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National Bank of Canada

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
Cap. Flow
+$3.43B
Cap. Flow %
3.12%
Top 10 Hldgs %
29.27%
Holding
3,206
New
380
Increased
1,219
Reduced
855
Closed
337

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$990M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$877M
3
TSLA icon
Tesla
TSLA
+$841M
4
MSFT icon
Microsoft
MSFT
+$835M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$601M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$799M
2
TD icon
Toronto Dominion Bank
TD
+$363M
3
BN icon
Brookfield
BN
+$315M
4
CRM icon
Salesforce
CRM
+$305M
5
RY icon
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
LQD icon
1051
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.8B
$2.2M ﹤0.01%
19,948
-2,055
-9% -$228K
PAX icon
1052
Patria Investments
PAX
$1.88B
$2.19M ﹤0.01%
137,776
-13,858
-9% -$207K
BOND icon
1053
PIMCO Active Bond Exchange-Traded Fund
BOND
$8.5B
$2.18M ﹤0.01%
23,449
+4,035
+21% +$377K
JCI icon
1054
Johnson Controls International
JCI
$91.7B
$2.15M ﹤0.01%
18,004
+3,627
+25% +$416K
EXK
1055
Endeavour Silver
EXK
$3.05B
$2.15M ﹤0.01%
229,231
+43,673
+24% +$370K
W icon
1056
Wayfair
W
$13.9B
$2.15M ﹤0.01%
21,390
-118,579
-85% -$11.4M
ACWI icon
1057
iShares MSCI ACWI ETF
ACWI
$33.6B
$2.14M ﹤0.01%
15,136
-722,608
-98% -$101M
RGA icon
1058
Reinsurance Group of America
RGA
$16.4B
$2.12M ﹤0.01%
10,443
-1,356
-11% -$262K
VET icon
1059
CALL
Vermilion Energy
VET
$1.72B
$2.1M ﹤0.01%
2,521
+827
+49% +$6.83K
ARGT icon
1060
Global X MSCI Argentina ETF
ARGT
$809M
$2.09M ﹤0.01%
22,905
+20,880
+1,031% +$1.78M
CR icon
1061
Crane Co
CR
$12.7B
$2.09M ﹤0.01%
11,334
+11,310
+47,125% +$2.1M
SCHR
1062
Schwab Intermediately-Term US Treasury ETF
SCHR
$13.3B
$2.08M ﹤0.01%
83,077
+3,191
+4% +$80.3K
AOR icon
1063
iShares Core 60/40 Balanced Allocation ETF
AOR
$3.75B
$2.08M ﹤0.01%
32,047
+1,579
+5% +$102K
HRL icon
1064
Hormel Foods
HRL
$13.4B
$2.08M ﹤0.01%
87,779
-12,123
-12% -$283K
AQLT
1065
iShares MSCI Global Quality Factor ETF
AQLT
$312M
$2.05M ﹤0.01%
+72,814
New +$2.02M
EELV icon
1066
Invesco S&P Emerging Markets Low Volatility ETF
EELV
$422M
$2.02M ﹤0.01%
73,527
+679
+0.9% +$18.3K
RSPN icon
1067
Invesco S&P 500 Equal Weight Industrials ETF
RSPN
$1.08B
$1.99M ﹤0.01%
35,207
+413
+1% +$23.1K
PBI icon
1068
Pitney Bowes
PBI
$2.28B
$1.98M ﹤0.01%
187,338
+29,268
+19% +$304K
DGRE icon
1069
WisdomTree Trust WisdomTree Emerging Markets Quality Dividend Growth Fund
DGRE
$150M
$1.96M ﹤0.01%
62,937
-4,687
-7% -$141K
NWS icon
1070
News Corp Class B
NWS
$17.8B
$1.96M ﹤0.01%
66,184
+1,169
+2% +$34.9K
OVV icon
1071
CALL
Ovintiv
OVV
$17.2B
$1.95M ﹤0.01%
682
+219
+47% +$8.49K
VYM icon
1072
Vanguard High Dividend Yield ETF
VYM
$84.2B
$1.93M ﹤0.01%
13,481
+1,503
+13% +$214K
VBNK
1073
VersaBank
VBNK
$647M
$1.93M ﹤0.01%
130,725
+12,432
+11% +$157K
IGV icon
1074
iShares Expanded Tech-Software Sector ETF
IGV
$15.2B
$1.93M ﹤0.01%
18,285
+359
+2% +$39.5K
SHV icon
1075
iShares 0-1 Year Treasury Bond ETF
SHV
$20.6B
$1.93M ﹤0.01%
17,486
-13,690
-44% -$1.51M
41 42
43
44 45

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Canada Pension Plan Investment Board
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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.