SEC 13F Intelligence

Managers / Q3 2025 · view latest →

LETKO, BROSSEAU & ASSOCIATES INC

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

Reported Value
$5.8B
Q3 2025
Positions
98
Filings on Record
31
2019–present window
Filed
Nov 12, 2025
original filing

Summary

Letko, Brosseau & Associates Inc reported $5.8B in U.S.-listed holdings across 98 positions for Q3 2025.

Its largest position, BNS, represents 4.4% of the portfolio.

Compared with Q2 2025, the fund opened 7 new positions and exited 2.

Portfolio Metrics

Turnover
+2.0%
vs prior filed quarter
Top-10 Concentration
+37.5%
share of reported value
Largest Position
+4.4%
Bank Nova Scotia Halifax
New / Exited
7 / 2
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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: 92.2%ADR: 5.0%Other: 2.2%REIT: 0.6%ETP: 0.1%
  • Common Stock · 92.2% · $5.4B
  • ADR · 5.0% · $293M
  • Other · 2.2% · $126M
  • REIT · 0.6% · $33M
  • ETP · 0.1% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
CHVCHEVRON CORP NEWNEW+133.4K133.4K+$21M$21M
NVDANVIDIA CORPORATIONNEW+6.3K6.3K+$1M$1M
PVLAPALVELLA THERAPEUTICS INC NENEW+5.2K5.2K+$325,988$325,988
GOOGLALPHABET INCNEW+1.1K1.1K+$265,465$265,465
ALBALBEMARLE CORPNEW+2.5K2.5K+$200,673$200,673
GOSSGOSSAMER BIO INCNEW+39.4K39.4K+$103,622$103,622
PROKPROKIDNEY CORPNEW+15.9K15.9K+$38,478$38,478
UPSUNITED PARCEL SERVICE INCADDED+333.9K340.1K+$28M$28M

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

Holdings — Q3 2025

96 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1BNSBANK NOVA SCOTIA HALIFAXhistory →COM4.42%$257M3.98M
2TDTORONTO DOMINION BK ONThistory →COM NEW4.16%$242M3.03M
3BMOBANK MONTREAL QUEhistory →COM3.97%$231M1.77M
4RCI/BROGERS COMMUNICATIONS INChistory →CL B3.96%$230M6.69M
5RYROYAL BK CDAhistory →COM3.80%$221M1.50M
6OTXOPEN TEXT CORPhistory →COM3.63%$211M5.65M
7GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.59%$209M858.7K
8MGAMAGNA INTL INChistory →COM3.36%$195M4.12M
9MFCMANULIFE FINL CORPhistory →COM3.33%$194M6.21M
10LIESUN LIFE FINANCIAL INC.history →COM3.30%$192M3.20M
11NTRNUTRIEN LTDhistory →COM2.94%$171M2.92M
12BCEBCE INChistory →COM NEW2.83%$165M7.05M
13BBARRICK MNG CORPhistory →COM SHS2.76%$161M4.90M
14CMCANADIAN IMPERIAL BANK OF COhistory →COM2.60%$151M1.89M
15METAMETA PLATFORMS INChistory →CL A2.50%$146M198.6K
16TAT&T INChistory →COM1.99%$116M4.10M
17TTELUS CORPORATIONhistory →COM1.79%$104M6.63M
18PFEPFIZER INChistory →COM1.77%$103M4.04M
19CVECENOVUS ENERGY INChistory →COM1.75%$102M6.01M
20INTCINTEL CORPhistory →COM1.74%$101M3.02M
21CAECAE INChistory →COM1.65%$96M3.25M
22SUSUNCOR ENERGY INC NEWhistory →COM1.49%$87M2.07M
23CVSCVS HEALTH CORPhistory →COM1.44%$84M1.12M
24TRVCCITIGROUP INChistory →COM NEW1.43%$83M821.5K
25ADBEADOBE INChistory →COM1.43%$83M236.1K
26ILMNILLUMINA INChistory →COM1.39%$81M854.3K
27STTSTATE STR CORPhistory →COM1.36%$79M682.1K
28WFGWEST FRASER TIMBER CO LTDhistory →COM1.34%$78M1.15M
29TFCTRUIST FINL CORPhistory →COM1.31%$76M1.66M
30BACVERIZON COMMUNICATIONS INChistory →COM1.25%$73M1.66M
31GSKGSK PLChistory →SPONSORED ADR1.24%$72M1.68M
32EMNEASTMAN CHEM COhistory →COM1.23%$71M1.13M
33CMCSACOMCAST CORP NEWhistory →CL A1.17%$68M2.16M
34ABBVABBVIE INChistory →COM1.16%$67M290.9K
35ELP1COMPANHIA PARANAENSE DE ENERSPON ADS · SPONSORED ADS1.14%$66M6.76M
36TECK/BTECK RESOURCES LTDhistory →CL B1.08%$63M1.44M
37AWMSKYWORKS SOLUTIONS INChistory →COM1.03%$60M781.7K
38WFCWELLS FARGO CO NEWhistory →COM0.98%$57M681.5K
39CRUSCIRRUS LOGIC INChistory →COM0.97%$57M452.1K
40COMPANHIA DE SANEAMENTO BASISPONSORED ADR0.96%$56M2.25M
41EFXENERFLEX LTDhistory →COM0.92%$54M4.97M
42HBMHUDBAY MINERALS INChistory →COM0.92%$54M3.53M
43FDXFEDEX CORPhistory →COM0.88%$51M216.7K
44BACBANK AMERICA CORPhistory →COM0.87%$51M985.2K
45GILDGILEAD SCIENCES INChistory →COM0.81%$47M423.5K
46SHELSHELL PLChistory →SPON ADS0.78%$45M635.0K
47WMTWALMART INChistory →COM0.70%$41M396.5K
48GPKGRAPHIC PACKAGING HLDG COhistory →COM0.70%$41M2.07M
49COPCONOCOPHILLIPShistory →COM0.69%$40M425.2K
50QSRRESTAURANT BRANDS INTL INChistory →COM0.66%$39M600.5K
51INVESCO LTDSHS0.63%$37M1.60M
52ADIENT PLCORD SHS0.62%$36M1.50M
53LULULULULEMON ATHLETICA INChistory →COM0.59%$34M193.6K
54MACMACERICH COhistory →COM0.57%$33M1.84M
55CXCEMEX SAB DE CVhistory →SPON ADR NEW0.57%$33M3.70M
56MRKMERCK & CO INChistory →COM0.51%$30M354.0K
57UPSUNITED PARCEL SERVICE INChistory →CL B0.49%$28M340.1K
58CREDICORP LTDCOM0.44%$26M97.3K
59MRNAMODERNA INChistory →COM0.41%$24M913.4K
60COPA HOLDINGS SACL A0.38%$22M187.8K
61CHVCHEVRON CORP NEWhistory →COM0.36%$21M133.4K
62BIIBBIOGEN INChistory →COM0.29%$17M120.6K
63IBNICICI BANK LIMITEDhistory →ADR0.23%$13M437.8K
64CXMSPRINKLR INChistory →CL A0.23%$13M1.70M
65PRNPROFOUND MED CORPCOM NEW0.08%$5M986.3K
66HDBHDFC BANK LTDSPONSORED ADS0.08%$4M130.3K
67SMURFIT WESTROCK PLCSHS0.07%$4M91.5K
68SPDR SERIES TRUSTS&P BIOTECH0.06%$4M35.3K
69SCHWSCHWAB CHARLES CORPCOM0.03%$2M19.7K
70INGING GROEP N.V.SPONSORED ADR0.02%$1M49.1K
71NVDANVIDIA CORPORATIONCOM0.02%$1M6.3K
72FRANKLIN TEMPLETON ETF TRFRANKLIN INDIA0.01%$826,90622.2K
73ORCLORACLE CORPCOM0.01%$680,6012.4K
74PPLPEMBINA PIPELINE CORPCOM0.01%$592,46514.7K
75EMAEMERA INCCOM0.01%$407,1758.5K
76NXP SEMICONDUCTORS N VCOM0.01%$404,2211.8K
77FTSFORTIS INCCOM0.01%$400,7917.9K
78VALE S ASPONSORED ADS0.01%$398,01936.6K
79EROERO COPPER CORPCOM0.01%$364,68318.0K
80NEWAMSTERDAM PHARMA COMPANYORDINARY SHARES0.01%$334,88111.8K
81MSFTMICROSOFT CORPCOM0.01%$330,452638
82PVLAPALVELLA THERAPEUTICS INC NECOM0.01%$325,9885.2K
83FCXFREEPORT-MCMORAN INCCL B0.00%$271,5996.9K
84MEIRAGTX HLDGS PLCCOM0.00%$263,36032.0K
85AMRIZE LTDSHS0.00%$256,4965.3K
86SPRYARS PHARMACEUTICALS INCCOM0.00%$248,23524.7K
87MLYSMINERALYS THERAPEUTICS INCCOM0.00%$207,6125.5K
88ALBALBEMARLE CORPCOM0.00%$200,6732.5K
89AURAAURA BIOSCIENCES INCCOM0.00%$174,89428.3K
90TCRXTSCAN THERAPEUTICS INCCOM0.00%$174,49395.9K
91ETNBGBP89BIO INCCOM0.00%$157,29010.7K
92GOSSGOSSAMER BIO INCCOM0.00%$103,62239.4K
93ALDXALDEYRA THERAPEUTICS INCCOM0.00%$90,30617.3K
94HUMAHUMACYTE INCCOM0.00%$79,95346.0K
95REPLREPLIMUNE GROUP INCCOM0.00%$45,25210.8K
96PROKPROKIDNEY CORPSHS CL A0.00%$38,47815.9K

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 ↗.