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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
+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
(+10%)
Cap. Flow
-$6.15B
Cap. Flow
% of AUM
-5.84%
Top 10 Holdings %
Top 10 Hldgs %
26.91%
Holding
3,275
New
443
Increased
1,132
Reduced
929
Closed
300
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$699M |
| 2 |
UnitedHealth
UNH
|
+$618M |
| 3 |
Amazon
AMZN
|
+$433M |
| 4 |
Eli Lilly
LLY
|
+$410M |
| 5 |
iShares Core MSCI EAFE ETF
IEFA
|
+$392M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NVIDIA
NVDA
|
+$845M |
| 2 |
Tesla
TSLA
|
+$639M |
| 3 |
Microsoft
MSFT
|
+$528M |
| 4 |
Broadcom
AVGO
|
+$322M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
151
Imperial Oil
IMO
$63.1B
| $124M | 0.12% |
1,562,738
+863,546
| +124% | +$61.7M |
|
152
Boeing
BA
$183B
| $122M | 0.12% |
584,316
-79,436
| -12% | -$15M |
|
153
Palo Alto Networks
PANW
$315B
| $122M | 0.12% |
595,562
+157,090
| +36% | +$29.2M |
|
154
CALL
Royal Bank of Canada
RY
$297B
| $122M | 0.12% |
9,243
+3,898
| +73% | +$477K |
|
155
TFI International
TFII
$12B
| $118M | 0.11% |
1,318,832
+257,442
| +24% | +$21.8M |
|
156
NextEra Energy
NEE
$179B
| $118M | 0.11% |
1,695,301
-749,163
| -31% | -$52M |
|
157
Waste Management
WM
$90.5B
| $118M | 0.11% |
514,322
-224,325
| -30% | -$52M |
|
158
Thermo Fisher Scientific
TMO
$223B
| $118M | 0.11% |
290,100
-206,948
| -42% | -$86.5M |
|
159
Vistra
VST
$49.2B
| $116M | 0.11% |
600,794
+260,414
| +77% | +$38.5M |
|
160
CrowdStrike
CRWD
$226B
| $116M | 0.11% |
910,048
+112,556
| +14% | +$12.2M |
|
161
Union Pacific
UNP
$174B
| $115M | 0.11% |
498,782
-77,715
| -13% | -$17.3M |
|
162
Magna International
MGA
$18.6B
| $114M | 0.11% |
2,952,670
+279,673
| +10% | +$9.88M |
|
163
Cigna
CI
$73.3B
| $113M | 0.11% |
342,181
+36,604
| +12% | +$11.8M |
|
164
GE Vernova
GEV
$277B
| $112M | 0.11% |
212,495
-226,009
| -52% | -$94.1M |
|
165
Sherwin-Williams
SHW
$87.4B
| $112M | 0.11% |
325,830
-289,545
| -47% | -$100M |
|
166
Moody's
MCO
$82.8B
| $111M | 0.11% |
222,320
-7,239
| -3% | -$3.35M |
|
167
Starbucks
SBUX
$124B
| $109M | 0.1% |
1,193,598
+881,607
| +283% | +$76.4M |
|
168
General Dynamics
GD
$107B
| $109M | 0.1% |
374,153
-134,191
| -26% | -$36.9M |
|
169
Constellation Energy
CEG
$98.7B
| $109M | 0.1% |
336,622
-439,514
| -57% | -$116M |
|
170
Intercontinental Exchange
ICE
$85B
| $108M | 0.1% |
587,570
+242,887
| +70% | +$41.7M |
|
171
Vertex Pharmaceuticals
VRTX
$133B
| $107M | 0.1% |
240,378
+99,751
| +71% | +$46M |
|
172
CALL
IBM
IBM
$222B
| $106M | 0.1% |
+3,611
| New | +$930K |
|
173
Medtronic
MDT
$116B
| $106M | 0.1% |
1,220,745
-82,931
| -6% | -$7.03M |
|
174
CALL
Canadian Imperial Bank of Commerce
CM
$110B
| $105M | 0.1% |
14,863
+4,150
| +39% | +$267K |
|
175
Nike
NKE
$60.1B
| $105M | 0.1% |
1,480,717
-5,073,920
| -77% | -$305M |
|
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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.