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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
+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
(-4.5%)
Cap. Flow
-$14B
Cap. Flow
% of AUM
-13.98%
Top 10 Holdings %
Top 10 Hldgs %
28.48%
Holding
3,287
New
313
Increased
899
Reduced
1,215
Closed
454
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Strategy Inc
MSTR
|
+$548M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$286M |
| 3 |
Amgen
AMGN
|
+$251M |
| 4 |
Palantir
PLTR
|
+$229M |
| 5 |
Royal Bank of Canada
RY
|
+$200M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$1.11B |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$1.09B |
| 3 |
iShares Core MSCI EAFE ETF
IEFA
|
+$702M |
| 4 |
Tesla
TSLA
|
+$636M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
351
Kinder Morgan
KMI
$70.7B
| $36.9M | 0.04% |
1,301,694
-140,282
| -10% | -$3.84M |
|
352
Apollo Global Management
APO
$81.9B
| $36.5M | 0.04% |
273,917
-132,171
| -33% | -$18.7M |
|
353
American Electric Power
AEP
$67.9B
| $36.4M | 0.04% |
323,561
-946,015
| -75% | -$104M |
|
354
Regency Centers
REG
$13.9B
| $36.2M | 0.04% |
495,964
+381,833
| +335% | +$27.2M |
|
355
CALL
TJX Companies
TJX
$169B
| $36.1M | 0.04% |
+2,500
| New | +$332K |
|
356
Full Truck Alliance
YMM
$9.62B
| $35.8M | 0.04% |
2,757,300
+1,547,800
| +128% | +$19.2M |
|
357
Republic Services
RSG
$65.6B
| $35.7M | 0.04% |
155,501
-11,330
| -7% | -$2.66M |
|
358
CALL
Altria Group
MO
$107B
| $35.7M | 0.04% |
5,400
-78
| -1% | -$4.94K |
|
359
Zoetis
ZTS
$30.4B
| $35.6M | 0.04% |
243,431
-180,959
| -43% | -$27.4M |
|
360
First Solar
FSLR
$24.4B
| $35.6M | 0.04% |
161,409
-96,393
| -37% | -$18.5M |
|
361
Trip.com Group
TCOM
$28.7B
| $34.9M | 0.03% |
464,350
-19,300
| -4% | -$1.29M |
|
362
Microchip Technology
MCHP
$43.1B
| $34.8M | 0.03% |
541,616
+20,655
| +4% | +$1.4M |
|
363
Alibaba
BABA
$300B
| $34.8M | 0.03% |
194,501
-407,732
| -68% | -$53.4M |
|
|
EMA
364
CALL
Emera Inc
EMA
$15.7B
| $34.3M | 0.03% |
7,139
+5,981
| +516% | +$280K |
|
365
CALL
Cisco
CSCO
$488B
| $34.2M | 0.03% |
+5,000
| New | +$341K |
|
|
366
PUT
Cisco
CSCO
$488B
| $34.2M | 0.03% |
+5,000
| New | +$341K |
|
367
iShares Silver Trust
SLV
$31.8B
| $33.8M | 0.03% |
799,222
+3,275
| +0.4% | +$118K |
|
368
CALL
Sun Life Financial
SLF
$44.4B
| $33.8M | 0.03% |
5,636
+1,450
| +35% | +$87.2K |
|
369
DuPont de Nemours
DD
$19.5B
| $32.9M | 0.03% |
336,866
-14,395
| -4% | -$1.36M |
|
370
Arch Capital
ACGL
$33.2B
| $32.8M | 0.03% |
361,863
+94,599
| +35% | +$8.48M |
|
371
Royal Caribbean
RCL
$82.4B
| $32.7M | 0.03% |
101,155
+6,892
| +7% | +$2.3M |
|
372
Southwest Airlines
LUV
$22B
| $32.7M | 0.03% |
1,025,314
+269,496
| +36% | +$8.81M |
|
373
MetLife
MET
$61.4B
| $32.7M | 0.03% |
397,016
-194,607
| -33% | -$15.3M |
|
374
Dell
DELL
$313B
| $32.7M | 0.03% |
230,440
-123,741
| -35% | -$16.1M |
|
375
WisdomTree Emerging Markets SmallCap Dividend Fund
DGS
$1.78B
| $32.5M | 0.03% |
570,825
+13,902
| +2% | +$788K |
|
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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.