# EDGAR Filing Document

**Accession Number:** 0001938757
**File Stem:** 0001938757-23-000005
**Filing Date:** 2023-2
**Character Count:** 16464
**Document Hash:** 34080f12cb508ff4bf8903eefb13ab48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001938757-23-000005.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001938757-23-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Triasima Portfolio Management inc.
- **CENTRAL INDEX KEY:** 0001938757
- **IRS NUMBER:** 896679610
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22571
- **FILM NUMBER:** 23648625

**BUSINESS ADDRESS:**
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 0A8
- **BUSINESS PHONE:** 514-906-0667

**MAIL ADDRESS:**
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 0A8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [x] **Amendment Number:** 1

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

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Triasima Portfolio Management inc.<br>**Address:** 900 DE MAISONNEUVE BLVD. WEST<br>SUITE 2520<br>MONTREAL, A8 H3A 0A8

**Form 13F File Number:** 028-22571

**CRD Number (if applicable):** 000304577

**SEC File Number (if applicable):** 801-119229

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:** Mathieu Tanguay<br>**Title:** Chief Compliance Officer<br>**Phone:** 514 906-0667

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

Mathieu Tanguay  Montreal, A8  02-21-2023<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:** 129

**Form 13F Information Table Value Total:** $1307557685

      (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 |
| INVESCO ACTIVELY MANAGED ETF | ULTRA SHRT DUR | 46090A887 |  | 330146 | 6675 | SH |  | SOLE |  | 6675 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1388286 | 21150 | SH |  | SOLE |  | 21150 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 492590 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 713232 | 1865 | SH |  | SOLE |  | 1865 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 3484239 | 9917 | SH |  | SOLE |  | 9917 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 23263922 | 1026675 | SH |  | SOLE |  | 596675 | 0 | 430000 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 48070137 | 865889 | SH |  | SOLE |  | 331889 | 0 | 534000 |
| CRESCENT PT ENERGY CORP | COM | 22576C101 |  | 1212493 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 29040046 | 1497215 | SH |  | SOLE |  | 628025 | 0 | 869190 |
| ENBRIDGE INC | COM | 29250N105 |  | 8740318 | 223694 | SH |  | SOLE |  | 223694 | 0 | 0 |
| ENERPLUS CORP | COM | 292766102 |  | 1764619 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 38289127 | 786335 | SH |  | SOLE |  | 442335 | 0 | 344000 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 261113 | 3410 | SH |  | SOLE |  | 3410 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 29803553 | 878284 | SH |  | SOLE |  | 401058 | 0 | 477226 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 20069865 | 632890 | SH |  | SOLE |  | 152890 | 0 | 480000 |
| BP PLC | SPONSORED ADR | 055622104 |  | 243811 | 6980 | SH |  | SOLE |  | 6980 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 497001 | 8080 | SH |  | SOLE |  | 8080 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1949765 | 16752 | SH |  | SOLE |  | 16752 | 0 | 0 |
| MATADOR RES CO | COM | 576485205 |  | 399249 | 6975 | SH |  | SOLE |  | 6975 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 500761 | 9875 | SH |  | SOLE |  | 9875 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 228085 | 4005 | SH |  | SOLE |  | 4005 | 0 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 282898 | 2230 | SH |  | SOLE |  | 2230 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 486423 | 4410 | SH |  | SOLE |  | 4410 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 27230006 | 524166 | SH |  | SOLE |  | 143166 | 0 | 381000 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 31470828 | 3113520 | SH |  | SOLE |  | 1519520 | 0 | 1594000 |
| B2GOLD CORP | COM | 11777Q209 |  | 13736769 | 3868000 | SH |  | SOLE |  | 1085000 | 0 | 2783000 |
| FRANCO NEV CORP | COM | 351858105 |  | 33842376 | 248340 | SH |  | SOLE |  | 103840 | 0 | 144500 |
| FORTUNA SILVER MINES INC | COM | 349915108 |  | 39460 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 1968429 | 389772 | SH |  | SOLE |  | 178312 | 0 | 211460 |
| I-80 GOLD CORP | COM | 44955L106 |  | 2002694 | 717579 | SH |  | SOLE |  | 328345 | 0 | 389234 |
| NUTRIEN LTD | COM | 67077M108 |  | 27192508 | 372580 | SH |  | SOLE |  | 176580 | 0 | 196000 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 3588898 | 887008 | SH |  | SOLE |  | 414216 | 0 | 472792 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 36569322 | 967940 | SH |  | SOLE |  | 386940 | 0 | 581000 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 1683015 | 121572 | SH |  | SOLE |  | 57093 | 0 | 64479 |
| YAMANA GOLD INC | COM | 98462Y100 |  | 2167885 | 390450 | SH |  | SOLE |  | 390450 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1306542 | 15335 | SH |  | SOLE |  | 15335 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 945241 | 16081 | SH |  | SOLE |  | 16081 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 243917 | 5560 | SH |  | SOLE |  | 5560 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 1237447 | 43850 | SH |  | SOLE |  | 43850 | 0 | 0 |
| SOCIEDAD QUIMICA Y MINERA DE | SPON ADR SER B | 833635105 |  | 2618193 | 32793 | SH |  | SOLE |  | 32793 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 62269923 | 524362 | SH |  | SOLE |  | 189862 | 0 | 334500 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 56126680 | 753026 | SH |  | SOLE |  | 311026 | 0 | 442000 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 1438142 | 24905 | SH |  | SOLE |  | 24905 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 23774569 | 208470 | SH |  | SOLE |  | 58850 | 0 | 149620 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 43493055 | 328208 | SH |  | SOLE |  | 144198 | 0 | 184010 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 3727840 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| AXON ENTERPRISE INC | COM | 05464C101 |  | 301993 | 1820 | SH |  | SOLE |  | 1820 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 261940 | 580 | SH |  | SOLE |  | 580 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 351343 | 4430 | SH |  | SOLE |  | 4430 | 0 | 0 |
| FTI CONSULTING INC | COM | 302941109 |  | 1855578 | 11685 | SH |  | SOLE |  | 11685 | 0 | 0 |
| HUBBELL INC | COM | 443510607 |  | 5704601 | 24308 | SH |  | SOLE |  | 24308 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 281191 | 578 | SH |  | SOLE |  | 578 | 0 | 0 |
| MSA SAFETY INC | COM | 553498106 |  | 216285 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 653095 | 1197 | SH |  | SOLE |  | 1197 | 0 | 0 |
| ROLLINS INC | COM | 775711104 |  | 274415 | 7510 | SH |  | SOLE |  | 7510 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 2415983 | 18730 | SH |  | SOLE |  | 18730 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 786452 | 3798 | SH |  | SOLE |  | 3798 | 0 | 0 |
| ENCORE WIRE CORP | COM | 292562105 |  | 1830236 | 13305 | SH |  | SOLE |  | 13305 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 30067597 | 465040 | SH |  | SOLE |  | 206040 | 0 | 259000 |
| AUTOZONE INC | COM | 053332102 |  | 6106262 | 2476 | SH |  | SOLE |  | 2476 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 2352854 | 16635 | SH |  | SOLE |  | 16635 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 3683964 | 21232 | SH |  | SOLE |  | 21232 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 320645 | 3545 | SH |  | SOLE |  | 3545 | 0 | 0 |
| BLOCK H  R INC | COM | 093671105 |  | 4510080 | 123530 | SH |  | SOLE |  | 123530 | 0 | 0 |
| MURPHY USA INC | COM | 626755102 |  | 5912830 | 21152 | SH |  | SOLE |  | 21152 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 3045780 | 14218 | SH |  | SOLE |  | 14218 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 295514 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 4525741 | 9914 | SH |  | SOLE |  | 9914 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 5122397 | 61090 | SH |  | SOLE |  | 61090 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 5035490 | 21745 | SH |  | SOLE |  | 21745 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 2006053 | 56255 | SH |  | SOLE |  | 56255 | 0 | 0 |
| BELLUS HEALTH INC NEW | COM NEW | 07987C204 |  | 101973 | 12465 | SH |  | SOLE |  | 12465 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 5426671 | 32748 | SH |  | SOLE |  | 32748 | 0 | 0 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 5469286 | 10662 | SH |  | SOLE |  | 10662 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 288885 | 3365 | SH |  | SOLE |  | 3365 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 428376 | 2425 | SH |  | SOLE |  | 2425 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 12020405 | 32857 | SH |  | SOLE |  | 32857 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 6838438 | 18230 | SH |  | SOLE |  | 18230 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 4681952 | 34594 | SH |  | SOLE |  | 34594 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 9255882 | 17458 | SH |  | SOLE |  | 17458 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 5772423 | 19989 | SH |  | SOLE |  | 19989 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 8578006 | 299666 | SH |  | SOLE |  | 143381 | 0 | 156285 |
| BANK MONTREAL QUE | COM | 063671101 |  | 37092424 | 409571 | SH |  | SOLE |  | 224401 | 0 | 185170 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 37672485 | 1198300 | SH |  | SOLE |  | 573160 | 0 | 625140 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 32963153 | 672977 | SH |  | SOLE |  | 338977 | 0 | 334000 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 117087239 | 1245742 | SH |  | SOLE |  | 685042 | 0 | 560700 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 6344862 | 136730 | SH |  | SOLE |  | 136730 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 88554403 | 1368063 | SH |  | SOLE |  | 696063 | 0 | 672000 |
| AFLAC INC | COM | 001055102 |  | 2223306 | 30905 | SH |  | SOLE |  | 30905 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 1396680 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 2915334 | 21740 | SH |  | SOLE |  | 21740 | 0 | 0 |
| KINSALE CAP GROUP INC | COM | 49714P108 |  | 3758304 | 14371 | SH |  | SOLE |  | 14371 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 1722875 | 7970 | SH |  | SOLE |  | 7970 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 5202691 | 31440 | SH |  | SOLE |  | 31440 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 1742527 | 3746 | SH |  | SOLE |  | 3746 | 0 | 0 |
| PARK NATL CORP | COM | 700658107 |  | 240683 | 1710 | SH |  | SOLE |  | 1710 | 0 | 0 |
| REINSURANCE GRP OF AMERICA I | COM NEW | 759351604 |  | 1985708 | 13975 | SH |  | SOLE |  | 13975 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 341386 | 3195 | SH |  | SOLE |  | 3195 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 10714985 | 261150 | SH |  | SOLE |  | 261150 | 0 | 0 |
| BERKLEY W R CORP | COM | 084423102 |  | 5470327 | 75380 | SH |  | SOLE |  | 75380 | 0 | 0 |
| ABSOLUTE SOFTWARE CORP | COM | 00386B109 |  | 11304504 | 1082802 | SH |  | SOLE |  | 999540 | 0 | 83262 |
| CELESTICA INC | SUB VTG SHS | 15101Q108 |  | 2175294 | 193068 | SH |  | SOLE |  | 87432 | 0 | 105636 |
| DOCEBO INC | COM | 25609L105 |  | 1252482 | 37916 | SH |  | SOLE |  | 17680 | 0 | 20236 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 16730669 | 240068 | SH |  | SOLE |  | 72082 | 0 | 167986 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 27242961 | 316150 | SH |  | SOLE |  | 89650 | 0 | 226500 |
| SHOPIFY INC | CL A | 82509L107 |  | 17072641 | 491878 | SH |  | SOLE |  | 139090 | 0 | 352788 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 |  | 2740437 | 138857 | SH |  | SOLE |  | 90344 | 0 | 48513 |
| APPLE INC | COM | 037833100 |  | 532713 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 4099991 | 15474 | SH |  | SOLE |  | 15474 | 0 | 0 |
| HARMONIC INC | COM | 413160102 |  | 4891396 | 373389 | SH |  | SOLE |  | 373389 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 637932 | 1639 | SH |  | SOLE |  | 1639 | 0 | 0 |
| GARTNER INC | COM | 366651107 |  | 2023563 | 6020 | SH |  | SOLE |  | 6020 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 4762346 | 19858 | SH |  | SOLE |  | 19858 | 0 | 0 |
| NETSCOUT SYS INC | COM | 64115T104 |  | 5302869 | 163115 | SH |  | SOLE |  | 163115 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2543713 | 17406 | SH |  | SOLE |  | 17406 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1778158 | 12743 | SH |  | SOLE |  | 12743 | 0 | 0 |
| PAYSIGN INC | COM | 70451A104 |  | 50826 | 19700 | SH |  | SOLE |  | 19700 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 1302939 | 11275 | SH |  | SOLE |  | 11275 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 262711 | 608 | SH |  | SOLE |  | 608 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 303326 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| WNS HLDGS LTD | SPON ADR | 92932M101 |  | 497298 | 6217 | SH |  | SOLE |  | 6217 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 9377977 | 213507 | SH |  | SOLE |  | 213507 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 31742877 | 678437 | SH |  | SOLE |  | 291867 | 0 | 386570 |
| TELUS CORPORATION | COM | 87971M103 |  | 38447042 | 1992831 | SH |  | SOLE |  | 1054054 | 0 | 938777 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 478207 | 5420 | SH |  | SOLE |  | 5420 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 762748 | 24632 | SH |  | SOLE |  | 24632 | 0 | 0 |
| EXELON CORP | COM | 30161N101 |  | 1651170 | 38195 | SH |  | SOLE |  | 38195 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 21619939 | 176600 | SH |  | SOLE |  | 51100 | 0 | 125500 |
| WP CAREY INC | COM | 92936U109 |  | 1573550 | 20135 | SH |  | SOLE |  | 20135 | 0 | 0 |

---