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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
+305.85%
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

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

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

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
BNS icon
1
Scotiabank
BNS
$110B
$275M 4.51%
3,725,790
-254,275
-6% -$17.3M
GOOG icon
2
Alphabet (Google) Class C
GOOG
$4.19T
$263M 4.3%
837,666
-19,954
-2% -$5.72M
TD icon
3
Toronto Dominion Bank
TD
$205B
$259M 4.24%
2,742,748
-289,275
-10% -$24.4M
RCI icon
4
Rogers Communications
RCI
$18.7B
$250M 4.1%
6,621,447
-69,575
-1% -$2.61M
RY icon
5
Royal Bank of Canada
RY
$300B
$250M 4.1%
1,465,322
-35,868
-2% -$5.51M
MFC icon
6
Manulife Financial
MFC
$72.2B
$224M 3.66%
6,151,217
-63,250
-1% -$2.15M
BMO icon
7
Bank of Montreal
BMO
$128B
$218M 3.56%
1,674,225
-100,644
-6% -$12.7M
MGA icon
8
Magna International
MGA
$18B
$217M 3.56%
4,067,800
-56,245
-1% -$2.75M
SLF icon
9
Sun Life Financial
SLF
$45.4B
$201M 3.28%
3,208,223
+13,219
+0.4% +$799K
B
10
Barrick Mining
B
$58.6B
$200M 3.28%
4,587,350
-312,725
-6% -$11.7M
OTEX icon
11
Open Text
OTEX
$5.66B
$185M 3.03%
5,681,093
+27,825
+0.5% +$992K
NTR icon
12
Nutrien
NTR
$32.3B
$180M 2.94%
2,910,084
-4,985
-0.2% -$293K
BCE icon
13
BCE
BCE
$20.4B
$175M 2.87%
7,338,441
+292,690
+4% +$6.82M
CM icon
14
Canadian Imperial Bank of Commerce
CM
$111B
$165M 2.69%
1,812,262
-79,340
-4% -$6.81M
META icon
15
Meta Platforms (Facebook)
META
$1.65T
$131M 2.15%
198,547
-49
-0% -$32.7K
ILMN icon
16
Illumina
ILMN
$28B
$113M 1.84%
858,993
+4,675
+0.5% +$549K
INTC icon
17
Intel
INTC
$484B
$110M 1.81%
2,993,420
-30,750
-1% -$1.16M
T icon
18
AT&T
T
$151B
$103M 1.68%
4,130,100
+26,625
+0.6% +$674K
CVE icon
19
Cenovus Energy
CVE
$51.8B
$101M 1.65%
5,949,541
-55,902
-0.9% -$971K
CAE icon
20
CAE Inc
CAE
$7.96B
$98M 1.61%
3,219,140
-32,000
-1% -$898K
PFE icon
21
Pfizer
PFE
$143B
$96.6M 1.58%
3,878,438
-160,000
-4% -$4.03M
C icon
22
Citigroup
C
$218B
$94.6M 1.55%
810,460
-11,035
-1% -$1.15M
TU icon
23
Telus
TU
$16.1B
$89.4M 1.46%
6,775,387
+148,325
+2% +$2.09M
CVS icon
24
CVS Health
CVS
$136B
$88.2M 1.44%
1,111,860
-3,725
-0.3% -$294K
STT icon
25
State Street
STT
$50.5B
$86.2M 1.41%
668,226
-13,900
-2% -$1.66M
1
2 3 4 5

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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.