# EDGAR Filing Document

**Accession Number:** 0001941151
**File Stem:** 0000950123-25-007990
**Filing Date:** 2025-8
**Character Count:** 14771
**Document Hash:** 8427157c19b0bd1da27dcaa93ef65441
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950123-25-007990.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950123-25-007990

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sagard Holdings Management Inc.
- **CENTRAL INDEX KEY:** 0001941151

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22606
- **FILM NUMBER:** 251214212

**BUSINESS ADDRESS:**
- **STREET 1:** 161 BAY STREET, SUITE 5000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2S1
- **BUSINESS PHONE:** 1-416-607-2250

**MAIL ADDRESS:**
- **STREET 1:** 161 BAY STREET, SUITE 5000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J 2S1

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Sagard Holdings Management Inc.<br>**Address:** 161 Bay Street Suite 5000<br>Toronto, A6 M5J 2S1

**Form 13F File Number:** 028-22606

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:** Junaid Subhan<br>**Title:** Chief Compliance Officer<br>**Phone:** 1-514-665-7567

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

/s/ Junaid Subhan  Montreal, A8  08-14-2025<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:** 2

**Form 13F Information Table Entry Total:** 113

**Form 13F Information Table Value Total:** $35738360

      (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.]

| No.   | Name                                | Form 13F File Number   |
|:---|:---|:---|
|  | Power Corp of Canada                | 028-14193              |
|  | GrayHawk Investment Strategies Inc. | 028-22607              |

### 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 |
| SPDR SERIES TRUST | SPDR BLOOMBERG 1-3 MONTH T-BILL ETF | 78468R663 |  | 3436022 | 37458 | SH |  | DFND | 1 | 0 | 37458 | 0 |
| SPDR SERIES TRUST | SPDR PORTFOLIO SHORT TERM TREASURY ETF | 78468R101 |  | 3448751 | 117745 | SH |  | DFND | 1 | 0 | 117745 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA SHORT BOND ETF | 92203C303 |  | 3499526 | 70180 | SH |  | DFND | 1 | 0 | 70180 | 0 |
| VANGUARD SCOTTSDALE FUNDS | VANGUARD SHORT-TERM TREASURY ETF | 92206C102 |  | 3449916 | 58692 | SH |  | DFND | 1 | 0 | 58692 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 12377 | 91 | SH |  | DFND | 12 | 0 | 0 | 91 |
| Adobe Inc. | COM | 00724F101 |  | 20892 | 54 | SH |  | DFND | 12 | 0 | 0 | 54 |
| Algonquin Power  Utilities Corp. | COM | 015857105 |  | 1155 | 202 | SH |  | DFND | 12 | 0 | 0 | 202 |
| Alphabet Inc. Class A | COM | 02079K305 |  | 98689 | 560 | SH |  | DFND | 12 | 0 | 0 | 560 |
| Amazon.Com Inc. | COM | 023135106 |  | 78980 | 360 | SH |  | DFND | 12 | 0 | 0 | 360 |
| Amplify Junior Silver Miners ETF | COM | 032108649 |  | 3478 | 235 | SH |  | DFND | 12 | 0 | 0 | 235 |
| Aon PLC | COM | G0403H108 |  | 50660 | 142 | SH |  | DFND | 12 | 0 | 0 | 142 |
| Apple Inc. | COM | 037833100 |  | 120640 | 588 | SH |  | DFND | 12 | 0 | 0 | 588 |
| B2Gold Corporation | COM | 11777Q209 |  | 38583 | 10680 | SH |  | DFND | 12 | 0 | 0 | 10680 |
| BCE Inc. | COM | 05534B760 |  | 107903 | 4866 | SH |  | DFND | 12 | 0 | 0 | 4866 |
| BROOKFIELD PROPERTY PARTN | COM | G1624R107 |  | 30 | 2 | SH |  | DFND | 12 | 0 | 0 | 2 |
| BRP Inc. Sub-vtg | COM | 05577W200 |  | 41012 | 845 | SH |  | DFND | 12 | 0 | 0 | 845 |
| Bank of America Corp. | COM | 060505104 |  | 42446 | 897 | SH |  | DFND | 12 | 0 | 0 | 897 |
| Becton Dickinson  Co. | COM | 075887109 |  | 7235 | 42 | SH |  | DFND | 12 | 0 | 0 | 42 |
| Berkshire Hathaway Inc. | COM | 084670702 |  | 82581 | 170 | SH |  | DFND | 12 | 0 | 0 | 170 |
| Broadcom Inc. | COM | 11135F101 |  | 77182 | 280 | SH |  | DFND | 12 | 0 | 0 | 280 |
| Brookfield Asset Management Inc. | COM | 113004105 |  | 39293 | 710 | SH |  | DFND | 12 | 0 | 0 | 710 |
| Brookfield Corp Voting Class A | COM | 11271J107 |  | 173090 | 2797 | SH |  | DFND | 12 | 0 | 0 | 2797 |
| Brookfield Wealth Solutions Class A | COM | G17434104 |  | 1174 | 19 | SH |  | DFND | 12 | 0 | 0 | 19 |
| CME Group Inc. Class A | COM | 12572Q105 |  | 30043 | 109 | SH |  | DFND | 12 | 0 | 0 | 109 |
| Canadian Natural Resources Ltd. | COM | 136385101 |  | 61471 | 1956 | SH |  | DFND | 12 | 0 | 0 | 1956 |
| Canadian Pacific Kansas C | COM | 13646K108 |  | 107632 | 1355 | SH |  | DFND | 12 | 0 | 0 | 1355 |
| Capital One Financial Corporation | COM | 14040H105 |  | 19787 | 93 | SH |  | DFND | 12 | 0 | 0 | 93 |
| Caterpillar Inc. | COM | 149123101 |  | 23681 | 61 | SH |  | DFND | 12 | 0 | 0 | 61 |
| Charter Communications Inc. | COM | 16119P108 |  | 6132 | 15 | SH |  | DFND | 12 | 0 | 0 | 15 |
| Citigroup Inc. | COM | 172967424 |  | 93632 | 1100 | SH |  | DFND | 12 | 0 | 0 | 1100 |
| Coca-Cola Co. | COM | 191216100 |  | 10896 | 154 | SH |  | DFND | 12 | 0 | 0 | 154 |
| Colliers International Group Inc. | COM | 194693107 |  | 73262 | 560 | SH |  | DFND | 12 | 0 | 0 | 560 |
| Comcast Corporation Class A | COM | 20030N101 |  | 7102 | 199 | SH |  | DFND | 12 | 0 | 0 | 199 |
| Costco Wholesale Corporation | COM | 22160K105 |  | 23759 | 24 | SH |  | DFND | 12 | 0 | 0 | 24 |
| Danaher Corporation | COM | 235851102 |  | 8494 | 43 | SH |  | DFND | 12 | 0 | 0 | 43 |
| Diamondback Energy Inc. | COM | 25278X109 |  | 16763 | 122 | SH |  | DFND | 12 | 0 | 0 | 122 |
| Dow Chemical Company (The) | COM | 260557103 |  | 3813 | 144 | SH |  | DFND | 12 | 0 | 0 | 144 |
| Embecta Corp. | COM | 29082K105 |  | 78 | 8 | SH |  | DFND | 12 | 0 | 0 | 8 |
| Enbridge Inc. | COM | 29250N105 |  | 140603 | 3101 | SH |  | DFND | 12 | 0 | 0 | 3101 |
| Entergy Corporation | COM | 29364G103 |  | 11969 | 144 | SH |  | DFND | 12 | 0 | 0 | 144 |
| Essex Property Trust Inc. | COM | 297178105 |  | 8502 | 30 | SH |  | DFND | 12 | 0 | 0 | 30 |
| Exxon Mobil Corporation | COM | 30231G102 |  | 68022 | 631 | SH |  | DFND | 12 | 0 | 0 | 631 |
| Fidelity National Information Services Inc. | COM | 31620M106 |  | 14735 | 181 | SH |  | DFND | 12 | 0 | 0 | 181 |
| FirstService Corporation | COM | 008474108 |  | 72586 | 416 | SH |  | DFND | 12 | 0 | 0 | 416 |
| Ford Motor Company | COM | 345370860 |  | 5078 | 468 | SH |  | DFND | 12 | 0 | 0 | 468 |
| GE Healthcare Technologies In | COM | 36266G107 |  | 2000 | 27 | SH |  | DFND | 12 | 0 | 0 | 27 |
| GE Vernova Inc. | COM | 36828A101 |  | 10583 | 20 | SH |  | DFND | 12 | 0 | 0 | 20 |
| General Electric Company | COM | 369604301 |  | 20849 | 81 | SH |  | DFND | 12 | 0 | 0 | 81 |
| General Motors Company | COM | 37045V100 |  | 6594 | 134 | SH |  | DFND | 12 | 0 | 0 | 134 |
| Gilead Sciences Inc. | COM | 375558103 |  | 12307 | 111 | SH |  | DFND | 12 | 0 | 0 | 111 |
| Global X Silver Miners ETF | COM | 37954Y848 |  | 4333 | 90 | SH |  | DFND | 12 | 0 | 0 | 90 |
| Harbor Commodity All-Weather Strategy | COM | 41151J505 |  | 3581852 | 147462 | SH |  | DFND | 12 | 0 | 0 | 147462 |
| Hilton Worldwide Holdings Inc. | COM | 43300A203 |  | 30363 | 114 | SH |  | DFND | 12 | 0 | 0 | 114 |
| Home Depot Inc | COM | 437076102 |  | 29331 | 80 | SH |  | DFND | 12 | 0 | 0 | 80 |
| IGM Financial Inc | COM | 449586106 |  | 30862 | 977 | SH |  | DFND | 12 | 0 | 0 | 977 |
| Intel Corporation | COM | 458140100 |  | 3472 | 155 | SH |  | DFND | 12 | 0 | 0 | 155 |
| Intuit Inc. | COM | 461202103 |  | 28355 | 36 | SH |  | DFND | 12 | 0 | 0 | 36 |
| JP Morgan Chase  Company | COM | 46625H100 |  | 64360 | 222 | SH |  | DFND | 12 | 0 | 0 | 222 |
| Johnson  Johnson | COM | 478160104 |  | 7485 | 49 | SH |  | DFND | 12 | 0 | 0 | 49 |
| Magna International Inc. | COM | 559222401 |  | 16350 | 423 | SH |  | DFND | 12 | 0 | 0 | 423 |
| Manulife Financial Corp. | COM | 56501R106 |  | 98500 | 3081 | SH |  | DFND | 12 | 0 | 0 | 3081 |
| Mastercard Inc. | COM | 57636Q104 |  | 36526 | 65 | SH |  | DFND | 12 | 0 | 0 | 65 |
| McDonald's Corporation | COM | 580135101 |  | 15485 | 53 | SH |  | DFND | 12 | 0 | 0 | 53 |
| Medtronic Plc | COM | G5960L103 |  | 11071 | 127 | SH |  | DFND | 12 | 0 | 0 | 127 |
| Merck  Company Inc. | COM | 58933Y105 |  | 10607 | 134 | SH |  | DFND | 12 | 0 | 0 | 134 |
| Meta Platforms Inc. | COM | 30303M102 |  | 106285 | 144 | SH |  | DFND | 12 | 0 | 0 | 144 |
| Micron Technology Inc. | COM | 595112103 |  | 21076 | 171 | SH |  | DFND | 12 | 0 | 0 | 171 |
| Microsoft Corporation | COM | 594918104 |  | 156684 | 315 | SH |  | DFND | 12 | 0 | 0 | 315 |
| NVIDIA Corporation | COM | 67066G104 |  | 101114 | 640 | SH |  | DFND | 12 | 0 | 0 | 640 |
| NextEra Energy Inc. | COM | 65339F101 |  | 7081 | 102 | SH |  | DFND | 12 | 0 | 0 | 102 |
| Northrop Grumman Corporation | COM | 666807102 |  | 20499 | 41 | SH |  | DFND | 12 | 0 | 0 | 41 |
| Nutrien Limited | COM | 67077M108 |  | 1510794 | 25930 | SH |  | DFND | 12 | 0 | 0 | 25930 |
| O'Reilly Automotive Inc. | COM | 67103H107 |  | 47318 | 525 | SH |  | DFND | 12 | 0 | 0 | 525 |
| Open Text Corporation | COM | 683715106 |  | 29655 | 1015 | SH |  | DFND | 12 | 0 | 0 | 1015 |
| PPG Industries Inc. | COM | 693506107 |  | 10806 | 95 | SH |  | DFND | 12 | 0 | 0 | 95 |
| Parker-Hannifin Corporation | COM | 701094104 |  | 46099 | 66 | SH |  | DFND | 12 | 0 | 0 | 66 |
| PayPal Holdings Inc. | COM | 70450Y103 |  | 7506 | 101 | SH |  | DFND | 12 | 0 | 0 | 101 |
| Pfizer Inc. | COM | 717081103 |  | 35681 | 1472 | SH |  | DFND | 12 | 0 | 0 | 1472 |
| Procter  Gamble Co. | COM | 742718109 |  | 19437 | 122 | SH |  | DFND | 12 | 0 | 0 | 122 |
| Qualcomm Inc. | COM | 747525103 |  | 15607 | 98 | SH |  | DFND | 12 | 0 | 0 | 98 |
| Royal Bank of Canada | COM | 780087102 |  | 362657 | 2752 | SH |  | DFND | 12 | 0 | 0 | 2752 |
| S Global Inc. | COM | 78409V104 |  | 60111 | 114 | SH |  | DFND | 12 | 0 | 0 | 114 |
| ServisFirst Bancshares Inc. | COM | 81768T108 |  | 1860 | 24 | SH |  | DFND | 12 | 0 | 0 | 24 |
| Simon Property Group Inc. | COM | 828806109 |  | 16880 | 105 | SH |  | DFND | 12 | 0 | 0 | 105 |
| Stanley Black  Decker Inc. | COM | 854502101 |  | 4607 | 68 | SH |  | DFND | 12 | 0 | 0 | 68 |
| Sun Life Financial Inc. | COM | 866796105 |  | 214300 | 3221 | SH |  | DFND | 12 | 0 | 0 | 3221 |
| Suncor Energy Inc. | COM | 867224107 |  | 112515 | 3004 | SH |  | DFND | 12 | 0 | 0 | 3004 |
| TC Energy Corporation | COM | 87807B107 |  | 45983 | 942 | SH |  | DFND | 12 | 0 | 0 | 942 |
| TELUS Corporation | COM | 87971M103 |  | 97057 | 6044 | SH |  | DFND | 12 | 0 | 0 | 6044 |
| Tesla Inc. | COM | 88160R101 |  | 12389 | 39 | SH |  | DFND | 12 | 0 | 0 | 39 |
| Texas Instruments Inc | COM | 882508104 |  | 21385 | 103 | SH |  | DFND | 12 | 0 | 0 | 103 |
| The Sherwin-Williams Company | COM | 824348106 |  | 23692 | 69 | SH |  | DFND | 12 | 0 | 0 | 69 |
| The TJX Companies Inc. | COM | 872540109 |  | 44703 | 362 | SH |  | DFND | 12 | 0 | 0 | 362 |
| Thermo Fisher Scientific Inc. | COM | 883556102 |  | 15002 | 37 | SH |  | DFND | 12 | 0 | 0 | 37 |
| Toronto Dominion Bank | COM | 891160509 |  | 324258 | 4409 | SH |  | DFND | 12 | 0 | 0 | 4409 |
| Ulta Beauty Inc. | COM | 90384S303 |  | 21520 | 46 | SH |  | DFND | 12 | 0 | 0 | 46 |
| Union Pacific Corporation | COM | 907818108 |  | 33362 | 145 | SH |  | DFND | 12 | 0 | 0 | 145 |
| UnitedHealth Group Inc. | COM | 91324P102 |  | 29325 | 94 | SH |  | DFND | 12 | 0 | 0 | 94 |
| VanEck Gold Miners ETF | COM | 92189F106 |  | 4425 | 85 | SH |  | DFND | 12 | 0 | 0 | 85 |
| VanEck Junior Gold Miners ETF | COM | 92189F791 |  | 3042 | 45 | SH |  | DFND | 12 | 0 | 0 | 45 |
| Veralto Corp | COM | 92338C103 |  | 1413 | 14 | SH |  | DFND | 12 | 0 | 0 | 14 |
| Viatris Inc. | COM | 92556V106 |  | 1322 | 148 | SH |  | DFND | 12 | 0 | 0 | 148 |
| Visa Inc. | COM | 92826C839 |  | 30889 | 87 | SH |  | DFND | 12 | 0 | 0 | 87 |
| Walt Disney Co. | COM | 254687106 |  | 10789 | 87 | SH |  | DFND | 12 | 0 | 0 | 87 |
| Waste Connections Inc. | COM | 94106B101 |  | 111883 | 599 | SH |  | DFND | 12 | 0 | 0 | 599 |
| Westinghouse Air Brake Technologies Corp | COM | 929740108 |  | 1675 | 8 | SH |  | DFND | 12 | 0 | 0 | 8 |
| Yum Brands Inc. | COM | 988498101 |  | 12151 | 82 | SH |  | DFND | 12 | 0 | 0 | 82 |
| Zoetis Inc. Class A | COM | 98978V103 |  | 7174 | 46 | SH |  | DFND | 12 | 0 | 0 | 46 |
| iShares Core S 500 ETF | COM | 464287200 |  | 6153740 | 9911 | SH |  | DFND | 12 | 0 | 0 | 9911 |
| iShares Edge MSCI Minimum Volatility EAFE ETF | COM | 46429B689 |  | 88263 | 1050 | SH |  | DFND | 12 | 0 | 0 | 1050 |
| iShares MSCI ACWI ETF | COM | 464288257 |  | 32150 | 250 | SH |  | DFND | 12 | 0 | 0 | 250 |
| iShares MSCI EAFE ETF | COM | 464287465 |  | 2501043 | 27979 | SH |  | DFND | 12 | 0 | 0 | 27979 |
| iShares MSCI USA Minimum Volatility ETF | COM | 46429B697 |  | 3540213 | 37714 | SH |  | DFND | 12 | 0 | 0 | 37714 |

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