SEC 13F Intelligence

Managers / Q1 2025 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$17.4B
Q1 2025
Positions
205
Filings on Record
35
2019–present window
Filed
May 14, 2025
amendment (RESTATEMENT)

Summary

Beutel, Goodman & Co Ltd. reported $17.4B in U.S.-listed holdings across 205 positions for Q1 2025.

Its largest position, TD, represents 5.3% of the portfolio.

Compared with Q4 2024, the fund opened 122 new positions and exited 3.

Portfolio Metrics

Turnover
+6.9%
vs prior filed quarter
Top-10 Concentration
+31.0%
share of reported value
Largest Position
+5.3%
Toronto Dominion Bk
New / Exited
122 / 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: 99.6%ETP: 0.2%Other: 0.2%ADR: 0.1%MLP: 0.0%Equity WRT: 0.0%
  • Common Stock · 99.6% · $17.3B
  • ETP · 0.2% · $28M
  • Other · 0.2% · $27M
  • ADR · 0.1% · $19M
  • MLP · 0.0% · $27,000
  • Equity WRT · 0.0% · $9,000

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BLKBlackRockNEW+246.5K246.5K+$233M$233M
AAPLAppleNEW+59.2K59.2K+$13M$13M
ENBEnbridge Inc.NEW+264.0K264.0K+$12M$12M
TRIThomson Reuters Corp-NEWNEW+67.0K67.0K+$12M$12M
PBAPembina Pipeline Corp.NEW+255.7K255.7K+$10M$10M
JPMJPMorgan Chase & Co.NEW+35.5K35.5K+$9M$9M
JNJJohnson & JohnsonNEW+45.3K45.3K+$8M$8M
CSCOCisco SystemsNEW+119.7K119.7K+$7M$7M

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

Holdings — Q1 2025

203 positions (from 205 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto Dominion Bkhistory →Common5.29%$918M15.32M
2RYRoyal Bank Cdahistory →ADR (2 ORD)4.42%$766M6.81M
3BMOBank of Montrealhistory →Common3.29%$570M5.97M
4EBAYEbay Inchistory →Common2.76%$478M7.06M
5DOXAmdocs Ltdhistory →Ordinary2.67%$463M5.06M
6CMCSAComcast Corphistory →Common2.60%$450M12.21M
7GENGen Digitalhistory →Common2.53%$439M16.55M
8AMGNAmgen Inchistory →Common2.51%$436M1.40M
9MDTMedtronic PLChistory →Common2.48%$431M4.79M
10KMBKimberly Clark Corphistory →Common2.45%$425M2.99M
11CNICdn Natl Railwayhistory →Common2.39%$415M4.26M
12PPGPPG Industrieshistory →Common2.39%$414M3.78M
13QCOMQualcommhistory →Common2.37%$411M2.68M
14MRKMerck& Co Inchistory →Common2.29%$397M4.43M
15AXPAmerican Express Cohistory →Common2.26%$392M1.46M
16CBChubb Limitedhistory →Common2.23%$387M1.28M
17QSRRestaurant Brands Internationalhistory →Class B Non VTG2.23%$386M5.80M
18RBARB Globalhistory →Common2.05%$355M3.54M
19MFCManulife Fincl Corphistory →Common2.04%$355M11.38M
20FTSFortis Inchistory →Common2.00%$346M7.61M
21TRPTC Energyhistory →Common1.98%$343M7.27M
22NTAPNetApphistory →Common1.84%$320M3.64M
23CPBThe Campbells Companyhistory →Common1.80%$312M7.83M
24SUSuncor Energyhistory →Common1.79%$310M8.00M
25NTRNutrienhistory →Common1.78%$309M6.22M
26GIBCGI Grouphistory →Cl A Sub Vtg1.76%$305M3.06M
27CPCanadian Pacific Kansas Cityhistory →Common1.73%$299M4.27M
28GFLGFL Environmentalhistory →Sub Vtg Shs1.70%$295M6.11M
29CAECAE Inchistory →Common1.67%$290M11.80M
30OMCOmnicom Group Inchistory →Common1.63%$284M3.42M
31RCIRogers Communicationshistory →Common1.63%$283M10.60M
32WABWestinghouse Air Brake Technologieshistory →Common1.63%$283M1.56M
33SLFSun Life Fncl Inchistory →Common1.61%$280M4.89M
34BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.57%$273M5.21M
35IPGInterpublic Group of Companieshistory →Common1.38%$240M8.85M
36AMPAmeriprise Financialhistory →Common1.35%$234M483.1K
37BLKBlackRockhistory →Common1.34%$233M246.5K
38CIGIColliers Intlhistory →Sub Vtg1.27%$221M1.82M
39SEICSEI Investmentshistory →Common1.20%$208M2.68M
40MASMascohistory →Common1.12%$195M2.80M
41HOGHarley Davidson Inchistory →Common1.10%$191M7.58M
42CMICummins Inchistory →Common1.10%$190M606.6K
43MGAMagna Intl Inchistory →Common1.08%$188M5.54M
44FNVFranco Nevada Corphistory →Common1.03%$178M1.13M
45ATSATS Corphistory →Common1.01%$176M7.05M
46OTEXOpen Text Corphistory →Common0.98%$169M6.72M
47CORCencorahistory →Common0.82%$142M510.8K
48GNTXGentexhistory →Common0.81%$141M6.07M
49FLSFlowserve Corphistory →Common0.73%$126M2.58M
50SGISomnigroup Internationalhistory →Common0.72%$125M2.08M
51CGCarlyle Grouphistory →Common0.72%$124M2.85M
52PIIPolaris Industrieshistory →Common0.66%$114M2.79M
53BAMBrookfield Asset Mgthistory →Class A Ltd Vtg0.66%$114M2.36M
54BNSBank of Nova Scotiahistory →Common0.63%$110M2.31M
55DOOBRP Inchistory →Com Sun Vtg0.56%$97M2.88M
56AGIAlamos Gold Inhistory →Class A0.51%$88M3.30M
57TFPMTriple Flag Precious Metalshistory →Common0.21%$37M1.93M
58Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.16%$27M1.10M
59SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.13%$23M288.6K
60MSFTMicrosofthistory →Common0.08%$14M38.3K
61AAPLApplehistory →Common0.08%$13M59.2K
62ENBEnbridge Inc.history →Common0.07%$12M264.0K
63TRIThomson Reuters Corp-NEWhistory →Common0.07%$12M67.0K
64PBAPembina Pipeline Corp.history →Common0.06%$10M255.7K
65BEPCBrookfield Renewable PartnersPartnership Unit0.05%$9M399.0K
66JPMJPMorgan Chase & Co.Common0.05%$9M35.5K
67DNNDenison Mines CorpCommon0.05%$8M6.06M
68BCEBCECom New0.04%$8M331.2K
69JNJJohnson & JohnsonCommon0.04%$8M45.3K
70CSCOCisco SystemsCommon0.04%$7M119.7K
71JCIJohnson Controls InternationalSHS0.04%$7M82.3K
72CNQCanadian Natural Resources Ltd.Common0.04%$6M202.8K
73AEMAgnico-Eagle Mines Ltd.Common0.03%$6M53.4K
74ACNAccenture PLC IrelandShs Class A0.03%$6M18.5K
75TSMTaiwan Semiconductor ManufacturingSpons ADS0.03%$6M34.4K
76TIXTTelus International CdaSub Vtg Shs0.03%$6M2.10M
77NVONovo Nordisk ADRADR0.03%$5M79.2K
78HONHoneywell Intl.Common0.03%$5M25.1K
79GOOGAlphabetClass C · Cap STK Cl A0.03%$5M30.7K
80ABTAbbott LabCommon0.03%$5M34.8K
81DEODiageo PLCSpons ADR New0.03%$4M41.9K
82CMCanadian Imperial BkCommon0.03%$4M77.8K
83VZVerizon CommunicationsCommon0.03%$4M96.0K
84TUTELUSCommon0.02%$4M299.5K
85PEPPepsiCo IncCommon0.02%$4M27.7K
86MMM3M CompanyCommon0.02%$4M26.1K
87COSTCostCo WholesaleCommon0.02%$4M3.9K
88EFAiShares MSCI EAFE ETFETF0.02%$3M41.1K
89AQNAlgonquin Power & UtilitiesCommon0.02%$3M556.5K
90IMOImperial OilCom New0.02%$3M39.1K
91ETNEaton Corporation PLCSHS0.02%$3M10.3K
92PGProcter & GambleCommon0.01%$2M14.6K
93CVECenovus EnergyCommon0.01%$2M156.1K
94DISWalt DisneyCommon0.01%$2M21.1K
95WMTWal-Mart StoresCommon0.01%$2M23.4K
96MDLZMondelez Int'l Inc. 'A'CL A0.01%$2M26.7K
97NVSNovartisSponsored ADR0.01%$2M13.7K
98TMOThermo Fisher Scientific Inc.Common0.01%$1M2.9K
99CVSCVS HealthCommon0.01%$1M19.2K
100WFCWells FargoCommon0.01%$1M16.5K

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 ↗.