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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
+5.14%
1 Year Est. Return
+46.34%
3 Year Est. Return
+120.97%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$110B
AUM Growth
+$9.55B
Cap. Flow
+$3.43B
Cap. Flow %
3.12%
Top 10 Hldgs %
29.27%
Holding
3,206
New
380
Increased
1,219
Reduced
855
Closed
337

Top Buys

Rank Stock Value
1
META icon
Meta Platforms (Facebook)
META
+$990M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$877M
3
TSLA icon
Tesla
TSLA
+$841M
4
MSFT icon
Microsoft
MSFT
+$835M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$601M

Top Sells

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$799M
2
TD icon
Toronto Dominion Bank
TD
+$363M
3
BN icon
Brookfield
BN
+$315M
4
CRM icon
Salesforce
CRM
+$305M
5
RY icon
Royal Bank of Canada
RY
+$289M

Sector Composition

Rank Sector Weight
1 Technology 25.83%
2 Financials 15.94%
3 Communication Services 9.95%
4 Consumer Discretionary 8.14%
5 Industrials 6.47%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GGB icon
1901
Gerdau
GGB
$9.34B
$63K ﹤0.01%
17,131
+1,059
+7% +$3.7K
VTWG icon
1902
Vanguard Russell 2000 Growth ETF
VTWG
$1.56B
$63K ﹤0.01%
267
– –
STLN
1903
Starling Oncology, Inc. Common Stock
STLN
$642M
$63K ﹤0.01%
17,733
-73,708
-81% -$273K
NULV icon
1904
Nuveen ESG Large-Cap Value ETF
NULV
$2.29B
$62.7K ﹤0.01%
1,392
– –
IAG icon
1905
PUT
IAMGOLD
IAG
$10.5B
$62.7K ﹤0.01%
38
-37
-49% -$521
WINA icon
1906
Winmark
WINA
$1.25B
$62.7K ﹤0.01%
155
+19
+14% +$8.13K
FFEB icon
1907
FT Vest US Equity Buffer ETF February
FFEB
$1.42B
$62.6K ﹤0.01%
1,105
-730
-40% -$40.6K
GIL icon
1908
PUT
Gildan
GIL
$10.5B
$62.5K ﹤0.01%
10
+1
+11% +$59
ELE
1909
Elemental Royalty Corp
ELE
$1.37B
$62.5K ﹤0.01%
+3,723
New +$57.3K
HRB icon
1910
H&R Block
HRB
$6.73B
$62.4K ﹤0.01%
1,433
-57
-4% -$2.67K
TWST icon
1911
Twist Bioscience
TWST
$7.49B
$62.3K ﹤0.01%
1,968
+343
+21% +$10.7K
EWZS icon
1912
iShares MSCI Brazil Small-Cap ETF
EWZS
$205M
$62.3K ﹤0.01%
4,829
-305
-6% -$4.11K
BBAG icon
1913
JPMorgan BetaBuilders US Aggregate Bond ETF
BBAG
$998M
$62.2K ﹤0.01%
+1,341
New +$62.6K
SCHZ icon
1914
Schwab US Aggregate Bond ETF
SCHZ
$10.6B
$61.9K ﹤0.01%
2,650
– –
DON icon
1915
WisdomTree US MidCap Dividend Fund
DON
$4.13B
$61.8K ﹤0.01%
1,200
+900
+300% +$46.4K
PGF icon
1916
Invesco Financial Preferred ETF
PGF
$669M
$61.8K ﹤0.01%
4,373
– –
HTB
1917
HomeTrust Bancshares
HTB
$834M
$61.3K ﹤0.01%
+1,430
New +$59K
DINO icon
1918
HF Sinclair
DINO
$16.3B
$61.2K ﹤0.01%
1,330
-223
-14% -$11.5K
IBDS icon
1919
iShares iBonds Dec 2027 Term Corporate ETF
IBDS
$3.87B
$61.2K ﹤0.01%
2,523
-1,420
-36% -$34.5K
ESGU icon
1920
iShares ESG Aware MSCI USA ETF
ESGU
$18.5B
$61.2K ﹤0.01%
411
-363,189
-100% -$53.7M
PFFA icon
1921
Virtus InfraCap US Preferred Stock ETF
PFFA
$2.53B
$61.2K ﹤0.01%
2,848
+42
+1% +$906
MHO icon
1922
M/I Homes
MHO
$3.9B
$61.1K ﹤0.01%
477
+34
+8% +$4.49K
PIO icon
1923
Invesco Global Water ETF
PIO
$276M
$61K ﹤0.01%
1,387
+56
+4% +$2.51K
ILTB icon
1924
iShares Core 10+ Year USD Bond ETF
ILTB
$593M
$60.6K ﹤0.01%
1,220
– –
ECH icon
1925
iShares MSCI Chile ETF
ECH
$1.04B
$60.6K ﹤0.01%
+1,499
New +$54.4K
75 76
77
78 79

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Canada Pension Plan Investment Board
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National Bank of Canada's Q4 2025 Portfolio in Review

As of Q4 2025, National Bank of Canada held 3,206 positions worth $110B, up 9.5% from $100B the previous quarter. Its ten largest holdings account for 29% of the portfolio.

National Bank of Canada deployed $3.43B of net new capital in Q4 2025, opening 380 new positions and adding to 1,219 existing holdings. Its largest new stake was Roivant Sciences: 2,040,000 shares worth $44.3M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 27% a quarter earlier, followed by Financials and Communication Services.

On the sell side, the largest reduction was Apple, an estimated $799M trimmed.

  • National Bank of Canada's largest Q4 2025 buy was Roivant Sciences: 2,040,000 shares worth $44.3M.
  • National Bank of Canada added most to Meta Platforms (Facebook) in Q4 2025, an estimated $990M increase.
  • National Bank of Canada's biggest Q4 2025 reduction was Apple, cutting an estimated $799M.
  • National Bank of Canada fully exited Spirit AeroSystems in Q4 2025, selling an estimated $124M.
  • National Bank of Canada's ten largest holdings make up 29% of its $110B portfolio in Q4 2025.
  • National Bank of Canada opened 380 new positions and closed 337 in Q4 2025.
  • National Bank of Canada's portfolio value rose 9.5% quarter-over-quarter to $110B.

Based on National Bank of Canada's 13F filing for Q4 2025, filed 17 Feb 2026.