SEC 13F Intelligence

Managers / Q1 2026

Beutel, Goodman & Co Ltd.

CIK 0001361974 · 20 EGLINTON AVENUE WEST, SUITE 2000, TORONTO, A6, M4R 1K8 · 416-485-1010

Reported Value
$14.8B
Q1 2026
Positions
170
Filings on Record
35
2019–present window
Filed
May 15, 2026
original filing

Summary

Beutel, Goodman & Co Ltd. reported $14.8B in U.S.-listed holdings across 170 positions for Q1 2026.

Its largest position, TD, represents 4.7% of the portfolio.

Compared with Q4 2025, the fund opened 12 new positions and exited 16.

Portfolio Metrics

Turnover
+8.9%
vs prior filed quarter
Top-10 Concentration
+29.8%
share of reported value
Largest Position
+4.7%
Toronto Dominion Bk
New / Exited
12 / 16
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
Q1 ’19: $26.5BQ1 ’19Q2 ’19: $13.8BQ3 ’19: $14.3BQ4 ’19: $17.4BQ1 ’20: $10.7BQ1 ’20Q2 ’20: $12.2BQ3 ’20: $12.4BQ4 ’20: $14.8BQ1 ’21: $15.9BQ1 ’21Q2 ’21: $16.8BQ3 ’21: $16.3BQ4 ’21: $17.5BQ1 ’22: $17.7BQ1 ’22Q2 ’22: $16.1BQ3 ’22: $14.8BQ4 ’22: $16.5BQ1 ’23: $17.0BQ1 ’23Q2 ’23: $17.8BQ3 ’23: $16.9BQ4 ’23: $18.9BQ1 ’24: $19.4BQ1 ’24Q2 ’24: $18.8BQ3 ’24: $20.3BQ4 ’24: $18.4BQ1 ’25: $17.4BQ1 ’25Q2 ’25: $17.6BQ3 ’25: $16.6BQ4 ’25: $16.3BQ1 ’26: $14.8BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 99.7%ETP: 0.2%ADR: 0.1%Other: 0.0%
  • Common Stock · 99.7% · $14.7B
  • ETP · 0.2% · $31M
  • ADR · 0.1% · $13M
  • Other · 0.0% · $4,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GILGildan ActivewearNEW+3.42M3.42M+$190M$190M
BDXBecton Dickinson & CoNEW+963.2K963.2K+$151M$151M
MRSHMarsh & McLennanNEW+779.8K779.8K+$135M$135M
SYYSyscoNEW+1.81M1.81M+$129M$129M
MDAMDA SpaceNEW+1.93M1.93M+$49M$49M
BBUCBrookfield Business CorporationNEW+908.5K908.5K+$29M$29M
ULUnilever plcNEW+9.4K9.4K+$534,000$534,000
VSNTVersant Media Group IncNEW+837837+$30,000$30,000

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

Holdings — Q1 2026

169 positions (from 170 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto Dominion Bkhistory →Common4.66%$687M7.38M
2RYRoyal Bank Cdahistory →ADR (2 ORD)3.94%$581M3.61M
3BMOBank of Montrealhistory →Common2.84%$419M3.10M
4WABWABTEC CORPhistory →Common2.79%$412M1.65M
5PPGPPG Industrieshistory →Common2.69%$397M3.71M
6EBAYEbay Inchistory →Common2.64%$389M4.28M
7MDTMedtronic PLChistory →Common2.63%$387M4.47M
8CBChubb Limitedhistory →Common2.56%$377M1.16M
9QSRRestaurant Brands Internationalhistory →Class B Non VTG2.55%$376M5.10M
10NTAPNetApphistory →Common2.53%$373M3.64M
11MRKMerck& Co Inchistory →Common2.47%$364M3.03M
12RCIRogers Communicationshistory →Common2.47%$364M9.49M
13MFCManulife Fincl Corphistory →Common2.36%$347M10.12M
14DOXAmdocs Ltdhistory →Ordinary2.34%$345M5.28M
15CPCanadian Pacific Kansas Cityhistory →Common2.19%$323M4.11M
16OMCOmnicom Grouphistory →Common2.11%$311M4.13M
17QCOMQualcommhistory →Common2.10%$310M2.41M
18AMPAmeriprise Financialhistory →Common1.99%$293M659.6K
19NTRNutrienhistory →Common1.89%$279M3.70M
20GFLGFL Environmentalhistory →Sub Vtg Shs1.87%$276M6.64M
21CMCSAComcast Corphistory →Common1.86%$274M9.54M
22GIBCGI Grouphistory →Cl A Sub Vtg1.84%$272M3.73M
23SUSuncor Energyhistory →Common1.83%$269M4.09M
24ELVElevance Healthhistory →Common1.76%$260M886.7K
25UNPUnion Pacific Corp.history →Common1.75%$259M1.07M
26CNICdn Natl Railwayhistory →Common1.68%$248M2.42M
27TRPTC Energyhistory →Common1.60%$236M3.78M
28BAMBrookfield Asset Managementhistory →Class A Ltd Vtg1.56%$230M5.19M
29AMGNAmgen Inchistory →Common1.55%$228M649.3K
30FTSFortis Inchistory →Common1.50%$221M3.97M
31BGSIBoyd Group Serviceshistory →Common1.49%$219M1.72M
32CIGIColliers Intlhistory →Sub Vtg1.47%$217M2.03M
33AXPAmerican Express Cohistory →Common1.36%$201M664.5K
34GENGen Digitalhistory →Common1.33%$196M10.39M
35CNQCanadian Natural Resources Ltd.history →Common1.32%$195M4.01M
36MASMascohistory →Common1.30%$191M3.17M
37GILGildan Activewearhistory →Common1.29%$190M3.42M
38SLFSun Life Fncl Inchistory →Common1.23%$182M2.91M
39KMBKimberly Clark Corphistory →Common1.20%$178M1.84M
40CMICummins Inchistory →Common1.18%$174M323.7K
41RBARB Globalhistory →Common1.12%$165M1.72M
42WFCWells Fargohistory →Common1.11%$163M2.05M
43CAECAE Inchistory →Common1.10%$162M6.23M
44BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.09%$161M3.98M
45ATSATS Corphistory →Common1.04%$153M5.45M
46AMATApplied Materialshistory →Common1.03%$152M444.8K
47BDXBecton Dickinson & Cohistory →Common1.03%$151M963.2K
48FNVFranco Nevada Corphistory →Common1.01%$148M601.3K
49FLSFlowserve Corphistory →Common1.00%$148M2.01M
50SEICSEI Investmentshistory →Common0.94%$139M1.77M
51BLKBlackRockhistory →Common0.94%$138M143.5K
52MRSHMarsh & McLennanhistory →Common0.92%$135M779.8K
53SYYSyscohistory →Common0.87%$129M1.81M
54OTEXOpen Text Corphistory →Common0.77%$114M5.12M
55CGCarlyle Grouphistory →Common0.50%$74M1.52M
56AGIAlamos Goldhistory →Class A0.46%$68M1.53M
57CORCencorahistory →Common0.41%$60M190.4K
58MDAMDA Spacehistory →Common0.33%$49M1.93M
59TFPMTriple Flag Precious Metalshistory →Common0.28%$41M1.19M
60BBUCBrookfield Business Corporationhistory →Cl A Sub Vtg Sh0.19%$29M908.5K
61DCBODocebohistory →Common0.18%$27M1.56M
62EPRXEupraxia Pharmaceuticalshistory →Common0.18%$26M3.67M
63SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.17%$26M261.7K
64CMCanadian Imperial Bkhistory →Common0.13%$19M197.2K
65MICCMagnum Ice Cream Companyhistory →Ord Shs0.10%$15M979.8K
66EMAEmerahistory →Common0.10%$14M276.0K
67DNNDenison Mines Corphistory →Common0.09%$13M3.74M
68BEPCBrookfield Renewable Partnershistory →Partnership Unit0.08%$11M344.3K
69BNSBank of Nova Scotiahistory →Common0.07%$11M158.4K
70MSFTMicrosofthistory →Common0.07%$11M29.6K
71AAPLApplehistory →Common0.07%$11M41.6K
72PBAPembina Pipeline Corp.Common0.07%$10M223.2K
73JNJJohnson & JohnsonCommon0.06%$9M38.1K
74JPMJPMorgan Chase & Co.Common0.06%$9M31.4K
75JCIJohnson Controls InternationalSHS0.06%$9M67.3K
76AEMAgnico-Eagle Mines Ltd.Common0.05%$8M39.2K
77CSCOCisco SystemsCommon0.05%$8M101.5K
78GOOGAlphabetClass C · Cap STK Cl A0.05%$7M23.8K
79TRIThomson Reuters Corp-NEWCommon0.04%$5M59.9K
80HONHoneywell Intl.Common0.03%$5M21.6K
81IMOImperial OilCom New0.03%$4M28.8K
82EFAiShares MSCI EAFE ETFETF0.02%$4M37.8K
83PEPPepsiCo IncCommon0.02%$4M23.3K
84TSMTaiwan Semiconductor ManufacturingSpons ADS0.02%$3M10.1K
85ENBEnbridge Inc.Common0.02%$3M62.3K
86COSTCostCo WholesaleCommon0.02%$3M3.1K
87ETNEaton Corporation PLCSHS0.02%$3M8.4K
88ACNAccenture PLCShs Class A0.02%$3M14.6K
89NVSNovartisSponsored ADR0.02%$3M18.8K
90MMM3M CompanyCommon0.02%$3M17.8K
91CVECenovus EnergyCommon0.02%$3M95.5K
92ABTAbbott LabCommon0.02%$3M24.6K
93TUTELUSCommon0.02%$2M182.4K
94Sprott Physical Silver T/UTR UNIT0.02%$2M92.5K
95WMTWal-Mart StoresCommon0.01%$2M17.4K
96DEODiageo PLCSpons ADR New0.01%$2M28.9K
97NVONovo Nordisk ADRADR0.01%$2M57.7K
98VZVerizon CommunicationsCommon0.01%$2M40.3K
99PGProcter & GambleCommon0.01%$2M13.5K
100AQNAlgonquin Power & UtilitiesCommon0.01%$1M243.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$14.8B170May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$16.3B174Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$16.6B177Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$17.6B176Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$17.4B205May 14, 2025RESTATEMENTchanges · EDGAR ↗
Q4 2024$18.4B86Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$20.3B89Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$18.8B77Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$19.4B75May 14, 2024RESTATEMENTchanges · EDGAR ↗
Q4 2023$18.9B76Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$16.9B75Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$17.8B75Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$17.0B74May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$16.5B76Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$14.8B73Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$16.1B69Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$17.7B69May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$17.5B67Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$16.3B66Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$16.8B65Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$15.9B64May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$14.8B67Feb 5, 202113F-HRchanges · EDGAR ↗
Q3 2020$12.4B68Nov 13, 202013F-HRchanges · EDGAR ↗
Q2 2020$12.2B67Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$10.7B64May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$17.4B70Feb 24, 2020RESTATEMENTchanges · EDGAR ↗
Q3 2019$14.3B64Dec 23, 2019RESTATEMENTchanges · EDGAR ↗
Q2 2019$13.8B61Aug 15, 2019RESTATEMENTchanges · EDGAR ↗
Q1 2019REVEALED$26.5B163Apr 26, 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 ↗.