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National Bank of Canada Portfolio holdings
AUM
$140B
1-Year Est. Return
46.34%
This Fund
S&P 500
This Quarter
Est. Return
+10.79%
1 Year Est. Return
+46.34%
3 Year Est. Return
+120.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$100B
AUM Growth
-$4.77B
(-4.5%)
Cap. Flow
-$14B
Cap. Flow
% of AUM
-13.98%
Top 10 Holdings %
Top 10 Hldgs %
28.48%
Holding
3,287
New
313
Increased
899
Reduced
1,215
Closed
454
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Strategy Inc
MSTR
|
+$548M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$286M |
| 3 |
Amgen
AMGN
|
+$251M |
| 4 |
Palantir
PLTR
|
+$229M |
| 5 |
Royal Bank of Canada
RY
|
+$200M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$1.11B |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$1.09B |
| 3 |
iShares Core MSCI EAFE ETF
IEFA
|
+$702M |
| 4 |
Tesla
TSLA
|
+$636M |
| 5 |
Microsoft
MSFT
|
+$480M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.61% |
| 2 | Financials | 18.19% |
| 3 | Consumer Discretionary | 7.6% |
| 4 | Communication Services | 7.34% |
| 5 | Industrials | 6.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
US Bancorp
USB
$101B
| $70.2M | 0.07% |
1,453,485
-257,344
| -15% | -$12.2M |
|
227
CALL
Morgan Stanley
MS
$342B
| $69.9M | 0.07% |
+4,400
| New | +$650K |
|
228
McKesson
MCK
$102B
| $69.9M | 0.07% |
90,470
-14,873
| -14% | -$10.5M |
|
229
Moderna
MRNA
$25.4B
| $69.9M | 0.07% |
2,704,838
+2,112,644
| +357% | +$58.9M |
|
230
NextEra Energy
NEE
$179B
| $69.8M | 0.07% |
924,119
-771,182
| -45% | -$56.3M |
|
231
SPDR Gold Trust
GLD
$144B
| $69.7M | 0.07% |
196,209
+9,738
| +5% | +$3.1M |
|
232
Robinhood
HOOD
$85.3B
| $69.5M | 0.07% |
485,220
+359,409
| +286% | +$39.2M |
|
233
Brookfield Renewable
BEP
$10.3B
| $69.2M | 0.07% |
2,697,265
+207,985
| +8% | +$5.36M |
|
234
DTE Energy
DTE
$28.9B
| $69M | 0.07% |
488,195
+338,824
| +227% | +$46.4M |
|
235
Lowe's Companies
LOW
$121B
| $67.9M | 0.07% |
270,246
-107,570
| -28% | -$26.4M |
|
236
CALL
Applovin
APP
$102B
| $67.5M | 0.07% |
940
+470
| +100% | +$217K |
|
237
CALL
Verizon
VZ
$195B
| $67.4M | 0.07% |
15,333
+12,333
| +411% | +$534K |
|
238
CALL
Goldman Sachs
GS
$302B
| $67.2M | 0.07% |
+844
| New | +$625K |
|
239
CALL
argenx
ARGX
$54.8B
| $66.4M | 0.07% |
900
| – | – |
|
240
Roper Technologies
ROP
$39.1B
| $66.1M | 0.07% |
132,620
+26,282
| +25% | +$14M |
|
241
Eaton
ETN
$179B
| $66.1M | 0.07% |
176,660
+19,375
| +12% | +$7.05M |
|
242
Paychex
PAYX
$42.8B
| $66.1M | 0.07% |
521,415
+143,970
| +38% | +$20M |
|
243
CALL
KLA
KLAC
$272B
| $65.8M | 0.07% |
6,100
-200
| -3% | -$18.7K |
|
244
PUT
Target
TGT
$69.9B
| $65.6M | 0.07% |
7,313
-7,895
| -52% | -$777K |
|
245
Marvell Technology
MRVL
$195B
| $65.2M | 0.06% |
775,297
-522,196
| -40% | -$38.4M |
|
246
Parker-Hannifin
PH
$135B
| $64.5M | 0.06% |
85,114
-10,382
| -11% | -$7.66M |
|
247
CALL
ServiceNow
NOW
$129B
| $64.4M | 0.06% |
+3,500
| New | +$654K |
|
248
KKR & Co
KKR
$99.5B
| $63.9M | 0.06% |
492,007
-156,855
| -24% | -$22.3M |
|
249
Chipotle Mexican Grill
CMG
$41.3B
| $63.6M | 0.06% |
1,623,166
-81,776
| -5% | -$3.68M |
|
250
Vanguard Total World Stock ETF
VT
$81.4B
| $63.5M | 0.06% |
461,161
+118,952
| +35% | +$15.8M |
|
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National Bank of Canada's Q3 2025 Portfolio in Review
As of Q3 2025, National Bank of Canada held 3,287 positions worth $100B, down 4.5% from $105B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
National Bank of Canada withdrew a net $14B in Q3 2025, closing 454 positions and reducing 1,215 holdings. Its most notable exit was Schwab US Broad Market ETF, an estimated $96.5M position sold in full.
By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 24% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, National Bank of Canada opened a new position in iShares MSCI Japan ETF worth $50.2M.
- National Bank of Canada's largest Q3 2025 buy was iShares MSCI Japan ETF: 625,300 shares worth $50.2M.
- National Bank of Canada added most to Strategy Inc in Q3 2025, an estimated $548M increase.
- National Bank of Canada's biggest Q3 2025 reduction was NVIDIA, cutting an estimated $1.11B.
- National Bank of Canada fully exited Schwab US Broad Market ETF in Q3 2025, selling an estimated $96.5M.
- National Bank of Canada's ten largest holdings make up 28% of its $100B portfolio in Q3 2025.
- National Bank of Canada opened 313 new positions and closed 454 in Q3 2025.
- National Bank of Canada's portfolio value fell 4.5% quarter-over-quarter to $100B.
Based on National Bank of Canada's 13F filing for Q3 2025, filed 14 Nov 2025.