SEC 13F Intelligence

Managers / Q3 2021 · view latest →

LETKO, BROSSEAU & ASSOCIATES INC

CIK 0001297496 · 1800, MCGILL COLLEGE, SUITE 2510, MONTREAL, A8, H3A 3J6 · (514) 499-1200

Reported Value
$6.9B
Q3 2021
Positions
105
Filings on Record
31
2019–present window
Filed
Nov 3, 2021
original filing

Summary

Letko, Brosseau & Associates Inc reported $6.9B in U.S.-listed holdings across 105 positions for Q3 2021.

Its largest position, CVE, represents 3.8% of the portfolio.

Compared with Q2 2021, the fund opened 4 new positions and exited 5.

Portfolio Metrics

Turnover
+2.4%
vs prior filed quarter
Top-10 Concentration
+35.1%
share of reported value
Largest Position
+3.8%
Cenovus Energy
New / Exited
4 / 5
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 ’18: $9.0BQ4 ’18Q1 ’19: $10.0BQ2 ’19: $9.9BQ3 ’19: $9.8BQ4 ’19: $10.0BQ4 ’19Q1 ’20: $5.8BQ2 ’20: $6.8BQ3 ’20: $6.4BQ4 ’20: $7.3BQ4 ’20Q1 ’21: $7.3BQ2 ’21: $7.5BQ3 ’21: $6.9BQ4 ’21: $7.0BQ4 ’21Q1 ’22: $6.7BQ2 ’22: $5.7BQ3 ’22: $5.0BQ2 ’23: $5.4BQ2 ’23Q3 ’23: $5.1BQ4 ’23: $5.5BQ1 ’24: $5.8BQ2 ’24: $5.3BQ2 ’24Q3 ’24: $5.5BQ4 ’24: $5.2BQ1 ’25: $4.7BQ2 ’25: $5.2BQ2 ’25Q3 ’25: $5.8BQ4 ’25: $6.1BQ1 ’26: $6.2Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 95.0%ADR: 2.8%Other: 1.6%REIT: 0.5%Equity WRT: 0.1%Other: 0.0%
  • Common Stock · 95.0% · $6.6B
  • ADR · 2.8% · $193M
  • Other · 1.6% · $108M
  • REIT · 0.5% · $35M
  • Equity WRT · 0.1% · $10M
  • Other · 0.0% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GENERAL ELECTRIC CONEW+683.3K683.3K+$70M$70M
BHCBAUSCH HEALTH COS INCNEW+1.16M1.16M+$32M$32M
BABAALIBABA GROUP HLDG LTDNEW+2.1K2.1K+$311,000$311,000
MDNAMEDICENNA THERAPEUTICS CORPNEW+100.0K100.0K+$277,000$277,000
GENERAL ELECTRIC COSOLD OUT−5.83M0−$78M$0
ADIENT PLCSOLD OUT−1.71M0−$77M$0
UNHUNITEDHEALTH GROUP INCSOLD OUT−1.9K0−$741,000$0
EENI S P ASOLD OUT−13.0K0−$317,000$0

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

Holdings — Q3 2021

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CVECENOVUS ENERGY INChistory →COM3.82%$264M26.15M
2CRCCANADIAN NAT RES LTDhistory →COM3.81%$263M7.20M
3BNSBANK NOVA SCOTIA B Chistory →COM3.80%$263M4.27M
4BMOBANK MONTREAL QUEhistory →COM3.76%$259M2.60M
5MFCMANULIFE FINL CORPhistory →COM3.68%$254M13.20M
6TDTORONTO DOMINION BK ONThistory →COM NEW3.37%$233M3.51M
7RYROYAL BK CDAhistory →COM3.36%$232M2.34M
8SUSUNCOR ENERGY INC NEWhistory →COM3.19%$220M10.62M
9BCEBCE INChistory →COM NEW3.17%$219M4.38M
10NTRNUTRIEN LTDhistory →COM3.14%$217M3.34M
11TECK/BTECK RESOURCES LTDhistory →CL B3.13%$216M8.68M
12TTELUS CORPORATIONhistory →COM2.91%$201M9.14M
13LIESUN LIFE FINANCIAL INC.history →COM2.48%$171M3.33M
14MGAMAGNA INTL INChistory →COM2.45%$169M2.25M
15RCI/BROGERS COMMUNICATIONS INChistory →CL B2.27%$157M3.36M
16OVVOVINTIV INChistory →COM2.06%$142M4.33M
17CMCANADIAN IMP BK COMMhistory →COM1.89%$130M1.17M
18WFGWEST FRASER TIMBER CO LTDhistory →COM1.83%$127M1.50M
19CLSEURCELESTICA INChistory →SUB VTG SHS1.76%$122M13.71M
20TRVCCITIGROUP INChistory →COM NEW1.55%$107M1.52M
21HBMHUDBAY MINERALS INChistory →COM1.44%$99M15.94M
22GOOGALPHABET INChistory →CAP STK CL C1.38%$96M35.9K
23BACVERIZON COMMUNICATIONS INChistory →COM1.37%$95M1.75M
24TRPTC ENERGY CORPhistory →COM1.35%$93M1.93M
25PFEPFIZER INChistory →COM1.31%$91M2.11M
26BACBK OF AMERICA CORPhistory →COM1.26%$87M2.05M
27OTXOPEN TEXT CORPhistory →COM1.24%$86M1.76M
28TAT&T INChistory →COM1.24%$85M3.16M
29GILDGILEAD SCIENCES INChistory →COM1.21%$84M1.20M
30CAECAE INChistory →COM1.16%$80M2.69M
31ABBVABBVIE INChistory →COM1.13%$78M723.1K
32PVG1EURPRETIUM RES INChistory →COM1.10%$76M7.86M
33SHAW COMMUNICATIONS INCCL B CONV1.05%$72M2.48M
34THCTENET HEALTHCARE CORPhistory →COM NEW1.03%$71M1.08M
35GENERAL ELECTRIC COCOM NEW1.02%$70M683.3K
36CMCSACOMCAST CORP NEWhistory →CL A1.01%$70M1.24M
37ORCLORACLE CORPhistory →COM1.01%$69M797.6K
38STTSTATE STR CORPhistory →COM0.97%$67M787.3K
39METAFACEBOOK INChistory →CL A0.96%$66M195.5K
40COPCONOCOPHILLIPShistory →COM0.90%$62M914.4K
41WMTWALMART INChistory →COM0.89%$62M442.3K
42EMNEASTMAN CHEM COhistory →COM0.89%$61M610.4K
43WFCWELLS FARGO CO NEWhistory →COM0.78%$54M1.16M
44RDS/AUSDROYAL DUTCH SHELL PLChistory →SPONS ADR A0.74%$51M1.14M
45MRKMERCK & CO INChistory →COM0.72%$50M663.3K
46INVESCO LTDSHS0.71%$49M2.04M
47UPSUNITED PARCEL SERVICE INChistory →CL B0.71%$49M269.3K
48IBMINTERNATIONAL BUSINESS MACHShistory →COM0.69%$48M343.8K
49CSCOCISCO SYS INChistory →COM0.67%$46M846.9K
50TFCTRUIST FINL CORPhistory →COM0.63%$43M740.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$6.2B101May 12, 202613F-HRchanges · EDGAR ↗
Q4 2025$6.1B100Feb 11, 202613F-HRchanges · EDGAR ↗
Q3 2025$5.8B98Nov 12, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.2B93Aug 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$4.7B89May 8, 202513F-HRchanges · EDGAR ↗
Q4 2024$5.2B100Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$5.5B101Nov 7, 202413F-HRchanges · EDGAR ↗
Q2 2024$5.3B104Aug 6, 202413F-HRchanges · EDGAR ↗
Q1 2024$5.8B102May 8, 202413F-HRchanges · EDGAR ↗
Q4 2023$5.5B96Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$5.1B98Nov 9, 202313F-HRchanges · EDGAR ↗
Q2 2023$5.4B94Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023Under review89May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review97Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.0B101Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$5.7B100Aug 9, 202213F-HRchanges · EDGAR ↗
Q1 2022$6.7B101May 11, 202213F-HRchanges · EDGAR ↗
Q4 2021$7.0B107Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$6.9B105Nov 3, 202113F-HRchanges · EDGAR ↗
Q2 2021$7.5B106Jul 29, 202113F-HRchanges · EDGAR ↗
Q1 2021$7.3B102May 11, 202113F-HRchanges · EDGAR ↗
Q4 2020$7.3B106Feb 5, 202113F-HRchanges · EDGAR ↗
Q3 2020$6.4B97Nov 9, 202013F-HRchanges · EDGAR ↗
Q2 2020$6.8B100Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$5.8B88May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$10.0B92Feb 7, 202013F-HRchanges · EDGAR ↗
Q3 2019$9.8B92Nov 5, 201913F-HRchanges · EDGAR ↗
Q2 2019$9.9B93Aug 1, 201913F-HRchanges · EDGAR ↗
Q1 2019$10.0B97May 10, 201913F-HRchanges · EDGAR ↗
Q4 2018$9.0B113Feb 8, 201913F-HRchanges · EDGAR ↗

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 ↗.