Strategic Portfolio Rebalance
Montrusco Bolton Rebalances Portfolio in Q1 2026, Acquiring Integra and Trimming Major Stakes
Key Points
In addition to Montrusco Bolton's BRP sale, several other hedge funds expanded or established new BRP positions in Q4, including Mackenzie Financial Corp (~$207.65 million), Price T Rowe Associates (~$169.34 million), Capital World Investors (~$158.76 million), FIL Ltd (~$123.11 million), and Vanguard Group (~$98.15 million).
Montrusco Bolton's new stake in Integra Resources amounts to 2,670,377 shares, about 1.32% of the company, valued at roughly $7.195 million.
In Toronto-Dominion Bank, Montrusco Bolton reduced holdings by 1.7% to 367,619 shares, worth about $34.224 million at quarter's end.
Sherwin-Williams is Montrusco Bolton's 24th-largest holding, comprising about 1.7% of the portfolio with 360,931 shares worth about $112.988 million after the 6.9% reduction.
ATS Corporation remained a minor holding after Montrusco Bolton cut 32.9% to 170,956 shares, about 0.17% of the company and roughly $4.803 million in value.
Montrusco Bolton Investments made a series of notable portfolio moves in the first quarter of 2026, trimming large-cap positions while making a fresh bet on a small mining company. The Canadian investment firm cut its stake in BRP by 17.7%, selling 47,650 shares, according to Watchlist News.
At the same time, the firm built a new position in Integra Resources, buying 2,670,377 shares worth roughly $7.2 million. The moves point to a broad rebalancing — pulling back from some large names while adding exposure to smaller, resource-focused stocks.
BRP Stake Cut as Other Big Funds Step In
Montrusco Bolton trimmed its BRP position to roughly 0.30% of the company. The 17.7% reduction was one of several adjustments to its larger holdings. While Montrusco was selling, other funds were buying. Mackenzie Financial Corp held about $207.65 million in BRP. Price T. Rowe Associates held around $169.34 million. Capital World Investors held about $158.76 million, per Watchlist News.
FIL Ltd and Vanguard Group also expanded or held BRP positions worth $123.11 million and $98.15 million, respectively. The divergence shows Montrusco moving against the grain on BRP while larger institutional players stayed bullish on the powersports maker.
Sherwin-Williams and TD Bank Holdings Pared Back
Montrusco also reduced its Sherwin-Williams stake by 6.9%, leaving it with 360,931 shares. That position is still worth about $112.988 million, making it the firm's 24th-largest holding. It accounts for roughly 1.7% of Montrusco's total portfolio, according to Watchlist News.
Toronto-Dominion Bank saw a smaller trim. Montrusco sold 6,384 TD shares, cutting its stake by 1.7% to 367,619 shares. Those shares were worth about $34.224 million at the end of the quarter. The TD cut was modest but part of a clear pattern of reducing exposure to large financial and consumer stocks, per Watchlist News.
New Integra Resources Bet Signals Resource Pivot
The headline addition to the portfolio was Integra Resources. Montrusco bought 2,670,377 shares, giving it about a 1.32% ownership stake in the gold-focused mining company. The position is valued at roughly $7.195 million. It is a small dollar amount relative to the firm's other holdings, but a significant bet on a single small-cap miner.
The Integra move fits a broader pattern. Montrusco also boosted its APi Group holdings by 50.5% and raised its stake in Brookfield Wealth Solutions by 30.8% in the first quarter, per Ticker Report. The firm also bought 72,665 more shares of FirstService Corporation, a 38.1% increase. The firm appears to be rotating into growth and resource names.
ATS Corporation Cut by Nearly a Third
Montrusco also slashed its ATS Corporation position by 32.9%. It now holds just 170,956 shares, worth about $4.803 million. That stake equals roughly 0.17% of the company. ATS is now one of the firm's smallest positions, a sharp step back from what it held just a quarter earlier.
Taken together, Montrusco's Q1 moves show a deliberate shift. The firm is reducing big, well-known names like BRP, TD Bank, Sherwin-Williams, and ATS. It is using that capital to build positions in smaller or higher-growth companies. The strategy suggests the firm sees more upside in less crowded parts of the market right now.
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