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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 | |
|---|---|---|---|---|---|---|
176
Amphenol
APH
$210B
| $104M | 0.1% |
1,054,537
-791,318
| -43% | -$64.7M |
|
177
Capital One
COF
$136B
| $104M | 0.1% |
488,153
+246,205
| +102% | +$45.9M |
|
178
Open Text
OTEX
$5.8B
| $103M | 0.1% |
3,555,535
+90,065
| +3% | +$2.45M |
|
179
Stantec
STN
$8.47B
| $101M | 0.1% |
930,640
-608,901
| -40% | -$58.6M |
|
180
Vanguard Morningstar Value ETF
VTV
$193B
| $101M | 0.1% |
571,813
-38,454
| -6% | -$6.5M |
|
181
Amgen
AMGN
$225B
| $101M | 0.1% |
360,206
+154,359
| +75% | +$43.7M |
|
182
Marvell Technology
MRVL
$195B
| $100M | 0.1% |
1,297,493
+284,501
| +28% | +$17.8M |
|
183
CME Group
CME
$94.3B
| $99.8M | 0.09% |
362,066
+21,956
| +6% | +$5.97M |
|
184
PUT
Booking.com
BKNG
$159B
| $99.6M | 0.09% |
4,300
-5,700
| -57% | -$1.17M |
|
185
Lockheed Martin
LMT
$140B
| $99.5M | 0.09% |
214,945
-77,033
| -26% | -$36.1M |
|
186
Vanguard FTSE Developed Markets ETF
VEA
$238B
| $99.2M | 0.09% |
1,741,118
+909,449
| +109% | +$48.7M |
|
187
Welltower
WELL
$166B
| $99.1M | 0.09% |
644,568
-50,321
| -7% | -$7.52M |
|
188
Deere & Co
DE
$167B
| $98.5M | 0.09% |
193,689
-16,649
| -8% | -$8.15M |
|
189
Schwab US Broad Market ETF
SCHB
$44.9B
| $96.5M | 0.09% |
4,051,638
-369,214
| -8% | -$8.13M |
|
190
KLA
KLAC
$272B
| $96M | 0.09% |
1,072,270
-1,061,530
| -50% | -$79.9M |
|
191
Bristol-Myers Squibb
BMY
$130B
| $95.8M | 0.09% |
2,069,698
+866,964
| +72% | +$42.6M |
|
192
Chipotle Mexican Grill
CMG
$41.3B
| $95.7M | 0.09% |
1,704,942
+507,058
| +42% | +$25.8M |
|
|
193
TSMC
TSM
$2.23T
| $95.7M | 0.09% |
422,522
-1,735,996
| -80% | -$322M |
|
194
Danaher
DHR
$145B
| $92.8M | 0.09% |
469,761
-158,864
| -25% | -$30.8M |
|
195
Cintas
CTAS
$81.4B
| $92.2M | 0.09% |
413,826
+51,133
| +14% | +$11M |
|
196
Norfolk Southern
NSC
$75.3B
| $91.8M | 0.09% |
358,479
+181,038
| +102% | +$42.7M |
|
197
Arista Networks
ANET
$265B
| $90.8M | 0.09% |
887,815
-86,422
| -9% | -$7.48M |
|
198
ConocoPhillips
COP
$153B
| $90.1M | 0.09% |
1,003,523
-541,202
| -35% | -$48.7M |
|
199
Gildan
GIL
$10.6B
| $89.6M | 0.09% |
1,820,416
+441,875
| +32% | +$20.3M |
|
200
CALL
Bank of Montreal
BMO
$129B
| $88.2M | 0.08% |
7,963
+1,863
| +31% | +$188K |
|
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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.