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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 | |
|---|---|---|---|---|---|---|
526
CALL
Nutrien
NTR
$32B
| $19.2M | 0.02% |
3,105
+978
| +46% | +$57.6K |
|
527
Steel Dynamics
STLD
$37.6B
| $19.1M | 0.02% |
112,871
+26,286
| +30% | +$4.17M |
|
528
Halliburton
HAL
$27.5B
| $19M | 0.02% |
672,492
+383,894
| +133% | +$10.1M |
|
|
SOBO
529
South Bow Corp
SOBO
$7.6B
| $19M | 0.02% |
696,794
+178,495
| +34% | +$4.85M |
|
530
Insmed
INSM
$27.7B
| $18.9M | 0.02% |
108,706
+106,225
| +4,282% | +$19.4M |
|
531
Jabil
JBL
$39.4B
| $18.9M | 0.02% |
82,747
+48,794
| +144% | +$10.4M |
|
532
T. Rowe Price
TROW
$23.6B
| $18.9M | 0.02% |
184,334
+16,656
| +10% | +$1.72M |
|
533
PUT
Agnico Eagle Mines
AEM
$90.6B
| $18.8M | 0.02% |
1,110
+279
| +34% | +$46.9K |
|
|
NOA
534
North American Construction
NOA
$401M
| $18.8M | 0.02% |
1,339,706
+15,103
| +1% | +$215K |
|
535
Caesars Entertainment
CZR
$6.06B
| $18.7M | 0.02% |
800,009
+9
| +0% | +$202 |
|
536
Cincinnati Financial
CINF
$26.5B
| $18.7M | 0.02% |
114,274
+15,923
| +16% | +$2.58M |
|
537
Arthur J. Gallagher & Co
AJG
$64.3B
| $18.6M | 0.02% |
71,918
-63,353
| -47% | -$16.8M |
|
538
PUT
Carvana
CVNA
$81.9B
| $18.6M | 0.02% |
+2,200
| New | +$164K |
|
539
Sprott Physical Gold and Silver Trust
CEF
$8.23B
| $18.5M | 0.02% |
409,890
-63,222
| -13% | -$2.56M |
|
540
Structure Therapeutics
GPCR
$3.86B
| $18.5M | 0.02% |
265,400
+121,400
| +84% | +$4.96M |
|
541
Fidelity Disruptive Automation ETF
FBOT
$224M
| $18.3M | 0.02% |
550,152
-278
| -0.1% | -$9.18K |
|
542
Arch Capital
ACGL
$33.2B
| $18.3M | 0.02% |
190,934
-170,929
| -47% | -$15.6M |
|
543
TAL Education Group
TAL
$6.37B
| $18.2M | 0.02% |
1,669,800
-1,890,000
| -53% | -$21.5M |
|
544
Hewlett Packard
HPE
$80.4B
| $18M | 0.02% |
750,375
+311,659
| +71% | +$7.34M |
|
545
Colliers International
CIGI
$5.27B
| $18M | 0.02% |
124,153
+9,857
| +9% | +$1.48M |
|
546
CDW
CDW
$17.4B
| $18M | 0.02% |
131,999
+60,051
| +83% | +$8.85M |
|
547
Box
BOX
$4.49B
| $17.9M | 0.02% |
600,000
| – | – |
|
|
548
PUT
Box
BOX
$4.49B
| $17.9M | 0.02% |
6,000
| – | – |
|
549
Targa Resources
TRGP
$57.9B
| $17.9M | 0.02% |
97,101
+39,470
| +68% | +$6.65M |
|
550
TransAlta
TAC
$3.98B
| $17.9M | 0.02% |
1,415,276
-149,660
| -10% | -$2.23M |
|
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VAM
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.