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LBA

Letko, Brosseau & Associates Portfolio holdings

AUM $6.2B
1-Year Est. Return 38.92%
This Fund
S&P 500
This Quarter Est. Return
+8.61%
1 Year Est. Return
+38.92%
3 Year Est. Return
+73.78%
5 Year Est. Return
+108.79%
10 Year Est. Return
+308.35%
AUM
$6.11B
AUM Growth
+$285M
Cap. Flow
-$131M
Cap. Flow %
-2.15%
Top 10 Hldgs %
38.58%
Holding
105
New
7
Increased
30
Reduced
46
Closed
5

Top Buys

Rank Stock Value
1
CNI icon
Canadian National Railway
CNI
+$74.4M
2
TTE icon
TotalEnergies
TTE
+$70M
3
ELPC icon
Copel
ELPC
+$68.8M
4
GPK icon
Graphic Packaging
GPK
+$22.6M
5
BCE icon
BCE
BCE
+$6.82M

Top Sells

Rank Stock Value
1
ELP
Companhia Paranaense de Energia (COPEL)
ELP
+$65.6M
2
GILD icon
Gilead Sciences
GILD
+$47M
3
SHEL icon
Shell
SHEL
+$46.1M
4
HBM icon
Hudbay
HBM
+$33.2M
5
EFXT
Enerflex
EFXT
+$28.7M

Sector Composition

Rank Sector Weight
1 Financials 33.66%
2 Communication Services 18.82%
3 Materials 10.86%
4 Healthcare 8.81%
5 Technology 7.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MRK icon
51
Merck
MRK
$318B
$39M 0.64%
370,534
+16,545
+5% +$1.55M
LULU icon
52
lululemon athletica
LULU
$14.6B
$36.7M 0.6%
176,638
-16,996
-9% -$3.08M
UPS icon
53
United Parcel Service
UPS
$88.9B
$35.5M 0.58%
358,175
+18,100
+5% +$1.69M
MAC icon
54
Macerich
MAC
$6.92B
$34.6M 0.57%
1,876,270
+39,150
+2% +$690K
HBM icon
55
Hudbay
HBM
$12.3B
$31.2M 0.51%
1,569,583
-1,962,225
-56% -$33.2M
ADNT icon
56
Adient
ADNT
$1.5B
$30.2M 0.49%
1,576,385
+79,549
+5% +$1.67M
BAP icon
57
Credicorp
BAP
$30.7B
$29.1M 0.48%
101,221
+3,950
+4% +$1.05M
CPA icon
58
Copa Holdings
CPA
$5.8B
$23.5M 0.39%
195,203
+7,450
+4% +$911K
WMT icon
59
Walmart Inc
WMT
$890B
$23.1M 0.38%
207,606
-188,905
-48% -$20.3M
BIIB icon
60
Biogen
BIIB
$30.7B
$22.8M 0.37%
129,780
+9,160
+8% +$1.5M
MRNA icon
61
Moderna
MRNA
$23.6B
$21.4M 0.35%
726,440
-186,950
-20% -$5.08M
CVX icon
62
Chevron
CVX
$366B
$20.2M 0.33%
132,485
-944
-0.7% -$144K
IBN icon
63
ICICI Bank
IBN
$108B
$12.7M 0.21%
427,852
-9,900
-2% -$304K
CXM icon
64
Sprinklr
CXM
$1.61B
$11.2M 0.18%
1,435,075
-264,500
-16% -$2.01M
PROF
65
Profound Medical
PROF
$269M
$7.63M 0.12%
970,675
-15,575
-2% -$100K
HDB icon
66
HDFC Bank
HDB
$121B
$6.47M 0.11%
177,035
+46,775
+36% +$1.68M
SW
67
Smurfit Westrock
SW
$25.3B
$3.79M 0.06%
97,909
+6,425
+7% +$245K
XBI icon
68
State Street SPDR S&P Biotech ETF
XBI
$10.3B
$3.7M 0.06%
32,825
-2,500
-7% -$287K
SCHW
69
Charles Schwab
SCHW
$187B
$1.97M 0.03%
19,746
– –
ING icon
70
ING
ING
$102B
$1.37M 0.02%
48,925
-200
-0.4% -$5.16K
CRM icon
71
Salesforce
CRM
$158B
$901K 0.01%
+3,400
New +$845K
PBA icon
72
Pembina Pipeline
PBA
$27.6B
$887K 0.01%
23,250
+8,600
+59% +$331K
FLIN icon
73
Franklin FTSE India ETF
FLIN
$2.69B
$886K 0.01%
22,950
+775
+3% +$29.9K
SHEL icon
74
Shell
SHEL
$245B
$668K 0.01%
9,085
-625,892
-99% -$46.1M
FCX icon
75
Freeport-McMoran
FCX
$97.5B
$489K 0.01%
9,625
+2,700
+39% +$117K
1 2
3
4 5

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CA
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Letko, Brosseau & Associates's Q4 2025 Portfolio in Review

As of Q4 2025, Letko, Brosseau & Associates held 105 positions worth $6.11B, up 4.9% from $5.82B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Letko, Brosseau & Associates's Q4 2025 filing shows 7 new, 30 increased, 46 reduced and 5 closed positions. Its largest new stake was Canadian National Railway: 773,340 shares worth $76.6M. The largest sale was Companhia Paranaense de Energia (COPEL), an estimated $65.6M.

By sector, the portfolio is most concentrated in Financials at 34% of assets, up from 33% a quarter earlier, followed by Communication Services and Materials.

  • Letko, Brosseau & Associates's largest Q4 2025 buy was Canadian National Railway: 773,340 shares worth $76.6M.
  • Letko, Brosseau & Associates added most to Copel in Q4 2025, an estimated $68.8M increase.
  • Letko, Brosseau & Associates's biggest Q4 2025 reduction was Shell, cutting an estimated $46.1M.
  • Letko, Brosseau & Associates fully exited Companhia Paranaense de Energia (COPEL) in Q4 2025, selling an estimated $65.6M.
  • Letko, Brosseau & Associates's ten largest holdings make up 39% of its $6.11B portfolio in Q4 2025.
  • Letko, Brosseau & Associates opened 7 new positions and closed 5 in Q4 2025.
  • Letko, Brosseau & Associates's portfolio value rose 4.9% quarter-over-quarter to $6.11B.

Based on Letko, Brosseau & Associates's 13F filing for Q4 2025, filed 11 Feb 2026.