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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
+15.7%
1 Year Est. Return
+38.92%
3 Year Est. Return
+73.78%
5 Year Est. Return
+108.79%
10 Year Est. Return
+305.85%
AUM
$7.33B
AUM Growth
+$29.8M
Cap. Flow
-$960M
Cap. Flow %
-13.1%
Top 10 Hldgs %
34.8%
Holding
114
New
8
Increased
13
Reduced
67
Closed
12

Top Buys

Rank Stock Value
1
WFG icon
West Fraser Timber
WFG
+$137M
2
TRP icon
TC Energy
TRP
+$74.4M
3
SJR
Shaw Communications Inc.
SJR
+$49.5M
4
CVE icon
Cenovus Energy
CVE
+$27.5M
5
ABBV icon
AbbVie
ABBV
+$25.6M

Top Sells

Rank Stock Value
1
OSB
Norbord Inc.
OSB
+$166M
2
MGA icon
Magna International
MGA
+$105M
3
TECK icon
Teck Resources
TECK
+$70.4M
4
FCX icon
Freeport-McMoran
FCX
+$63.1M
5
TD icon
Toronto Dominion Bank
TD
+$54.4M

Sector Composition

Rank Sector Weight
1 Financials 28.87%
2 Energy 16.87%
3 Communication Services 15.54%
4 Materials 12.56%
5 Technology 7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BNS icon
1
Scotiabank
BNS
$105B
$292M 3.99%
4,675,334
-878,570
-16% -$50.9M
MFC icon
2
Manulife Financial
MFC
$73B
$287M 3.92%
13,352,694
-2,271,316
-15% -$45.3M
CNQ icon
3
Canadian Natural Resources
CNQ
$96.9B
$286M 3.9%
18,897,571
-2,538,881
-12% -$34.3M
BMO icon
4
Bank of Montreal
BMO
$123B
$262M 3.58%
2,941,844
-639,884
-18% -$52.2M
TD icon
5
Toronto Dominion Bank
TD
$193B
$251M 3.42%
3,842,840
-891,651
-19% -$54.4M
SU icon
6
Suncor Energy
SU
$77.7B
$248M 3.39%
11,874,720
+515,832
+5% +$10.1M
CVE icon
7
Cenovus Energy
CVE
$54.2B
$246M 3.36%
32,783,004
+3,912,581
+14% +$27.5M
RY icon
8
Royal Bank of Canada
RY
$287B
$237M 3.24%
2,572,019
-509,848
-17% -$44.4M
MGA icon
9
Magna International
MGA
$18.8B
$224M 3.05%
2,540,153
-1,297,143
-34% -$105M
TU icon
10
Telus
TU
$17.4B
$217M 2.96%
10,910,030
-1,595,858
-13% -$33.1M
BCE icon
11
BCE
BCE
$20.8B
$217M 2.96%
4,802,917
-692,625
-13% -$30.6M
NTR icon
12
Nutrien
NTR
$33.9B
$207M 2.83%
3,849,260
-980,603
-20% -$53.3M
TECK icon
13
Teck Resources
TECK
$28.2B
$192M 2.63%
10,050,110
-3,475,873
-26% -$70.4M
SLF icon
14
Sun Life Financial
SLF
$45.6B
$180M 2.46%
3,569,122
-586,905
-14% -$28.7M
RCI icon
15
Rogers Communications
RCI
$18.8B
$160M 2.18%
3,472,556
-528,893
-13% -$24.8M
WFG icon
16
West Fraser Timber
WFG
$5.21B
$146M 2%
+2,034,879
New +$137M
OVV icon
17
Ovintiv
OVV
$17B
$134M 1.83%
5,618,010
-429,971
-7% -$9.2M
HBM icon
18
Hudbay
HBM
$9.76B
$123M 1.68%
17,960,891
-6,466,050
-26% -$44.4M
CLS icon
19
Celestica
CLS
$37.8B
$122M 1.67%
14,643,343
-2,297,485
-14% -$19.6M
CM icon
20
Canadian Imperial Bank of Commerce
CM
$106B
$121M 1.65%
2,474,918
-567,812
-19% -$26.2M
C icon
21
Citigroup
C
$213B
$120M 1.64%
1,652,446
-136,074
-8% -$9.08M
VZ icon
22
Verizon
VZ
$197B
$109M 1.49%
1,882,943
-137,451
-7% -$7.76M
T icon
23
AT&T
T
$164B
$102M 1.39%
4,456,156
-304,011
-6% -$6.72M
BAC icon
24
Bank of America
BAC
$429B
$91.9M 1.25%
2,376,197
-201,495
-8% -$6.95M
TRP icon
25
TC Energy
TRP
$70.1B
$90.4M 1.23%
1,972,255
+1,677,805
+570% +$74.4M
1
2 3 4 5

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EIP
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B
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Letko, Brosseau & Associates's Q1 2021 Portfolio in Review

As of Q1 2021, Letko, Brosseau & Associates held 114 positions worth $7.33B, up 0.41% from $7.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Letko, Brosseau & Associates withdrew a net $960M in Q1 2021, closing 12 positions and reducing 67 holdings. Its most notable exit was Norbord Inc., an estimated $166M position sold in full.

By sector, the portfolio is most concentrated in Financials at 29% of assets, down from 29% a quarter earlier, followed by Energy and Communication Services.

Against the trend, Letko, Brosseau & Associates opened a new position in West Fraser Timber worth $146M.

  • Letko, Brosseau & Associates's largest Q1 2021 buy was West Fraser Timber: 2,034,879 shares worth $146M.
  • Letko, Brosseau & Associates added most to TC Energy in Q1 2021, an estimated $74.4M increase.
  • Letko, Brosseau & Associates's biggest Q1 2021 reduction was Magna International, cutting an estimated $105M.
  • Letko, Brosseau & Associates fully exited Norbord Inc. in Q1 2021, selling an estimated $166M.
  • Letko, Brosseau & Associates's ten largest holdings make up 35% of its $7.33B portfolio in Q1 2021.
  • Letko, Brosseau & Associates opened 8 new positions and closed 12 in Q1 2021.
  • Letko, Brosseau & Associates's portfolio value rose 0.41% quarter-over-quarter to $7.33B.

Based on Letko, Brosseau & Associates's 13F filing for Q1 2021, filed 11 May 2021.