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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
+5.14%
1 Year Est. Return
+31.26%
3 Year Est. Return
+84.25%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$110B
AUM Growth
+$9.55B
(+9.5%)
Cap. Flow
+$3.43B
Cap. Flow
% of AUM
3.12%
Top 10 Holdings %
Top 10 Hldgs %
29.27%
Holding
3,206
New
380
Increased
1,219
Reduced
855
Closed
337
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$990M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$877M |
| 3 |
Tesla
TSLA
|
+$841M |
| 4 |
Microsoft
MSFT
|
+$835M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$601M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$799M |
| 2 |
Toronto Dominion Bank
TD
|
+$363M |
| 3 |
Brookfield
BN
|
+$315M |
| 4 |
Salesforce
CRM
|
+$305M |
| 5 |
Royal Bank of Canada
RY
|
+$289M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.83% |
| 2 | Financials | 15.94% |
| 3 | Communication Services | 9.95% |
| 4 | Consumer Discretionary | 8.14% |
| 5 | Industrials | 6.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
NVIDIA
NVDA
$5.42T
| $5.02B | 4.56% |
26,908,013
+1,571,770
| +6% | +$293M |
|
|
2
Microsoft
MSFT
$3.71T
| $4.79B | 4.36% |
9,913,440
+1,666,611
| +20% | +$835M |
|
|
3
Apple
AAPL
$4.57T
| $3.89B | 3.53% |
14,291,459
-2,974,651
| -17% | -$799M |
|
|
4
Alphabet (Google) Class A
GOOGL
$4.33T
| $3.05B | 2.77% |
9,750,590
+3,070,573
| +46% | +$877M |
|
|
5
Royal Bank of Canada
RY
$293B
| $2.83B | 2.57% |
16,618,140
-1,879,489
| -10% | -$289M |
|
|
6
Meta Platforms (Facebook)
META
$1.51T
| $2.76B | 2.51% |
4,177,020
+1,483,097
| +55% | +$990M |
|
7
Broadcom
AVGO
$2.04T
| $2.57B | 2.33% |
7,412,830
+304,287
| +4% | +$109M |
|
8
Amazon
AMZN
$2.96T
| $2.49B | 2.26% |
10,790,954
-1,194,310
| -10% | -$273M |
|
|
9
Toronto Dominion Bank
TD
$200B
| $2.41B | 2.19% |
25,630,670
-4,296,097
| -14% | -$363M |
|
|
10
Tesla
TSLA
$1.3T
| $2.39B | 2.17% |
5,317,283
+1,896,465
| +55% | +$841M |
|
|
11
Alphabet (Google) Class C
GOOG
$4.32T
| $1.98B | 1.8% |
6,298,405
+2,096,420
| +50% | +$601M |
|
12
Shopify
SHOP
$195B
| $1.51B | 1.38% |
9,417,620
-427,960
| -4% | -$68.7M |
|
13
Bank of Montreal
BMO
$127B
| $1.43B | 1.3% |
11,003,421
-248,736
| -2% | -$31.5M |
|
14
Scotiabank
BNS
$108B
| $1.31B | 1.19% |
17,824,075
+714,112
| +4% | +$48.5M |
|
15
Canadian Imperial Bank of Commerce
CM
$108B
| $1.23B | 1.12% |
13,589,826
-343,774
| -2% | -$29.5M |
|
|
16
PUT
Tesla
TSLA
$1.3T
| $1.13B | 1.02% |
25,050
+14,300
| +133% | +$6.34M |
|
|
17
Brookfield
BN
$108B
| $1.06B | 0.96% |
23,031,220
-6,907,399
| -23% | -$315M |
|
|
18
PUT
Alphabet (Google) Class C
GOOG
$4.32T
| $1.01B | 0.92% |
32,144
+22,854
| +246% | +$6.55M |
|
19
Micron Technology
MU
$991B
| $977M | 0.89% |
3,421,800
+1,685,985
| +97% | +$387M |
|
20
Enbridge
ENB
$112B
| $960M | 0.87% |
20,092,123
+1,464,286
| +8% | +$69.9M |
|
21
JPMorgan Chase
JPM
$950B
| $896M | 0.81% |
2,781,327
-330,606
| -11% | -$102M |
|
22
Manulife Financial
MFC
$73.5B
| $795M | 0.72% |
21,912,877
-6,286,819
| -22% | -$213M |
|
|
23
PUT
Microsoft
MSFT
$3.71T
| $777M | 0.71% |
16,059
+13,299
| +482% | +$6.66M |
|
24
UnitedHealth
UNH
$370B
| $773M | 0.7% |
2,341,995
-495,125
| -17% | -$168M |
|
25
Palantir
PLTR
$413B
| $736M | 0.67% |
4,138,356
+661,010
| +19% | +$120M |
|
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VAM
National Bank of Canada's Q4 2025 Portfolio in Review
As of Q4 2025, National Bank of Canada held 3,206 positions worth $110B, up 9.5% from $100B the previous quarter. Its ten largest holdings account for 29% of the portfolio.
National Bank of Canada deployed $3.43B of net new capital in Q4 2025, opening 380 new positions and adding to 1,219 existing holdings. Its largest new stake was Roivant Sciences: 2,040,000 shares worth $44.3M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 27% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Apple, an estimated $799M trimmed.
- National Bank of Canada's largest Q4 2025 buy was Roivant Sciences: 2,040,000 shares worth $44.3M.
- National Bank of Canada added most to Meta Platforms (Facebook) in Q4 2025, an estimated $990M increase.
- National Bank of Canada's biggest Q4 2025 reduction was Apple, cutting an estimated $799M.
- National Bank of Canada fully exited Spirit AeroSystems in Q4 2025, selling an estimated $124M.
- National Bank of Canada's ten largest holdings make up 29% of its $110B portfolio in Q4 2025.
- National Bank of Canada opened 380 new positions and closed 337 in Q4 2025.
- National Bank of Canada's portfolio value rose 9.5% quarter-over-quarter to $110B.
Based on National Bank of Canada's 13F filing for Q4 2025, filed 17 Feb 2026.