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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 | |
|---|---|---|---|---|---|---|
26
Canadian National Railway
CNI
$76.4B
| $651M | 0.65% |
6,912,021
-542,494
| -7% | -$52.3M |
|
27
Berkshire Hathaway Class B
BRK.B
$1.09T
| $640M | 0.64% |
1,272,823
-528,111
| -29% | -$256M |
|
|
28
Palantir
PLTR
$411B
| $634M | 0.63% |
3,477,346
+1,414,204
| +69% | +$229M |
|
29
PUT
UnitedHealth
UNH
$364B
| $625M | 0.62% |
18,103
+2,703
| +18% | +$817K |
|
30
Canadian Pacific Kansas City
CP
$81.5B
| $573M | 0.57% |
7,712,399
-476,149
| -6% | -$36.4M |
|
31
TC Energy
TRP
$66.3B
| $564M | 0.56% |
10,414,629
-728,177
| -7% | -$36.6M |
|
32
Costco
COST
$421B
| $555M | 0.55% |
599,620
-181,276
| -23% | -$174M |
|
33
PUT
Amazon
AMZN
$2.88T
| $529M | 0.53% |
24,107
+17,328
| +256% | +$3.92M |
|
34
Salesforce
CRM
$158B
| $523M | 0.52% |
2,205,672
+783,103
| +55% | +$198M |
|
35
Bank of America
BAC
$453B
| $493M | 0.49% |
9,561,268
+1,965,055
| +26% | +$95.9M |
|
36
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $480M | 0.48% |
7,200
+6,995
| +3,412% | +$4.48M |
|
37
BCE
BCE
$21.6B
| $479M | 0.48% |
20,519,327
-3,082,563
| -13% | -$74.2M |
|
|
38
PUT
Tesla
TSLA
$1.29T
| $478M | 0.48% |
10,750
-20,250
| -65% | -$7.02M |
|
39
CALL
Apple
AAPL
$4.41T
| $459M | 0.46% |
+18,025
| New | +$4.07M |
|
40
PepsiCo
PEP
$189B
| $455M | 0.45% |
3,237,657
+874,860
| +37% | +$125M |
|
41
Eli Lilly
LLY
$1.09T
| $453M | 0.45% |
594,235
-453,495
| -43% | -$337M |
|
42
AbbVie
ABBV
$440B
| $442M | 0.44% |
1,911,029
+319,981
| +20% | +$65.2M |
|
43
Mastercard
MA
$490B
| $438M | 0.44% |
770,472
-100,261
| -12% | -$57.6M |
|
44
Sun Life Financial
SLF
$44.4B
| $431M | 0.43% |
7,197,501
+475,245
| +7% | +$28.6M |
|
45
Wheaton Precious Metals
WPM
$61.3B
| $431M | 0.43% |
3,864,380
-136,496
| -3% | -$13.3M |
|
46
Walmart Inc
WMT
$923B
| $416M | 0.41% |
4,033,859
+177,672
| +5% | +$17.7M |
|
47
Canadian Natural Resources
CNQ
$98.1B
| $408M | 0.41% |
12,776,448
-7,186,681
| -36% | -$225M |
|
48
Intel
INTC
$509B
| $389M | 0.39% |
11,596,029
-7,384,527
| -39% | -$179M |
|
49
Booking.com
BKNG
$159B
| $389M | 0.39% |
1,801,275
+130,975
| +8% | +$29.2M |
|
|
WCN
50
Waste Connections
WCN
$41.6B
| $389M | 0.39% |
2,225,667
-459,655
| -17% | -$83.7M |
|
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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.