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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
+5.14%
1 Year Est. Return
+46.34%
3 Year Est. Return
+120.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$110B
AUM Growth
+$9.55B
(+9.5%)
Cap. Flow
+$3.43B
Cap. Flow
% of AUM
3.12%
Top 10 Holdings %
Top 10 Hldgs %
29.27%
Holding
3,206
New
380
Increased
1,219
Reduced
855
Closed
337
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$990M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$877M |
| 3 |
Tesla
TSLA
|
+$841M |
| 4 |
Microsoft
MSFT
|
+$835M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$601M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$799M |
| 2 |
Toronto Dominion Bank
TD
|
+$363M |
| 3 |
Brookfield
BN
|
+$315M |
| 4 |
Salesforce
CRM
|
+$305M |
| 5 |
Royal Bank of Canada
RY
|
+$289M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.83% |
| 2 | Financials | 15.94% |
| 3 | Communication Services | 9.95% |
| 4 | Consumer Discretionary | 8.14% |
| 5 | Industrials | 6.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Franco-Nevada
FNV
$45.5B
| $269M | 0.24% |
1,299,180
-252,377
| -16% | -$51.2M |
|
77
CGI
GIB
$15.3B
| $265M | 0.24% |
2,872,610
+187,828
| +7% | +$16.7M |
|
78
PUT
Netflix
NFLX
$309B
| $262M | 0.24% |
27,939
+25,939
| +1,297% | +$2.8M |
|
79
Restaurant Brands International
QSR
$26.1B
| $259M | 0.24% |
3,832,184
+214,374
| +6% | +$14.8M |
|
|
80
Salesforce
CRM
$158B
| $259M | 0.24% |
978,284
-1,227,388
| -56% | -$305M |
|
81
Equinix
EQIX
$105B
| $258M | 0.23% |
337,016
-117,451
| -26% | -$92.1M |
|
82
Applied Materials
AMAT
$435B
| $253M | 0.23% |
984,682
-604,045
| -38% | -$145M |
|
83
Kinross Gold
KGC
$32.6B
| $251M | 0.23% |
8,915,840
-2,626,193
| -23% | -$68.2M |
|
84
Celestica
CLS
$42.8B
| $250M | 0.23% |
847,154
+665,078
| +365% | +$200M |
|
85
PUT
Palantir
PLTR
$411B
| $248M | 0.23% |
13,970
+8,237
| +144% | +$1.49M |
|
86
Walt Disney
DIS
$178B
| $244M | 0.22% |
2,140,596
+815,424
| +62% | +$89.8M |
|
87
Gilead Sciences
GILD
$168B
| $233M | 0.21% |
1,900,061
+448,367
| +31% | +$54.5M |
|
88
Intuit
INTU
$91.6B
| $230M | 0.21% |
347,502
+20,703
| +6% | +$13.7M |
|
89
Caterpillar
CAT
$393B
| $230M | 0.21% |
401,658
-320,134
| -44% | -$178M |
|
90
TSMC
TSM
$2.23T
| $224M | 0.2% |
736,458
-49,958
| -6% | -$14.7M |
|
91
Amgen
AMGN
$225B
| $221M | 0.2% |
675,956
-550,416
| -45% | -$175M |
|
92
Thomson Reuters
TRI
$44.5B
| $219M | 0.2% |
1,636,609
-26,738
| -2% | -$3.87M |
|
93
Cenovus Energy
CVE
$55.6B
| $219M | 0.2% |
12,925,216
+6,725,588
| +108% | +$117M |
|
94
IBM
IBM
$222B
| $217M | 0.2% |
733,979
+306,276
| +72% | +$91.7M |
|
|
95
CALL
Alphabet (Google) Class C
GOOG
$4.19T
| $214M | 0.19% |
6,819
-2,319
| -25% | -$664K |
|
96
Merck
MRK
$328B
| $211M | 0.19% |
2,007,255
+297,533
| +17% | +$27.9M |
|
97
Eaton
ETN
$179B
| $207M | 0.19% |
649,280
+472,620
| +268% | +$167M |
|
98
CALL
JPMorgan Chase
JPM
$971B
| $206M | 0.19% |
6,400
+2,250
| +54% | +$697K |
|
99
AstraZeneca
AZN
$246B
| $206M | 0.19% |
1,118,032
+558,436
| +100% | +$97.9M |
|
100
Intuitive Surgical
ISRG
$142B
| $204M | 0.19% |
360,875
-56,391
| -14% | -$30M |
|
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National Bank of Canada's Q4 2025 Portfolio in Review
As of Q4 2025, National Bank of Canada held 3,206 positions worth $110B, up 9.5% from $100B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
National Bank of Canada deployed $3.43B of net new capital in Q4 2025, opening 380 new positions and adding to 1,219 existing holdings. Its largest new stake was Roivant Sciences: 2,040,000 shares worth $44.3M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 27% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Apple, an estimated $799M trimmed.
- National Bank of Canada's largest Q4 2025 buy was Roivant Sciences: 2,040,000 shares worth $44.3M.
- National Bank of Canada added most to Meta Platforms (Facebook) in Q4 2025, an estimated $990M increase.
- National Bank of Canada's biggest Q4 2025 reduction was Apple, cutting an estimated $799M.
- National Bank of Canada fully exited Spirit AeroSystems in Q4 2025, selling an estimated $124M.
- National Bank of Canada's ten largest holdings make up 29% of its $110B portfolio in Q4 2025.
- National Bank of Canada opened 380 new positions and closed 337 in Q4 2025.
- National Bank of Canada's portfolio value rose 9.5% quarter-over-quarter to $110B.
Based on National Bank of Canada's 13F filing for Q4 2025, filed 17 Feb 2026.