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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 | |
|---|---|---|---|---|---|---|
376
Mondelez International
MDLZ
$79.4B
| $32.2M | 0.03% |
515,903
-753,853
| -59% | -$48.6M |
|
377
CALL
Robinhood
HOOD
$85.3B
| $32.2M | 0.03% |
+2,250
| New | +$245K |
|
378
Curtiss-Wright
CW
$26.7B
| $32.1M | 0.03% |
59,182
-4,246
| -7% | -$2.09M |
|
379
Warner Bros
WBD
$69.3B
| $32M | 0.03% |
1,636,959
-587,679
| -26% | -$8.01M |
|
380
CALL
Analog Devices
ADI
$187B
| $31.9M | 0.03% |
+1,300
| New | +$313K |
|
381
B2Gold
BTG
$6.88B
| $31.9M | 0.03% |
6,493,562
-575,614
| -8% | -$2.26M |
|
382
Cencora
COR
$60B
| $31.8M | 0.03% |
101,826
-154,623
| -60% | -$45.5M |
|
383
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.1B
| $31.8M | 0.03% |
315,979
+70,951
| +29% | +$7.13M |
|
384
Intercontinental Exchange
ICE
$85B
| $31.8M | 0.03% |
188,670
-398,900
| -68% | -$71.3M |
|
385
Agilent Technologies
A
$41.9B
| $31.3M | 0.03% |
243,831
-32,210
| -12% | -$3.89M |
|
386
TE Connectivity
TEL
$62B
| $31.2M | 0.03% |
142,220
-68,370
| -32% | -$13.7M |
|
387
Cloudflare
NET
$111B
| $30.9M | 0.03% |
144,218
+135,492
| +1,553% | +$27.7M |
|
388
PUT
Sun Life Financial
SLF
$44.4B
| $30.5M | 0.03% |
5,082
+219
| +5% | +$13.2K |
|
389
AutoZone
AZO
$49.7B
| $30.4M | 0.03% |
7,094
-9,764
| -58% | -$39.2M |
|
390
State Street Health Care Select Sector SPDR ETF
XLV
$44B
| $30.2M | 0.03% |
216,772
+117,538
| +118% | +$15.9M |
|
391
Hilton Worldwide
HLT
$72.6B
| $30.1M | 0.03% |
116,204
-59,080
| -34% | -$16M |
|
392
PUT
CRISPR Therapeutics
CRSP
$5.22B
| $30M | 0.03% |
4,625
-5,662
| -55% | -$325K |
|
393
CALL
Netflix
NFLX
$309B
| $30M | 0.03% |
2,500
-18,500
| -88% | -$2.26M |
|
394
Idexx Laboratories
IDXX
$45B
| $29.8M | 0.03% |
46,708
-33,446
| -42% | -$20.3M |
|
395
PUT
Walt Disney
DIS
$178B
| $29.8M | 0.03% |
2,600
-3,497
| -57% | -$412K |
|
396
United Rentals
URI
$70.3B
| $29.8M | 0.03% |
31,179
-25,819
| -45% | -$23M |
|
397
CALL
Oracle
ORCL
$442B
| $29.7M | 0.03% |
1,058
-2,952
| -74% | -$752K |
|
398
Realty Income
O
$59.2B
| $29.6M | 0.03% |
486,632
+81,871
| +20% | +$4.77M |
|
399
CALL
Canadian National Railway
CNI
$76.4B
| $29.4M | 0.03% |
3,119
+2,445
| +363% | +$236K |
|
400
Brookfield Infrastructure
BIPC
$4.93B
| $29.1M | 0.03% |
716,129
-106,632
| -13% | -$4.32M |
|
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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.