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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 | |
|---|---|---|---|---|---|---|
51
Cognizant
CTSH
$26.2B
| $385M | 0.38% |
5,740,282
+556,241
| +11% | +$40.2M |
|
52
PUT
Coinbase
COIN
$39.3B
| $377M | 0.38% |
11,177
-17,731
| -61% | -$6.01M |
|
53
Netflix
NFLX
$309B
| $376M | 0.37% |
3,134,740
+1,111,700
| +55% | +$136M |
|
54
Advanced Micro Devices
AMD
$788B
| $370M | 0.37% |
2,286,142
+863,012
| +61% | +$139M |
|
|
55
CALL
Microsoft
MSFT
$3.66T
| $357M | 0.36% |
6,884
+4,134
| +150% | +$2.11M |
|
56
Equinix
EQIX
$105B
| $356M | 0.35% |
454,467
-43,864
| -9% | -$34.3M |
|
57
Fortis
FTS
$28.7B
| $354M | 0.35% |
6,999,749
-440,223
| -6% | -$21.6M |
|
58
Oracle
ORCL
$442B
| $347M | 0.35% |
1,235,011
+24,130
| +2% | +$6.14M |
|
|
59
Amgen
AMGN
$225B
| $346M | 0.34% |
1,226,372
+866,166
| +240% | +$251M |
|
60
Telus
TU
$15B
| $345M | 0.34% |
21,936,332
-5,146,224
| -19% | -$83.5M |
|
61
Franco-Nevada
FNV
$45.5B
| $345M | 0.34% |
1,551,557
-153,491
| -9% | -$27.7M |
|
62
Caterpillar
CAT
$393B
| $344M | 0.34% |
721,792
+209,035
| +41% | +$89.2M |
|
63
Suncor Energy
SU
$74.7B
| $340M | 0.34% |
8,125,266
-5,022,550
| -38% | -$201M |
|
|
64
Coinbase
COIN
$39.3B
| $336M | 0.33% |
995,658
+270,977
| +37% | +$91.9M |
|
65
Cisco
CSCO
$488B
| $332M | 0.33% |
4,857,295
-773,502
| -14% | -$52.7M |
|
66
Lam Research
LRCX
$408B
| $332M | 0.33% |
2,481,819
+326,396
| +15% | +$34.6M |
|
67
Applied Materials
AMAT
$435B
| $325M | 0.32% |
1,588,727
+295,009
| +23% | +$53.5M |
|
68
Cameco
CCJ
$43.1B
| $321M | 0.32% |
3,855,100
-603,533
| -14% | -$46.8M |
|
69
Home Depot
HD
$342B
| $313M | 0.31% |
771,927
-442,842
| -36% | -$174M |
|
|
FISV
70
Fiserv Inc
FISV
$27.4B
| $306M | 0.3% |
2,375,243
+1,996,684
| +527% | +$286M |
|
71
Qualcomm
QCOM
$171B
| $303M | 0.3% |
1,821,029
+500,892
| +38% | +$79.5M |
|
72
Rogers Communications
RCI
$19.4B
| $293M | 0.29% |
8,522,385
-2,099,693
| -20% | -$72.3M |
|
73
Micron Technology
MU
$1.03T
| $290M | 0.29% |
1,735,815
+318,128
| +22% | +$40.7M |
|
74
Procter & Gamble
PG
$335B
| $287M | 0.29% |
1,866,374
-547,660
| -23% | -$85.5M |
|
75
Kinross Gold
KGC
$32.6B
| $286M | 0.29% |
11,542,033
+330,856
| +3% | +$6.36M |
|
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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.