
79	LIGHTSPEED COMMERCE INC SUB VTG SHS LSPD	LSPD	34,000	$355.9k0.01%	0.01%	Unchanged
80	CANADIAN PACIFIC KANSAS CITY COM CP	CP	3,046	$264.0k0.00%	0.00%	Added +43	+43 1.4%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SHERWIN WILLIAMS CO SHW	SHW	360,931	$113.0m360.9k shares
TASEKO MINES LTD		3,031,296	$19.6m3.0m shares
ALAMOS GOLD INC NEW AGI	AGI	88,079	$3.9m88.1k shares
UFP TECHNOLOGIES INC UFPT	UFPT	2,604	$504.1k2.6k shares