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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
+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
Cap. Flow
-$6.15B
Cap. Flow %
-5.84%
Top 10 Hldgs %
26.91%
Holding
3,275
New
443
Increased
1,132
Reduced
929
Closed
300

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$699M
2
UNH icon
UnitedHealth
UNH
+$618M
3
AMZN icon
Amazon
AMZN
+$433M
4
LLY icon
Eli Lilly
LLY
+$410M
5
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$392M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$845M
2
TSLA icon
Tesla
TSLA
+$639M
3
MSFT icon
Microsoft
MSFT
+$528M
4
AVGO icon
Broadcom
AVGO
+$322M
5
TSM icon
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
NUS icon
2951
Nu Skin
NUS
$236M
$8 ﹤0.01%
1
– –
XPER icon
2952
Xperi
XPER
$321M
$8 ﹤0.01%
1
– –
CLDT
2953
Chatham Lodging
CLDT
$590M
$7 ﹤0.01%
1
– –
EBS icon
2954
Emergent Biosolutions
EBS
$233M
$6 ﹤0.01%
1
-240
-100% -$1.37K
ENVB icon
2955
Enveric Biosciences
ENVB
$6.24M
– –
0
– –
ONTF
2956
DELISTED
ON24
ONTF
$5 ﹤0.01%
1
– –
RGP icon
2957
Resources Connection
RGP
$144M
$5 ﹤0.01%
1
– –
DHC
2958
Diversified Healthcare Trust
DHC
$2.02B
$4 ﹤0.01%
1
– –
FORA
2959
DELISTED
Forian
FORA
$4 ﹤0.01%
2
– –
SOAR icon
2960
Volato Group
SOAR
$8.72M
$4 ﹤0.01%
3
– –
WKHS icon
2961
Workhorse Group
WKHS
$33.7M
– –
0
– –
ZNB
2962
Zeta Network Group
ZNB
$2.5M
– –
0
– –
AGL icon
2963
Agilon Health
AGL
$1.45B
– –
0
– –
ATER icon
2964
Aterian
ATER
$5.09M
$2 ﹤0.01%
1
– –
CSTE icon
2965
Caesarstone
CSTE
$104M
$2 ﹤0.01%
1
– –
DBI icon
2966
Designer Brands
DBI
$311M
$2 ﹤0.01%
1
– –
NVVE
2967
DELISTED
Nuvve Holding Corp
NVVE
– –
0
– –
SVC
2968
Service Properties Trust
SVC
$1.1B
– –
0
– –
ASRT
2969
DELISTED
Assertio
ASRT
– –
-72
Closed -$692
IRWD icon
2970
Ironwood Pharmaceuticals
IRWD
$714M
$1 ﹤0.01%
1
– –
PDSB icon
2971
PDS Biotechnology
PDSB
$13.5M
$1 ﹤0.01%
1
– –
UAVS icon
2972
AgEagle Aerial Systems
UAVS
$55.5M
$1 ﹤0.01%
1
– –
QTTB icon
2973
Q32 Bio
QTTB
$458M
$1 ﹤0.01%
1
-5,038
-100% -$8.59K
AAOI icon
2974
Applied Optoelectronics
AAOI
$11.7B
– –
-46,900
Closed -$720K
AAOI icon
2975
PUT
Applied Optoelectronics
AAOI
$11.7B
– –
-469
Closed -$720K
117 118
119
120 121

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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.