SEC 13F Intelligence

Managers / Q3 2025 · view latest →

NATIONAL BANK OF CANADA /FI/

CIK 0000926171 · NATIONAL BANK PLACE, 800 SAINT-JACQUES STREET, MONTREAL, A8, H3C 1A3 · 347-443-2424

Reported Value
$100.4B
Q3 2025
Positions
5,313
Filings on Record
21
2019–present window
Filed
Nov 14, 2025
original filing

Summary

National Bank Of Canada /Fi/ reported $100.4B in U.S.-listed holdings across 5,313 positions for Q3 2025.

Its largest position, MSFT, represents 2.4% of the portfolio.

Compared with Q2 2025, the fund opened 325 new positions and exited 472.

Portfolio Metrics

Turnover
+15.8%
vs prior filed quarter
Top-10 Concentration
+18.0%
share of reported value
Largest Position
+2.4%
Microsoft
New / Exited
325 / 472
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’21: $29.4BQ4 ’21Q1 ’22: $33.8BQ2 ’22: $21.9BQ3 ’22: $18.6BQ3 ’22Q4 ’22: $39.3BQ1 ’23: $40.6BQ2 ’23: $54.6BQ2 ’23Q3 ’23: $65.7BQ4 ’23: $62.6BQ1 ’24: $65.4BQ1 ’24Q2 ’24: $73.4BQ3 ’24: $87.3BQ4 ’24: $94.4BQ4 ’24Q1 ’25: $95.5BQ2 ’25: $105.2BQ3 ’25: $100.4BQ3 ’25Q4 ’25: $110.0BQ1 ’26: $111.5Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 81.4%Other: 13.2%ETP: 2.7%ADR: 1.8%REIT: 0.9%Other: 0.0%
  • Common Stock · 81.4% · $81.8B
  • Other · 13.2% · $13.2B
  • ETP · 2.7% · $2.7B
  • ADR · 1.8% · $1.8B
  • REIT · 0.9% · $949M
  • Other · 0.0% · $48M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
APPLE INCNEW+18.0K18.0K+$459M$459M
VANECK ETF TRUSTNEW+22.0K22.0K+$168M$168M
SUPER MICRO COMPUTER INCNEW+35.0K35.0K+$168M$168M
JPMORGAN CHASE & CO.NEW+4.2K4.2K+$131M$131M
GE AEROSPACENEW+3.1K3.1K+$93M$93M
EXXON MOBIL CORPNEW+7.8K7.8K+$87M$87M
JOHNSON & JOHNSONNEW+4.4K4.4K+$81M$81M
APPLIED MATLS INCNEW+3.8K3.8K+$79M$79M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AAPLAPPLE INChistory →COM4.35%$4.4B17.16M
2NVDANVIDIA CORPORATIONhistory →COM4.32%$4.3B23.27M
3MSFTMICROSOFT CORPhistory →COM4.12%$4.1B8.00M
4RYROYAL BK CDAhistory →COM2.68%$2.7B18.30M
5TDTORONTO DOMINION BK ONThistory →COM NEW2.36%$2.4B29.67M
6AVGOBROADCOM INChistory →COM2.17%$2.2B6.62M
7AMZNAMAZON COM INChistory →COM2.13%$2.1B9.75M
8GOOGLALPHABET INCCAP STK CL A · CAP STK CL C2.04%$2.0B8.43M
9METAMETA PLATFORMS INChistory →CL A1.76%$1.8B2.41M
10BMOBANK MONTREAL QUEhistory →COM1.45%$1.5B11.16M
11TSLATESLA INChistory →COM1.30%$1.3B2.94M
12SHOPSHOPIFY INChistory →CL A SUB VTG SHS1.13%$1.1B7.64M
13BNBROOKFIELD CORPhistory →CL A LTD VT SH1.12%$1.1B16.35M
14ENBENBRIDGE INChistory →COM0.92%$921M18.28M
15CMCANADIAN IMPERIAL BANK OF COhistory →COM0.85%$852M10.66M
16BNSBANK NOVA SCOTIA HALIFAXhistory →COM0.77%$776M12.00M
17MFCMANULIFE FINL CORPhistory →COM0.66%$662M21.23M
18MIGASTRATEGY INChistory →CL A NEW0.60%$598M1.86M
19AEMAGNICO EAGLE MINES LTDhistory →COM0.54%$545M3.24M
20JPMJPMORGAN CHASE & CO.history →COM0.50%$505M1.60M
21HONGBPHONEYWELL INTL INChistory →COM0.46%$463M2.20M
22UNHUNITEDHEALTH GROUP INChistory →COM0.44%$446M1.29M
23CPCANADIAN PACIFIC KANSAS CITYhistory →COM0.39%$397M5.32M
24TRPTC ENERGY CORPhistory →COM0.37%$374M6.88M
25CNRCANADIAN NATL RY COhistory →COM0.36%$364M3.86M
26WPMWHEATON PRECIOUS METALS CORPhistory →COM0.36%$358M3.20M
27CTSHCOGNIZANT TECHNOLOGY SOLUTIOhistory →CL A0.36%$357M5.32M
28EQIXEQUINIX INChistory →COM0.34%$339M432.4K
29BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW0.33%$335M666.4K
30PLTRPALANTIR TECHNOLOGIES INChistory →CL A0.33%$329M1.80M
31BCEBCE INChistory →COM NEW0.32%$322M13.80M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$111.5B5,484May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$110.0B5,428Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$100.4B5,313Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$105.2B5,726Aug 18, 2025RESTATEMENTchanges · EDGAR ↗
Q1 2025$95.5B5,419May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$94.4B5,727Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$87.3B4,603Nov 15, 2024RESTATEMENTchanges · EDGAR ↗
Q2 2024$73.4B4,731Aug 2, 202413F-HRchanges · EDGAR ↗
Q1 2024$65.4B4,805May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$62.6B4,898Feb 6, 202413F-HRchanges · EDGAR ↗
Q3 2023$65.7B5,202Oct 10, 202313F-HRchanges · EDGAR ↗
Q2 2023$54.6B5,018Jul 26, 202313F-HRchanges · EDGAR ↗
Q1 2023$40.6B5,001Apr 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$39.3B5,169Jan 24, 202313F-HRchanges · EDGAR ↗
Q3 2022$18.6B4,497Oct 13, 202213F-HRchanges · EDGAR ↗
Q2 2022$21.9B4,452Jul 28, 202213F-HRchanges · EDGAR ↗
Q1 2022$33.8B4,583May 5, 202213F-HRchanges · EDGAR ↗
Q4 2021$29.4B4,316Jan 24, 202213F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 5 additional managers.

  • National Bank Financial Inc.028-24337
  • NATIONAL BANK OF CANADA FINANCIAL INC.028-24332
  • NBC Global Finance Ltd028-24340
  • NATIONAL BANK TRUST INC.028-24331
  • NATIONAL BANK INVESTMENTS INC.028-25751

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.