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Livermore
Livermore
ZHEN

Triasima Portfolio Management inc.

SEC CIK
0001938757
Latest filing
Jul 20, 2026

The latest 13F from Triasima Portfolio Management inc. covers Q2 2026 (filed Jul 20, 2026): 127 long positions worth $740.3M. The top 10 holdings make up 32.2% of the portfolio, and the largest is Royal Bank of Canada (RY) at 7.1%. Livermore has 30 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
19
Est. +$45.4M
Added
55
Est. +$62.3M
Reduced
41
Est. −$72.6M
Sold out
29
Est. −$52.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. RYRoyal Bank of Canada
    7.1%$52.8MHistory
  2. TDToronto Dominion Bank
    5.0%$37.2MHistory
  3. CMCanadian Imperial Bank of Commerce
    3.8%$28.0MHistory
  4. BMOBank of Montreal
    3.7%$27.2MHistory
  5. TIGOMillicom International Cellular SA
    2.5%$18.6MHistory

Share of portfolio

Top 5 holdings and the other 122 positions, by share of portfolio value

  1. RY7.1%
  2. TD5.0%
  3. CM3.8%
  4. BMO3.7%
  5. TIGO2.5%
  6. Other 122 positions77.9%

Biggest buys

New and added positions, by estimated amount bought

  1. RPRXRoyalty Pharma plc
    +$10.1MNewHistory
  2. CNICanadian National Railway Co
    +$5.66MAddedHistory
  3. CNQCanadian Natural Resources Ltd
    +$5.27MAddedHistory
  4. IBKRInteractive Brokers Group, Inc.
    +$5.07MAddedHistory
  5. LLYEli Lilly & Co
    +$4.43MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. RPRXRoyalty Pharma plc
    +1.37 pp0.0% → 1.4%History
  2. TDToronto Dominion Bank
    +1.14 pp3.9% → 5.0%History
  3. RYRoyal Bank of Canada
    +0.97 pp6.2% → 7.1%History
  4. CNICanadian National Railway Co
    +0.80 pp0.9% → 1.7%History
  5. BMOBank of Montreal
    +0.80 pp2.9% → 3.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. SHOPShopify Inc.
    −$11.7MReducedHistory
  2. INTCIntel Corp
    −$7.62MReducedHistory
  3. GRTUFGranite Real Estate Investment Trust
    −$6.89MSold outHistory
  4. SPGIS&P Global Inc.
    −$4.66MSold outHistory
  5. AGIAlamos Gold Inc
    −$4.59MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. SHOPShopify Inc.
    −1.96 pp2.8% → 0.8%History
  2. KGCKinross Gold Corp
    −1.20 pp2.3% → 1.1%History
  3. GRTUFGranite Real Estate Investment Trust
    −1.04 pp1.0% → 0.0%History
  4. AGIAlamos Gold Inc
    −1.03 pp1.1% → <0.1%History
  5. PAASPan American Silver Corp
    −0.90 pp1.8% → 0.9%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$740.3M
+$78.9M (+11.9%) vs. prior quarter
Positions
127
−10 vs. prior quarter
Top 10 concentration
32.2%
Top 10 as share of value
Turnover
15.4%
Q2 2026, one quarter
Average holding period
8.2 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.08B (Q1 2022)

Q1 2021: $1.98BQ2 2021: $2.05BQ3 2021: $1.87BQ4 2021: $2.07BQ1 2022: $2.08BQ2 2022: $1.42BQ3 2022: $1.23BQ4 2022: $1.31BQ1 2023: $1.21BQ2 2023: $1.58BQ3 2023: $1.09BQ4 2023: $1.21BQ1 2024: $1.19BQ2 2024: $1.09BQ3 2024: $444.9MQ4 2024: $515.3MQ1 2025: $508.2MQ2 2025: $547.2MQ3 2025: $662.6MQ4 2025: $667.7MQ1 2026: $661.5MQ2 2026: $740.3M
Q1 2021Q2 2026
13F filings of Triasima Portfolio Management inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 20, 2026127$740.3MRYTDCMvs. Q1 2026SEC
Q1 2026Apr 24, 2026137$661.5MRYTDCMvs. Q4 2025SEC
Q4 2025Feb 2, 2026143$667.7MRYSHOPTDvs. Q3 2025SEC
Q3 2025Oct 29, 2025149$662.6MRYSHOPKGCvs. Q2 2025SEC
Q2 2025Jul 23, 2025128$547.2MRYBNSHOPvs. Q1 2025SEC
Q1 2025May 2, 2025144$508.2MRYBNAGIvs. Q4 2024SEC
Q4 2024Jan 28, 2025144$515.3MRYBNCMvs. Q3 2024SEC
Q3 2024Nov 12, 202485$444.9MRYBNCMvs. Q2 2024SEC
Q2 2024Aug 6, 2024139$1.09BRYCNQBNvs. Q1 2024SEC
Q1 2024Apr 26, 2024138$1.19BRYSHOPCNQvs. Q4 2023SEC
Q4 2023Jan 29, 2024129$1.21BRYTDSHOPvs. Q3 2023SEC
Q3 2023Nov 14, 2023127$1.09BRYTDCNQvs. Q2 2023SEC
Q2 2023Aug 8, 2023137$1.58BRYSHOPCPvs. Q1 2023SEC
Q1 2023Apr 28, 2023131$1.21BRYTDCNQvs. Q4 2022SEC
Q4 2022Feb 21, 2023Amended129$1.31BRYTDCNIvs. Q3 2022SEC
Q3 2022Mar 10, 2023Amended124$1.23BRYTDBMOvs. Q2 2022SEC
Q2 2022Mar 10, 2023Amended135$1.42BRYTDBMOvs. Q1 2022SEC
Q1 2022Mar 10, 2023Amended148$2.08BRYTDBMOvs. Q4 2021SEC
Q4 2021Mar 10, 2023Amended153$2.07BRYTDSHOPvs. Q3 2021SEC
Q3 2021Mar 10, 2023Amended155$1.87BRYSHOPTDvs. Q2 2021SEC
Q2 2021Mar 10, 2023Amended176$2.05BRYTDSHOPvs. Q1 2021SEC
Q1 2021Mar 10, 2023Amended174$1.98BRYTDSHOP–SEC