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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
+10.79%
1 Year Est. Return
+31.26%
3 Year Est. Return
+84.25%
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 | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.42T
| $4.73B | 4.71% |
25,336,243
-6,393,883
| -20% | -$1.11B |
|
2
Apple
AAPL
$4.57T
| $4.4B | 4.38% |
17,266,110
-1,326,218
| -7% | -$300M |
|
|
3
Microsoft
MSFT
$3.71T
| $4.27B | 4.25% |
8,246,829
-941,102
| -10% | -$480M |
|
|
4
Royal Bank of Canada
RY
$293B
| $2.72B | 2.71% |
18,497,629
+1,450,993
| +9% | +$200M |
|
5
Amazon
AMZN
$2.96T
| $2.63B | 2.62% |
11,985,264
-1,691,711
| -12% | -$383M |
|
6
Toronto Dominion Bank
TD
$200B
| $2.39B | 2.38% |
29,926,767
-560,446
| -2% | -$42.1M |
|
7
Broadcom
AVGO
$2.04T
| $2.35B | 2.33% |
7,108,543
+570,198
| +9% | +$175M |
|
8
Meta Platforms (Facebook)
META
$1.51T
| $1.98B | 1.97% |
2,693,923
+162,325
| +6% | +$121M |
|
|
9
Alphabet (Google) Class A
GOOGL
$4.33T
| $1.62B | 1.62% |
6,680,017
-5,210,422
| -44% | -$1.09B |
|
|
10
Tesla
TSLA
$1.3T
| $1.52B | 1.51% |
3,420,818
-1,833,203
| -35% | -$636M |
|
11
Bank of Montreal
BMO
$127B
| $1.46B | 1.46% |
11,252,157
+945,178
| +9% | +$112M |
|
12
Shopify
SHOP
$195B
| $1.46B | 1.45% |
9,845,580
-604,319
| -6% | -$81.9M |
|
13
Brookfield
BN
$108B
| $1.37B | 1.36% |
29,938,619
-1,788,931
| -6% | -$79.3M |
|
14
Canadian Imperial Bank of Commerce
CM
$108B
| $1.11B | 1.11% |
13,933,600
-552,739
| -4% | -$41.6M |
|
15
Scotiabank
BNS
$108B
| $1.11B | 1.1% |
17,109,963
-1,899,479
| -10% | -$112M |
|
|
16
Alphabet (Google) Class C
GOOG
$4.32T
| $1.02B | 1.02% |
4,201,985
-1,348,984
| -24% | -$284M |
|
17
JPMorgan Chase
JPM
$950B
| $982M | 0.98% |
3,111,933
-1,073,029
| -26% | -$319M |
|
18
UnitedHealth
UNH
$370B
| $980M | 0.98% |
2,837,120
-421,128
| -13% | -$127M |
|
19
Enbridge
ENB
$112B
| $938M | 0.93% |
18,627,837
-2,786,806
| -13% | -$131M |
|
20
Manulife Financial
MFC
$73.5B
| $878M | 0.87% |
28,199,696
+1,067,382
| +4% | +$32.9M |
|
|
21
PUT
Strategy Inc
MSTR
$38.4B
| $862M | 0.86% |
26,741
+14,741
| +123% | +$5.47M |
|
22
Agnico Eagle Mines
AEM
$90.5B
| $753M | 0.75% |
4,485,305
-350,342
| -7% | -$48.1M |
|
|
23
CALL
NVIDIA
NVDA
$5.42T
| $737M | 0.73% |
39,500
+26,000
| +193% | +$4.53M |
|
24
Honeywell
HON
$78B
| $672M | 0.67% |
3,384,751
+56,531
| +2% | +$11.8M |
|
|
25
Strategy Inc
MSTR
$38.4B
| $659M | 0.66% |
2,044,804
+1,476,858
| +260% | +$548M |
|
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VAM
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.