SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$17.8B
Q2 2023
Positions
75
Filings on Record
35
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Beutel, Goodman & Co Ltd. reported $17.8B in U.S.-listed holdings across 75 positions for Q2 2023.

Its largest position, RY, represents 5.9% of the portfolio.

Compared with Q1 2023, the fund opened 4 new positions and exited 3.

Portfolio Metrics

Turnover
+5.8%
vs prior filed quarter
Top-10 Concentration
+33.8%
share of reported value
Largest Position
+5.9%
Royal Bank Cda
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: 99.8%Other: 0.1%ETP: 0.0%ADR: 0.0%
  • Common Stock · 99.8% · $17.8B
  • Other · 0.1% · $26M
  • ETP · 0.0% · $3M
  • ADR · 0.0% · $888,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
RBARB GlobalNEW+6.92M6.92M+$416M$416M
CPCanadian Pacific Kansas CityNEW+4.91M4.91M+$397M$397M
ATSATS CorpNEW+1.15M1.15M+$53M$53M
POINT Biopharma GlobalNEW+7.2K7.2K+$64,000$64,000
Cdn Pacific RailwaySOLD OUT−4.88M0−$375M$0
Ritchie Bros. AuctioneersSOLD OUT−5.75M0−$323M$0
AZOAutoZone IncSOLD OUT−50−$12,000$0
MLKNMillerknollTRIMMED−5.60M335−$115M$4,000

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

Holdings — Q2 2023

74 positions (from 75 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYRoyal Bank Cdahistory →ADR (2 ORD)5.88%$1.0B10.96M
2TDToronto Dominion Bkhistory →Common5.04%$899M14.49M
3QSRRestaurant Brands Internationalhistory →Class B Non VTG3.16%$564M7.27M
4TRPTC Energyhistory →Common3.09%$550M13.60M
5SLFSun Life Fncl Inchistory →Common3.05%$544M10.42M
6CNICdn Natl Railwayhistory →Common3.04%$543M4.48M
7RCIRogers Communicationshistory →Common2.77%$494M10.82M
8MGAMagna Intl Inchistory →Common2.62%$468M8.28M
9MFCManulife Fincl Corphistory →Common2.61%$466M24.64M
10BMOBank of Montrealhistory →Common2.55%$454M5.03M
11OMCOmnicom Group Inchistory →Common2.51%$448M4.71M
12BNBrookfield Corporationhistory →Cl A Ltd Vt Sh2.43%$433M12.85M
13RBARB Globalhistory →Common2.33%$416M6.92M
14FTSFortis Inchistory →Common2.27%$406M9.40M
15DOXAmdocs Ltdhistory →Ordinary2.24%$399M4.04M
16CPCanadian Pacific Kansas Cityhistory →Common2.22%$397M4.91M
17SUSuncor Energy Inchistory →Common2.21%$394M13.42M
18OTEXOpen Text Corphistory →Common2.01%$359M8.61M
19AMGNAmgen Inchistory →Common1.96%$350M1.58M
20QCOMQualcommhistory →Common1.90%$338M2.84M
21NTAPNetApphistory →Common1.88%$335M4.38M
22DOOBRP Inchistory →Com Sun Vtg1.79%$319M3.76M
23KMBKimberly Clark Corphistory →Common1.77%$316M2.29M
24AXPAmerican Express Cohistory →Common1.74%$311M1.79M
25KELKellogg Cohistory →Common1.60%$286M4.24M
26BIIBBiogenhistory →Common1.60%$285M999.3K
27IPGInterpublic Group of Companieshistory →Common1.55%$277M7.18M
28GIBCGI Grouphistory →Cl A Sub Vtg1.54%$275M2.60M
29CAECAE Inchistory →Common1.52%$271M12.08M
30HOGHarley Davidson Inchistory →Common1.51%$270M7.66M
31PIIPolaris Industrieshistory →Common1.51%$269M2.23M
32MASMascohistory →Common1.46%$260M4.53M
33MRKMerck& Co Inchistory →Common1.44%$257M2.23M
34BlackRockCommon1.41%$252M364.1K
35FLSFlowserve Corphistory →Common1.40%$250M6.72M
36NTRNutrienhistory →Common1.37%$245M4.15M
37GENGen Digitalhistory →Common1.37%$244M13.17M
38AMPAmeriprise Financialhistory →Common1.36%$243M730.5K
39CPBCampbell Soup Cohistory →Common1.35%$241M5.27M
40SEICSEI Investmentshistory →Common1.35%$241M4.04M
41CMCSAComcast Corphistory →Common1.32%$236M5.68M
42CMICummins Inchistory →Common1.29%$230M937.0K
43EBAYEbay Inchistory →Common1.21%$215M4.81M
44SGITempur Sealy Internationalhistory →Common1.07%$191M4.76M
45WABWestinghouse Air Brake Technologieshistory →Common1.01%$179M1.64M
46GNTXGentexhistory →Common1.00%$179M6.10M
47BNSBank of Nova Scotiahistory →Common0.96%$172M3.43M
48TUTelus Corphistory →Common0.81%$145M7.44M
49CGCarlyle Grouphistory →Common0.78%$139M4.34M
50CORAmerisource-Bergenhistory →Common0.72%$129M669.1K
51FNVFranco Nevada Corphistory →Common0.65%$115M808.5K
52BAMBrookfield Asset Mgthistory →Class A Ltd Vtg0.59%$105M3.20M
53PHParker Hannifin Corphistory →Common0.55%$99M253.0K
54AGIAlamos Gold Inhistory →Class A0.51%$91M7.60M
55PPGPPG Industrieshistory →Common0.34%$61M410.1K
56ATSATS Corphistory →Common0.30%$53M1.15M
57CIGIColliers Intlhistory →Sub Vtg0.19%$34M350.5K
58Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.14%$26M1.43M
59DNNDenison Mines Corphistory →Common0.07%$13M10.62M
60EFXTEnerflexCommon0.05%$9M1.33M
61EFAiShares MSCI EAFE ETFETF0.02%$3M40.5K
62BRK/ABerkshire HathawayClass A0.00%$517,0001
63SNNSmith & NephewCommon0.00%$326,00010.1K
64GSKGSK PLCSpons ADR0.00%$299,0008.4K
65NVSNovartis AGSponsored ADR0.00%$263,0002.6K
66Unilever plcSpon ADR New0.00%$230,0004.4K
67MSFTMicrosoftCommon0.00%$139,000411
68GOOGAlphabetClass C0.00%$99,000820
69CMCanadian Imperial BkCommon0.00%$91,0002.1K
70POINT Biopharma GlobalCommon0.00%$64,0007.2K
71BEPCBrookfield Renewable PartnersPartnership Unit0.00%$33,0001.1K
72BCEBCECom New0.00%$18,000409
73VZVerizon CommunicatioCommon0.00%$5,000145
74MLKNMillerknollCommon0.00%$4,000335

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 ↗.