SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$16.9B
Q3 2023
Positions
75
Filings on Record
35
2019–present window
Filed
Nov 13, 2023
original filing

Summary

Beutel, Goodman & Co Ltd. reported $16.9B in U.S.-listed holdings across 75 positions for Q3 2023.

Its largest position, RY, represents 5.7% of the portfolio.

Compared with Q2 2023, the fund opened 3 new positions and exited 3.

Portfolio Metrics

Turnover
+2.6%
vs prior filed quarter
Top-10 Concentration
+33.1%
share of reported value
Largest Position
+5.7%
Royal Bank Cda
New / Exited
3 / 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% · $16.9B
  • Other · 0.1% · $23M
  • ETP · 0.0% · $3M
  • ADR · 0.0% · $844,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Primo Water CorporationNEW+1.69M1.69M+$23M$23M
TFPMTriple Flag Precious MetalsNEW+1.71M1.71M+$22M$22M
AQNAlgonquin Power & UtilitiesNEW+1.0K1.0K+$5,000$5,000
CIGIColliers IntlADDED+1.36M1.71M+$129M$163M
POINT Biopharma GlobalSOLD OUT−7.2K0−$64,000$0
VZVerizon CommunicatioSOLD OUT−1450−$5,000$0
MLKNMillerknollSOLD OUT−3350−$4,000$0
AGIAlamos Gold InTRIMMED−1.90M5.71M−$26M$65M

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

Holdings — Q3 2023

74 positions (from 75 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYRoyal Bank Cdahistory →ADR (2 ORD)5.74%$971M11.06M
2TDToronto Dominion Bkhistory →Common5.22%$884M14.61M
3CNICdn Natl Railwayhistory →Common3.07%$520M4.78M
4SLFSun Life Fncl Inchistory →Common2.87%$485M9.90M
5TRPTC Energyhistory →Common2.80%$474M13.72M
6SUSuncor Energy Inchistory →Common2.76%$468M13.54M
7MFCManulife Fincl Corphistory →Common2.70%$456M24.86M
8RCIRogers Communicationshistory →Common2.66%$450M11.66M
9MGAMagna Intl Inchistory →Common2.66%$450M8.35M
10RBARB Globalhistory →Common2.60%$439M6.99M
11QSRRestaurant Brands Internationalhistory →Class B Non VTG2.58%$436M6.52M
12BMOBank of Montrealhistory →Common2.54%$429M5.07M
13AMGNAmgen Inchistory →Common2.50%$423M1.58M
14BNBrookfield Corporationhistory →Cl A Ltd Vt Sh2.41%$408M12.97M
15CPCanadian Pacific Kansas Cityhistory →Common2.19%$370M4.95M
16FTSFortis Inchistory →Common2.15%$364M9.53M
17DOXAmdocs Ltdhistory →Ordinary2.02%$341M4.04M
18NTAPNetApphistory →Common1.96%$332M4.38M
19QCOMQualcommhistory →Common1.87%$317M2.85M
20OMCOmnicom Group Inchistory →Common1.83%$310M4.16M
21DOOBRP Inchistory →Com Sun Vtg1.71%$289M3.80M
22AXPAmerican Express Cohistory →Common1.70%$287M1.93M
23CAECAE Inchistory →Common1.69%$286M12.20M
24OTEXOpen Text Corphistory →Common1.64%$278M7.88M
25KMBKimberly Clark Corphistory →Common1.64%$277M2.29M
26FLSFlowserve Corphistory →Common1.58%$267M6.72M
27GIBCGI Grouphistory →Cl A Sub Vtg1.54%$260M2.63M
28NTRNutrienhistory →Common1.53%$260M4.19M
29BIIBBiogenhistory →Common1.52%$257M999.3K
30HOGHarley Davidson Inchistory →Common1.50%$253M7.66M
31KELKellogg Cohistory →Common1.49%$252M4.24M
32CMCSAComcast Corphistory →Common1.49%$252M5.68M
33MRKMerck& Co Inchistory →Common1.48%$250M2.43M
34SEICSEI Investmentshistory →Common1.44%$243M4.04M
35MASMascohistory →Common1.43%$242M4.53M
36AMPAmeriprise Financialhistory →Common1.42%$241M730.4K
37BlackRockCommon1.39%$235M364.2K
38GENGen Digitalhistory →Common1.38%$233M13.17M
39PIIPolaris Industrieshistory →Common1.37%$232M2.23M
40CPBCampbell Soup Cohistory →Common1.28%$217M5.28M
41CMICummins Inchistory →Common1.27%$214M937.6K
42EBAYEbay Inchistory →Common1.25%$212M4.82M
43SGITempur Sealy Internationalhistory →Common1.22%$206M4.76M
44IPGInterpublic Group of Companieshistory →Common1.22%$206M7.18M
45GNTXGentexhistory →Common1.17%$199M6.10M
46WABWestinghouse Air Brake Technologieshistory →Common1.03%$174M1.64M
47CIGIColliers Intlhistory →Sub Vtg0.96%$163M1.71M
48BNSBank of Nova Scotiahistory →Common0.92%$156M3.46M
49CGCarlyle Grouphistory →Common0.77%$131M4.34M
50TUTelus Corphistory →Common0.73%$123M7.51M
51CORCencorahistory →Common0.71%$120M668.2K
52FNVFranco Nevada Corphistory →Common0.65%$109M816.2K
53BAMBrookfield Asset Mgthistory →Class A Ltd Vtg0.64%$108M3.23M
54PHParker Hannifin Corphistory →Common0.58%$98M252.7K
55AGIAlamos Gold Inhistory →Class A0.38%$65M5.71M
56PPGPPG Industrieshistory →Common0.31%$53M410.2K
57ATSATS Corphistory →Common0.29%$50M1.16M
58Primo Water CorporationCommon0.14%$23M1.69M
59Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.14%$23M1.42M
60TFPMTriple Flag Precious Metalshistory →Common0.13%$22M1.71M
61DNNDenison Mines Corphistory →Common0.10%$17M10.52M
62EFXTEnerflexCommon0.04%$8M1.32M
63EFAiShares MSCI EAFE ETFETF0.02%$3M40.1K
64BRK/ABerkshire HathawayClass A0.00%$531,0001
65GSKGSK PLCSpons ADR0.00%$305,0008.4K
66NVSNovartis AGSponsored ADR0.00%$288,0002.8K
67SNNSmith & NephewCommon0.00%$251,00010.2K
68Unilever plcSpon ADR New0.00%$218,0004.4K
69MSFTMicrosoftCommon0.00%$129,000411
70GOOGAlphabetClass C0.00%$108,000820
71CMCanadian Imperial BkCommon0.00%$82,0002.1K
72BEPCBrookfield Renewable PartnersPartnership Unit0.00%$24,0001.1K
73BCEBCECom New0.00%$15,000409
74AQNAlgonquin Power & UtilitiesCommon0.00%$5,0001.0K

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 ↗.