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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 | |
|---|---|---|---|---|---|---|
876
EPAM Systems
EPAM
$5.24B
| $5.13M | 0.01% |
34,017
-5,202
| -13% | -$854K |
|
877
A.O. Smith
AOS
$8.49B
| $5.12M | 0.01% |
69,796
-10,833
| -13% | -$773K |
|
|
AAUC
878
Allied Gold Corp
AAUC
$3.19B
| $5.11M | 0.01% |
292,505
+43,589
| +18% | +$613K |
|
879
CALL
Restaurant Brands International
QSR
$26.7B
| $5.1M | 0.01% |
795
+474
| +148% | +$31.2K |
|
880
Global X US Infrastructure Development ETF
PAVE
$14.3B
| $5.1M | 0.01% |
107,026
-1,588
| -1% | -$73.1K |
|
881
Novartis
NVS
$288B
| $5.05M | 0.01% |
39,369
-31,835
| -45% | -$3.88M |
|
882
Erie Indemnity
ERIE
$13.4B
| $5M | 0.01% |
15,711
-1,722
| -10% | -$595K |
|
883
Steris
STE
$23B
| $4.97M | ﹤0.01% |
20,078
-35,150
| -64% | -$8.41M |
|
884
Factset
FDS
$10.2B
| $4.96M | ﹤0.01% |
17,326
-17,902
| -51% | -$6.84M |
|
|
CGAU
885
Centerra Gold
CGAU
$4.15B
| $4.93M | ﹤0.01% |
469,802
-73,509
| -14% | -$586K |
|
886
JetBlue
JBLU
$2.19B
| $4.92M | ﹤0.01% |
1,000,451
+31
| +0% | +$149 |
|
887
Arm
ARM
$298B
| $4.89M | ﹤0.01% |
34,562
-5,847
| -14% | -$852K |
|
888
CALL
Alamos Gold
AGI
$13.8B
| $4.87M | ﹤0.01% |
1,397
+1,343
| +2,487% | +$38.4K |
|
889
PUT
Recursion Pharmaceuticals
RXRX
$1.78B
| $4.86M | ﹤0.01% |
9,956
-1,226
| -11% | -$6.44K |
|
|
890
CALL
Recursion Pharmaceuticals
RXRX
$1.78B
| $4.84M | ﹤0.01% |
9,920
-656
| -6% | -$3.44K |
|
891
Conagra Brands
CAG
$7.39B
| $4.83M | ﹤0.01% |
263,607
-195,256
| -43% | -$3.74M |
|
892
PUT
Sharplink Inc
SBET
$1.37B
| $4.8M | ﹤0.01% |
2,821
+1,129
| +67% | +$22.2K |
|
893
Waters Corp
WAT
$40.6B
| $4.79M | ﹤0.01% |
15,980
-22,048
| -58% | -$6.65M |
|
894
NexGen Energy
NXE
$6.97B
| $4.74M | ﹤0.01% |
529,870
-4,653
| -0.9% | -$34.3K |
|
895
StepStone Group
STEP
$4.28B
| $4.65M | ﹤0.01% |
71,163
-3,244
| -4% | -$198K |
|
896
Eastman Chemical
EMN
$8.43B
| $4.58M | ﹤0.01% |
72,639
-9,921
| -12% | -$692K |
|
897
Lennox International
LII
$14.5B
| $4.54M | ﹤0.01% |
8,577
-14,086
| -62% | -$8.23M |
|
898
iShares MSCI EAFE ETF
EFA
$80.3B
| $4.47M | ﹤0.01% |
47,793
-14,829
| -24% | -$1.35M |
|
899
Green Brick Partners
GRBK
$3.04B
| $4.44M | ﹤0.01% |
60,146
-1,246
| -2% | -$85.1K |
|
900
Vertiv
VRT
$111B
| $4.43M | ﹤0.01% |
29,330
+852
| +3% | +$114K |
|
Similar funds
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.