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National Bank of Canada Portfolio holdings
AUM
$112B
1-Year Est. Return
31.26%
This Fund
S&P 500
This Quarter
Est. Return
+14.61%
1 Year Est. Return
+31.26%
3 Year Est. Return
+84.25%
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 | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.42T
| $5.01B | 4.76% |
31,730,126
-6,710,924
| -17% | -$845M |
|
|
2
Microsoft
MSFT
$3.71T
| $4.57B | 4.34% |
9,187,931
-1,216,838
| -12% | -$528M |
|
|
3
Apple
AAPL
$4.57T
| $3.81B | 3.63% |
18,592,328
+3,460,782
| +23% | +$699M |
|
|
4
Amazon
AMZN
$2.96T
| $3B | 2.85% |
13,676,975
+2,188,503
| +19% | +$433M |
|
5
Royal Bank of Canada
RY
$293B
| $2.24B | 2.13% |
17,046,636
-1,591,667
| -9% | -$195M |
|
6
Toronto Dominion Bank
TD
$200B
| $2.24B | 2.13% |
30,487,213
-833,613
| -3% | -$54.4M |
|
7
Alphabet (Google) Class A
GOOGL
$4.33T
| $2.1B | 1.99% |
11,890,439
+2,116,512
| +22% | +$346M |
|
8
Meta Platforms (Facebook)
META
$1.51T
| $1.87B | 1.78% |
2,531,598
-123,992
| -5% | -$76.6M |
|
|
9
Broadcom
AVGO
$2.04T
| $1.8B | 1.71% |
6,538,345
-1,483,465
| -18% | -$322M |
|
|
10
Tesla
TSLA
$1.3T
| $1.67B | 1.59% |
5,254,021
-2,120,892
| -29% | -$639M |
|
11
Brookfield
BN
$108B
| $1.31B | 1.24% |
31,727,550
+3,161,374
| +11% | +$117M |
|
12
JPMorgan Chase
JPM
$950B
| $1.21B | 1.15% |
4,184,962
-333,778
| -7% | -$85.2M |
|
13
Shopify
SHOP
$195B
| $1.2B | 1.14% |
10,449,899
+1,269,554
| +14% | +$127M |
|
14
Bank of Montreal
BMO
$127B
| $1.14B | 1.08% |
10,306,979
-2,729,802
| -21% | -$275M |
|
15
Scotiabank
BNS
$108B
| $1.05B | 1% |
19,009,442
-3,219,472
| -14% | -$164M |
|
16
Canadian Imperial Bank of Commerce
CM
$108B
| $1.03B | 0.98% |
14,486,339
-2,445,872
| -14% | -$157M |
|
|
17
UnitedHealth
UNH
$370B
| $1.02B | 0.97% |
3,258,248
+1,617,071
| +99% | +$618M |
|
18
PUT
Coinbase
COIN
$40.5B
| $1.01B | 0.96% |
28,908
+15,499
| +116% | +$3.62M |
|
|
19
PUT
Tesla
TSLA
$1.3T
| $985M | 0.94% |
31,000
-2,298
| -7% | -$692K |
|
|
20
Alphabet (Google) Class C
GOOG
$4.32T
| $985M | 0.94% |
5,550,969
-914,115
| -14% | -$151M |
|
21
Enbridge
ENB
$112B
| $969M | 0.92% |
21,414,643
+8,357,026
| +64% | +$379M |
|
22
Berkshire Hathaway Class B
BRK.B
$1.13T
| $874M | 0.83% |
1,800,934
+251,572
| +16% | +$128M |
|
23
Manulife Financial
MFC
$73.5B
| $867M | 0.82% |
27,132,314
+100,353
| +0.4% | +$3.09M |
|
|
24
Eli Lilly
LLY
$1.06T
| $817M | 0.78% |
1,047,730
+527,400
| +101% | +$410M |
|
|
25
PUT
Alphabet (Google) Class C
GOOG
$4.32T
| $779M | 0.74% |
44,221
+32,526
| +278% | +$5.37M |
|
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VAM
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.