SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$16.6B
Q3 2025
Positions
177
Filings on Record
35
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Beutel, Goodman & Co Ltd. reported $16.6B in U.S.-listed holdings across 177 positions for Q3 2025.

Its largest position, TD, represents 6.1% of the portfolio.

Compared with Q2 2025, the fund opened 7 new positions and exited 7.

Portfolio Metrics

Turnover
+4.3%
vs prior filed quarter
Top-10 Concentration
+31.8%
share of reported value
Largest Position
+6.1%
Toronto Dominion Bk
New / Exited
7 / 7
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%Other: 0.2%ETP: 0.2%ADR: 0.1%
  • Common Stock · 99.5% · $16.5B
  • Other · 0.2% · $34M
  • ETP · 0.2% · $32M
  • ADR · 0.1% · $20M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMATApplied MaterialsNEW+1.09M1.09M+$223M$223M
EPRXEupraxia PharmaceuticalsNEW+4.06M4.06M+$24M$24M
MOAltria GroupNEW+18.0K18.0K+$1M$1M
IYHiShares US Healthcare ETFNEW+460460+$27,000$27,000
DVYiShares Select Dividend ETFNEW+195195+$27,000$27,000
VONVVANGUARD RUSSELL 1000 VAL ETFNEW+4949+$4,000$4,000
IWDISHARES RUSSELL 1000 VALUE ETFNEW+66+$1,000$1,000
DCBODoceboADDED+868.6K1.12M+$23M$30M

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

Holdings — Q3 2025

175 positions (from 177 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto Dominion Bkhistory →Common6.13%$1.0B12.73M
2BMOBank of Montrealhistory →Common4.23%$702M5.39M
3RYRoyal Bank Cdahistory →ADR (2 ORD)3.74%$620M4.21M
4MDTMedtronic PLChistory →Common2.73%$454M4.77M
5QCOMQualcommhistory →Common2.66%$442M2.66M
6NTAPNetApphistory →Common2.51%$416M3.51M
7CBChubb Limitedhistory →Common2.47%$410M1.45M
8AMGNAmgen Inchistory →Common2.46%$408M1.45M
9AXPAmerican Express Cohistory →Common2.45%$408M1.23M
10MRKMerck& Co Inchistory →Common2.45%$407M4.85M
11PPGPPG Industrieshistory →Common2.43%$403M3.83M
12GENGen Digitalhistory →Common2.42%$402M14.15M
13CNICdn Natl Railwayhistory →Common2.19%$363M3.85M
14DOXAmdocs Ltdhistory →Ordinary2.19%$363M4.42M
15CMCSAComcast Corphistory →Common2.15%$358M11.38M
16TRPTC Energyhistory →Common2.14%$355M6.52M
17KMBKimberly Clark Corphistory →Common2.11%$350M2.82M
18FTSFortis Inchistory →Common2.08%$346M6.82M
19RCIRogers Communicationshistory →Common2.03%$337M9.78M
20WABWABTEC CORPhistory →Common2.03%$337M1.68M
21QSRRestaurant Brands Internationalhistory →Class B Non VTG2.02%$336M5.23M
22EBAYEbay Inchistory →Common2.02%$335M3.68M
23GIBCGI Grouphistory →Cl A Sub Vtg2.01%$334M3.75M
24NTRNutrienhistory →Common1.98%$328M5.58M
25MFCManulife Fincl Corphistory →Common1.93%$320M10.26M
26RBARB Globalhistory →Common1.92%$319M2.94M
27CPCanadian Pacific Kansas Cityhistory →Common1.71%$284M3.82M
28CIGIColliers Intlhistory →Sub Vtg1.63%$271M1.73M
29AMPAmeriprise Financialhistory →Common1.59%$265M538.5K
30BLKBlackRockhistory →Common1.56%$259M222.1K
31GFLGFL Environmentalhistory →Sub Vtg Shs1.56%$259M5.46M
32OMCOmnicom Grouphistory →Common1.55%$258M3.16M
33SLFSun Life Fncl Inchistory →Common1.54%$256M4.27M
34SUSuncor Energyhistory →Common1.46%$242M5.79M
35ELVElevance Healthhistory →Common1.40%$232M717.8K
36IPGInterpublic Group of Companieshistory →Common1.36%$226M8.10M
37OTEXOpen Text Corphistory →Common1.35%$225M6.01M
38AMATApplied Materialshistory →Common1.34%$223M1.09M
39FNVFranco Nevada Corphistory →Common1.34%$223M999.5K
40BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.28%$213M3.11M
41CAECAE Inchistory →Common1.28%$213M7.20M
42CPBThe Campbells Companyhistory →Common1.28%$213M6.74M
43HOGHarley Davidson Inchistory →Common1.15%$192M6.87M
44MASMascohistory →Common1.12%$185M2.63M
45SEICSEI Investmentshistory →Common1.03%$172M2.02M
46ATSATS Corphistory →Common1.00%$166M6.33M
47CGCarlyle Grouphistory →Common0.99%$164M2.62M
48CMICummins Inchistory →Common0.94%$156M369.8K
49FLSFlowserve Corphistory →Common0.76%$126M2.37M
50BAMBrookfield Asset Managementhistory →Class A Ltd Vtg0.72%$120M2.10M
51CORCencorahistory →Common0.60%$99M317.2K
52AGIAlamos Goldhistory →Class A0.47%$79M2.25M
53TFPMTriple Flag Precious Metalshistory →Common0.23%$39M1.33M
54Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.20%$33M1.00M
55DCBODocebohistory →Common0.18%$30M1.12M
56SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.16%$26M252.5K
57EPRXEupraxia Pharmaceuticalshistory →Common0.14%$24M4.06M
58MSFTMicrosofthistory →Common0.11%$18M34.5K
59CMCanadian Imperial Bkhistory →Common0.10%$16M200.8K
60BNSBank of Nova Scotiahistory →Common0.10%$16M244.9K
61EMAEmerahistory →Common0.08%$14M292.3K
62AAPLApplehistory →Common0.08%$13M50.0K
63DNNDenison Mines Corphistory →Common0.07%$11M4.15M
64JPMJPMorgan Chase & Co.history →Common0.06%$10M32.1K
65TRIThomson Reuters Corp-NEWCommon0.06%$10M63.7K
66PBAPembina Pipeline Corp.Common0.06%$10M241.9K
67BEPCBrookfield Renewable PartnersPartnership Unit0.06%$10M369.0K
68TSMTaiwan Semiconductor ManufacturingSpons ADS0.05%$8M28.8K
69JCIJohnson Controls InternationalSHS0.05%$8M71.7K
70JNJJohnson & JohnsonCommon0.05%$8M42.0K
71AEMAgnico-Eagle Mines Ltd.Common0.05%$8M46.1K
72CSCOCisco SystemsCommon0.04%$7M105.3K
73GOOGAlphabetClass C · Cap STK Cl A0.04%$7M27.8K
74CNQCanadian Natural Resources Ltd.Common0.04%$6M192.5K
75HONHoneywell Intl.Common0.03%$5M24.3K
76TUTELUSCommon0.02%$4M252.2K
77ACNAccenture PLC IrelandShs Class A0.02%$4M16.0K
78EFAiShares MSCI EAFE ETFETF0.02%$4M40.1K
79ABTAbbott LabCommon0.02%$4M27.4K
80NVONovo Nordisk ADRADR0.02%$4M63.4K
81PEPPepsiCo IncCommon0.02%$4M24.9K
82ENBEnbridge Inc.Common0.02%$3M67.6K
83ETNEaton Corporation PLCSHS0.02%$3M9.0K
84DEODiageo PLCSpons ADR New0.02%$3M35.2K
85MMM3M CompanyCommon0.02%$3M20.7K
86IMOImperial OilCom New0.02%$3M34.9K
87VZVerizon CommunicationsCommon0.02%$3M68.5K
88COSTCostCo WholesaleCommon0.02%$3M3.2K
89AQNAlgonquin Power & UtilitiesCommon0.01%$2M447.3K
90CVECenovus EnergyCommon0.01%$2M139.4K
91NVSNovartisSponsored ADR0.01%$2M18.4K
92PGProcter & GambleCommon0.01%$2M13.8K
93DISWalt DisneyCommon0.01%$2M17.2K
94WMTWal-Mart StoresCommon0.01%$2M18.6K
95MDLZMondelez Int'l Inc. 'A'CL A0.01%$2M25.2K
96Sprott Physical Silver T/UTR UNIT0.01%$1M92.5K
97TMOThermo Fisher Scientific Inc.Common0.01%$1M2.9K
98WFCWells FargoCommon0.01%$1M15.5K
99SNNSmith & NephewCommon0.01%$1M35.6K
100MOAltria GroupCommon0.01%$1M18.0K

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 ↗.