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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
BXSL icon
1426
Blackstone Secured Lending
BXSL
$5.69B
$447K ﹤0.01%
14,536
+384
+3% +$11.7K
KRP icon
1427
Kimbell Royalty Partners
KRP
$1.53B
$445K ﹤0.01%
31,868
+11,547
+57% +$151K
FLR icon
1428
Fluor
FLR
$6.96B
$444K ﹤0.01%
8,661
+6,082
+236% +$243K
LVHI icon
1429
Franklin International Low Volatility High Dividend Index ETF
LVHI
$5.6B
$443K ﹤0.01%
13,613
+3,149
+30% +$101K
SGI
1430
Somnigroup International
SGI
$13.5B
$442K ﹤0.01%
6,502
+1,586
+32% +$99.8K
EEM icon
1431
iShares MSCI Emerging Markets ETF
EEM
$30.5B
$442K ﹤0.01%
9,148
-6,160
-40% -$277K
CHY
1432
Calamos Convertible and High Income Fund
CHY
$1.09B
$442K ﹤0.01%
40,250
+100
+0.2% +$1.03K
RBLX icon
1433
Roblox
RBLX
$27.1B
$441K ﹤0.01%
4,189
+380
+10% +$29.9K
KOID
1434
KraneShares Global Humanoid Robotics and Physical AI Index ETF
KOID
$315M
$440K ﹤0.01%
+16,900
New +$430K
DHS icon
1435
WisdomTree US High Dividend Fund
DHS
$1.6B
$432K ﹤0.01%
4,501
– –
RDDT icon
1436
Reddit
RDDT
$30.4B
$432K ﹤0.01%
2,869
+2,324
+426% +$263K
RSPE icon
1437
Invesco ESG S&P 500 Equal Weight ETF
RSPE
$70.5M
$431K ﹤0.01%
15,705
-24
-0.2% -$622
NWG icon
1438
NatWest
NWG
$76.9B
$431K ﹤0.01%
30,456
-399
-1% -$5.27K
UPXI icon
1439
Upexi
UPXI
$54.8M
$427K ﹤0.01%
+143,200
New +$1.24M
UPXI icon
1440
PUT
Upexi
UPXI
$54.8M
$427K ﹤0.01%
+1,432
New +$12.4K
DEM icon
1441
WisdomTree Emerging Markets High Dividend Fund
DEM
$3.98B
$424K ﹤0.01%
9,368
+429
+5% +$18.5K
WFG icon
1442
PUT
West Fraser Timber
WFG
$5.5B
$418K ﹤0.01%
57
+22
+63% +$1.64K
SCHF icon
1443
Schwab International Equity ETF
SCHF
$69.3B
$416K ﹤0.01%
18,838
+1,000
+6% +$20.8K
TAC icon
1444
PUT
TransAlta
TAC
$3.92B
$415K ﹤0.01%
385
+260
+208% +$2.48K
VRNA
1445
DELISTED
Verona Pharma
VRNA
$415K ﹤0.01%
+4,390
New +$325K
TAN icon
1446
Invesco Solar ETF
TAN
$1.38B
$414K ﹤0.01%
12,073
-248,133
-95% -$7.8M
WHR icon
1447
Whirlpool
WHR
$2.79B
$412K ﹤0.01%
4,061
+849
+26% +$70.6K
ACP
1448
abrdn Income Credit Strategies Fund
ACP
$646M
$410K ﹤0.01%
69,678
+2,778
+4% +$15.9K
CVE.WS
1449
DELISTED
Cenovus Energy Inc Warrants
CVE.WS
$408K ﹤0.01%
29,962
+56
+0.2% +$461
XME icon
1450
State Street SPDR S&P Metals & Mining ETF
XME
$4.46B
$407K ﹤0.01%
6,059
+4,482
+284% +$266K
56 57
58
59 60

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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.