SEC 13F Intelligence

Managers / Q1 2024 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$19.4B
Q1 2024
Positions
75
Filings on Record
35
2019–present window
Filed
May 14, 2024
amendment (RESTATEMENT)

Summary

Beutel, Goodman & Co Ltd. reported $19.4B in U.S.-listed holdings across 75 positions for Q1 2024.

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

Compared with Q4 2023, the fund opened 1 new position and exited 2.

Portfolio Metrics

Turnover
+6.6%
vs prior filed quarter
Top-10 Concentration
+32.5%
share of reported value
Largest Position
+5.7%
Royal Bank Cda
New / Exited
1 / 2
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% · $19.3B
  • Other · 0.2% · $32M
  • ETP · 0.1% · $29M
  • ADR · 0.0% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TIXTTelus International CdaNEW+2.18M2.18M+$18M$18M
FNVFranco Nevada CorpADDED+1.15M1.96M+$143M$234M
BNSBank of Nova ScotiaADDED+4.04M7.50M+$219M$388M
PPGPPG IndustriesADDED+414.5K823.0K+$58M$119M
KLGWK KelloggSOLD OUT−1.04M0−$14M$0
TUTelus CorpSOLD OUT−400+$0$0
PHParker Hannifin CorpTRIMMED−251.3K355−$116M$197,000
BIIBBiogenADDED+570.3K1.57M+$80M$338M

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

Holdings — Q1 2024

74 positions (from 75 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RYRoyal Bank Cdahistory →ADR (2 ORD)5.67%$1.1B10.91M
2TDToronto Dominion Bkhistory →Common4.49%$871M14.42M
3CNICdn Natl Railwayhistory →Common3.21%$622M4.72M
4MFCManulife Fincl Corphistory →Common2.97%$576M23.02M
5BMOBank of Montrealhistory →Common2.87%$557M5.69M
6TRPTC Energyhistory →Common2.81%$545M13.54M
7SLFSun Life Fncl Inchistory →Common2.72%$528M9.67M
8RBARB Globalhistory →Common2.71%$525M6.89M
9SUSuncor Energy Inchistory →Common2.54%$493M13.35M
10QCOMQualcommhistory →Common2.51%$488M2.88M
11MGAMagna Intl Inchistory →Common2.48%$481M8.82M
12RCIRogers Communicationshistory →Common2.43%$472M11.51M
13AMGNAmgen Inchistory →Common2.33%$452M1.59M
14CPCanadian Pacific Kansas Cityhistory →Common2.22%$431M4.89M
15BNSBank of Nova Scotiahistory →Common2.00%$388M7.50M
16KELKellanovahistory →Common1.97%$381M6.66M
17OMCOmnicom Group Inchistory →Common1.92%$372M3.85M
18FTSFortis Inchistory →Common1.91%$372M9.40M
19KMBKimberly Clark Corphistory →Common1.89%$367M2.84M
20CMCSAComcast Corphistory →Common1.88%$366M8.44M
21DOXAmdocs Ltdhistory →Ordinary1.88%$366M4.05M
22GENGen Digitalhistory →Common1.82%$353M15.77M
23EBAYEbay Inchistory →Common1.81%$352M6.66M
24HOGHarley Davidson Inchistory →Common1.74%$338M7.74M
25BIIBBiogenhistory →Common1.74%$338M1.57M
26OTEXOpen Text Corphistory →Common1.71%$332M8.55M
27MRKMerck& Co Inchistory →Common1.65%$321M2.43M
28QSRRestaurant Brands Internationalhistory →Class B Non VTG1.65%$320M4.02M
29AXPAmerican Express Cohistory →Common1.64%$319M1.40M
30FLSFlowserve Corphistory →Common1.57%$306M6.69M
31BlackRockCommon1.56%$303M363.6K
32NTAPNetApphistory →Common1.55%$302M2.87M
33SEICSEI Investmentshistory →Common1.49%$289M4.02M
34NTRNutrienhistory →Common1.48%$288M5.30M
35CAECAE Inchistory →Common1.47%$285M13.80M
36SGITempur Sealy Internationalhistory →Common1.37%$266M4.68M
37IPGInterpublic Group of Companieshistory →Common1.33%$259M7.92M
38PIIPolaris Industrieshistory →Common1.33%$258M2.58M
39CPBCampbell Soup Cohistory →Common1.33%$258M5.81M
40BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.32%$256M6.11M
41DOOBRP Inchistory →Com Sun Vtg1.30%$252M3.75M
42CIGIColliers Intlhistory →Sub Vtg1.30%$252M2.06M
43MASMascohistory →Common1.22%$237M3.01M
44FNVFranco Nevada Corphistory →Common1.21%$234M1.96M
45GNTXGentexhistory →Common1.13%$220M6.08M
46AMPAmeriprise Financialhistory →Common1.09%$212M484.0K
47CGCarlyle Grouphistory →Common1.04%$203M4.32M
48BAMBrookfield Asset Mgthistory →Class A Ltd Vtg0.99%$192M4.56M
49GIBCGI Grouphistory →Cl A Sub Vtg0.98%$191M1.73M
50CMICummins Inchistory →Common0.95%$184M625.3K
51CORCencorahistory →Common0.85%$164M676.5K
52WABWestinghouse Air Brake Technologieshistory →Common0.81%$158M1.08M
53PPGPPG Industrieshistory →Common0.61%$119M823.0K
54AGIAlamos Gold Inhistory →Class A0.42%$82M5.58M
55ATSATS Corphistory →Common0.20%$39M1.15M
56TFPMTriple Flag Precious Metalshistory →Common0.18%$35M2.43M
57Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.16%$32M1.39M
58Primo WaterCommon0.15%$30M1.65M
59SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.13%$26M352.6K
60DNNDenison Mines Corphistory →Common0.10%$20M10.28M
61TIXTTelus International Cdahistory →Sub Vtg Shs0.10%$18M2.18M
62EFXTEnerflexCommon0.04%$8M1.29M
63EFAiShares MSCI EAFE ETFETF0.02%$3M39.3K
64BRK/ABerkshire HathawayClass A0.00%$634,0001
65GSKGSK PLCSpons ADR0.00%$564,00013.2K
66Unilever plcSpon ADR New0.00%$481,0009.6K
67NVSNovartisSponsored ADR0.00%$426,0004.4K
68SNNSmith & NephewCommon0.00%$408,00016.1K
69PHParker Hannifin CorpCommon0.00%$197,000355
70MSFTMicrosoftCommon0.00%$162,000386
71GOOGAlphabetClass C0.00%$116,000765
72CMCanadian Imperial BkCommon0.00%$78,0001.5K
73BEPCBrookfield Renewable PartnersPartnership Unit0.00%$26,0001.1K
74BCEBCECom New0.00%$13,000409

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 ↗.