Institutional Manager · CIK 0000927971

BANK OF MONTREAL /CAN/

TORONTO, A6 · File #028-07640

Latest AUM

$288.73B

Positions

13,531

Top-10 Concentration

41.3%

Filings

Portfolio Value Over Time

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	NVIDIA CORPORATION	NVDA	-29,163,579	-$5.44B	-$2.8M
REDUCE	TORONTO DOMINION BK ONT	TORO	-16,684,646	-$1.57B	+$241.6M
REDUCE	SPDR S&P 500 ETF TR	SPY	-2,031,702	-$1.39B	+$32.1M
REDUCE	BANK NOVA SCOTIA HALIFAX	064149107	-18,681,499	-$1.38B	+$172.0M
REDUCE	ISHARES TR	464287200	-1,625,000	-$1.11B	+$41.5M
ADD	CROWDSTRIKE HLDGS INC	CRWD	+2,055,267	+$963.4M	-$181,608
ADD	APPLE INC	AAPL	+2,862,300	+$778.1M	+$146,455
ADD	ISHARES TR	464287655	+2,873,400	+$707.3M	+$2.2M
REDUCE	VISA INC	V	-1,743,549	-$611.5M	+$16.3M
ADD	TC ENERGY CORP	TRPRF	+9,281,497	+$511.1M	+$7.2M

Sector Allocation

Technology

18.4%$52.99B

Financials

5.3%$15.42B

Consumer Discretionary

5.3%$15.26B

Communication Services

4.5%$12.91B

4.2%$12.26B

4.2%$12.07B

3.7%$10.65B

2.7%$7.71B

1.5%$4.26B

0.6%$1.63B

0.2%$645.8M

Filing History

Feb 12, 202613F HOLDINGS REPORTQ/E Dec 202513,531 pos · $288.73B
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 202513,045 pos · $260.69B
Aug 5, 202513F HOLDINGS REPORTQ/E Jun 202513,024 pos · $213.21B
May 13, 202513F HOLDINGS REPORTQ/E Mar 202512,894 pos · $205.80B
Feb 13, 202513F HOLDINGS REPORTQ/E Dec 202412,775 pos · $214.68B
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 202413,901 pos · $227.42B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 202412,093 pos · $344.47B
Jun 13, 202413F HOLDINGS REPORTQ/E Jun 202411,901 pos · $249.96B
May 13, 202413F HOLDINGS REPORTQ/E Mar 202411,983 pos · $329.82B
Nov 1, 202313F HOLDINGS REPORTQ/E Dec 202311,618 pos · $288.91B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SELECT SECTOR SPDR TR	81369Y605	120,000,000	$6.57B	6.14%
2	SELECT SECTOR SPDR TR	81369Y704	42,000,000	$6.52B	6.08%
3	BURFORD CAP LTD	BUR	6,710,608	$6.01B	5.61%
4	NVIDIA CORPORATION	NVDA	29,749,024	$5.55B	5.18%
5	META PLATFORMS INC	META	6,324,671	$4.17B	3.90%
6	ROYAL BK CDA	780087102	22,000,824	$3.75B	3.50%
7	TORONTO DOMINION BK ONT	TORO	31,920,895	$3.01B	2.81%
8	ROYAL BK CDA	780087102	17,598,086	$3.00B	2.80%
9	SPDR S&P 500 ETF TR	SPY	4,260,255	$2.91B	2.71%
10	ROYAL BK CDA	780087102	15,815,666	$2.70B	2.52%
11	APPLE INC	AAPL	9,762,072	$2.65B	2.48%
12	TESLA INC	TSLA	5,839,892	$2.63B	2.45%
13	NVIDIA CORPORATION	NVDA	13,522,200	$2.52B	2.35%
14	NVIDIA CORPORATION	NVDA	12,900,640	$2.41B	2.25%
15	META PLATFORMS INC	META	3,575,000	$2.36B	2.20%
16	SPDR S&P 500 ETF TR	SPY	3,185,000	$2.17B	2.03%
17	APPLE INC	AAPL	7,918,952	$2.15B	2.01%
18	MICROSOFT CORP	MSFT	4,378,218	$2.12B	1.98%
19	ALPHABET INC	GOOG	6,049,632	$1.89B	1.77%
20	AMAZON COM INC	AMZN	8,041,331	$1.86B	1.73%