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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
DBEF icon
1451
Xtrackers MSCI EAFE Hedged Equity ETF
DBEF
$9.42B
$305K ﹤0.01%
6,567
-1,748
-21% -$79K
ABSI icon
1452
Absci
ABSI
$1.55B
$303K ﹤0.01%
99,600
+65,100
+189% +$180K
RCEL icon
1453
Avita Medical
RCEL
$241M
$301K ﹤0.01%
+58,900
New +$307K
RCEL icon
1454
PUT
Avita Medical
RCEL
$241M
$301K ﹤0.01%
+589
New +$3.07K
ABSI icon
1455
PUT
Absci
ABSI
$1.55B
$300K ﹤0.01%
986
+641
+186% +$1.77K
VXUS icon
1456
Vanguard Total International Stock ETF
VXUS
$164B
$299K ﹤0.01%
4,061
+1,391
+52% +$98.7K
SCHI icon
1457
Schwab 5-10 Year Corporate Bond ETF
SCHI
$11.5B
$298K ﹤0.01%
12,915
-1,132
-8% -$25.8K
ESLT icon
1458
Elbit Systems
ESLT
$36.6B
$298K ﹤0.01%
587
+91
+18% +$42.6K
NMG
1459
Nouveau Monde Graphite
NMG
$484M
$298K ﹤0.01%
106,578
+64
+0.1% +$128
LSPD icon
1460
CALL
Lightspeed Commerce
LSPD
$1.36B
$297K ﹤0.01%
257
-69
-21% -$844
JPIB icon
1461
JPMorgan International Bond Opportunities ETF
JPIB
$2.13B
$294K ﹤0.01%
5,988
– –
GOTU icon
1462
Gaotu Techedu
GOTU
$403M
$293K ﹤0.01%
+90,000
New +$327K
PDP icon
1463
Invesco Dorsey Wright Momentum ETF
PDP
$1.54B
$293K ﹤0.01%
2,485
-100
-4% -$11.2K
CSL icon
1464
Carlisle Companies
CSL
$14.8B
$291K ﹤0.01%
886
-133
-13% -$50.7K
GOOS
1465
Canada Goose Holdings
GOOS
$850M
$291K ﹤0.01%
21,825
+1,320
+6% +$17.1K
WHR icon
1466
Whirlpool
WHR
$2.74B
$291K ﹤0.01%
3,697
-364
-9% -$33.4K
ASPI icon
1467
ASP Isotopes
ASPI
$544M
$289K ﹤0.01%
30,150
+27,636
+1,099% +$255K
MUSA icon
1468
Murphy USA
MUSA
$10.4B
$288K ﹤0.01%
742
-52
-7% -$20.6K
PYLD icon
1469
PIMCO Multi Sector Bond Active ETF
PYLD
$15.2B
$282K ﹤0.01%
10,528
-1,545
-13% -$41.1K
ESPO icon
1470
VanEck Video Gaming and eSports ETF
ESPO
$260M
$278K ﹤0.01%
2,298
+84
+4% +$9.49K
XLY icon
1471
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$23.5B
$274K ﹤0.01%
2,288
+334
+17% +$38.2K
IMSR
1472
Terrestrial Energy
IMSR
$645M
$274K ﹤0.01%
16,698
+4,130
+33% +$49.1K
VDE icon
1473
Vanguard Energy ETF
VDE
$10.6B
$272K ﹤0.01%
2,165
+40
+2% +$4.92K
VISN
1474
Vistance Networks Inc
VISN
$2.65B
$271K ﹤0.01%
17,548
-1,401
-7% -$18.2K
MSDL icon
1475
Morgan Stanley Direct Lending Fund
MSDL
$1.3B
$270K ﹤0.01%
16,800
+11,700
+229% +$213K
57 58
59
60 61

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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.