SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$17.5B
Q4 2021
Positions
67
Filings on Record
35
2019–present window
Filed
Feb 14, 2022
original filing

Summary

Beutel, Goodman & Co Ltd. reported $17.5B in U.S.-listed holdings across 67 positions for Q4 2021.

Its largest position, TD, represents 8.3% of the portfolio.

Compared with Q3 2021, the fund opened 4 new positions and exited 3.

Portfolio Metrics

Turnover
+4.4%
vs prior filed quarter
Top-10 Concentration
+41.4%
share of reported value
Largest Position
+8.3%
Toronto Dominion Bk
New / Exited
4 / 3
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: 92.7%Other: 7.3%ETP: 0.0%ADR: 0.0%
  • Common Stock · 92.7% · $16.2B
  • Other · 7.3% · $1.3B
  • ETP · 0.0% · $3M
  • ADR · 0.0% · $432,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GNTXGentex CorpNEW+4.22M4.22M+$147M$147M
IPGInterpublic Group of Companies IncNEW+3.55M3.55M+$133M$133M
DOOBRP IncNEW+1.02M1.02M+$89M$89M
Unilever plcNEW+5.7K5.7K+$308,000$308,000
Ritchie Bros. AuctioneersADDED+2.25M3.35M+$136M$205M
Thomson Reuters CorpSOLD OUT−985.6K0−$109M$0
JPMJPMorgan Chase & CoSOLD OUT−339.9K0−$56M$0
BABAAlibaba Group HoldingSOLD OUT−1000−$14,000$0

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

Holdings — Q4 2021

67 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto Dominion Bkhistory →Common8.27%$1.4B18.93M
2RYRoyal Bank Cdahistory →Common5.10%$894M8.45M
3Brookfield Asset MgtClass A Ltd Vtg4.56%$798M13.25M
4CNICdn Natl Railwayhistory →Common4.40%$771M6.29M
5RCIRogers Communicationshistory →Class B Non VTG3.98%$697M14.66M
6SLFSun Life Fncl Inchistory →Common3.59%$629M11.33M
7TRPTC Energyhistory →Common3.49%$611M13.17M
8QSRRestaurant Brands Internationalhistory →Common3.00%$525M8.68M
9NTRNutrien Ltdhistory →Common2.56%$449M5.98M
10MFCManulife Fincl Corphistory →Common2.51%$439M23.09M
11MGAMagna Intl Inchistory →Common2.49%$437M5.41M
12SUSuncor Energy Inchistory →Common2.44%$428M17.14M
13Cdn Pacific RailwayCommon2.42%$424M5.91M
14OTEXOpen Text Corphistory →Common2.42%$423M8.94M
15FTSFortis Inchistory →Common2.34%$410M8.52M
16BMOBank of Montrealhistory →Common2.09%$366M3.41M
17OMCOmnicom Group Inchistory →Common2.04%$358M4.88M
18AMGNAmgen Inchistory →Common2.02%$354M1.58M
19KMBKimberly Clark Corphistory →Common1.95%$341M2.39M
20MRKMerck & Co Inchistory →Common1.89%$332M4.33M
21DOXAmdocs Ltdhistory →Ordinary1.89%$331M4.43M
22KELKellogg Cohistory →Common1.87%$328M5.09M
23WABWestinghouse Air Brake Technologieshistory →Common1.84%$323M3.50M
24VZVerizon Communicatiohistory →Common1.72%$302M5.81M
25EBAYEbay Inchistory →Common1.66%$291M4.37M
26AMPAmeriprise Financialhistory →Common1.65%$290M960.3K
27CPBCampbell Soup Cohistory →Common1.64%$287M6.60M
28GENNortonLifeLockhistory →Common1.64%$287M11.03M
29TUTelus Corphistory →Common1.61%$281M11.98M
30HOGHarley Davidson Inchistory →Common1.51%$264M7.00M
31CAECAE Inchistory →Common1.48%$258M10.27M
32CORAmerisource-Bergenhistory →Common1.36%$238M1.79M
33PIIPolaris Industrieshistory →Common1.28%$223M2.03M
34BIIBBiogenhistory →Common1.25%$219M913.5K
35MLKNMillerknoll Inchistory →Common1.18%$207M5.29M
36Ritchie Bros. AuctioneersCommon1.17%$205M3.35M
37FLSFlowserve Corphistory →Common1.07%$188M6.14M
38AXPAmerican Express Cohistory →Common1.02%$179M1.10M
39SEICSEI Investmentshistory →Common0.98%$172M2.82M
40CMCSAComcast Corphistory →Common0.97%$170M3.38M
41GNTXGentex Corphistory →Common0.84%$147M4.22M
42IPGInterpublic Group of Companies Inchistory →Common0.76%$133M3.55M
43BNSBank of Nova Scotiahistory →Common0.75%$131M1.85M
44CMICummins Inchistory →Common0.73%$128M588.9K
45IRIngersoll-Rand PLChistory →Class A0.71%$125M2.02M
46FNVFranco Nevada Corphistory →Common0.70%$123M888.0K
47DOOBRP Inchistory →Com Sun Vtg0.51%$89M1.02M
48AZOAutoZone Inchistory →Common0.46%$81M38.7K
49PHParker Hannifin Corphistory →Common0.41%$71M224.6K
50AGIAlamos Gold Inhistory →Class A0.38%$67M8.69M
51CIGIColliers Intlhistory →Sub Vtg0.37%$65M434.3K
52PPGPPG Industrieshistory →Common0.36%$64M370.6K
53Brookfield Business PartnersUnit LTD LP0.29%$50M1.10M
54NTAPNetApphistory →Common0.28%$49M533.5K
55DNNDenison Mines Corphistory →Common0.09%$17M12.09M
56EFAiShares MSCI EAFE ETFETF0.02%$3M40.1K
57GlaxoSmithKlineSponsored ADR0.00%$539,00012.2K
58BRK/ABerkshire HathawayClass A0.00%$450,0001
59SNNSmith & NephewADR (2 ORD)0.00%$432,00012.5K
60Unilever plcSpon ADR New0.00%$308,0005.7K
61TECKTeck Resources LtdClass B Sub VTG0.00%$137,0004.8K
62CMCanadian Imperial BkCommon0.00%$90,000775
63MSFTMicrosoftCommon0.00%$90,000269
64GOOGAlphabetClass C0.00%$75,00026
65ORCLOracle CorpCommon0.00%$18,000210
66PEPPepsiCoCommon0.00%$8,00050
67CNQCdn Natural ResCommon0.00%$03

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 ↗.