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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 | |
|---|---|---|---|---|---|---|
651
State Street SPDR S&P Dividend ETF
SDY
$22.2B
| $11.7M | 0.01% |
83,636
+3,360
| +4% | +$469K |
|
652
CALL
Agnico Eagle Mines
AEM
$91.3B
| $11.7M | 0.01% |
694
-1,399
| -67% | -$192K |
|
653
Dollar General
DG
$26.9B
| $11.7M | 0.01% |
112,776
-124,025
| -52% | -$13.6M |
|
654
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $11.6M | 0.01% |
197,746
+16,071
| +9% | +$943K |
|
655
CALL
Rogers Communications
RCI
$19.7B
| $11.6M | 0.01% |
3,378
+1,233
| +57% | +$42.5K |
|
656
PG&E
PCG
$38.5B
| $11.6M | 0.01% |
767,692
-3,617,174
| -82% | -$52.8M |
|
657
Janus Henderson AAA CLO ETF
JAAA
$29.8B
| $11.5M | 0.01% |
226,728
+216,300
| +2,074% | +$11M |
|
658
Shell
SHEL
$248B
| $11.5M | 0.01% |
160,903
-3,270
| -2% | -$235K |
|
659
Carlyle Group
CG
$18.3B
| $11.5M | 0.01% |
183,114
-15,384
| -8% | -$961K |
|
660
CALL
Thomson Reuters
TRI
$46B
| $11.5M | 0.01% |
728
+717
| +6,518% | +$134K |
|
661
CDW
CDW
$17.8B
| $11.5M | 0.01% |
71,948
-54,468
| -43% | -$9.26M |
|
662
CALL
Deere & Co
DE
$165B
| $11.4M | 0.01% |
250
| – | – |
|
663
CALL
Yum! Brands
YUM
$41.2B
| $11.4M | 0.01% |
+750
| New | +$110K |
|
664
Invesco Senior Loan ETF
BKLN
$6.76B
| $11.4M | 0.01% |
543,478
-17,755
| -3% | -$372K |
|
665
Hecla Mining
HL
$11.9B
| $11.2M | 0.01% |
923,135
-68,138
| -7% | -$547K |
|
666
Occidental Petroleum
OXY
$57.7B
| $11.1M | 0.01% |
234,994
-293,908
| -56% | -$13.3M |
|
667
PUT
Cenovus Energy
CVE
$56.4B
| $11M | 0.01% |
6,481
+4,190
| +183% | +$65.4K |
|
668
Vulcan Materials
VMC
$36B
| $11M | 0.01% |
35,730
-56,647
| -61% | -$16.1M |
|
669
Procore
PCOR
$9.45B
| $10.9M | 0.01% |
149,934
+112
| +0.1% | +$7.82K |
|
670
ATS Corp
ATS
$1.98B
| $10.8M | 0.01% |
420,025
-18,993
| -4% | -$547K |
|
671
PUT
Nutrien
NTR
$32.2B
| $10.8M | 0.01% |
1,840
+442
| +32% | +$25.8K |
|
672
Tyler Technologies
TYL
$13.5B
| $10.8M | 0.01% |
20,597
-9,562
| -32% | -$5.37M |
|
673
Hewlett Packard
HPE
$79.2B
| $10.8M | 0.01% |
438,716
-13,728,153
| -97% | -$304M |
|
674
ING
ING
$102B
| $10.8M | 0.01% |
413,197
-5,977
| -1% | -$144K |
|
675
Quest Diagnostics
DGX
$26.1B
| $10.8M | 0.01% |
56,522
-45,696
| -45% | -$8.11M |
|
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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.