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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
+14.61%
1 Year Est. Return
+46.34%
3 Year Est. Return
+120.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$105B
AUM Growth
+$9.72B
(+10%)
Cap. Flow
-$6.15B
Cap. Flow
% of AUM
-5.84%
Top 10 Holdings %
Top 10 Hldgs %
26.91%
Holding
3,275
New
443
Increased
1,132
Reduced
929
Closed
300
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$699M |
| 2 |
UnitedHealth
UNH
|
+$618M |
| 3 |
Amazon
AMZN
|
+$433M |
| 4 |
Eli Lilly
LLY
|
+$410M |
| 5 |
iShares Core MSCI EAFE ETF
IEFA
|
+$392M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$845M |
| 2 |
Tesla
TSLA
|
+$639M |
| 3 |
Microsoft
MSFT
|
+$528M |
| 4 |
Broadcom
AVGO
|
+$322M |
| 5 |
TSMC
TSM
|
+$322M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.82% |
| 2 | Financials | 17.46% |
| 3 | Consumer Discretionary | 8.35% |
| 4 | Communication Services | 7.63% |
| 5 | Industrials | 7.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
Descartes Systems
DSGX
$6.65B
| $23.6M | 0.02% |
233,236
-588,932
| -72% | -$62.1M |
|
502
Delta Air Lines
DAL
$59.1B
| $23.6M | 0.02% |
479,277
+227,673
| +90% | +$10.5M |
|
503
Equifax
EFX
$21.2B
| $23.5M | 0.02% |
90,775
+38,884
| +75% | +$9.89M |
|
|
GRMN
504
Garmin
GRMN
$59.8B
| $23.5M | 0.02% |
112,739
-26,272
| -19% | -$5.21M |
|
505
Ingersoll Rand
IR
$32.9B
| $23.5M | 0.02% |
282,456
+64,424
| +30% | +$5.08M |
|
506
Air Products & Chemicals
APD
$67.7B
| $23.4M | 0.02% |
82,839
-1,446
| -2% | -$396K |
|
507
PUT
Moderna
MRNA
$25.4B
| $23.4M | 0.02% |
8,468
| – | – |
|
508
Hershey
HSY
$37B
| $23.3M | 0.02% |
140,557
+27,917
| +25% | +$4.6M |
|
509
Iron Mountain
IRM
$37B
| $23.3M | 0.02% |
227,389
-12,287
| -5% | -$1.16M |
|
510
Realty Income
O
$59.2B
| $23.3M | 0.02% |
404,761
-262,563
| -39% | -$14.8M |
|
511
CALL
Caterpillar
CAT
$393B
| $23.3M | 0.02% |
600
-1,220
| -67% | -$407K |
|
512
Martin Marietta Materials
MLM
$32.7B
| $23.1M | 0.02% |
42,161
-3,959
| -9% | -$2.09M |
|
513
PUT
Bank of Montreal
BMO
$129B
| $22.8M | 0.02% |
2,061
+656
| +47% | +$66.1K |
|
514
W.R. Berkley
WRB
$25.9B
| $22.7M | 0.02% |
309,292
-16,828
| -5% | -$1.21M |
|
515
CDW
CDW
$17.1B
| $22.6M | 0.02% |
126,416
+8,158
| +7% | +$1.39M |
|
516
Seagate
STX
$199B
| $22.5M | 0.02% |
155,929
+38,881
| +33% | +$4.03M |
|
517
PUT
American Airlines Group
AAL
$9.88B
| $22.4M | 0.02% |
+20,000
| New | +$214K |
|
518
Carnival Corporation Ltd
CCL
$37.9B
| $22.4M | 0.02% |
796,074
-66,566
| -8% | -$1.42M |
|
|
NOA
519
North American Construction
NOA
$414M
| $22.3M | 0.02% |
1,395,402
+26,882
| +2% | +$437K |
|
520
Occidental Petroleum
OXY
$58.5B
| $22.2M | 0.02% |
528,902
+352,559
| +200% | +$14.7M |
|
521
GoDaddy
GDDY
$11.6B
| $22.2M | 0.02% |
123,335
-415,179
| -77% | -$74.5M |
|
522
Brown & Brown
BRO
$23.8B
| $22.1M | 0.02% |
199,724
+5,852
| +3% | +$658K |
|
523
iShares Russell 2000 ETF
IWM
$82.2B
| $22.1M | 0.02% |
102,335
-47,715
| -32% | -$9.6M |
|
524
Xylem
XYL
$28.5B
| $22M | 0.02% |
170,137
+9,109
| +6% | +$1.1M |
|
|
525
CALL
Air Products & Chemicals
APD
$67.7B
| $22M | 0.02% |
+780
| New | +$213K |
|
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National Bank of Canada's Q2 2025 Portfolio in Review
As of Q2 2025, National Bank of Canada held 3,275 positions worth $105B, up 10% from $95.5B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
National Bank of Canada withdrew a net $6.15B in Q2 2025, closing 300 positions and reducing 929 holdings. Its most notable exit was Discover Financial Services, an estimated $98.5M position sold in full.
By sector, the portfolio is most concentrated in Technology at 24% of assets, up from 23% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, National Bank of Canada opened a new position in Emera Inc worth $183M.
- National Bank of Canada's largest Q2 2025 buy was Emera Inc: 3,995,659 shares worth $183M.
- National Bank of Canada added most to Apple in Q2 2025, an estimated $699M increase.
- National Bank of Canada's biggest Q2 2025 reduction was NVIDIA, cutting an estimated $845M.
- National Bank of Canada fully exited Discover Financial Services in Q2 2025, selling an estimated $98.5M.
- National Bank of Canada's ten largest holdings make up 27% of its $105B portfolio in Q2 2025.
- National Bank of Canada opened 443 new positions and closed 300 in Q2 2025.
- National Bank of Canada's portfolio value rose 10% quarter-over-quarter to $105B.
Based on National Bank of Canada's 13F filing for Q2 2025, filed 13 Aug 2025.