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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
AIA icon
1926
iShares Asia 50 ETF
AIA
$5.08B
$60.4K ﹤0.01%
620
+45
+8% +$4.34K
DTCR icon
1927
Global X Data Center & Digital Infrastructure ETF
DTCR
$2.23B
$60.2K ﹤0.01%
+2,854
New +$60.8K
FCN icon
1928
FTI Consulting
FCN
$4.16B
$60.1K ﹤0.01%
+352
New +$58K
DFGP icon
1929
Dimensional Global Core Plus Fixed Income ETF
DFGP
$3.47B
$60K ﹤0.01%
1,110
+196
+21% +$10.8K
FIG
1930
Figma
FIG
$13.6B
$60K ﹤0.01%
1,607
-326
-17% -$14.7K
IYZ icon
1931
iShares US Telecommunications ETF
IYZ
$1.24B
$60K ﹤0.01%
1,770
+185
+12% +$6.07K
VFMV icon
1932
Vanguard US Minimum Volatility ETF
VFMV
$446M
$59.8K ﹤0.01%
459
– –
XBIT icon
1933
XBiotech
XBIT
$71M
$58.8K ﹤0.01%
25,000
– –
FBTC icon
1934
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.6B
$58.4K ﹤0.01%
+766
New +$66.8K
SPLB icon
1935
State Street SPDR Portfolio Long Term Corporate Bond ETF
SPLB
$1.19B
$58K ﹤0.01%
2,571
– –
CPRX
1936
DELISTED
Catalyst Pharmaceutical
CPRX
$57.7K ﹤0.01%
2,475
+278
+13% +$6.19K
PAA icon
1937
Plains All American Pipeline
PAA
$16.6B
$57.6K ﹤0.01%
3,210
– –
SPEU icon
1938
State Street SPDR Portfolio Europe ETF
SPEU
$744M
$57.3K ﹤0.01%
1,100
– –
MHK icon
1939
Mohawk Industries
MHK
$9.42B
$56.8K ﹤0.01%
520
-14,494
-97% -$1.66M
EMN icon
1940
Eastman Chemical
EMN
$8.47B
$56.7K ﹤0.01%
888
-71,751
-99% -$4.42M
BBVA icon
1941
Banco Bilbao Vizcaya Argentaria
BBVA
$159B
$56.6K ﹤0.01%
+2,429
New +$50.7K
EQWL icon
1942
Invesco S&P 100 Equal Weight ETF
EQWL
$2.81B
$56.4K ﹤0.01%
477
– –
SJT
1943
San Juan Basin Royalty Trust
SJT
$131M
$56.2K ﹤0.01%
10,000
– –
ALLT icon
1944
Allot
ALLT
$383M
$56K ﹤0.01%
+5,734
New +$55K
VTEB icon
1945
Vanguard Tax-Exempt Bond Index Fund
VTEB
$46B
$55.8K ﹤0.01%
1,110
– –
ZIM icon
1946
ZIM Integrated Shipping Services
ZIM
$3.3B
$55.4K ﹤0.01%
2,609
+2,040
+359% +$34.2K
CECO icon
1947
Ceco Environmental
CECO
$4.52B
$54.6K ﹤0.01%
913
+4
+0.4% +$214
SFBS
1948
ServisFirst Bancshares
SFBS
$5.02B
$54.1K ﹤0.01%
754
+332
+79% +$24.4K
IHDG icon
1949
WisdomTree International Hedged Quality Dividend Growth Fund
IHDG
$2.25B
$54K ﹤0.01%
1,110
+35
+3% +$1.66K
PPH icon
1950
VanEck Pharmaceutical ETF
PPH
$979M
$52.9K ﹤0.01%
513
– –
76 77
78
79 80

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Primecap Management
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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.