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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 | |
|---|---|---|---|---|---|---|
51
Booking.com
BKNG
$159B
| $387M | 0.37% |
1,670,300
-1,293,400
| -44% | -$265M |
|
52
Procter & Gamble
PG
$335B
| $385M | 0.37% |
2,414,034
+172,935
| +8% | +$28.2M |
|
53
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $381M | 0.36% |
615,999
+90,966
| +17% | +$52M |
|
54
Walmart Inc
WMT
$923B
| $377M | 0.36% |
3,856,187
-1,187,295
| -24% | -$113M |
|
55
Bank of America
BAC
$453B
| $359M | 0.34% |
7,596,213
-5,178,849
| -41% | -$218M |
|
56
Goldman Sachs
GS
$302B
| $358M | 0.34% |
506,560
+88,002
| +21% | +$51M |
|
57
Wheaton Precious Metals
WPM
$61.3B
| $358M | 0.34% |
4,000,876
+353,223
| +10% | +$29.7M |
|
58
Fortis
FTS
$28.7B
| $355M | 0.34% |
7,439,972
+588,423
| +9% | +$28M |
|
59
ExxonMobil
XOM
$657B
| $335M | 0.32% |
3,103,819
+1,211,167
| +64% | +$129M |
|
60
Cameco
CCJ
$43.1B
| $328M | 0.31% |
4,458,633
+132,951
| +3% | +$7.09M |
|
61
GE Aerospace
GE
$379B
| $319M | 0.3% |
1,240,303
+676,214
| +120% | +$148M |
|
62
Visa
V
$671B
| $317M | 0.3% |
892,419
-546,348
| -38% | -$190M |
|
|
63
PUT
Eli Lilly
LLY
$1.09T
| $316M | 0.3% |
4,059
+3,559
| +712% | +$2.77M |
|
64
Rogers Communications
RCI
$19.4B
| $315M | 0.3% |
10,622,078
+1,556,392
| +17% | +$40.8M |
|
65
PepsiCo
PEP
$189B
| $312M | 0.3% |
2,362,797
-553,664
| -19% | -$74.6M |
|
66
PUT
Intel
INTC
$509B
| $305M | 0.29% |
136,304
+50,633
| +59% | +$1.05M |
|
67
Walt Disney
DIS
$178B
| $303M | 0.29% |
2,439,870
+275,575
| +13% | +$28.6M |
|
68
Philip Morris
PM
$290B
| $300M | 0.28% |
1,646,081
-492,156
| -23% | -$84.5M |
|
69
iShares Core MSCI Emerging Markets ETF
IEMG
$158B
| $298M | 0.28% |
4,961,200
+2,026,121
| +69% | +$113M |
|
70
Crown Castle
CCI
$31.5B
| $297M | 0.28% |
2,888,223
-1,107,706
| -28% | -$112M |
|
71
AbbVie
ABBV
$440B
| $295M | 0.28% |
1,591,048
+332,695
| +26% | +$61.8M |
|
72
Hewlett Packard
HPE
$77.8B
| $290M | 0.28% |
14,166,869
-2,112,573
| -13% | -$35.4M |
|
73
Thomson Reuters
TRI
$44.5B
| $286M | 0.27% |
1,443,047
-370,468
| -20% | -$70.6M |
|
74
Nutrien
NTR
$32.1B
| $285M | 0.27% |
4,898,939
+281,229
| +6% | +$15.9M |
|
|
75
CALL
Tesla
TSLA
$1.29T
| $281M | 0.27% |
8,860
+2,160
| +32% | +$651K |
|
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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.