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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 | |
|---|---|---|---|---|---|---|
851
Dana Inc
DAN
$3.26B
| $7.72M | 0.01% |
450,000
| – | – |
|
852
PUT
Domino's
DPZ
$11.6B
| $7.71M | 0.01% |
+171
| New | +$80.3K |
|
853
PUT
Ciena
CIEN
$62.7B
| $7.69M | 0.01% |
+946
| New | +$67.9K |
|
854
Incyte
INCY
$24.4B
| $7.65M | 0.01% |
112,339
-8,871
| -7% | -$562K |
|
855
East-West Bancorp
EWBC
$18.6B
| $7.63M | 0.01% |
75,549
+25,138
| +50% | +$2.23M |
|
856
Pool Corp
POOL
$7.29B
| $7.62M | 0.01% |
26,144
+11,064
| +73% | +$3.35M |
|
857
Ralph Lauren
RL
$23.1B
| $7.57M | 0.01% |
27,599
-2,298
| -8% | -$569K |
|
858
Boston Properties
BXP
$11B
| $7.56M | 0.01% |
112,041
+23,578
| +27% | +$1.57M |
|
859
MarketAxess Holdings
MKTX
$5.72B
| $7.53M | 0.01% |
33,702
+4,010
| +14% | +$881K |
|
860
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.7B
| $7.51M | 0.01% |
81,856
-279,057
| -77% | -$25.6M |
|
861
Vanguard Morningstar Mid-Cap Value ETF
VOE
$24.5B
| $7.46M | 0.01% |
45,383
+3,693
| +9% | +$585K |
|
862
Universal Health Services
UHS
$10.1B
| $7.43M | 0.01% |
41,033
-3,238
| -7% | -$584K |
|
863
Pinnacle West Capital
PNW
$12.2B
| $7.42M | 0.01% |
82,957
-43,371
| -34% | -$3.97M |
|
864
PUT
Rigetti Computing
RGTI
$6.21B
| $7.39M | 0.01% |
6,230
-1,714
| -22% | -$18.1K |
|
865
Solventum
SOLV
$14.7B
| $7.39M | 0.01% |
97,392
-7,942
| -8% | -$562K |
|
866
iShare MSCI Eurozone ETF
EZU
$9.96B
| $7.38M | 0.01% |
124,164
-6,333
| -5% | -$358K |
|
867
Host Hotels & Resorts
HST
$15.6B
| $7.38M | 0.01% |
480,189
-285,843
| -37% | -$4.23M |
|
868
Stanley Black & Decker
SWK
$15.4B
| $7.36M | 0.01% |
108,619
-8,807
| -8% | -$568K |
|
869
Allegion
ALLE
$14.2B
| $7.35M | 0.01% |
51,002
-17,085
| -25% | -$2.34M |
|
870
PUT
Pembina Pipeline
PBA
$28.4B
| $7.26M | 0.01% |
1,935
-68
| -3% | -$2.57K |
|
871
Viatris
VTRS
$18.4B
| $7.26M | 0.01% |
812,439
-95,753
| -11% | -$810K |
|
872
First Citizens BancShares
FCNCA
$25.6B
| $7.23M | 0.01% |
3,696
+1,233
| +50% | +$2.24M |
|
873
CarMax
KMX
$8.52B
| $7.18M | 0.01% |
106,760
+20,014
| +23% | +$1.35M |
|
874
LPL Financial
LPLA
$29.5B
| $7.07M | 0.01% |
18,856
-4,623
| -20% | -$1.62M |
|
875
PUT
AutoZone
AZO
$49.6B
| $7.05M | 0.01% |
+19
| New | +$70K |
|
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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.