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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 | |
|---|---|---|---|---|---|---|
26
PUT
NVIDIA
NVDA
$5.43T
| $729M | 0.66% |
39,086
+33,549
| +606% | +$6.24M |
|
27
Oracle
ORCL
$442B
| $685M | 0.62% |
3,513,197
+2,278,186
| +184% | +$542M |
|
28
Costco
COST
$421B
| $677M | 0.62% |
785,425
+185,805
| +31% | +$168M |
|
29
PUT
Amazon
AMZN
$2.88T
| $672M | 0.61% |
29,100
+4,993
| +21% | +$1.14M |
|
30
Eli Lilly
LLY
$1.09T
| $671M | 0.61% |
624,698
+30,463
| +5% | +$29.1M |
|
31
Canadian National Railway
CNI
$76.4B
| $663M | 0.6% |
6,710,219
-201,802
| -3% | -$19.4M |
|
|
32
CALL
Apple
AAPL
$4.41T
| $642M | 0.58% |
23,627
+5,602
| +31% | +$1.5M |
|
33
Agnico Eagle Mines
AEM
$93.8B
| $640M | 0.58% |
3,789,835
-695,470
| -16% | -$117M |
|
34
Canadian Natural Resources
CNQ
$98.1B
| $628M | 0.57% |
18,566,785
+5,790,337
| +45% | +$188M |
|
35
TC Energy
TRP
$66.3B
| $614M | 0.56% |
11,185,873
+771,244
| +7% | +$41.1M |
|
36
Berkshire Hathaway Class B
BRK.B
$1.09T
| $575M | 0.52% |
1,143,591
-129,232
| -10% | -$64.3M |
|
37
Honeywell
HON
$74.6B
| $551M | 0.5% |
2,823,098
-561,653
| -17% | -$110M |
|
38
Netflix
NFLX
$309B
| $544M | 0.49% |
5,797,396
+2,662,656
| +85% | +$287M |
|
|
39
PUT
Meta Platforms (Facebook)
META
$1.47T
| $543M | 0.49% |
+8,228
| New | +$5.49M |
|
40
Canadian Pacific Kansas City
CP
$81.5B
| $522M | 0.47% |
7,098,660
-613,739
| -8% | -$45.2M |
|
41
BCE
BCE
$21.6B
| $514M | 0.47% |
21,548,119
+1,028,792
| +5% | +$24M |
|
42
Cisco
CSCO
$488B
| $513M | 0.47% |
6,653,527
+1,796,232
| +37% | +$133M |
|
43
Suncor Energy
SU
$74.7B
| $509M | 0.46% |
11,476,043
+3,350,777
| +41% | +$142M |
|
44
Walmart Inc
WMT
$923B
| $497M | 0.45% |
4,461,643
+427,784
| +11% | +$45.9M |
|
45
Cognizant
CTSH
$26.2B
| $479M | 0.44% |
5,771,093
+30,811
| +0.5% | +$2.31M |
|
46
Mastercard
MA
$490B
| $450M | 0.41% |
787,538
+17,066
| +2% | +$9.54M |
|
47
GE Aerospace
GE
$379B
| $432M | 0.39% |
1,404,061
+844,677
| +151% | +$254M |
|
48
PepsiCo
PEP
$189B
| $426M | 0.39% |
2,967,790
-269,867
| -8% | -$39.7M |
|
49
AbbVie
ABBV
$440B
| $421M | 0.38% |
1,841,069
-69,960
| -4% | -$15.9M |
|
50
PUT
UnitedHealth
UNH
$364B
| $403M | 0.37% |
12,212
-5,891
| -33% | -$2M |
|
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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.