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National Bank of Canada

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
Cap. Flow
-$14B
Cap. Flow %
-13.98%
Top 10 Hldgs %
28.48%
Holding
3,287
New
313
Increased
899
Reduced
1,215
Closed
454

Top Buys

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$548M
2
FISV
Fiserv Inc
FISV
+$286M
3
AMGN icon
Amgen
AMGN
+$251M
4
PLTR icon
Palantir
PLTR
+$229M
5
RY icon
Royal Bank of Canada
RY
+$200M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$1.11B
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$1.09B
3
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$702M
4
TSLA icon
Tesla
TSLA
+$636M
5
MSFT icon
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
FLYW icon
2701
Flywire
FLYW
$2.22B
$433 ﹤0.01%
32
-2
-6% -$25
GROY.WS icon
2702
Gold Royalty Corp Warrants
GROY.WS
$203M
$428 ﹤0.01%
111
+56
+102% +$64
NTB icon
2703
Bank of N.T. Butterfield & Son
NTB
$2.51B
$428 ﹤0.01%
10
– –
TV icon
2704
Televisa
TV
$1.51B
$421 ﹤0.01%
157
– –
E icon
2705
ENI
E
$79.1B
$413 ﹤0.01%
+12
New +$414
INMB icon
2706
INmune Bio
INMB
$57.7M
$412 ﹤0.01%
200
-92,100
-100% -$211K
QNTM
2707
Quantum Biopharma Class B Subordinate Voting Shares
QNTM
$20.8M
$393 ﹤0.01%
+24
New +$474
PRCT icon
2708
Procept Biorobotics
PRCT
$1.26B
$392 ﹤0.01%
+11
New +$502
MRVI icon
2709
Maravai LifeSciences
MRVI
$861M
$390 ﹤0.01%
136
+35
+35% +$89
ALP
2710
Alpha Compute
ALP
$3.99M
$390 ﹤0.01%
73
– –
CMND icon
2711
Clearmind Medicine
CMND
$2.75M
$387 ﹤0.01%
1
– –
AZ icon
2712
A2Z Smart Technologies
AZ
$361M
$383 ﹤0.01%
48
– –
APPN icon
2713
Appian
APPN
$2.65B
$367 ﹤0.01%
+12
New +$361
OPTU
2714
Optimum Communications Inc
OPTU
$228M
$362 ﹤0.01%
150
-98,975
-100% -$243K
INBS icon
2715
Intelligent Bio Solutions
INBS
$9.05M
$354 ﹤0.01%
35
– –
SI
2716
Shoulder Innovations Inc
SI
$400M
$339 ﹤0.01%
+27
New +$377
LOOP icon
2717
Loop Industries
LOOP
$30.6M
$331 ﹤0.01%
230
-2,000
-90% -$3.06K
AMWL icon
2718
American Well
AMWL
$220M
$325 ﹤0.01%
53
– –
ESTC icon
2719
Elastic
ESTC
$8.94B
$320 ﹤0.01%
+4
New +$337
DFSC
2720
DEFSEC Technologies
DFSC
$6.16M
$317 ﹤0.01%
93
-199
-68% -$973
SBXD
2721
SilverBox Corp IV
SBXD
$275M
$303 ﹤0.01%
31
-6
-16% -$63
NCMI icon
2722
National CineMedia
NCMI
$252M
$298 ﹤0.01%
66
-77,448
-100% -$361K
GFR icon
2723
Greenfire Resources
GFR
$854M
$290 ﹤0.01%
73
-111
-60% -$519
XRPNU
2724
Armada Acquisition Corp II Units
XRPNU
$282 ﹤0.01%
27
– –
DFNS
2725
T3 Defense Inc
DFNS
$34.9M
– –
0
– –
107 108
109
110 111

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Primecap Management
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Canada Pension Plan Investment Board
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Two Sigma Investments
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California Public Employees Retirement System
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Manulife (Manufacturers Life Insurance)
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D.E. Shaw & Co
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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.