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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
(-4.5%)
Cap. Flow
-$14B
Cap. Flow
% of AUM
-13.98%
Top 10 Holdings %
Top 10 Hldgs %
28.48%
Holding
3,287
New
313
Increased
899
Reduced
1,215
Closed
454
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Strategy Inc
MSTR
|
+$548M |
| 2 |
FISV
Fiserv Inc
FISV
|
+$286M |
| 3 |
Amgen
AMGN
|
+$251M |
| 4 |
Palantir
PLTR
|
+$229M |
| 5 |
Royal Bank of Canada
RY
|
+$200M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$1.11B |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$1.09B |
| 3 |
iShares Core MSCI EAFE ETF
IEFA
|
+$702M |
| 4 |
Tesla
TSLA
|
+$636M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
126
Charles River Laboratories
CRL
$13.6B
| $148M | 0.15% |
946,769
+511,901
| +118% | +$81.3M |
|
127
Williams Companies
WMB
$90.1B
| $145M | 0.14% |
2,286,336
+1,170,546
| +105% | +$68.7M |
|
128
Merck
MRK
$328B
| $144M | 0.14% |
1,709,722
-1,834,181
| -52% | -$151M |
|
|
129
PUT
Microsoft
MSFT
$3.66T
| $143M | 0.14% |
2,760
+10
| +0.4% | +$5.1K |
|
|
B
130
Barrick Mining
B
$67.9B
| $141M | 0.14% |
4,312,470
+617,755
| +17% | +$15.7M |
|
131
Futu Holdings
FUTU
$14.7B
| $139M | 0.14% |
797,420
+233,420
| +41% | +$38.8M |
|
132
GE Vernova
GEV
$277B
| $138M | 0.14% |
224,699
+12,204
| +6% | +$7.39M |
|
133
Palo Alto Networks
PANW
$315B
| $137M | 0.14% |
674,373
+78,811
| +13% | +$15.1M |
|
134
General Dynamics
GD
$107B
| $137M | 0.14% |
401,167
+27,014
| +7% | +$8.51M |
|
135
CVS Health
CVS
$121B
| $133M | 0.13% |
1,770,840
+593,015
| +50% | +$40.6M |
|
136
Wells Fargo
WFC
$269B
| $133M | 0.13% |
1,585,720
-948,186
| -37% | -$76.9M |
|
137
Boeing
BA
$183B
| $132M | 0.13% |
612,903
+28,587
| +5% | +$6.45M |
|
138
Pembina Pipeline
PBA
$28.4B
| $132M | 0.13% |
3,271,139
-2,853,663
| -47% | -$108M |
|
139
ICICI Bank
IBN
$107B
| $132M | 0.13% |
4,356,752
+4,332,876
| +18,147% | +$141M |
|
140
Quanta Services
PWR
$102B
| $131M | 0.13% |
317,284
+99,601
| +46% | +$38.7M |
|
141
CALL
JPMorgan Chase
JPM
$971B
| $131M | 0.13% |
+4,150
| New | +$1.23M |
|
142
TFI International
TFII
$12B
| $131M | 0.13% |
1,490,328
+171,496
| +13% | +$15.7M |
|
143
Verizon
VZ
$195B
| $127M | 0.13% |
2,886,245
-1,187,548
| -29% | -$51.4M |
|
144
Amphenol
APH
$210B
| $127M | 0.13% |
1,022,573
-31,964
| -3% | -$3.51M |
|
145
Trane Technologies
TT
$105B
| $126M | 0.13% |
298,600
+112,731
| +61% | +$48.2M |
|
146
Altria Group
MO
$107B
| $125M | 0.12% |
1,888,633
+1,313,918
| +229% | +$83.2M |
|
|
SPR
147
DELISTED
Spirit AeroSystems
SPR
| $124M | 0.12% |
3,212,499
-431,193
| -12% | -$17.2M |
|
148
Pfizer
PFE
$150B
| $122M | 0.12% |
4,804,317
-3,784,452
| -44% | -$93.4M |
|
149
VanEck Gold Miners ETF
GDX
$27.8B
| $122M | 0.12% |
1,593,543
+509,464
| +47% | +$30.7M |
|
150
CAE Inc. Common Shares
CAE
$8.9B
| $122M | 0.12% |
4,134,991
-1,023,148
| -20% | -$28.8M |
|
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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.