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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
+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
Cap. Flow
-$14B
Cap. Flow %
-13.98%
Top 10 Hldgs %
28.48%
Holding
3,287
New
313
Increased
899
Reduced
1,215
Closed
454

Top Buys

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$548M
2
FISV
Fiserv Inc
FISV
+$286M
3
AMGN icon
Amgen
AMGN
+$251M
4
PLTR icon
Palantir
PLTR
+$229M
5
RY icon
Royal Bank of Canada
RY
+$200M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$1.11B
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$1.09B
3
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$702M
4
TSLA icon
Tesla
TSLA
+$636M
5
MSFT icon
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
EMA
1226
PUT
Emera Inc
EMA
$15.7B
$897K ﹤0.01%
187
+78
+72% +$3.65K
PHO icon
1227
Invesco Water Resources ETF
PHO
$2.06B
$896K ﹤0.01%
12,422
-131
-1% -$9.38K
MGA icon
1228
CALL
Magna International
MGA
$18.7B
$891K ﹤0.01%
188
-30
-14% -$1.32K
NEM icon
1229
PUT
Newmont
NEM
$120B
$891K ﹤0.01%
147
-58
-28% -$4.04K
BLV icon
1230
Vanguard Long-Term Bond ETF
BLV
$5.73B
$884K ﹤0.01%
12,469
+7,996
+179% +$555K
BAM icon
1231
PUT
Brookfield Asset Management
BAM
$87.1B
$882K ﹤0.01%
155
-312
-67% -$18.6K
JEF icon
1232
Jefferies Financial Group
JEF
$12.9B
$881K ﹤0.01%
13,463
-82,579
-86% -$5.04M
FXO icon
1233
First Trust Financials AlphaDEX Fund
FXO
$1.15B
$880K ﹤0.01%
14,820
+5,895
+66% +$343K
KOID
1234
KraneShares Global Humanoid Robotics and Physical AI Index ETF
KOID
$315M
$861K ﹤0.01%
26,909
+10,009
+59% +$287K
DBA icon
1235
Invesco DB Agriculture Fund
DBA
$1.23B
$859K ﹤0.01%
32,100
+1,195
+4% +$31.8K
XLB icon
1236
State Street Materials Select Sector SPDR ETF
XLB
$8.57B
$853K ﹤0.01%
19,040
-3,146
-14% -$142K
LAC
1237
Lithium Americas
LAC
$1.24B
$849K ﹤0.01%
148,738
-268,553
-64% -$849K
PROF
1238
Profound Medical
PROF
$252M
$845K ﹤0.01%
172,883
+11,704
+7% +$59.7K
TLN
1239
Talen Energy Corp
TLN
$17.5B
$843K ﹤0.01%
1,983
-213
-10% -$77K
AG icon
1240
CALL
First Majestic Silver
AG
$9.26B
$840K ﹤0.01%
684
-294
-30% -$2.72K
CWB icon
1241
State Street SPDR Bloomberg Convertible Securities ETF
CWB
$5.75B
$840K ﹤0.01%
9,280
+8,200
+759% +$705K
IFRA icon
1242
iShares US Infrastructure ETF
IFRA
$4.62B
$840K ﹤0.01%
15,900
– –
IWP icon
1243
iShares Russell Mid-Cap Growth ETF
IWP
$21.1B
$833K ﹤0.01%
5,853
+728
+14% +$103K
LAC
1244
PUT
Lithium Americas
LAC
$1.24B
$833K ﹤0.01%
1,458
-2,533
-63% -$8.01K
CSIQ icon
1245
CALL
Canadian Solar
CSIQ
$1.04B
$822K ﹤0.01%
630
-311
-33% -$3.72K
CSIQ icon
1246
PUT
Canadian Solar
CSIQ
$1.04B
$822K ﹤0.01%
630
-769
-55% -$9.2K
VFH icon
1247
Vanguard Financials ETF
VFH
$14B
$819K ﹤0.01%
6,239
+3,487
+127% +$452K
NOBL icon
1248
ProShares S&P 500 Dividend Aristocrats ETF
NOBL
$12B
$810K ﹤0.01%
15,720
-2,250
-13% -$116K
PSP icon
1249
Invesco Global Listed Private Equity ETF
PSP
$253M
$809K ﹤0.01%
11,725
+403
+4% +$28.5K
FERG icon
1250
Ferguson
FERG
$47.4B
$803K ﹤0.01%
3,575
-130
-4% -$29.4K
48 49
50
51 52

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Canada Pension Plan Investment Board
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Manulife (Manufacturers Life Insurance)
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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.