MONTRUSCO BOLTON INVESTMENTS INC.

Long Only Manager

MONTRUSCO BOLTON INVESTMENTS INC. is a Long Only Manager based in Towson, MD led by Sylvain Boule, reporting $12.3B in AUM as of Q3 2025 with 35% Technology concentration and 55% concentrated in top 10 holdings.

CEOSylvain Boule

Portfolio Value: $8.6B
Positions: 77
Top Holding: MSFT at 10.13%
Last Reported: Q3 2025

Address1 W. Pennsylvania Ave., Suite 600, Towson, MD, 21204, United States

Top Holdings

Largest long holdings in MONTRUSCO BOLTON INVESTMENTS INC.'s portfolio (55.4% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Microsoft MSFT	Software - Infrastructure Technology	$869.1M	10.13%	-$2.6M Sold	0.02% 1.7M shares	≤ Q2 2013 Held for 12y 5m+
2 Nvidia NVDA	Semiconductors Technology	$765.1M	8.92%	-$102.1M Sold	0.02% 4.2M shares	Q3 2023 Held for 2y 2m
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$506.9M	5.91%	-$65.5M Sold	0.02% 2.4M shares	≤ Q2 2013 Held for 12y 5m+
4 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$471.7M	5.50%	-$149.8M Sold	0.02% 2.0M shares	≤ Q2 2013 Held for 12y 5m+
5 JPMorgan Chase JPM	Banks - Diversified Financial Services	$418.8M	4.88%	-$105.7M Sold	0.05% 1.4M shares	Q2 2025 Held for 5 months
6 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$390.0M	4.55%	-$103.0M Sold	0.02% 543.9K shares	Q1 2017 Held for 8y 8m
7 Waste Connections WCN	Waste Management Industrials	$384.2M	4.48%	-$9.2M Sold	0.88% 2.3M shares	Q3 2021 Held for 4y 2m
8 Blackrock BLK	Asset Management Financial Services	$379.2M	4.42%	-$23.0M Sold	0.22% 333.4K shares	Q4 2024 Held for 11 months
9 Danaher DHR	Medical - Diagnostics & Research Healthcare	$310.6M	3.62%	-$34.2M Sold	0.23% 1.6M shares	≤ Q2 2013 Held for 12y 5m+
10 Synopsys SNPS	Software - Infrastructure Technology	$258.6M	3.01%	+$58.1M Bought	0.29% 537.2K shares	Q1 2025 Held for 8 months

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MONTRUSCO BOLTON INVESTMENTS INC.'s latest filing

See all changes

GthenC

Market Value

$8.6B

Prior: $9.0B

Q/Q Change

-4.71%

-$423.6M

Net Flows % of MV

-11.83%

Turnover Ratio

9.94%

New Purchases

5 stocks

$39.4M

Added To

25 stocks

+$312.9M

Sold Out Of

2 stocks

$9.2M

Reduced Holdings

45 stocks

-$1.4B

Increased Positions

Position	Shares Δ	Change
1 Taseko Mines TGB	New	0 → 2.9M +$12.3M
2 Americas Gold and Silver USAS	New	0 → 2.7M +$10.0M
3 Endeavour Silver EXK	New	0 → 1.2M +$9.5M
4 SPS Commerce SPSC	New	0 → 49.4K +$5.1M
5 ServiceNow NOW	New	0 → 2.8K +$2.6M

Decreased Positions

Position	Shares Δ	Change
1 Franco-Nevada FNV	Sold	54.8K → 0 −$9.0M
2 Winmark WINA	Sold	608.0 → 0 −$229.6K
3 Sandstorm Gold SAND	-91.0%	1.3M → 116.6K −$14.8M
4 Brookfield Infrastructure Partners BIP	-73.94%	530.7K → 138.3K −$12.9M
5 Lam Research LRCX	-61.93%	2.6M → 975.2K −$207.7M