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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 | |
|---|---|---|---|---|---|---|
901
iShares China Large-Cap ETF
FXI
$4.16B
| $4.43M | ﹤0.01% |
107,563
-22,845
| -18% | -$883K |
|
902
Owens Corning
OC
$12.3B
| $4.42M | ﹤0.01% |
31,222
-37,140
| -54% | -$5.45M |
|
903
iShares 3-7 Year Treasury Bond ETF
IEI
$17.7B
| $4.41M | ﹤0.01% |
36,931
-65,552
| -64% | -$7.8M |
|
904
Franklin Resources
BEN
$17.2B
| $4.4M | ﹤0.01% |
190,285
-24,707
| -11% | -$611K |
|
905
McCormick & Company Non-Voting
MKC
$14.6B
| $4.38M | ﹤0.01% |
65,509
-111,160
| -63% | -$7.79M |
|
906
MGM Resorts International
MGM
$11.1B
| $4.38M | ﹤0.01% |
126,348
-18,589
| -13% | -$682K |
|
907
West Fraser Timber
WFG
$5.45B
| $4.34M | ﹤0.01% |
63,903
+10,246
| +19% | +$748K |
|
908
iShares MSCI Global Min Vol Factor ETF
ACWV
$3.38B
| $4.27M | ﹤0.01% |
35,582
+20,636
| +138% | +$2.45M |
|
909
Schwab Fundamental Emerging Markets Large Company Index ETF
FNDE
$9.95B
| $4.27M | ﹤0.01% |
118,003
-1,038,589
| -90% | -$35.8M |
|
910
PUT
Teck Resources
TECK
$31.3B
| $4.24M | ﹤0.01% |
966
+535
| +124% | +$19.4K |
|
911
PUT
BCE
BCE
$21.7B
| $4.16M | ﹤0.01% |
1,782
-683
| -28% | -$16.5K |
|
|
AMRZ
912
Amrize Ltd
AMRZ
$25.6B
| $4.15M | ﹤0.01% |
85,458
+82,093
| +2,440% | +$4.19M |
|
913
Las Vegas Sands
LVS
$29.6B
| $4.12M | ﹤0.01% |
76,507
-160,970
| -68% | -$8.46M |
|
914
Omnicom Group
OMC
$24.2B
| $4.11M | ﹤0.01% |
50,389
-86,606
| -63% | -$6.54M |
|
915
TotalEnergies
TTE
$193B
| $4.07M | ﹤0.01% |
68,274
-7,106
| -9% | -$438K |
|
916
First Trust Water ETF
FIW
$1.92B
| $4.06M | ﹤0.01% |
36,193
-795
| -2% | -$88.5K |
|
917
Federal Realty Investment Trust
FRT
$10.3B
| $4.05M | ﹤0.01% |
39,969
-5,756
| -13% | -$556K |
|
918
Host Hotels & Resorts
HST
$15.6B
| $4.04M | ﹤0.01% |
237,508
-242,681
| -51% | -$4.03M |
|
919
PUT
Shopify
SHOP
$204B
| $4.04M | ﹤0.01% |
272
+178
| +189% | +$24.1K |
|
920
British American Tobacco
BTI
$124B
| $4.03M | ﹤0.01% |
76,030
-1,127
| -1% | -$61.2K |
|
921
Structure Therapeutics
GPCR
$3.89B
| $4.03M | ﹤0.01% |
144,000
+143,800
| +71,900% | +$2.86M |
|
922
NovaGold Resources
NG
$3.4B
| $4.02M | ﹤0.01% |
455,297
+145,424
| +47% | +$889K |
|
923
iShares MSCI India ETF
INDA
$6.58B
| $4.02M | ﹤0.01% |
77,133
+1,494
| +2% | +$79.9K |
|
924
Diageo
DEO
$52.8B
| $3.99M | ﹤0.01% |
41,782
-11,948
| -22% | -$1.25M |
|
|
EUAD
925
Select STOXX Europe Aerospace & Defense ETF
EUAD
$1.24B
| $3.96M | ﹤0.01% |
84,421
+11,245
| +15% | +$484K |
|
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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.