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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 | |
|---|---|---|---|---|---|---|
176
Lockheed Martin
LMT
$140B
| $101M | 0.1% |
202,396
-12,549
| -6% | -$5.69M |
|
177
O'Reilly Automotive
ORLY
$74.5B
| $99.1M | 0.1% |
919,585
+80,129
| +10% | +$8.05M |
|
178
Cadence Design Systems
CDNS
$89B
| $97.2M | 0.1% |
276,621
-949
| -0.3% | -$326K |
|
179
Vertex Pharmaceuticals
VRTX
$133B
| $97.1M | 0.1% |
247,941
+7,563
| +3% | +$3.16M |
|
180
Applovin
APP
$102B
| $96.3M | 0.1% |
134,051
-39,314
| -23% | -$18.1M |
|
181
Invesco QQQ Trust
QQQ
$481B
| $95.9M | 0.1% |
159,808
+152,672
| +2,139% | +$87.4M |
|
182
CALL
Enbridge
ENB
$112B
| $95.3M | 0.09% |
18,888
+11,878
| +169% | +$559K |
|
183
PUT
JPMorgan Chase
JPM
$971B
| $94.6M | 0.09% |
3,000
-3,400
| -53% | -$1.01M |
|
184
Open Text
OTEX
$5.8B
| $94.3M | 0.09% |
2,538,737
-1,016,798
| -29% | -$32.6M |
|
185
Stantec
STN
$8.47B
| $94.3M | 0.09% |
877,041
-53,599
| -6% | -$5.85M |
|
186
Constellation Energy
CEG
$98.7B
| $93.5M | 0.09% |
284,231
-52,391
| -16% | -$16.9M |
|
187
Medtronic
MDT
$116B
| $93M | 0.09% |
976,705
-244,040
| -20% | -$22.4M |
|
188
CALL
GE Aerospace
GE
$379B
| $92.7M | 0.09% |
+3,080
| New | +$842K |
|
189
Regeneron Pharmaceuticals
REGN
$82.2B
| $92.4M | 0.09% |
164,385
+21,573
| +15% | +$12.2M |
|
190
Abbott
ABT
$192B
| $92.4M | 0.09% |
689,598
-307,491
| -31% | -$40.4M |
|
191
American Express
AXP
$232B
| $92M | 0.09% |
276,846
-270,382
| -49% | -$86M |
|
192
Synopsys
SNPS
$79B
| $91.8M | 0.09% |
186,083
+37,513
| +25% | +$21.2M |
|
193
CALL
Canadian Imperial Bank of Commerce
CM
$110B
| $91.7M | 0.09% |
11,472
-3,391
| -23% | -$255K |
|
194
AT&T
T
$166B
| $90M | 0.09% |
3,185,981
-2,238,766
| -41% | -$63.6M |
|
195
CALL
ExxonMobil
XOM
$657B
| $87.4M | 0.09% |
+7,750
| New | +$862K |
|
196
PNC Financial Services
PNC
$102B
| $86.9M | 0.09% |
432,574
+111,465
| +35% | +$22M |
|
197
AstraZeneca
AZN
$246B
| $85.9M | 0.09% |
559,596
+429,131
| +329% | +$64.9M |
|
198
Bristol-Myers Squibb
BMY
$130B
| $85.5M | 0.09% |
1,895,357
-174,341
| -8% | -$8.14M |
|
199
Nike
NKE
$60.1B
| $85.1M | 0.08% |
1,219,731
-260,986
| -18% | -$19.5M |
|
200
ConocoPhillips
COP
$153B
| $85M | 0.08% |
898,881
-104,642
| -10% | -$9.89M |
|
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.