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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 | |
|---|---|---|---|---|---|---|
1851
BioMarin Pharmaceuticals
BMRN
$13B
| $69.8K | ﹤0.01% |
1,289
-44
| -3% | -$2.52K |
|
1852
XPEL
XPEL
$1.37B
| $69.5K | ﹤0.01% |
2,101
-37
| -2% | -$1.31K |
|
1853
American Homes 4 Rent
AMH
$12.3B
| $69.1K | ﹤0.01% |
2,078
-42,490
| -95% | -$1.48M |
|
1854
Vanguard Mortgage-Backed Securities ETF
VMBS
$15.6B
| $68.9K | ﹤0.01% |
1,465
| – | – |
|
1855
Celsius Holdings
CELH
$7.26B
| $68.8K | ﹤0.01% |
1,197
-33,990
| -97% | -$1.78M |
|
1856
Vanguard Morningstar Small-Cap Growth ETF
VBK
$25B
| $68.5K | ﹤0.01% |
230
| – | – |
|
1857
Winmark
WINA
$1.26B
| $67.5K | ﹤0.01% |
136
| – | – |
|
1858
Casella Waste Systems
CWST
$5.8B
| $67.5K | ﹤0.01% |
712
-105
| -13% | -$10.6K |
|
1859
Wahed Dow Jones Islamic World ETF
UMMA
$294M
| $67.2K | ﹤0.01% |
2,443
+123
| +5% | +$3.28K |
|
1860
indie Semiconductor
INDI
$871M
| $67K | ﹤0.01% |
16,452
-2,600
| -14% | -$10.7K |
|
1861
Lemonade
LMND
$4.08B
| $66.9K | ﹤0.01% |
1,251
-45
| -3% | -$2.19K |
|
1862
Ericsson
ERIC
$33.6B
| $66.4K | ﹤0.01% |
8,056
-3,055
| -27% | -$23.9K |
|
1863
XBiotech
XBIT
$71.6M
| $66K | ﹤0.01% |
25,000
| – | – |
|
1864
Invesco Variable Rate Preferred ETF
VRP
$3.01B
| $65.7K | ﹤0.01% |
2,662
| – | – |
|
|
ELVA
1865
Electrovaya
ELVA
$395M
| $65.7K | ﹤0.01% |
11,267
-81
| -0.7% | -$411 |
|
1866
CALL
RB Global
RBA
$15.8B
| $65K | ﹤0.01% |
+6
| New | +$673 |
|
1867
StoneCo
STNE
$2.34B
| $64.7K | ﹤0.01% |
3,424
-296
| -8% | -$4.71K |
|
1868
Crocs
CROX
$6.29B
| $64.6K | ﹤0.01% |
774
+663
| +597% | +$60.5K |
|
1869
iShares Residential and Multisector Real Estate ETF
REZ
$865M
| $64.6K | ﹤0.01% |
761
+57
| +8% | +$4.74K |
|
1870
M/I Homes
MHO
$3.88B
| $64K | ﹤0.01% |
443
-888
| -67% | -$120K |
|
1871
Invesco Financial Preferred ETF
PGF
$668M
| $63.9K | ﹤0.01% |
4,373
-3,500
| -44% | -$50.6K |
|
1872
Merit Medical Systems
MMSI
$5.4B
| $63.9K | ﹤0.01% |
768
-10
| -1% | -$871 |
|
1873
Global X S&P 500 Covered Call ETF
XYLD
$3.28B
| $63.8K | ﹤0.01% |
1,624
-48
| -3% | -$1.87K |
|
1874
PUT
Methanex
MEOH
$4.32B
| $63.6K | ﹤0.01% |
16
-5
| -24% | -$178 |
|
1875
The Future Fund Active ETF
FFND
$104M
| $63.2K | ﹤0.01% |
+2,121
| New | +$61.1K |
|
Similar funds
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.