SEC 13F Intelligence

Managers / Q2 2025 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$17.6B
Q2 2025
Positions
176
Filings on Record
35
2019–present window
Filed
Aug 13, 2025
original filing

Summary

Beutel, Goodman & Co Ltd. reported $17.6B in U.S.-listed holdings across 176 positions for Q2 2025.

Its largest position, TD, represents 6.2% of the portfolio.

Compared with Q1 2025, the fund opened 4 new positions and exited 33.

Portfolio Metrics

Turnover
+7.2%
vs prior filed quarter
Top-10 Concentration
+32.2%
share of reported value
Largest Position
+6.2%
Toronto Dominion Bk
New / Exited
4 / 33
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: 99.5%ETP: 0.2%Other: 0.2%ADR: 0.1%MLP: 0.0%
  • Common Stock · 99.5% · $17.5B
  • ETP · 0.2% · $31M
  • Other · 0.2% · $30M
  • ADR · 0.1% · $19M
  • MLP · 0.0% · $27,000

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ELVElevance HealthNEW+753.7K753.7K+$293M$293M
EMAEmeraNEW+299.3K299.3K+$14M$14M
DCBODoceboNEW+248.6K248.6K+$7M$7M
IVViShares Core S&P 500 ETFNEW+1.1K1.1K+$660,000$660,000
GNTXGentexSOLD OUT−6.07M0−$141M$0
PIIPolaris IndustriesSOLD OUT−2.79M0−$114M$0
DOOBRP IncSOLD OUT−2.88M0−$97M$0
KELKellanovaSOLD OUT−8.2K0−$675,000$0

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

Holdings — Q2 2025

174 positions (from 176 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto Dominion Bkhistory →Common6.16%$1.1B14.74M
2RYRoyal Bank Cdahistory →ADR (2 ORD)4.93%$865M6.58M
3BMOBank of Montrealhistory →Common3.63%$638M5.77M
4AXPAmerican Express Cohistory →Common2.59%$455M1.43M
5GENGen Digitalhistory →Common2.56%$449M15.27M
6EBAYEbay Inchistory →Common2.53%$445M5.97M
7QCOMQualcommhistory →Common2.52%$442M2.77M
8CNICdn Natl Railwayhistory →Common2.45%$430M4.13M
9MDTMedtronic PLChistory →Common2.44%$428M4.91M
10CMCSAComcast Corphistory →Common2.43%$426M11.94M
11DOXAmdocs Ltdhistory →Ordinary2.42%$424M4.65M
12PPGPPG Industrieshistory →Common2.42%$424M3.73M
13MRKMerck& Co Inchistory →Common2.30%$404M5.10M
14AMGNAmgen Inchistory →Common2.29%$401M1.44M
15CBChubb Limitedhistory →Common2.21%$388M1.34M
16KMBKimberly Clark Corphistory →Common2.16%$379M2.94M
17NTAPNetApphistory →Common2.15%$378M3.54M
18WABWestinghouse Air Brake Technologieshistory →Common2.12%$372M1.78M
19QSRRestaurant Brands Internationalhistory →Class B Non VTG2.12%$372M5.62M
20RBARB Globalhistory →Common2.07%$363M3.42M
21GIBCGI Grouphistory →Cl A Sub Vtg2.06%$362M3.45M
22MFCManulife Fincl Corphistory →Common2.01%$353M11.08M
23FTSFortis Inchistory →Common1.99%$350M7.34M
24NTRNutrienhistory →Common1.99%$349M6.00M
25TRPTC Energyhistory →Common1.94%$341M7.00M
26CAECAE Inchistory →Common1.92%$337M11.53M
27CPCanadian Pacific Kansas Cityhistory →Common1.86%$327M4.13M
28BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.77%$311M5.04M
29SLFSun Life Fncl Inchistory →Common1.74%$306M4.60M
30RCIRogers Communicationshistory →Common1.74%$305M10.31M
31AMPAmeriprise Financialhistory →Common1.73%$304M570.1K
32GFLGFL Environmentalhistory →Sub Vtg Shs1.70%$298M5.91M
33ELVElevance Healthhistory →Common1.67%$293M753.7K
34SUSuncor Energyhistory →Common1.64%$288M7.70M
35BLKBlackRockhistory →Common1.44%$252M240.1K
36CIGIColliers Intlhistory →Sub Vtg1.39%$243M1.86M
37OMCOmnicom Grouphistory →Common1.37%$240M3.33M
38CPBThe Campbells Companyhistory →Common1.33%$234M7.63M
39SEICSEI Investmentshistory →Common1.33%$234M2.60M
40ATSATS Corphistory →Common1.24%$218M6.83M
41IPGInterpublic Group of Companieshistory →Common1.20%$210M8.59M
42CMICummins Inchistory →Common1.10%$193M589.2K
43OTEXOpen Text Corphistory →Common1.08%$189M6.49M
44FNVFranco Nevada Corphistory →Common1.01%$177M1.08M
45MASMascohistory →Common1.01%$177M2.74M
46HOGHarley Davidson Inchistory →Common0.99%$173M7.35M
47CGCarlyle Grouphistory →Common0.81%$142M2.77M
48FLSFlowserve Corphistory →Common0.75%$132M2.51M
49BAMBrookfield Asset Mgthistory →Class A Ltd Vtg0.72%$126M2.28M
50CORCencorahistory →Common0.57%$100M333.0K
51AGIAlamos Gold Inhistory →Class A0.36%$63M2.39M
52TFPMTriple Flag Precious Metalshistory →Common0.19%$33M1.40M
53Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.17%$30M1.06M
54SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.15%$26M271.2K
55MSFTMicrosofthistory →Common0.10%$18M36.3K
56EMAEmerahistory →Common0.08%$14M299.3K
57TRIThomson Reuters Corp-NEWhistory →Common0.08%$13M65.8K
58AAPLApplehistory →Common0.06%$11M55.3K
59ENBEnbridge Inc.history →Common0.06%$11M243.4K
60DNNDenison Mines Corphistory →Common0.06%$11M5.86M
61BEPCBrookfield Renewable PartnersPartnership Unit0.05%$9M372.3K
62BNSBank of Nova ScotiaCommon0.05%$9M171.6K
63JPMJPMorgan Chase & Co.Common0.05%$9M32.6K
64PBAPembina Pipeline Corp.Common0.05%$9M244.4K
65CSCOCisco SystemsCommon0.05%$8M115.8K
66JCIJohnson Controls InternationalSHS0.04%$8M73.6K
67TIXTTelus International CdaSub Vtg Shs0.04%$7M2.04M
68DCBODoceboCommon0.04%$7M248.6K
69TSMTaiwan Semiconductor ManufacturingSpons ADS0.04%$7M30.2K
70JNJJohnson & JohnsonCommon0.04%$7M42.8K
71BCEBCECom New0.03%$6M277.3K
72CNQCanadian Natural Resources Ltd.Common0.03%$6M192.2K
73HONHoneywell Intl.Common0.03%$6M24.8K
74CMCanadian Imperial BkCommon0.03%$6M77.8K
75AEMAgnico-Eagle Mines Ltd.Common0.03%$5M46.1K
76NVONovo Nordisk ADRADR0.03%$5M72.5K
77GOOGAlphabetClass C · Cap STK Cl A0.03%$5M28.2K
78ACNAccenture PLC IrelandShs Class A0.03%$5M16.1K
79TUTELUSCommon0.03%$4M276.1K
80ABTAbbott LabCommon0.02%$4M27.6K
81DEODiageo PLCSpons ADR New0.02%$4M36.8K
82VZVerizon CommunicationsCommon0.02%$4M84.4K
83EFAiShares MSCI EAFE ETFETF0.02%$4M40.2K
84COSTCostCo WholesaleCommon0.02%$4M3.6K
85PEPPepsiCo IncCommon0.02%$3M25.9K
86ETNEaton Corporation PLCSHS0.02%$3M9.2K
87MMM3M CompanyCommon0.02%$3M21.0K
88IMOImperial OilCom New0.02%$3M36.0K
89AQNAlgonquin Power & UtilitiesCommon0.02%$3M497.0K
90PGProcter & GambleCommon0.01%$2M13.6K
91DISWalt DisneyCommon0.01%$2M17.4K
92CVECenovus EnergyCommon0.01%$2M143.2K
93WMTWal-Mart StoresCommon0.01%$2M19.5K
94MDLZMondelez Int'l Inc. 'A'CL A0.01%$2M25.2K
95NVSNovartisSponsored ADR0.01%$1M12.1K
96WFCWells FargoCommon0.01%$1M15.8K
97TMOThermo Fisher Scientific Inc.Common0.01%$1M2.9K
98Sprott Physical Silver T/UTR UNIT0.01%$1M92.5K
99CVSCVS HealthCommon0.01%$1M15.6K
100Sprott Physical Gold T/UUNIT0.01%$999,00039.5K

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 ↗.