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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
+14.61%
1 Year Est. Return
+46.34%
3 Year Est. Return
+120.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$105B
AUM Growth
+$9.72B
(+10%)
Cap. Flow
-$6.15B
Cap. Flow
% of AUM
-5.84%
Top 10 Holdings %
Top 10 Hldgs %
26.91%
Holding
3,275
New
443
Increased
1,132
Reduced
929
Closed
300
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$699M |
| 2 |
UnitedHealth
UNH
|
+$618M |
| 3 |
Amazon
AMZN
|
+$433M |
| 4 |
Eli Lilly
LLY
|
+$410M |
| 5 |
iShares Core MSCI EAFE ETF
IEFA
|
+$392M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$845M |
| 2 |
Tesla
TSLA
|
+$639M |
| 3 |
Microsoft
MSFT
|
+$528M |
| 4 |
Broadcom
AVGO
|
+$322M |
| 5 |
TSMC
TSM
|
+$322M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.82% |
| 2 | Financials | 17.46% |
| 3 | Consumer Discretionary | 8.35% |
| 4 | Communication Services | 7.63% |
| 5 | Industrials | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MRSH
251
Marsh
MRSH
$90.1B
| $64.1M | 0.06% |
293,129
-177,106
| -38% | -$40M |
|
252
Marriott International
MAR
$92.5B
| $63.5M | 0.06% |
232,251
-280,575
| -55% | -$70.4M |
|
253
Arthur J. Gallagher & Co
AJG
$65.5B
| $63.2M | 0.06% |
197,576
+12,143
| +7% | +$4M |
|
254
Brookfield Renewable
BEP
$10.3B
| $63M | 0.06% |
2,489,280
+22,323
| +0.9% | +$525K |
|
255
Emerson Electric
EMR
$91.4B
| $62.9M | 0.06% |
471,978
-47,134
| -9% | -$5.41M |
|
256
CALL
Eaton
ETN
$179B
| $62.8M | 0.06% |
+1,759
| New | +$542K |
|
257
AutoZone
AZO
$49.7B
| $62.6M | 0.06% |
16,858
+4,305
| +34% | +$15.9M |
|
258
Verisk Analytics
VRSK
$23.5B
| $62.3M | 0.06% |
200,013
+63,279
| +46% | +$19.2M |
|
259
PUT
ServiceNow
NOW
$129B
| $61.6M | 0.06% |
+2,995
| New | +$565K |
|
260
HCA Healthcare
HCA
$89.8B
| $61.5M | 0.06% |
160,600
-10,710
| -6% | -$3.86M |
|
261
PG&E
PCG
$38.3B
| $61.1M | 0.06% |
4,384,866
+1,979,091
| +82% | +$32.2M |
|
262
Applovin
APP
$102B
| $60.7M | 0.06% |
173,365
+172,060
| +13,185% | +$55.8M |
|
263
CALL
Scotiabank
BNS
$110B
| $60.7M | 0.06% |
10,977
+5,418
| +97% | +$276K |
|
264
Ecolab
ECL
$78.1B
| $60.6M | 0.06% |
225,079
+5,511
| +3% | +$1.4M |
|
265
Roper Technologies
ROP
$39.1B
| $60.3M | 0.06% |
106,338
+6,355
| +6% | +$3.59M |
|
266
Howmet Aerospace
HWM
$112B
| $60M | 0.06% |
322,380
+12,821
| +4% | +$1.97M |
|
267
PNC Financial Services
PNC
$102B
| $59.9M | 0.06% |
321,109
-547,792
| -63% | -$92.7M |
|
268
TransDigm Group
TDG
$68.3B
| $59.7M | 0.06% |
39,264
-2,405
| -6% | -$3.38M |
|
269
NRG Energy
NRG
$25.4B
| $59.2M | 0.06% |
368,442
-47,346
| -11% | -$6.24M |
|
270
iShares MSCI ACWI ETF
ACWI
$33.4B
| $59.1M | 0.06% |
459,719
-299,788
| -39% | -$35.9M |
|
271
Zscaler
ZS
$28.7B
| $58.7M | 0.06% |
186,978
+159,331
| +576% | +$39.7M |
|
272
PUT
RTX Corp
RTX
$300B
| $58.4M | 0.06% |
+4,000
| New | +$533K |
|
273
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $58.2M | 0.06% |
319,942
+86,835
| +37% | +$15M |
|
274
Colgate-Palmolive
CL
$73.6B
| $57.8M | 0.06% |
636,212
-63,316
| -9% | -$5.78M |
|
275
Humana
HUM
$46.7B
| $57.8M | 0.05% |
236,317
+3,059
| +1% | +$763K |
|
Similar funds
National Bank of Canada's Q2 2025 Portfolio in Review
As of Q2 2025, National Bank of Canada held 3,275 positions worth $105B, up 10% from $95.5B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
National Bank of Canada withdrew a net $6.15B in Q2 2025, closing 300 positions and reducing 929 holdings. Its most notable exit was Discover Financial Services, an estimated $98.5M position sold in full.
By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 23% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, National Bank of Canada opened a new position in Emera Inc worth $183M.
- National Bank of Canada's largest Q2 2025 buy was Emera Inc: 3,995,659 shares worth $183M.
- National Bank of Canada added most to Apple in Q2 2025, an estimated $699M increase.
- National Bank of Canada's biggest Q2 2025 reduction was NVIDIA, cutting an estimated $845M.
- National Bank of Canada fully exited Discover Financial Services in Q2 2025, selling an estimated $98.5M.
- National Bank of Canada's ten largest holdings make up 27% of its $105B portfolio in Q2 2025.
- National Bank of Canada opened 443 new positions and closed 300 in Q2 2025.
- National Bank of Canada's portfolio value rose 10% quarter-over-quarter to $105B.
Based on National Bank of Canada's 13F filing for Q2 2025, filed 13 Aug 2025.