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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 | |
|---|---|---|---|---|---|---|
676
Harmony Gold Mining
HMY
$12.1B
| $13.9M | 0.01% |
992,876
-90,608
| -8% | -$1.37M |
|
677
Zimmer Biomet
ZBH
$18.7B
| $13.9M | 0.01% |
151,964
-11,628
| -7% | -$1.12M |
|
678
Morningstar
MORN
$7.41B
| $13.8M | 0.01% |
43,878
+28,758
| +190% | +$8.51M |
|
679
Everest Group
EG
$14B
| $13.8M | 0.01% |
40,505
+4,777
| +13% | +$1.65M |
|
680
Viking Holdings
VIK
$46.9B
| $13.6M | 0.01% |
+256,083
| New | +$11.3M |
|
|
XYZ
681
PUT
Block Inc
XYZ
$48.5B
| $13.6M | 0.01% |
+2,000
| New | +$116K |
|
682
CALL
Telus
TU
$14.9B
| $13.6M | 0.01% |
8,453
+3,772
| +81% | +$58.5K |
|
|
CTRA
683
DELISTED
Coterra Energy
CTRA
| $13.5M | 0.01% |
533,636
-22,480
| -4% | -$570K |
|
684
JD.com
JD
$39B
| $13.5M | 0.01% |
412,316
-683,415
| -62% | -$23.3M |
|
685
McCormick & Company Non-Voting
MKC
$14.6B
| $13.4M | 0.01% |
176,669
+59,872
| +51% | +$4.49M |
|
686
State Street Health Care Select Sector SPDR ETF
XLV
$44B
| $13.4M | 0.01% |
99,234
+39,872
| +67% | +$5.38M |
|
687
CALL
Nutrien
NTR
$32B
| $13.3M | 0.01% |
2,284
+1,485
| +186% | +$83.9K |
|
688
Builders FirstSource
BLDR
$7.95B
| $13.3M | 0.01% |
113,998
+38,029
| +50% | +$4.39M |
|
689
NiSource
NI
$20.2B
| $13.3M | 0.01% |
329,111
-344,786
| -51% | -$13.5M |
|
690
Mitsubishi UFJ Financial
MUFG
$261B
| $13.3M | 0.01% |
968,192
+48,346
| +5% | +$625K |
|
691
Waters Corp
WAT
$40.9B
| $13.3M | 0.01% |
38,028
+13,527
| +55% | +$4.65M |
|
692
Steris
STE
$22.9B
| $13.3M | 0.01% |
55,228
-7,118
| -11% | -$1.66M |
|
693
Weyerhaeuser
WY
$17.9B
| $13.3M | 0.01% |
516,049
-430,713
| -45% | -$11.3M |
|
694
Equinox Gold
EQX
$13B
| $13.2M | 0.01% |
2,306,616
+1,088,397
| +89% | +$7.07M |
|
695
Brookfield Renewable
BEPC
$6.6B
| $13.2M | 0.01% |
409,220
-4,213
| -1% | -$123K |
|
696
Principal Financial Group
PFG
$24.5B
| $13.1M | 0.01% |
165,221
-13,874
| -8% | -$1.06M |
|
697
CALL
Fortis
FTS
$28.8B
| $13.1M | 0.01% |
2,740
+1,027
| +60% | +$48.9K |
|
698
Invitation Homes
INVH
$17.9B
| $13.1M | 0.01% |
398,502
-31,422
| -7% | -$1.05M |
|
699
Trimble
TRMB
$12.9B
| $13M | 0.01% |
171,201
-18,287
| -10% | -$1.23M |
|
700
Lennox International
LII
$14.5B
| $13M | 0.01% |
22,663
+6,990
| +45% | +$3.91M |
|
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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.