Managers / Q1 2023 · view latest →
Beutel, Goodman & Co Ltd.
CIK 0001361974 · 20 EGLINTON AVENUE WEST, SUITE 2000, TORONTO, A6, M4R 1K8 · 416-485-1010
Reported Value
$17.0B
Q1 2023
Positions
74
Filings on Record
35
2019–present window
Filed
May 12, 2023
original filing
Summary
Beutel, Goodman & Co Ltd. reported $17.0B in U.S.-listed holdings across 74 positions for Q1 2023.
Its largest position, RY, represents 6.1% of the portfolio.
Compared with Q4 2022, the fund opened 2 new positions and exited 4.
Portfolio Metrics
Turnover
+1.9%
vs prior filed quarter
Top-10 Concentration
+33.8%
share of reported value
Largest Position
+6.1%
Royal Bank Cda
New / Exited
2 / 4
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
Portfolio Composition
By security type
- Common Stock · 97.6% · $16.6B
- Other · 2.4% · $403M
- ETP · 0.0% · $3M
- ADR · 0.0% · $899,000
Quarter-over-Quarter Changes full breakdown →
vs Q4 2022 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| BEPCBrookfield Renewable Partners | NEW | +1.1K | 1.1K | +$35,000 | $35,000 |
| BCEBCE | NEW | +300 | 300 | +$13,000 | $13,000 |
| ORCLOracle | SOLD OUT | −400 | 0 | −$32,000 | $0 |
| PEPPepsiCo | SOLD OUT | −150 | 0 | −$27,000 | $0 |
| ABTAbbott Lab | SOLD OUT | −200 | 0 | −$21,000 | $0 |
| CNQCdn Natural Res | SOLD OUT | −2 | 0 | +$0 | $0 |
| AZOAutoZone Inc | TRIMMED | −30 | 5 | −$74,000 | $12,000 |
| VZVerizon Communicatio | TRIMMED | −1.6K | 960 | −$62,000 | $37,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2023
73 positions (from 74 filing rows — )
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | RYRoyal Bank Cdahistory → | ADR (2 ORD) | 6.12% | $1.0B | 10.91M |
| 2 | TDToronto Dominion Bkhistory → | Common | 4.69% | $799M | 13.35M |
| 3 | QSRRestaurant Brands Internationalhistory → | Class B Non VTG | 3.19% | $542M | 8.09M |
| 4 | TRPTC Energyhistory → | Common | 3.09% | $526M | 13.54M |
| 5 | CNICdn Natl Railwayhistory → | Common | 3.08% | $524M | 4.45M |
| 6 | RCIRogers Communicationshistory → | Common | 2.93% | $498M | 10.76M |
| 7 | SLFSun Life Fncl Inchistory → | Common | 2.87% | $488M | 10.45M |
| 8 | MFCManulife Fincl Corphistory → | Common | 2.64% | $449M | 24.52M |
| 9 | BMOBank of Montrealhistory → | Common | 2.62% | $445M | 5.01M |
| 10 | MGAMagna Intl Inchistory → | Common | 2.59% | $440M | 8.23M |
| 11 | OMCOmnicom Group Inchistory → | Common | 2.57% | $438M | 4.64M |
| 12 | BNBrookfield Corporationhistory → | Cl A Ltd Vt Sh | 2.44% | $415M | 12.77M |
| 13 | SUSuncor Energy Inchistory → | Common | 2.43% | $414M | 13.35M |
| 14 | FTSFortis Inchistory → | Common | 2.34% | $397M | 9.36M |
| 15 | OTEXOpen Text Corphistory → | Common | 2.29% | $389M | 10.10M |
| 16 | DOXAmdocs Ltdhistory → | Ordinary | 2.24% | $380M | 3.96M |
| 17 | Cdn Pacific Railway | Common | 2.20% | $375M | 4.88M |
| 18 | AMGNAmgen Inchistory → | Common | 1.95% | $332M | 1.37M |
| 19 | Ritchie Bros. Auctioneers | Common | 1.90% | $323M | 5.75M |
| 20 | KMBKimberly Clark Corphistory → | Common | 1.77% | $301M | 2.24M |
| 21 | HOGHarley Davidson Inchistory → | Common | 1.67% | $284M | 7.49M |
| 22 | CPBCampbell Soup Cohistory → | Common | 1.67% | $283M | 5.15M |
| 23 | KELKellogg Cohistory → | Common | 1.65% | $280M | 4.19M |
| 24 | GIBCGI Grouphistory → | Cl A Sub Vtg | 1.63% | $277M | 2.88M |
| 25 | AXPAmerican Express Cohistory → | Common | 1.61% | $274M | 1.66M |
| 26 | NTAPNetApphistory → | Common | 1.61% | $274M | 4.28M |
| 27 | BIIBBiogenhistory → | Common | 1.60% | $272M | 977.7K |
| 28 | CAECAE Inchistory → | Common | 1.59% | $271M | 12.00M |
| 29 | NTRNutrienhistory → | Common | 1.56% | $266M | 3.61M |
| 30 | QCOMQualcommhistory → | Common | 1.55% | $264M | 2.07M |
| 31 | IPGInterpublic Group of Companieshistory → | Common | 1.54% | $261M | 7.02M |
| 32 | DOOBRP Inchistory → | Com Sun Vtg | 1.53% | $260M | 3.32M |
| 33 | PIIPolaris Industrieshistory → | Common | 1.42% | $241M | 2.18M |
| 34 | BlackRock | Common | 1.40% | $239M | 356.5K |
| 35 | SEICSEI Investmentshistory → | Common | 1.34% | $227M | 3.95M |
| 36 | FLSFlowserve Corphistory → | Common | 1.31% | $224M | 6.58M |
| 37 | GENGen Digitalhistory → | Common | 1.30% | $221M | 12.88M |
| 38 | MASMascohistory → | Common | 1.29% | $220M | 4.43M |
| 39 | MRKMerck& Co Inchistory → | Common | 1.29% | $219M | 2.06M |
| 40 | CMICummins Inchistory → | Common | 1.28% | $218M | 912.5K |
| 41 | EBAYEbay Inchistory → | Common | 1.23% | $209M | 4.71M |
| 42 | AMPAmeriprise Financialhistory → | Common | 1.16% | $197M | 644.2K |
| 43 | CMCSAComcast Corphistory → | Common | 1.14% | $195M | 5.14M |
| 44 | SGITempur Sealy Internationalhistory → | Common | 1.08% | $184M | 4.65M |
| 45 | BNSBank of Nova Scotiahistory → | Common | 1.01% | $172M | 3.42M |
| 46 | GNTXGentexhistory → | Common | 0.98% | $167M | 5.97M |
| 47 | WABWestinghouse Air Brake Technologieshistory → | Common | 0.95% | $162M | 1.60M |
| 48 | CORAmerisource-Bergenhistory → | Common | 0.93% | $157M | 982.9K |
| 49 | TUTelus Corphistory → | Common | 0.86% | $147M | 7.39M |
| 50 | CGCarlyle Grouphistory → | Common | 0.77% | $132M | 4.24M |
| 51 | PHParker Hannifin Corphistory → | Common | 0.73% | $125M | 371.4K |
| 52 | FNVFranco Nevada Corphistory → | Common | 0.69% | $117M | 804.1K |
| 53 | MLKNMillerknollhistory → | Common | 0.67% | $115M | 5.60M |
| 54 | BAMBrookfield Asset Mgthistory → | Class A Ltd Vtg | 0.61% | $104M | 3.18M |
| 55 | AGIAlamos Gold Inhistory → | Class A | 0.56% | $95M | 7.77M |
| 56 | PPGPPG Industrieshistory → | Common | 0.31% | $53M | 400.0K |
| 57 | CIGIColliers Intlhistory → | Sub Vtg | 0.22% | $38M | 357.5K |
| 58 | Brookfield Business Partners | Unit LTD LP · Cl A Exc Sub Vtg | 0.16% | $28M | 1.46M |
| 59 | DNNDenison Mines Corphistory → | Common | 0.07% | $12M | 10.83M |
| 60 | EFXTEnerflex | Common | 0.05% | $8M | 1.36M |
| 61 | EFAiShares MSCI EAFE ETF | ETF | 0.02% | $3M | 44.0K |
| 62 | BRK/ABerkshire Hathaway | Class A | 0.00% | $465,000 | 1 |
| 63 | SNNSmith & Nephew | Common | 0.00% | $405,000 | 14.5K |
| 64 | GSKGSK PLC | Spons ADR | 0.00% | $254,000 | 7.2K |
| 65 | NVSNovartis AG | Sponsored ADR | 0.00% | $240,000 | 2.6K |
| 66 | Unilever plc | Spon ADR New | 0.00% | $230,000 | 4.4K |
| 67 | MSFTMicrosoft | Common | 0.00% | $118,000 | 411 |
| 68 | CMCanadian Imperial Bk | Common | 0.00% | $90,000 | 2.1K |
| 69 | GOOGAlphabet | Class C | 0.00% | $85,000 | 820 |
| 70 | VZVerizon Communicatio | Common | 0.00% | $37,000 | 960 |
| 71 | BEPCBrookfield Renewable Partners | Partnership Unit | 0.00% | $35,000 | 1.1K |
| 72 | BCEBCE | Com New | 0.00% | $13,000 | 300 |
| 73 | AZOAutoZone Inc | Common | 0.00% | $12,000 | 5 |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $14.8B | 170 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $16.3B | 174 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $16.6B | 177 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $17.6B | 176 | Aug 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $17.4B | 205 | May 14, 2025 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2024 | $18.4B | 86 | Feb 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $20.3B | 89 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $18.8B | 77 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $19.4B | 75 | May 14, 2024 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2023 | $18.9B | 76 | Feb 9, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $16.9B | 75 | Nov 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $17.8B | 75 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $17.0B | 74 | May 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $16.5B | 76 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $14.8B | 73 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $16.1B | 69 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $17.7B | 69 | May 12, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $17.5B | 67 | Feb 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $16.3B | 66 | Nov 12, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $16.8B | 65 | Aug 13, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $15.9B | 64 | May 14, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $14.8B | 67 | Feb 5, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $12.4B | 68 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $12.2B | 67 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $10.7B | 64 | May 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $17.4B | 70 | Feb 24, 2020 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2019 | $14.3B | 64 | Dec 23, 2019 | RESTATEMENT | changes · EDGAR ↗ |
| Q2 2019 | $13.8B | 61 | Aug 15, 2019 | RESTATEMENT | changes · EDGAR ↗ |
| Q1 2019REVEALED | $26.5B | 163 | Apr 26, 2019 | 13F-HR | changes · 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 ↗.