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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 | |
|---|---|---|---|---|---|---|
76
Nutrien
NTR
$32.1B
| $276M | 0.27% |
4,717,240
-181,699
| -4% | -$10.6M |
|
77
PUT
VanEck Gold Miners ETF
GDX
$27.8B
| $267M | 0.27% |
34,982
-8,756
| -20% | -$527K |
|
78
Thomson Reuters
TRI
$44.5B
| $262M | 0.26% |
1,663,347
+220,300
| +15% | +$41.1M |
|
79
Visa
V
$671B
| $254M | 0.25% |
745,033
-147,386
| -17% | -$51M |
|
80
McDonald's
MCD
$195B
| $250M | 0.25% |
823,366
-30,436
| -4% | -$9.26M |
|
81
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $249M | 0.25% |
373,774
-242,225
| -39% | -$155M |
|
82
Coca-Cola
KO
$373B
| $243M | 0.24% |
3,669,823
+53,168
| +1% | +$3.66M |
|
83
PUT
Intel
INTC
$509B
| $240M | 0.24% |
71,454
-64,850
| -48% | -$1.57M |
|
84
CGI
GIB
$15.3B
| $238M | 0.24% |
2,684,782
+173,727
| +7% | +$16.8M |
|
85
Comcast
CMCSA
$90.4B
| $236M | 0.24% |
7,513,681
+2,288,637
| +44% | +$76.7M |
|
86
T-Mobile US
TMUS
$190B
| $233M | 0.23% |
974,604
+57,036
| +6% | +$13.8M |
|
87
Restaurant Brands International
QSR
$26.1B
| $232M | 0.23% |
3,617,810
+40,921
| +1% | +$2.69M |
|
88
Goldman Sachs
GS
$302B
| $230M | 0.23% |
289,396
-217,164
| -43% | -$161M |
|
|
89
PUT
Alphabet (Google) Class C
GOOG
$4.19T
| $226M | 0.23% |
9,290
-34,931
| -79% | -$7.34M |
|
90
Chevron
CVX
$386B
| $225M | 0.22% |
1,448,602
+868,815
| +150% | +$135M |
|
91
Intuit
INTU
$91.6B
| $223M | 0.22% |
326,799
+10,745
| +3% | +$7.75M |
|
|
92
CALL
Alphabet (Google) Class C
GOOG
$4.19T
| $222M | 0.22% |
9,138
+8,638
| +1,728% | +$1.82M |
|
93
Philip Morris
PM
$290B
| $220M | 0.22% |
1,357,904
-288,177
| -18% | -$48.5M |
|
94
TSMC
TSM
$2.23T
| $220M | 0.22% |
786,416
+363,894
| +86% | +$89M |
|
95
ExxonMobil
XOM
$657B
| $208M | 0.21% |
1,845,499
-1,258,320
| -41% | -$140M |
|
96
Avis
CAR
$4.93B
| $207M | 0.21% |
1,290,000
+409,761
| +47% | +$69.1M |
|
97
Johnson & Johnson
JNJ
$629B
| $206M | 0.21% |
1,113,202
-1,445,787
| -56% | -$248M |
|
98
Brookfield Asset Management
BAM
$87.1B
| $202M | 0.2% |
3,572,329
-850,009
| -19% | -$50.6M |
|
99
Workday
WDAY
$43.3B
| $200M | 0.2% |
832,670
+621,186
| +294% | +$144M |
|
100
PUT
Apple
AAPL
$4.41T
| $200M | 0.2% |
7,854
+5,500
| +234% | +$1.24M |
|
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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.