SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$18.9B
Q4 2023
Positions
76
Filings on Record
35
2019–present window
Filed
Feb 9, 2024
original filing

Summary

Beutel, Goodman & Co Ltd. reported $18.9B in U.S.-listed holdings across 76 positions for Q4 2023.

Its largest position, RY, represents 6.0% of the portfolio.

Compared with Q3 2023, the fund opened 2 new positions and exited 1.

Portfolio Metrics

Turnover
+1.7%
vs prior filed quarter
Top-10 Concentration
+33.8%
share of reported value
Largest Position
+6.0%
Royal Bank Cda
New / Exited
2 / 1
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%Other: 0.2%ETP: 0.1%ADR: 0.0%
  • Common Stock · 99.7% · $18.8B
  • Other · 0.2% · $31M
  • ETP · 0.1% · $27M
  • ADR · 0.0% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPYGSPDR Portfolio S&P 500 GrowthNEW+372.7K372.7K+$24M$24M
KLGWK KelloggNEW+1.04M1.04M+$14M$14M
BAMBrookfield Asset MgtADDED+3.70M6.92M+$171M$279M
TUTelus CorpTRIMMED−7.51M40−$123M$0
AQNAlgonquin Power & UtilitiesSOLD OUT−1.0K0−$5,000$0
SNNSmith & NephewADDED+5.8K16.0K+$184,000$435,000
GSKGSK PLCADDED+4.6K13.1K+$178,000$483,000
NVSNovartis AGADDED+1.5K4.4K+$152,000$440,000

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

Holdings — Q4 2023

75 positions (from 76 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYRoyal Bank Cdahistory →ADR (2 ORD)5.96%$1.1B11.05M
2TDToronto Dominion Bkhistory →Common5.03%$948M14.60M
3CNICdn Natl Railwayhistory →Common3.20%$604M4.78M
4BMOBank of Montrealhistory →Common3.04%$572M5.76M
5MFCManulife Fincl Corphistory →Common2.91%$549M24.75M
6RCIRogers Communicationshistory →Common2.91%$548M11.66M
7TRPTC Energyhistory →Common2.85%$538M13.71M
8SLFSun Life Fncl Inchistory →Common2.74%$516M9.90M
9MGAMagna Intl Inchistory →Common2.63%$496M8.35M
10QSRRestaurant Brands Internationalhistory →Class B Non VTG2.54%$479M6.11M
11RBARB Globalhistory →Common2.49%$470M6.98M
12AMGNAmgen Inchistory →Common2.40%$452M1.57M
13SUSuncor Energy Inchistory →Common2.31%$436M13.53M
14QCOMQualcommhistory →Common2.18%$411M2.84M
15CPCanadian Pacific Kansas Cityhistory →Common2.09%$394M4.95M
16FTSFortis Inchistory →Common2.09%$394M9.52M
17AXPAmerican Express Cohistory →Common2.05%$387M2.07M
18NTAPNetApphistory →Common2.04%$384M4.36M
19BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.99%$375M9.31M
20OTEXOpen Text Corphistory →Common1.94%$366M8.66M
21OMCOmnicom Group Inchistory →Common1.93%$363M4.20M
22DOXAmdocs Ltdhistory →Ordinary1.88%$354M4.02M
23MASMascohistory →Common1.60%$303M4.52M
24GENGen Digitalhistory →Common1.59%$300M13.13M
25BlackRockCommon1.56%$295M363.0K
26GIBCGI Grouphistory →Cl A Sub Vtg1.50%$283M2.63M
27HOGHarley Davidson Inchistory →Common1.49%$281M7.63M
28BAMBrookfield Asset Mgthistory →Class A Ltd Vtg1.48%$279M6.92M
29KMBKimberly Clark Corphistory →Common1.47%$278M2.29M
30AMPAmeriprise Financialhistory →Common1.46%$276M726.9K
31FLSFlowserve Corphistory →Common1.46%$276M6.69M
32KELKellanovahistory →Common1.45%$274M4.89M
33DOOBRP Inchistory →Com Sun Vtg1.45%$273M3.80M
34MRKMerck& Co Inchistory →Common1.41%$265M2.43M
35CAECAE Inchistory →Common1.40%$265M12.20M
36CIGIColliers Intlhistory →Sub Vtg1.40%$264M2.08M
37BIIBBiogenhistory →Common1.37%$258M995.5K
38SEICSEI Investmentshistory →Common1.35%$255M4.02M
39CMCSAComcast Corphistory →Common1.32%$248M5.66M
40SGITempur Sealy Internationalhistory →Common1.28%$241M4.73M
41NTRNutrienhistory →Common1.26%$237M4.19M
42IPGInterpublic Group of Companieshistory →Common1.24%$233M7.15M
43CPBCampbell Soup Cohistory →Common1.21%$227M5.26M
44CMICummins Inchistory →Common1.19%$224M934.6K
45PIIPolaris Industrieshistory →Common1.12%$210M2.22M
46EBAYEbay Inchistory →Common1.11%$209M4.80M
47WABWestinghouse Air Brake Technologieshistory →Common1.10%$207M1.63M
48GNTXGentexhistory →Common1.05%$199M6.08M
49CGCarlyle Grouphistory →Common0.93%$176M4.32M
50BNSBank of Nova Scotiahistory →Common0.90%$169M3.46M
51CORCencorahistory →Common0.73%$137M665.7K
52PHParker Hannifin Corphistory →Common0.61%$116M251.7K
53FNVFranco Nevada Corphistory →Common0.48%$91M817.0K
54AGIAlamos Gold Inhistory →Class A0.41%$77M5.69M
55PPGPPG Industrieshistory →Common0.32%$61M408.5K
56ATSATS Corphistory →Common0.27%$50M1.17M
57TFPMTriple Flag Precious Metalshistory →Common0.18%$33M2.48M
58Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.16%$31M1.42M
59Primo Water CorporationCommon0.14%$25M1.68M
60SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.13%$24M372.7K
61DNNDenison Mines Corphistory →Common0.10%$18M10.48M
62KLGWK Kellogghistory →Common0.07%$14M1.04M
63EFXTEnerflexCommon0.03%$6M1.32M
64EFAiShares MSCI EAFE ETFETF0.02%$3M41.3K
65BRK/ABerkshire HathawayClass A0.00%$542,0001
66GSKGSK PLCSpons ADR0.00%$483,00013.1K
67NVSNovartis AGSponsored ADR0.00%$440,0004.4K
68SNNSmith & NephewCommon0.00%$435,00016.0K
69Unilever plcSpon ADR New0.00%$304,0006.3K
70MSFTMicrosoftCommon0.00%$154,000411
71GOOGAlphabetClass C0.00%$115,000820
72CMCanadian Imperial BkCommon0.00%$103,0002.1K
73BEPCBrookfield Renewable PartnersPartnership Unit0.00%$29,0001.1K
74BCEBCECom New0.00%$16,000409
75TUTelus CorpCommon0.00%$040

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 ↗.