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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 | |
|---|---|---|---|---|---|---|
201
PUT
RTX Corp
RTX
$300B
| $85M | 0.08% |
5,081
+1,081
| +27% | +$168K |
|
202
Global Payments
GPN
$23.4B
| $84.7M | 0.08% |
1,019,788
+570,413
| +127% | +$48M |
|
203
Gildan
GIL
$10.6B
| $84.1M | 0.08% |
1,463,633
-356,783
| -20% | -$19.1M |
|
204
Capital One
COF
$136B
| $82.8M | 0.08% |
389,350
-98,803
| -20% | -$21.6M |
|
205
ASML
ASML
$695B
| $82.5M | 0.08% |
85,237
-20,367
| -19% | -$16M |
|
206
CALL
TC Energy
TRP
$66.3B
| $81.8M | 0.08% |
15,047
+9,733
| +183% | +$489K |
|
207
PayPal
PYPL
$50.6B
| $81.2M | 0.08% |
1,211,371
+114,561
| +10% | +$8.08M |
|
208
CALL
Johnson & Johnson
JNJ
$629B
| $81.2M | 0.08% |
+4,380
| New | +$750K |
|
209
Dollar Tree
DLTR
$24.7B
| $81M | 0.08% |
858,510
+664,125
| +342% | +$71.1M |
|
210
Pinduoduo
PDD
$127B
| $80.1M | 0.08% |
605,690
-1,205,447
| -67% | -$143M |
|
211
CALL
Scotiabank
BNS
$110B
| $80M | 0.08% |
12,378
+1,401
| +13% | +$82.6K |
|
212
Deere & Co
DE
$167B
| $79.9M | 0.08% |
174,760
-18,929
| -10% | -$9.33M |
|
213
Imperial Oil
IMO
$63.1B
| $79.8M | 0.08% |
882,437
-680,301
| -44% | -$58.8M |
|
214
lululemon athletica
LULU
$13.7B
| $79.2M | 0.08% |
445,283
+270,004
| +154% | +$54.1M |
|
215
CALL
Applied Materials
AMAT
$435B
| $78.6M | 0.08% |
+3,840
| New | +$697K |
|
216
Cintas
CTAS
$81.4B
| $78.1M | 0.08% |
380,280
-33,546
| -8% | -$7.16M |
|
217
CSX Corp
CSX
$92.8B
| $77.3M | 0.08% |
2,177,802
+81,184
| +4% | +$2.77M |
|
218
ServiceNow
NOW
$129B
| $76.7M | 0.08% |
416,720
-750,670
| -64% | -$140M |
|
219
Yum! Brands
YUM
$41B
| $76.3M | 0.08% |
502,146
+301,662
| +150% | +$44.4M |
|
220
PUT
Eli Lilly
LLY
$1.09T
| $74.2M | 0.07% |
972
-3,087
| -76% | -$2.3M |
|
221
PUT
Moderna
MRNA
$25.4B
| $73.5M | 0.07% |
28,468
+20,000
| +236% | +$558K |
|
222
PUT
Advanced Micro Devices
AMD
$788B
| $73.2M | 0.07% |
4,525
+2,025
| +81% | +$327K |
|
223
Autodesk
ADSK
$52.7B
| $71.4M | 0.07% |
224,717
+8,196
| +4% | +$2.5M |
|
224
CALL
Coinbase
COIN
$39.3B
| $70.9M | 0.07% |
2,100
-19,034
| -90% | -$6.45M |
|
225
PUT
Nike
NKE
$60.1B
| $70.8M | 0.07% |
10,155
| – | – |
|
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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.