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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
+5.14%
1 Year Est. Return
+46.34%
3 Year Est. Return
+120.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$110B
AUM Growth
+$9.55B
(+9.5%)
Cap. Flow
+$3.43B
Cap. Flow
% of AUM
3.12%
Top 10 Holdings %
Top 10 Hldgs %
29.27%
Holding
3,206
New
380
Increased
1,219
Reduced
855
Closed
337
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$990M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$877M |
| 3 |
Tesla
TSLA
|
+$841M |
| 4 |
Microsoft
MSFT
|
+$835M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$601M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$799M |
| 2 |
Toronto Dominion Bank
TD
|
+$363M |
| 3 |
Brookfield
BN
|
+$315M |
| 4 |
Salesforce
CRM
|
+$305M |
| 5 |
Royal Bank of Canada
RY
|
+$289M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.83% |
| 2 | Financials | 15.94% |
| 3 | Communication Services | 9.95% |
| 4 | Consumer Discretionary | 8.14% |
| 5 | Industrials | 6.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Western Digital
WDC
$157B
| $47.1M | 0.04% |
273,532
+149,698
| +121% | +$22.7M |
|
327
Phillips 66
PSX
$90B
| $47M | 0.04% |
364,121
+66,143
| +22% | +$8.9M |
|
328
SLB Ltd
SLB
$78.1B
| $46.8M | 0.04% |
1,220,548
+25,485
| +2% | +$924K |
|
329
Illinois Tool Works
ITW
$83.3B
| $46.8M | 0.04% |
189,921
+103,715
| +120% | +$25.8M |
|
330
MSCI
MSCI
$40.9B
| $45.8M | 0.04% |
79,780
+1,695
| +2% | +$951K |
|
331
Veralto
VLTO
$23.6B
| $45.4M | 0.04% |
454,755
+301,335
| +196% | +$30.5M |
|
332
iShares Core S&P 500 ETF
IVV
$904B
| $45.3M | 0.04% |
66,108
+23,791
| +56% | +$16.2M |
|
|
MRSH
333
Marsh
MRSH
$90.1B
| $44.8M | 0.04% |
241,660
-16,877
| -7% | -$3.15M |
|
334
FirstService
FSV
$6.24B
| $44.4M | 0.04% |
286,075
-34,456
| -11% | -$5.61M |
|
335
PUT
C3.ai
AI
$1.57B
| $44.4M | 0.04% |
32,935
+6,993
| +27% | +$112K |
|
336
iShares Core MSCI EAFE ETF
IEFA
$196B
| $44.4M | 0.04% |
496,241
+303,791
| +158% | +$26.9M |
|
337
Baker Hughes
BKR
$63.8B
| $44.3M | 0.04% |
972,654
+99,371
| +11% | +$4.71M |
|
338
Roivant Sciences
ROIV
$26.1B
| $44.3M | 0.04% |
+2,040,000
| New | +$40.2M |
|
339
Colgate-Palmolive
CL
$73.6B
| $44.2M | 0.04% |
559,232
+8,576
| +2% | +$672K |
|
340
CALL
Canadian Natural Resources
CNQ
$98.1B
| $44.2M | 0.04% |
13,037
-77
| -0.6% | -$2.5K |
|
341
Vistra
VST
$49.2B
| $44.1M | 0.04% |
273,555
+17,726
| +7% | +$3.23M |
|
342
First Solar
FSLR
$24.4B
| $43.9M | 0.04% |
168,262
+6,853
| +4% | +$1.73M |
|
343
Keurig Dr Pepper
KDP
$40.2B
| $43.8M | 0.04% |
1,564,109
-562,291
| -26% | -$15.4M |
|
344
Norfolk Southern
NSC
$75.3B
| $43.7M | 0.04% |
151,529
+7,388
| +5% | +$2.14M |
|
345
EOG Resources
EOG
$75.1B
| $43.5M | 0.04% |
414,401
+61,173
| +17% | +$6.57M |
|
346
Kinder Morgan
KMI
$70.7B
| $43.4M | 0.04% |
1,577,510
+275,816
| +21% | +$7.45M |
|
|
AXON
347
Axon Enterprise
AXON
$48.7B
| $43.2M | 0.04% |
76,145
+37,712
| +98% | +$23.4M |
|
348
Emerson Electric
EMR
$91.4B
| $43.2M | 0.04% |
325,218
+104,005
| +47% | +$13.8M |
|
349
Duke Energy
DUK
$96.3B
| $42.7M | 0.04% |
364,628
+156,221
| +75% | +$19.1M |
|
350
United Rentals
URI
$70.3B
| $41.6M | 0.04% |
51,357
+20,178
| +65% | +$17.5M |
|
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National Bank of Canada's Q4 2025 Portfolio in Review
As of Q4 2025, National Bank of Canada held 3,206 positions worth $110B, up 9.5% from $100B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
National Bank of Canada deployed $3.43B of net new capital in Q4 2025, opening 380 new positions and adding to 1,219 existing holdings. Its largest new stake was Roivant Sciences: 2,040,000 shares worth $44.3M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 27% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Apple, an estimated $799M trimmed.
- National Bank of Canada's largest Q4 2025 buy was Roivant Sciences: 2,040,000 shares worth $44.3M.
- National Bank of Canada added most to Meta Platforms (Facebook) in Q4 2025, an estimated $990M increase.
- National Bank of Canada's biggest Q4 2025 reduction was Apple, cutting an estimated $799M.
- National Bank of Canada fully exited Spirit AeroSystems in Q4 2025, selling an estimated $124M.
- National Bank of Canada's ten largest holdings make up 29% of its $110B portfolio in Q4 2025.
- National Bank of Canada opened 380 new positions and closed 337 in Q4 2025.
- National Bank of Canada's portfolio value rose 9.5% quarter-over-quarter to $110B.
Based on National Bank of Canada's 13F filing for Q4 2025, filed 17 Feb 2026.