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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
+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
Cap. Flow
-$6.15B
Cap. Flow %
-5.84%
Top 10 Hldgs %
26.91%
Holding
3,275
New
443
Increased
1,132
Reduced
929
Closed
300

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$699M
2
UNH icon
UnitedHealth
UNH
+$618M
3
AMZN icon
Amazon
AMZN
+$433M
4
LLY icon
Eli Lilly
LLY
+$410M
5
IEFA icon
iShares Core MSCI EAFE ETF
IEFA
+$392M

Top Sells

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$845M
2
TSLA icon
Tesla
TSLA
+$639M
3
MSFT icon
Microsoft
MSFT
+$528M
4
AVGO icon
Broadcom
AVGO
+$322M
5
TSM icon
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
CTA icon
1376
Simplify Managed Futures Strategy ETF
CTA
$1.56B
$602K ﹤0.01%
22,555
+110
+0.5% +$3.06K
JEPI icon
1377
JPMorgan Equity Premium Income ETF
JEPI
$46.2B
$600K ﹤0.01%
10,556
+1,384
+15% +$76.7K
UGI icon
1378
UGI
UGI
$7.53B
$592K ﹤0.01%
16,249
+1,358
+9% +$46.7K
SANG
1379
Sangoma Technologies
SANG
$137M
$591K ﹤0.01%
96,188
+8,206
+9% +$44.5K
EU
1380
enCore Energy
EU
$221M
$583K ﹤0.01%
218,539
-9,602
-4% -$17.3K
FLMI icon
1381
Franklin Dynamic Municipal Bond ETF
FLMI
$2.37B
$582K ﹤0.01%
24,000
+23,000
+2,300% +$554K
EXP icon
1382
Eagle Materials
EXP
$6.47B
$581K ﹤0.01%
2,877
-51
-2% -$11K
LAZR
1383
DELISTED
Luminar Technologies
LAZR
$580K ﹤0.01%
202,090
+175,921
+672% +$669K
LAZR
1384
PUT
DELISTED
Luminar Technologies
LAZR
$578K ﹤0.01%
2,013
+1,574
+359% +$5.98K
MIDD icon
1385
Middleby
MIDD
$5.38B
$566K ﹤0.01%
3,931
-288
-7% -$40.6K
DFAC icon
1386
Dimensional US Core Equity 2 ETF
DFAC
$49.9B
$563K ﹤0.01%
15,628
+6,797
+77% +$227K
DFH icon
1387
Dream Finders Homes
DFH
$1.31B
$562K ﹤0.01%
22,350
+921
+4% +$20.7K
LAZ icon
1388
Lazard
LAZ
$4.24B
$559K ﹤0.01%
11,656
+414
+4% +$17.3K
AIRR icon
1389
First Trust RBA American Industrial Renaissance ETF
AIRR
$10.7B
$559K ﹤0.01%
6,870
+55
+0.8% +$4.06K
COMT icon
1390
iShares GSCI Commodity Dynamic Roll Strategy ETF
COMT
$1.22B
$546K ﹤0.01%
+21,112
New +$534K
CSIQ icon
1391
Canadian Solar
CSIQ
$1.04B
$540K ﹤0.01%
48,924
+45,816
+1,474% +$443K
VBR icon
1392
Vanguard Morningstar Small-Cap Value ETF
VBR
$38.2B
$538K ﹤0.01%
2,760
+82
+3% +$15.2K
AQN icon
1393
CALL
Algonquin Power & Utilities
AQN
$4.44B
$535K ﹤0.01%
936
+564
+152% +$3.09K
QTEC icon
1394
First Trust NASDAQ-100 Technology Index Fund
QTEC
$4.92B
$531K ﹤0.01%
2,495
-25
-1% -$4.68K
JAAA icon
1395
Janus Henderson AAA CLO ETF
JAAA
$29.8B
$529K ﹤0.01%
10,428
+1,561
+18% +$78.8K
FLUT icon
1396
Flutter Entertainment
FLUT
$17B
$528K ﹤0.01%
1,882
+447
+31% +$110K
PINS icon
1397
Pinterest
PINS
$13.2B
$521K ﹤0.01%
14,527
+370
+3% +$11.2K
CHRD icon
1398
Chord Energy
CHRD
$7.53B
$520K ﹤0.01%
5,376
+118
+2% +$11.2K
MTUM icon
1399
iShares MSCI USA Momentum Factor ETF
MTUM
$26.1B
$520K ﹤0.01%
2,163
+685
+46% +$149K
QTUM icon
1400
Defiance Quantum ETF
QTUM
$5.82B
$519K ﹤0.01%
5,651
-160
-3% -$12.9K
54 55
56
57 58

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Canada Pension Plan Investment Board
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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.