13F
中
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MONTRUSCO BOLTON INVESTMENTS INC.

13F equity value
$6.6B
Positions
72
Top 10 concentration
51.8%
Quarters / total new picks
28 / 107
13F equity value over time
$0M$5B$10B2017201820192020202120222023202420252026

"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.

Not significant Verdict

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 28 quarters, returned +2.7% per quarter — versus +1.5% per quarter from simply owning every 13F stock. It beat that baseline in only 46.4% of quarters (excess t = 0.63, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.9%
t-stat
0.63
Quarterly win rate
46%
Annualized excess
+3.1%
$1 → follow vs universe
$1.69 vs $1.38
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120201231: universe 1.26620210331: universe 1.27720210630: universe 1.37920210930: universe 1.23820211231: universe 1.05420220331: universe 1.13120220630: universe 1.04820221231: universe 0.97320230630: universe 0.93820230930: universe 1.06520231231: universe 1.11320240331: universe 1.13820240930: universe 1.12820241231: universe 1.05320250331: universe 1.14820250630: universe 1.18420250930: universe 1.33120251231: universe 1.377 20180331: follow 0.90420180630: follow 0.84820180930: follow 0.94620181231: follow 0.99320190331: follow 1.20720190630: follow 1.23020190930: follow 1.54920191231: follow 1.09520200331: follow 1.24320200630: follow 1.37520201231: follow 1.52420210331: follow 1.71320210630: follow 1.83920210930: follow 1.63820211231: follow 1.35320220331: follow 1.35920220630: follow 1.12520221231: follow 1.22720230630: follow 1.10020230930: follow 1.22720231231: follow 1.41920240331: follow 1.46820240930: follow 1.44220241231: follow 1.55420250331: follow 1.73720250630: follow 1.76020250930: follow 1.75220251231: follow 1.686 0.78 1.38 1.99 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 72 · 2026 Q1

Ticker Value Weight QoQ
NVDA $619M
9.4%
TRIM
MSFT $450M
6.8%
TRIM
GOOGL $394M
6.0%
TRIM
AMZN $370M
5.6%
TRIM
JPM $356M
5.4%
ADD
WCN $287M
4.3%
TRIM
DHR $246M
3.7%
TRIM
MA $237M
3.6%
ADD
META $236M
3.6%
TRIM
VLO $231M
3.5%
TRIM
MNST $210M
3.2%
TRIM
ZTS $191M
2.9%
TRIM
AVGO $188M
2.8%
ADD
IDXX $187M
2.8%
ADD
APG $184M
2.8%
ADD
TSM $162M
2.5%
TRIM
AAPL $157M
2.4%
TRIM
UBER $156M
2.4%
ADD
CMG $148M
2.2%
TRIM
LRCX $142M
2.1%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

APHBGSIITRGORUSAS

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.