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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
CANF
3026
Can-Fite BioPharma American Depositary Shares
CANF
$7.37M
– –
-30
Closed -$888
CDRE icon
3027
Cadre Holdings
CDRE
$1.44B
– –
-2
Closed -$59
CDZI icon
3028
Cadiz
CDZI
$292M
– –
-5,000
Closed -$14.7K
CE icon
3029
Celanese
CE
$4.75B
– –
-498
Closed -$28.3K
CEG icon
3030
PUT
Constellation Energy
CEG
$98.7B
– –
-4,500
Closed -$90.7M
CELU icon
3031
Celularity
CELU
$20M
– –
-48,000
Closed -$83K
CELU icon
3032
PUT
Celularity
CELU
$20M
– –
-480
Closed -$83K
CFR icon
3033
Cullen/Frost Bankers
CFR
$10.4B
– –
-10,699
Closed -$1.34M
CGNX icon
3034
Cognex
CGNX
$10.2B
– –
-200,386
Closed -$5.98M
CHE icon
3035
Chemed
CHE
$7.07B
– –
-2,200
Closed -$1.35M
CHPT icon
3036
PUT
ChargePoint
CHPT
$166M
– –
-125
Closed -$151K
CLBR.WS
3037
DELISTED
Colombier Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
CLBR.WS
– –
-10,000
Closed -$107K
CLMT icon
3038
Calumet Specialty Products
CLMT
$4.15B
– –
-1
Closed -$13
COM icon
3039
Direxion Auspice Broad Commodity Strategy ETF
COM
$208M
– –
-7,200
Closed -$211K
CROX icon
3040
PUT
Crocs
CROX
$6.26B
– –
-789
Closed -$8.38M
CSCO icon
3041
CALL
Cisco
CSCO
$488B
– –
-8,186
Closed -$50.5M
CVLT icon
3042
Commault Systems
CVLT
$5.87B
– –
-6
Closed -$923
CX icon
3043
Cemex
CX
$16.2B
– –
-390,000
Closed -$2.19M
DAKT icon
3044
Daktronics
DAKT
$997M
– –
-44
Closed -$533
DASH icon
3045
CALL
DoorDash
DASH
$92.1B
– –
-1,500
Closed -$27.4M
DASH icon
3046
PUT
DoorDash
DASH
$92.1B
– –
-15,000
Closed -$274M
DBB icon
3047
Invesco DB Base Metals Fund
DBB
$316M
– –
-795
Closed -$15.3K
DFS
3048
DELISTED
Discover Financial Services
DFS
– –
-576,923
Closed -$98.5M
DLO icon
3049
dLocal
DLO
$4.2B
– –
-100
Closed -$833
DNB
3050
DELISTED
Dun & Bradstreet
DNB
– –
-804
Closed -$7.17K
120 121
122
123 124

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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.