# EDGAR Filing Document

**Accession Number:** 0001475940
**File Stem:** 0001475940-25-000002
**Filing Date:** 2025-11
**Character Count:** 12619
**Document Hash:** 6fe31174bba0596d2b5f79cec735453b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001475940-25-000002.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001475940-25-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MONTRUSCO BOLTON INVESTMENTS INC.
- **CENTRAL INDEX KEY:** 0001475940

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13628
- **FILM NUMBER:** 251468059

**BUSINESS ADDRESS:**
- **STREET 1:** 1501 MCGILL COLLEGE AVENUE
- **STREET 2:** SUITE 1200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3M8
- **BUSINESS PHONE:** 514-842-6464

**MAIL ADDRESS:**
- **STREET 1:** 1501 MCGILL COLLEGE AVENUE
- **STREET 2:** SUITE 1200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3M8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** MONTRUSCO BOLTON INVESTMENTS INC.<br>**Address:** 1501 MCGILL COLLEGE AVENUE<br>SUITE 1200<br>MONTREAL, A8 H3A 3M8

**Form 13F File Number:** 028-13628

**CRD Number (if applicable):** 000154475

**SEC File Number (if applicable):** 801-71803

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Ginette Therien<br>**Title:** Senior VP Governance and CCO<br>**Phone:** 5142825417

**Signature, Place, and Date of Signing:**

/s/ Ginette Therien  Montreal, A8  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 78

**Form 13F Information Table Value Total:** $8592385280

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 123789542 | 362784 | SH |  | SOLE |  | 362784 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG001S77MK3 | 32651243 | 193818 | SH |  | SOLE |  | 193818 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 | BBG009HT65S0 | 19090467 | 547567 | SH |  | SOLE |  | 547567 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 471743237 | 1980590 | SH |  | SOLE |  | 1980590 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 506885763 | 2368481 | SH |  | SOLE |  | 2368481 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 | BBG001SCXBR0 | 9953837 | 2668549 | SH |  | SOLE |  | 2668549 | 0 | 0 |
| API GROUP CORP | COM STK | 00187Y100 | BBG00HVV7984 | 50376109 | 1465700 | SH |  | SOLE |  | 1465700 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 237576665 | 933027 | SH |  | SOLE |  | 933027 | 0 | 0 |
| ATS CORPORATION | COM | 00217Y104 | BBG001S5XWC5 | 7425950 | 283781 | SH |  | SOLE |  | 283781 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 | BBG001S5Y203 | 29604729 | 227141 | SH |  | SOLE |  | 227141 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 379229056 | 333392 | SH |  | SOLE |  | 333392 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | BBG019Z17GF9 | 18743886 | 329296 | SH |  | SOLE |  | 329296 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 3778423 | 55056 | SH |  | SOLE |  | 55056 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 | BBG001S5P686 | 4559303 | 138330 | SH |  | SOLE |  | 138330 | 0 | 0 |
| BROOKFIELD WEALTH SOL LTD | CL A EXCHANGEAB | G17434104 | BBG011C6S2B2 | 9218510 | 134437 | SH |  | SOLE |  | 134437 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 | BBG004G49425 | 19346805 | 318118 | SH |  | SOLE |  | 318118 | 0 | 0 |
| CAE INC | COM | 124765108 | BBG001S5Y4F3 | 16748782 | 565500 | SH |  | SOLE |  | 565500 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 | BBG001S8WVQ7 | 18882280 | 200189 | SH |  | SOLE |  | 200189 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | BBG001S7F4Z8 | 1655316 | 22221 | SH |  | SOLE |  | 22221 | 0 | 0 |
| CBIZ INC | COM | 124805102 | BBG001S8MB55 | 14660440 | 276821 | SH |  | SOLE |  | 276821 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 | BBG001S5YY67 | 41674311 | 467777 | SH |  | SOLE |  | 467777 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 | BBG001SP50B3 | 245678338 | 6453065 | SH |  | SOLE |  | 6453065 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 | BBG001S79G88 | 21239918 | 135777 | SH |  | SOLE |  | 135777 | 0 | 0 |
| CORE  MAIN INC | CL A | 21874C102 | BBG01163K3R5 | 9022715 | 167615 | SH |  | SOLE |  | 167615 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG001S5QGT0 | 310607683 | 1611531 | SH |  | SOLE |  | 1611531 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 | BBG001SBJY34 | 12051367 | 127963 | SH |  | SOLE |  | 127963 | 0 | 0 |
| ELDORADO GOLD CORP NEW | COM | 284902509 | BBG001S5YPQ4 | 10311072 | 356975 | SH |  | SOLE |  | 356975 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 53706807 | 70389 | SH |  | SOLE |  | 70389 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 24595551 | 487427 | SH |  | SOLE |  | 487427 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 | BBG001S5ZH63 | 9513998 | 1214475 | SH |  | SOLE |  | 1214475 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 | BBG00HNV5D86 | 15517183 | 765896 | SH |  | SOLE |  | 765896 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 | BBG0093LLBP5 | 19199612 | 100748 | SH |  | SOLE |  | 100748 | 0 | 0 |
| FORTINET INC | COM | 34959E109 | BBG001S77BL6 | 103997880 | 1236892 | SH |  | SOLE |  | 1236892 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 | BBG001S7JJL6 | 13983614 | 242000 | SH |  | SOLE |  | 242000 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | TR UNIT NEW | 387437205 | BBG01Q41FZ73 | 14002210 | 251942 | SH |  | SOLE |  | 251942 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 | BBG001S5S4Y9 | 145555366 | 232282 | SH |  | SOLE |  | 232282 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 418762156 | 1369524 | SH |  | SOLE |  | 1369524 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG001S5SW40 | 127698154 | 975201 | SH |  | SOLE |  | 975201 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 | BBG00B0JR9Q6 | 450431 | 39000 | SH |  | SOLE |  | 39000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 172415976 | 308640 | SH |  | SOLE |  | 308640 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 389974578 | 543939 | SH |  | SOLE |  | 543939 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 869109304 | 1718266 | SH |  | SOLE |  | 1718266 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 | BBG008NVB1F7 | 226185507 | 3411736 | SH |  | SOLE |  | 3411736 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 8240177 | 6873 | SH |  | SOLE |  | 6873 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 | BBG001S5YM54 | 9542144 | 1331689 | SH |  | SOLE |  | 1331689 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 765104845 | 4200029 | SH |  | SOLE |  | 4200029 | 0 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 | BBG006L2SZD6 | 13347993 | 332958 | SH |  | SOLE |  | 332958 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 | BBG001SB0CJ5 | 11293713 | 279262 | SH |  | SOLE |  | 279262 | 0 | 0 |
| POOL CORP | COM | 73278L105 | BBG001S5VBK4 | 8292822 | 26745 | SH |  | SOLE |  | 26745 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 2264494 | 14738 | SH |  | SOLE |  | 14738 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 | BBG001S5TH79 | 199714237 | 711333 | SH |  | SOLE |  | 711333 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 | BBG001SBQWW8 | 20021206 | 184805 | SH |  | SOLE |  | 184805 | 0 | 0 |
| ROLLINS INC | COM | 775711104 | BBG001S5VRG4 | 205586231 | 3641068 | SH |  | SOLE |  | 3641068 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 | BBG001S60869 | 51068895 | 346418 | SH |  | SOLE |  | 346418 | 0 | 0 |
| RYAN SPECIALTY HOLDINGS INC | CL A | 78351F107 | BBG011K4W1Y0 | 217745472 | 3974869 | SH |  | SOLE |  | 3974869 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 | BBG001SSPFD0 | 1459792 | 116599 | SH |  | SOLE |  | 116599 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 2551936 | 2773 | SH |  | SOLE |  | 2773 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG001S5W2F9 | 142592420 | 419798 | SH |  | SOLE |  | 419798 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG004DW5NC7 | 6599558 | 44412 | SH |  | SOLE |  | 44412 | 0 | 0 |
| SPS COMM INC | COM | 78463M107 | BBG001T65R07 | 5141912 | 49375 | SH |  | SOLE |  | 49375 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 | BBG001S7XWH6 | 18171640 | 302549 | SH |  | SOLE |  | 302549 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 | BBG001S5YSF0 | 24336945 | 581429 | SH |  | SOLE |  | 581429 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 | BBG001S5VTR8 | 258560293 | 537155 | SH |  | SOLE |  | 537155 | 0 | 0 |
| SYSCO CORP | COM | 871829107 | BBG001S5WJS8 | 40345118 | 489982 | SH |  | SOLE |  | 489982 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 185797521 | 708231 | SH |  | SOLE |  | 708231 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 | BBG001S60ML1 | 12259864 | 2891250 | SH |  | SOLE |  | 2891250 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 | BBG001S60K53 | 7487411 | 475273 | SH |  | SOLE |  | 475273 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 | BBG001SCQG15 | 23486073 | 266807 | SH |  | SOLE |  | 266807 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 | BBG001S5WSW3 | 5850107 | 37667 | SH |  | SOLE |  | 37667 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG001S60L15 | 38901533 | 486409 | SH |  | SOLE |  | 486409 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 | BBG001S7K017 | 56900141 | 1000530 | SH |  | SOLE |  | 1000530 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 241046862 | 2524962 | SH |  | SOLE |  | 2524962 | 0 | 0 |
| UFP TECHNOLOGIES INC | COM | 902673102 | BBG001S79DN8 | 6418936 | 32159 | SH |  | SOLE |  | 32159 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 | BBG001S5X8K9 | 213786970 | 1255650 | SH |  | SOLE |  | 1255650 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 57959295 | 562384 | SH |  | SOLE |  | 562384 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG001SKJ4K1 | 384237847 | 2252933 | SH |  | SOLE |  | 2252933 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 | BBG001S6DSP0 | 26168775 | 233795 | SH |  | SOLE |  | 233795 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 88928028 | 607764 | SH |  | SOLE |  | 607764 | 0 | 0 |

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