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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 | |
|---|---|---|---|---|---|---|
76
Palantir
PLTR
$411B
| $281M | 0.27% |
2,063,142
+710,354
| +53% | +$83.3M |
|
77
CALL
Netflix
NFLX
$309B
| $281M | 0.27% |
+21,000
| New | +$2.37M |
|
78
Merck
MRK
$328B
| $281M | 0.27% |
3,543,903
+293,911
| +9% | +$23.4M |
|
79
Franco-Nevada
FNV
$45.5B
| $278M | 0.26% |
1,705,048
+102,264
| +6% | +$16.9M |
|
|
80
Netflix
NFLX
$309B
| $271M | 0.26% |
2,023,040
-1,828,540
| -47% | -$207M |
|
81
Oracle
ORCL
$442B
| $265M | 0.25% |
1,210,881
-375,943
| -24% | -$60.7M |
|
82
CGI
GIB
$15.3B
| $262M | 0.25% |
2,511,055
-601,666
| -19% | -$63.4M |
|
83
Coca-Cola
KO
$373B
| $256M | 0.24% |
3,616,655
-265,061
| -7% | -$18.9M |
|
84
Coinbase
COIN
$39.3B
| $254M | 0.24% |
724,681
-1,170,702
| -62% | -$274M |
|
85
McDonald's
MCD
$195B
| $249M | 0.24% |
853,802
+479,138
| +128% | +$148M |
|
86
Intuit
INTU
$91.6B
| $249M | 0.24% |
316,054
-92,951
| -23% | -$62.9M |
|
87
Brookfield Asset Management
BAM
$87.1B
| $244M | 0.23% |
4,422,338
+2,192,630
| +98% | +$118M |
|
88
ServiceNow
NOW
$129B
| $240M | 0.23% |
1,167,390
+433,770
| +59% | +$81.8M |
|
89
Applied Materials
AMAT
$435B
| $237M | 0.23% |
1,293,718
+262,959
| +26% | +$41.7M |
|
90
Restaurant Brands International
QSR
$26.1B
| $236M | 0.22% |
3,576,889
-395,092
| -10% | -$26.4M |
|
91
Pembina Pipeline
PBA
$28.4B
| $230M | 0.22% |
6,124,802
+170,931
| +3% | +$6.45M |
|
92
Strategy Inc
MSTR
$37.3B
| $230M | 0.22% |
567,946
-176,742
| -24% | -$64.4M |
|
93
PUT
VanEck Gold Miners ETF
GDX
$27.8B
| $228M | 0.22% |
43,738
+3,638
| +9% | +$181K |
|
94
T-Mobile US
TMUS
$190B
| $219M | 0.21% |
917,568
+321,232
| +54% | +$78.4M |
|
|
95
CALL
Palantir
PLTR
$411B
| $218M | 0.21% |
15,960
+8,639
| +118% | +$1.01M |
|
96
Citigroup
C
$231B
| $213M | 0.2% |
2,506,967
-385,424
| -13% | -$27.9M |
|
|
97
CALL
NVIDIA
NVDA
$5.43T
| $213M | 0.2% |
13,500
+4,497
| +50% | +$566K |
|
98
Qualcomm
QCOM
$171B
| $210M | 0.2% |
1,320,137
+88,589
| +7% | +$13M |
|
99
Lam Research
LRCX
$408B
| $210M | 0.2% |
2,155,423
+241,777
| +13% | +$19.2M |
|
100
Pfizer
PFE
$150B
| $208M | 0.2% |
8,588,769
-1,175,674
| -12% | -$27.4M |
|
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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.