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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
VALE icon
76
Vale
VALE
$62.6B
$478K 0.01%
36,650
– –
EMA
77
Emera Inc
EMA
$15.6B
$419K 0.01%
8,485
– –
ERO icon
78
Ero Copper
ERO
$3.58B
$416K 0.01%
14,700
-3,300
-18% -$76.9K
NAMS icon
79
NewAmsterdam Pharma
NAMS
$3.34B
$413K 0.01%
11,775
– –
FTS icon
80
Fortis
FTS
$28.7B
$411K 0.01%
7,900
– –
NXPI icon
81
NXP Semiconductors
NXPI
$60.4B
$385K 0.01%
1,775
– –
PVLA
82
Palvella Therapeutics
PVLA
$2.27B
$366K 0.01%
3,500
-1,700
-33% -$145K
ALB icon
83
Albemarle
ALB
$15.5B
$350K 0.01%
2,475
– –
GOOGL icon
84
Alphabet (Google) Class A
GOOGL
$4.33T
$342K 0.01%
1,092
– –
MSFT icon
85
Microsoft
MSFT
$3.71T
$309K 0.01%
639
+1
+0.2% +$501
SPRY icon
86
ARS Pharmaceuticals
SPRY
$612M
$288K ﹤0.01%
24,700
– –
ORCL icon
87
Oracle
ORCL
$423B
$277K ﹤0.01%
1,420
-1,000
-41% -$238K
AMRZ
88
Amrize Ltd
AMRZ
$25.8B
$272K ﹤0.01%
4,941
-375
-7% -$19.1K
MGTX icon
89
MeiraGTx Holdings
MGTX
$1.21B
$254K ﹤0.01%
32,000
– –
AQST icon
90
Aquestive Therapeutics
AQST
$494M
$228K ﹤0.01%
+35,325
New +$220K
CABA icon
91
Cabaletta Bio
CABA
$455M
$198K ﹤0.01%
+90,475
New +$224K
BCAX
92
Bicara Therapeutics
BCAX
$1.84B
$188K ﹤0.01%
+11,175
New +$191K
AURA icon
93
Aura Biosciences
AURA
$826M
$154K ﹤0.01%
28,300
– –
TENX icon
94
Tenax Therapeutics
TENX
$503M
$130K ﹤0.01%
+10,650
New +$92.6K
GOSS icon
95
Gossamer Bio
GOSS
$87M
$122K ﹤0.01%
39,400
– –
REPL icon
96
Replimune Group
REPL
$1.01B
$105K ﹤0.01%
10,800
– –
TCRX icon
97
TScan Therapeutics
TCRX
$52M
$95.9K ﹤0.01%
95,875
– –
ALDX icon
98
Aldeyra Therapeutics
ALDX
$93.5M
$89.6K ﹤0.01%
17,300
– –
HUMA icon
99
Humacyte
HUMA
$194M
$44.1K ﹤0.01%
45,950
– –
PROK icon
100
ProKidney
PROK
$337M
$35.6K ﹤0.01%
15,900
– –
1 2 3
4
5

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CA
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ACM
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AWA
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OMC
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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.