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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 | |
|---|---|---|---|---|---|---|
476
PUT
State Street SPDR NYSE Technology ETF
XNTK
$2.29B
| $21.6M | 0.02% |
3,412
| – | – |
|
477
Vanguard Long-Term Treasury ETF
VGLT
$10.4B
| $21.6M | 0.02% |
379,500
+9,400
| +3% | +$524K |
|
478
CALL
ARK Israel Innovative Technology ETF
IZRL
$141M
| $21.6M | 0.02% |
+2,500
| New | +$69.4K |
|
|
479
PUT
ARK Israel Innovative Technology ETF
IZRL
$141M
| $21.6M | 0.02% |
2,500
+2,494
| +41,567% | +$69.3K |
|
480
Wabtec
WAB
$50.1B
| $21.4M | 0.02% |
106,999
-14,311
| -12% | -$2.82M |
|
481
TransAlta
TAC
$3.99B
| $21.3M | 0.02% |
1,564,936
+22,500
| +1% | +$277K |
|
482
Capital Group Growth ETF
CGGR
$25.3B
| $21.3M | 0.02% |
484,400
-2,100
| -0.4% | -$88.7K |
|
|
483
CALL
State Street SPDR NYSE Technology ETF
XNTK
$2.29B
| $21.2M | 0.02% |
3,350
+1,350
| +68% | +$333K |
|
484
Interactive Brokers
IBKR
$41.8B
| $21.1M | 0.02% |
307,362
+238,254
| +345% | +$15M |
|
|
TIGR
485
UP Fintech Holding
TIGR
$822M
| $21.1M | 0.02% |
1,976,720
+1,617,600
| +450% | +$17.3M |
|
486
EQT Corp
EQT
$33.6B
| $21M | 0.02% |
385,979
-32,502
| -8% | -$1.72M |
|
487
Carnival Corporation Ltd
CCL
$38.7B
| $21M | 0.02% |
726,580
-69,494
| -9% | -$2.1M |
|
488
United Parks & Resorts
PRKS
$2.05B
| $20.9M | 0.02% |
405,000
-2
| -0% | -$101 |
|
489
Kraft Heinz
KHC
$29.7B
| $20.9M | 0.02% |
800,918
-481,477
| -38% | -$13.1M |
|
490
Iron Mountain
IRM
$37.5B
| $20.8M | 0.02% |
203,663
-23,726
| -10% | -$2.29M |
|
491
Super Micro Computer
SMCI
$26B
| $20.7M | 0.02% |
431,909
-211,451
| -33% | -$10.1M |
|
492
Descartes Systems
DSGX
$6.41B
| $20.7M | 0.02% |
220,143
-13,093
| -6% | -$1.34M |
|
493
Nu Holdings
NU
$67B
| $20.5M | 0.02% |
1,282,366
+992,819
| +343% | +$13.8M |
|
494
Kimberly-Clark
KMB
$36.5B
| $20.5M | 0.02% |
165,089
-182,284
| -52% | -$23.6M |
|
495
State Street
STT
$52.2B
| $20.4M | 0.02% |
175,836
-23,902
| -12% | -$2.67M |
|
496
Public Storage
PSA
$61.1B
| $20.3M | 0.02% |
70,196
-40,207
| -36% | -$11.5M |
|
497
Melco Resorts & Entertainment
MLCO
$2.14B
| $20.2M | 0.02% |
2,206,402
+2,203,311
| +71,281% | +$20.2M |
|
498
Delta Air Lines
DAL
$60.3B
| $19.9M | 0.02% |
350,162
-129,115
| -27% | -$7.37M |
|
499
L3Harris
LHX
$53.6B
| $19.6M | 0.02% |
64,330
-77,141
| -55% | -$21.1M |
|
500
TransDigm Group
TDG
$68.5B
| $19.5M | 0.02% |
14,822
-24,442
| -62% | -$34.9M |
|
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VAM
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.