Forge First Asset Management Inc. — 13F Holdings & Portfolio
CIK 1963062 · latest 13F-HR filed 2025-11-12
Forge First Asset Management Inc. manages $217.9M in 13F-reported U.S. long-equity assets across 38 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are GFL (9.05%), BKLN (9.02%), CWST (7.05%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 21 new positions and exited 19; 6 existing positions rose in reported value and 9 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2025-11-12
vs 2025-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 25Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 25 → Q3 25Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
2 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 59.4%Cumulative share of the portfolio held in the largest N positions.
| Name | Title / Status | Ownership | Type |
|---|
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- GFL ENVIRONMENTAL INC$5.0M +34.3%
- ITRON INC$4.0M +145.8%
- META PLATFORMS INC$3.6M +124.2%
- AMAZON COM INC$1.7M +22.4%
- PALO ALTO NETWORKS INC$1.1M +46.6%
Top Trims
- CANADIAN PACIFIC KANSAS CITY-$25.3M -86.2%
- NVIDIA CORPORATION-$8.3M -63.7%
- GILDAN ACTIVEWEAR INC-$7.9M -35.0%
- ALPHABET INC-$4.7M -74.8%
- STANTEC INC-$4.0M -43.0%
New Positions
- CASELLA WASTE SYS INC$15.4M
- HEWLETT PACKARD ENTERPRISE C$13.2M
- BRP INC$8.2M
- B2GOLD CORP$8.2M
- SKEENA RES LTD NEW$7.4M
Exited Positions
- JPMORGAN CHASE & CO.$14.9M
- CANADIAN NATL RY CO$13.7M
- VIZSLA SILVER CORP$9.7M
- BROOKFIELD BUSINESS PARTNERS$9.3M
- MARVELL TECHNOLOGY INC$8.0M
Forge First Asset Management Inc. Holdings (2025-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | GFL ENVIRONMENTAL INC | GFL | 36168Q104 | $19.7M | 9.05% | 416,100 | SH |
| 2 | INVESCO EXCH TRADED FD TR II | BKLN | 46138G508 | $19.7M | 9.02% | 939,600 | SH |
| 3 | CASELLA WASTE SYS INC | CWST | 147448104 | $15.4M | 7.05% | 161,722 | SH |
| 4 | GILDAN ACTIVEWEAR INC | GIL | 375916103 | $14.6M | 6.72% | 253,500 | SH |
| 5 | HEWLETT PACKARD ENTERPRISE C | HPE | 42824C109 | $13.2M | 6.04% | 536,100 | SH |
| 6 | TAIWAN SEMICONDUCTOR MFG LTD | TSM | 874039100 | $12.3M | 5.66% | 44,170 | SH |
| 7 | AMAZON COM INC | AMZN | 023135106 | $9.1M | 4.20% | 41,650 | SH |
| 8 | TAKE-TWO INTERACTIVE SOFTWAR | TTWO | 874054109 | $8.5M | 3.92% | 33,076 | SH |
| 9 | BRP INC | DOO | 05577W200 | $8.2M | 3.76% | 134,747 | SH |
| 10 | B2GOLD CORP | BTG | 11777Q209 | $8.2M | 3.75% | 1,652,400 | SH |
| 11 | SKEENA RES LTD NEW | SKE | 83056P715 | $7.4M | 3.38% | 400,000 | SH |
| 12 | BROOKFIELD CORP | BN | 11271J107 | $6.9M | 3.15% | 100,000 | SH |
| 13 | ITRON INC | ITRI | 465741106 | $6.7M | 3.07% | 53,625 | SH |
| 14 | META PLATFORMS INC | META | 30303M102 | $6.5M | 2.96% | 8,786 | SH |
| 15 | CAE INC | CAE | 124765108 | $5.7M | 2.60% | 191,700 | SH |
| 16 | STANTEC INC | STN | 85472N109 | $5.4M | 2.46% | 49,679 | SH |
| 17 | ALAMOS GOLD INC NEW | AGI | 011532108 | $5.3M | 2.45% | 153,300 | SH |
| 18 | TOPBUILD CORP | BLD | 89055F103 | $5.3M | 2.41% | 13,431 | SH |
| 19 | NVIDIA CORPORATION | NVDA | 67066G104 | $4.7M | 2.16% | 25,270 | SH |
| 20 | UNITED AIRLS HLDGS INC | UAL | 910047109 | $4.6M | 2.10% | 47,400 | SH |
| 21 | CANADIAN PACIFIC KANSAS CITY | CP | 13646K108 | $4.1M | 1.86% | 54,411 | SH |
| 22 | CLEARWATER ANALYTICS HLDGS I | CWAN | 185123106 | $3.9M | 1.78% | 215,400 | SH |
| 23 | PALO ALTO NETWORKS INC | PANW | 697435105 | $3.4M | 1.54% | 16,500 | SH |
| 24 | I-80 GOLD CORP | IAUX.WS | 44955L155 | $3.1M | 1.45% | 7,000,000 | SH |
| 25 | COMFORT SYS USA INC | FIX | 199908104 | $2.9M | 1.34% | 3,545 | SH |
| 26 | SPDR S&P 500 ETF TR | SPYM | 78462F953 | $2.3M | 1.05% | 3,200 | SH |
| 27 | GALIANO GOLD INC | GAU | 36352H100 | $2.2M | 1.00% | 1,000,000 | SH |
| 28 | ALPHABET INC | GOOG | 02079K107 | $1.6M | 0.73% | 6,565 | SH |
| 29 | PINTEREST INC | PINS | 72352L106 | $1.6M | 0.71% | 48,400 | SH |
| 30 | ORLA MNG LTD NEW | ORLA | 68634K106 | $1.1M | 0.50% | 100,000 | SH |
| 31 | POWELL INDS INC | POWL | 739128106 | $933.0K | 0.43% | 3,061 | SH |
| 32 | BROADCOM INC | AVGO | 11135F901 | $917.2K | 0.42% | 750 | SH |
| 33 | HEWLETT PACKARD ENTERPRISE C | HPEPC | 42824C909 | $736.0K | 0.34% | 4,000 | SH |
| 34 | VANECK ETF TRUST | GENZ | 92189F956 | $670.0K | 0.31% | 1,000 | SH |
| 35 | GILDAN ACTIVEWEAR INC | GIL | 375916903 | $571.1K | 0.26% | 2,000 | SH |
| 36 | INSTALLED BLDG PRODS INC | — | 45780R951 | $352.8K | 0.16% | 300 | SH |
| 37 | BROOKFIELD CORP | BAMGF | 11271J907 | $259.7K | 0.12% | 1,500 | SH |
| 38 | ALPHABET INC | GGLAP | 02079K907 | $235.0K | 0.11% | 500 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2025-09-30 | 2025-11-12 | $217.9M | 38 | 0001214659-25-016242 |
| 2025-06-30 | 2025-08-12 | $276.5M | 36 | 0001214659-25-011810 |