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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
RDW icon
1301
Redwire
RDW
$3.3B
$613K ﹤0.01%
80,600
+80,585
+537,233% +$591K
RDW icon
1302
PUT
Redwire
RDW
$3.3B
$613K ﹤0.01%
+806
New +$5.91K
AIRR icon
1303
First Trust RBA American Industrial Renaissance ETF
AIRR
$10.7B
$606K ﹤0.01%
6,165
+1,500
+32% +$147K
FNDX icon
1304
Schwab Fundamental US Large Company Index ETF
FNDX
$27.6B
$602K ﹤0.01%
+22,120
New +$592K
CGAU
1305
CALL
Centerra Gold
CGAU
$4.15B
$602K ﹤0.01%
418
-678
-62% -$8.49K
FLMI icon
1306
Franklin Dynamic Municipal Bond ETF
FLMI
$2.37B
$597K ﹤0.01%
24,000
– –
QSR icon
1307
PUT
Restaurant Brands International
QSR
$26.1B
$594K ﹤0.01%
87
-160
-65% -$11K
VINP icon
1308
Vinci Compass Investments Ltd
VINP
$627M
$593K ﹤0.01%
45,532
+9,973
+28% +$119K
EWW icon
1309
iShares MSCI Mexico ETF
EWW
$1.87B
$590K ﹤0.01%
8,515
-5,552
-39% -$375K
TFII icon
1310
PUT
TFI International
TFII
$12.1B
$589K ﹤0.01%
57
+49
+613% +$4.56K
JAAA icon
1311
Janus Henderson AAA CLO ETF
JAAA
$29.8B
$587K ﹤0.01%
11,605
-215,123
-95% -$10.9M
MICC
1312
The Magnum Ice Cream Company N.V.
MICC
$12.3B
$584K ﹤0.01%
+36,802
New +$577K
JBND icon
1313
JPMorgan Active Bond ETF
JBND
$8.58B
$583K ﹤0.01%
10,796
+9,435
+693% +$512K
GLOB icon
1314
Globant
GLOB
$1.77B
$583K ﹤0.01%
8,915
-220
-2% -$13.8K
HMY icon
1315
Harmony Gold Mining
HMY
$12B
$581K ﹤0.01%
29,220
-709,132
-96% -$13.2M
OTEX icon
1316
CALL
Open Text
OTEX
$5.8B
$580K ﹤0.01%
178
+30
+20% +$1.07K
XME icon
1317
State Street SPDR S&P Metals & Mining ETF
XME
$4.46B
$580K ﹤0.01%
5,603
-88
-2% -$8.7K
XAR icon
1318
State Street SPDR S&P Aerospace & Defense ETF
XAR
$6.62B
$578K ﹤0.01%
2,397
+1,516
+172% +$360K
AGNC icon
1319
AGNC Investment
AGNC
$13B
$577K ﹤0.01%
53,811
+50,446
+1,499% +$519K
EU
1320
enCore Energy
EU
$221M
$574K ﹤0.01%
242,748
+2,840
+1% +$8.12K
AXIA.PRC
1321
DELISTED
AXIA Energia American Depositary Shares Preferred Class C
AXIA.PRC
$571K ﹤0.01%
+66,225
New +$572K
WFG icon
1322
PUT
West Fraser Timber
WFG
$5.5B
$569K ﹤0.01%
93
-142
-60% -$8.89K
IAG icon
1323
CALL
IAMGOLD
IAG
$10.1B
$568K ﹤0.01%
344
-2,058
-86% -$29K
LAC
1324
PUT
Lithium Americas
LAC
$1.24B
$564K ﹤0.01%
1,293
-165
-11% -$953
SCHF icon
1325
Schwab International Equity ETF
SCHF
$69.3B
$563K ﹤0.01%
23,417
+4,150
+22% +$98.7K
51 52
53
54 55

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Primecap Management
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Canada Pension Plan Investment Board
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Two Sigma Investments
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California Public Employees Retirement System
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Manulife (Manufacturers Life Insurance)
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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.