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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 | |
|---|---|---|---|---|---|---|
1026
Denison Mines
DNN
$2.95B
| $2.63M | ﹤0.01% |
958,942
-86,521
| -8% | -$191K |
|
1027
PUT
Canadian National Railway
CNI
$77.2B
| $2.63M | ﹤0.01% |
279
+2
| +0.7% | +$193 |
|
1028
Vanguard Morningstar Mid-Cap ETF
VO
$111B
| $2.62M | ﹤0.01% |
35,688
+776
| +2% | +$55.7K |
|
1029
Global X NASDAQ-100 Covered Call ETF
QYLD
$8.29B
| $2.62M | ﹤0.01% |
154,087
-6,093
| -4% | -$102K |
|
1030
Vanguard Morningstar Total Stock Market ETF
VTI
$696B
| $2.6M | ﹤0.01% |
7,934
-30,006
| -79% | -$9.48M |
|
1031
PUT
Imperial Oil
IMO
$64B
| $2.59M | ﹤0.01% |
286
+247
| +633% | +$21.3K |
|
|
PPLT
1032
abrdn Physical Platinum Shares ETF
PPLT
$2B
| $2.59M | ﹤0.01% |
181,100
+96,600
| +114% | +$1.22M |
|
1033
CALL
Shopify
SHOP
$204B
| $2.59M | ﹤0.01% |
174
+69
| +66% | +$9.36K |
|
1034
D-Wave Quantum Inc. Common Stock
QBTS
$7.78B
| $2.55M | ﹤0.01% |
103,133
+34,090
| +49% | +$621K |
|
1035
iShares Expanded Tech Sector ETF
IGM
$10.9B
| $2.53M | ﹤0.01% |
20,087
-276
| -1% | -$32.5K |
|
1036
Energy Fuels
UUUU
$3.64B
| $2.52M | ﹤0.01% |
164,839
-28,814
| -15% | -$306K |
|
|
1037
PUT
D-Wave Quantum Inc. Common Stock
QBTS
$7.78B
| $2.52M | ﹤0.01% |
1,020
-1,435
| -58% | -$26.1K |
|
1038
F5
FFIV
$23.6B
| $2.48M | ﹤0.01% |
7,681
-32,441
| -81% | -$10.2M |
|
1039
JPMorgan Small & Mid Cap Enhanced Equity ETF
JMEE
$2.97B
| $2.48M | ﹤0.01% |
39,076
+1,688
| +5% | +$104K |
|
1040
Hormel Foods
HRL
$13.4B
| $2.47M | ﹤0.01% |
99,902
-105,273
| -51% | -$2.92M |
|
1041
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.8B
| $2.45M | ﹤0.01% |
22,003
+5,470
| +33% | +$601K |
|
1042
Invesco Emerging Markets Sovereign Debt ETF
PCY
$1.4B
| $2.44M | ﹤0.01% |
113,455
+4,062
| +4% | +$84.8K |
|
1043
Molina Healthcare
MOH
$10.7B
| $2.39M | ﹤0.01% |
12,513
-25,380
| -67% | -$4.67M |
|
1044
CALL
West Fraser Timber
WFG
$5.45B
| $2.37M | ﹤0.01% |
349
+223
| +177% | +$16.3K |
|
1045
GeneDx Holdings
WGS
$2.36B
| $2.37M | ﹤0.01% |
22,000
-23,000
| -51% | -$2.51M |
|
1046
iShares MSCI USA Min Vol Factor ETF
USMV
$24.6B
| $2.36M | ﹤0.01% |
24,824
+1,110
| +5% | +$104K |
|
|
FINV
1047
FinVolution Group
FINV
$1.07B
| $2.36M | ﹤0.01% |
+320,000
| New | +$2.81M |
|
1048
Schwab US TIPS ETF
SCHP
$16.2B
| $2.35M | ﹤0.01% |
87,426
+198
| +0.2% | +$5.3K |
|
1049
Stagwell
STGW
$2.28B
| $2.35M | ﹤0.01% |
417,559
+10,087
| +2% | +$53.5K |
|
1050
Li Auto
LI
$12B
| $2.33M | ﹤0.01% |
+91,800
| New | +$2.38M |
|
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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.