Federation des caisses Desjardins du Quebec
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +3.3% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 53.1% of quarters (excess t = -0.48, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 2964 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| RY | $2.2B | | ADD |
| TD | $890M | | TRIM |
| MSFT | $649M | | ADD |
| NVDA | $641M | | ADD |
| AAPL | $576M | | ADD |
| SU | $565M | | ADD |
| BN | $540M | | ADD |
| BMO | $537M | | ADD |
| BNS | $533M | | TRIM |
| AMZN | $508M | | ADD |
| TRP | $497M | | HOLD |
| ENB | $449M | | HOLD |
| PSLV | $432M | | ADD |
| GOOGL | $431M | | ADD |
| BCE | $417M | | ADD |
| TU | $395M | | ADD |
| CNI | $392M | | HOLD |
| SHOP | $345M | | ADD |
| SLF | $341M | | HOLD |
| CM | $340M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.