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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 | |
|---|---|---|---|---|---|---|
51
Advanced Micro Devices
AMD
$788B
| $401M | 0.36% |
1,871,979
-414,163
| -18% | -$93M |
|
52
Sun Life Financial
SLF
$44.4B
| $394M | 0.36% |
6,318,169
-879,332
| -12% | -$53.1M |
|
53
Wheaton Precious Metals
WPM
$61.3B
| $387M | 0.35% |
3,300,452
-563,928
| -15% | -$60.4M |
|
54
Johnson & Johnson
JNJ
$629B
| $386M | 0.35% |
1,863,268
+750,066
| +67% | +$148M |
|
55
Fortis
FTS
$28.7B
| $381M | 0.35% |
7,340,045
+340,296
| +5% | +$17.4M |
|
56
Lam Research
LRCX
$408B
| $372M | 0.34% |
2,176,108
-305,711
| -12% | -$47.5M |
|
57
Rogers Communications
RCI
$19.4B
| $370M | 0.34% |
9,807,730
+1,285,345
| +15% | +$48.2M |
|
|
WCN
58
Waste Connections
WCN
$41.6B
| $364M | 0.33% |
2,084,573
-141,094
| -6% | -$24.4M |
|
59
Visa
V
$671B
| $327M | 0.3% |
931,321
+186,288
| +25% | +$63.5M |
|
60
Intel
INTC
$509B
| $326M | 0.3% |
8,845,057
-2,750,972
| -24% | -$104M |
|
61
Home Depot
HD
$342B
| $321M | 0.29% |
934,023
+162,096
| +21% | +$59.4M |
|
62
Nutrien
NTR
$32.1B
| $319M | 0.29% |
5,177,772
+460,532
| +10% | +$27.1M |
|
63
Qualcomm
QCOM
$171B
| $316M | 0.29% |
1,844,858
+23,829
| +1% | +$4.08M |
|
64
Bank of America
BAC
$453B
| $315M | 0.29% |
5,720,997
-3,840,271
| -40% | -$203M |
|
65
Philip Morris
PM
$290B
| $314M | 0.29% |
1,960,300
+602,396
| +44% | +$93.3M |
|
66
Invesco QQQ Trust
QQQ
$481B
| $303M | 0.28% |
492,469
+332,661
| +208% | +$204M |
|
67
Booking.com
BKNG
$159B
| $302M | 0.28% |
1,412,150
-389,125
| -22% | -$80.1M |
|
68
Telus
TU
$15B
| $301M | 0.27% |
22,896,760
+960,428
| +4% | +$13.5M |
|
69
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $301M | 0.27% |
440,801
+67,027
| +18% | +$45.3M |
|
70
McDonald's
MCD
$195B
| $300M | 0.27% |
982,291
+158,925
| +19% | +$48.7M |
|
71
Procter & Gamble
PG
$335B
| $294M | 0.27% |
2,048,089
+181,715
| +10% | +$26.8M |
|
72
ExxonMobil
XOM
$657B
| $291M | 0.26% |
2,417,791
+572,292
| +31% | +$66.4M |
|
73
Cameco
CCJ
$43.1B
| $279M | 0.25% |
3,070,899
-784,201
| -20% | -$70.6M |
|
|
74
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $274M | 0.25% |
4,025
-3,175
| -44% | -$2.15M |
|
75
Chevron
CVX
$386B
| $272M | 0.25% |
1,781,632
+333,030
| +23% | +$50.7M |
|
Similar funds
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.