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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 | |
|---|---|---|---|---|---|---|
101
Analog Devices
ADI
$187B
| $205M | 0.2% |
863,129
-402,311
| -32% | -$83.8M |
|
102
Wells Fargo
WFC
$269B
| $203M | 0.19% |
2,533,906
-2,042,299
| -45% | -$147M |
|
103
Intuitive Surgical
ISRG
$142B
| $203M | 0.19% |
373,062
+36,447
| +11% | +$19.1M |
|
104
RTX Corp
RTX
$300B
| $202M | 0.19% |
1,383,880
-116,396
| -8% | -$15.5M |
|
105
Advanced Micro Devices
AMD
$788B
| $202M | 0.19% |
1,423,130
-166,202
| -10% | -$18.1M |
|
106
Adobe
ADBE
$103B
| $200M | 0.19% |
518,085
+214,794
| +71% | +$82.8M |
|
107
Caterpillar
CAT
$393B
| $199M | 0.19% |
512,757
+318,652
| +164% | +$106M |
|
108
Uber
UBER
$154B
| $199M | 0.19% |
2,130,801
+597,689
| +39% | +$49.2M |
|
109
Texas Instruments
TXN
$253B
| $193M | 0.18% |
931,072
+86,988
| +10% | +$15.4M |
|
110
Pinduoduo
PDD
$127B
| $190M | 0.18% |
1,811,137
+1,526,695
| +537% | +$160M |
|
111
Brookfield Infrastructure Partners
BIP
$18.2B
| $188M | 0.18% |
5,626,228
+393,190
| +8% | +$12.3M |
|
112
Blackrock
BLK
$180B
| $187M | 0.18% |
178,523
-2,346
| -1% | -$2.22M |
|
113
Blackstone
BX
$110B
| $187M | 0.18% |
1,252,080
-18,153
| -1% | -$2.49M |
|
114
Comcast
CMCSA
$90.4B
| $186M | 0.18% |
5,225,044
+13,296
| +0.3% | +$460K |
|
115
PUT
JPMorgan Chase
JPM
$971B
| $186M | 0.18% |
+6,400
| New | +$1.63M |
|
|
EMA
116
Emera Inc
EMA
$15.7B
| $183M | 0.17% |
+3,995,659
| New | +$179M |
|
117
Teck Resources
TECK
$32.4B
| $182M | 0.17% |
4,513,337
+232,617
| +5% | +$8.4M |
|
118
Verizon
VZ
$195B
| $176M | 0.17% |
4,073,793
+2,208,932
| +118% | +$95.7M |
|
119
Kinross Gold
KGC
$32.6B
| $175M | 0.17% |
11,211,177
-445,484
| -4% | -$6.48M |
|
120
Micron Technology
MU
$1.03T
| $175M | 0.17% |
1,417,687
-2,657,342
| -65% | -$248M |
|
121
American Express
AXP
$232B
| $175M | 0.17% |
547,228
-45,924
| -8% | -$12.9M |
|
122
Target
TGT
$69.9B
| $173M | 0.16% |
1,751,620
+319,670
| +22% | +$30.7M |
|
123
Morgan Stanley
MS
$342B
| $171M | 0.16% |
1,215,126
+43,198
| +4% | +$5.31M |
|
124
Sea Limited
SE
$78.5B
| $170M | 0.16% |
1,059,958
+843,655
| +390% | +$122M |
|
125
Cenovus Energy
CVE
$55.6B
| $167M | 0.16% |
12,299,938
+1,809,746
| +17% | +$23.5M |
|
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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.