SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Beutel, Goodman & Co Ltd.

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

Reported Value
$16.3B
Q4 2025
Positions
174
Filings on Record
35
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Beutel, Goodman & Co Ltd. reported $16.3B in U.S.-listed holdings across 174 positions for Q4 2025.

Its largest position, TD, represents 4.6% of the portfolio.

Compared with Q3 2025, the fund opened 5 new positions and exited 6.

Portfolio Metrics

Turnover
+9.3%
vs prior filed quarter
Top-10 Concentration
+31.1%
share of reported value
Largest Position
+4.6%
Toronto Dominion Bk
New / Exited
5 / 6
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% · $16.2B
  • Other · 0.2% · $33M
  • ETP · 0.2% · $32M
  • ADR · 0.1% · $18M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BGSIBoyd Group ServicesNEW+1.57M1.57M+$251M$251M
MICCMagnum Ice Cream CompanyNEW+287.4K287.4K+$5M$5M
SOLSSolstice Advanced MaterialsNEW+5.8K5.8K+$282,000$282,000
METAMeta PlatformsNEW+55+$3,000$3,000
KOCoca Cola Co.NEW+00+$0$0
CNQCanadian Natural Resources Ltd.ADDED+6.24M6.43M+$212M$218M
NFLXNETFLIX Inc.ADDED+153170−$5,000$15,000
IPGInterpublic Group of CompaniesSOLD OUT−8.10M0−$226M$0

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

Holdings — Q4 2025

172 positions (from 174 filing rows — )
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TDToronto Dominion Bkhistory →Common4.65%$756M8.01M
2RYRoyal Bank Cdahistory →ADR (2 ORD)4.10%$668M3.91M
3BMOBank of Montrealhistory →Common3.99%$649M4.99M
4CBChubb Limitedhistory →Common2.84%$462M1.48M
5MDTMedtronic PLChistory →Common2.79%$455M4.73M
6OMCOmnicom Grouphistory →Common2.79%$454M5.62M
7MRKMerck& Co Inchistory →Common2.63%$428M4.06M
8PPGPPG Industrieshistory →Common2.47%$402M3.92M
9MFCManulife Fincl Corphistory →Common2.46%$401M11.02M
10EBAYEbay Inchistory →Common2.42%$393M4.52M
11RCIRogers Communicationshistory →Common2.41%$392M10.37M
12AMGNAmgen Inchistory →Common2.38%$387M1.18M
13DOXAmdocs Ltdhistory →Ordinary2.34%$381M4.73M
14QSRRestaurant Brands Internationalhistory →Class B Non VTG2.33%$379M5.55M
15WABWABTEC CORPhistory →Common2.29%$372M1.74M
16GIBCGI Grouphistory →Cl A Sub Vtg2.28%$371M4.01M
17NTRNutrienhistory →Common2.28%$371M6.00M
18NTAPNetApphistory →Common2.20%$359M3.35M
19AMPAmeriprise Financialhistory →Common2.18%$356M725.1K
20GENGen Digitalhistory →Common2.18%$354M13.03M
21TRPTC Energyhistory →Common2.05%$333M6.05M
22KMBKimberly Clark Corphistory →Common2.01%$327M3.24M
23CPCanadian Pacific Kansas Cityhistory →Common2.01%$327M4.44M
24QCOMQualcommhistory →Common2.00%$325M1.90M
25CMCSAComcast Corphistory →Common1.92%$313M10.48M
26GFLGFL Environmentalhistory →Sub Vtg Shs1.90%$308M7.17M
27ELVElevance Healthhistory →Common1.76%$287M817.9K
28AXPAmerican Express Cohistory →Common1.74%$283M765.1K
29RBARB Globalhistory →Common1.72%$280M2.72M
30CNICdn Natl Railwayhistory →Common1.60%$260M2.63M
31BGSIBoyd Group Serviceshistory →Common1.54%$251M1.57M
32CIGIColliers Intlhistory →Sub Vtg1.45%$236M1.60M
33FTSFortis Inchistory →Common1.38%$225M4.32M
34CNQCanadian Natural Resources Ltd.history →Common1.34%$218M6.43M
35MASMascohistory →Common1.29%$210M3.31M
36CAECAE Inchistory →Common1.25%$203M6.68M
37SLFSun Life Fncl Inchistory →Common1.22%$198M3.17M
38SUSuncor Energyhistory →Common1.22%$198M4.45M
39BNBrookfield Corporationhistory →Cl A Ltd Vt Sh1.21%$198M4.30M
40FNVFranco Nevada Corphistory →Common1.18%$193M927.5K
41FLSFlowserve Corphistory →Common1.15%$188M2.70M
42OTEXOpen Text Corphistory →Common1.12%$182M5.57M
43AMATApplied Materialshistory →Common1.11%$180M701.4K
44CMICummins Inchistory →Common1.08%$175M343.6K
45CPBThe Campbells Companyhistory →Common1.07%$175M6.27M
46ATSATS Corphistory →Common0.99%$161M5.84M
47BLKBlackRockhistory →Common0.97%$159M148.1K
48SEICSEI Investmentshistory →Common0.95%$154M1.88M
49CGCarlyle Grouphistory →Common0.88%$144M2.44M
50HOGHarley Davidson Inchistory →Common0.80%$131M6.38M
51BAMBrookfield Asset Managementhistory →Class A Ltd Vtg0.62%$102M1.94M
52AGIAlamos Goldhistory →Class A0.49%$80M2.06M
53CORCencorahistory →Common0.41%$67M199.7K
54TFPMTriple Flag Precious Metalshistory →Common0.25%$40M1.21M
55DCBODocebohistory →Common0.21%$35M1.57M
56Brookfield Business PartnersUnit LTD LP · Cl A Exc Sub Vtg0.20%$33M915.1K
57EPRXEupraxia Pharmaceuticalshistory →Common0.17%$28M3.71M
58SPYGSPDR Portfolio S&P 500 Growthhistory →ETF0.17%$27M252.5K
59CMCanadian Imperial Bkhistory →Common0.11%$18M199.8K
60BNSBank of Nova Scotiahistory →Common0.11%$18M243.6K
61MSFTMicrosofthistory →Common0.09%$15M31.4K
62EMAEmerahistory →Common0.09%$14M288.4K
63AAPLApplehistory →Common0.08%$12M45.3K
64JPMJPMorgan Chase & Co.history →Common0.06%$10M32.1K
65DNNDenison Mines Corphistory →Common0.06%$10M3.79M
66BEPCBrookfield Renewable PartnersPartnership Unit0.06%$9M349.4K
67PBAPembina Pipeline Corp.Common0.06%$9M238.7K
68JNJJohnson & JohnsonCommon0.05%$9M41.5K
69JCIJohnson Controls InternationalSHS0.05%$8M69.9K
70GOOGLAlphabet Inc. Cl ACap STK Cl A · Class C0.05%$8M25.6K
71TRIThomson Reuters Corp-NEWCommon0.05%$8M60.7K
72CSCOCisco SystemsCommon0.05%$8M103.1K
73TSMTaiwan Semiconductor ManufacturingSpons ADS0.04%$7M23.6K
74AEMAgnico-Eagle Mines Ltd.Common0.04%$7M40.3K
75HONHoneywell Intl.Common0.03%$5M24.3K
76MICCMagnum Ice Cream CompanyOrd Shs0.03%$5M287.4K
77ACNAccenture PLC IrelandShs Class A0.03%$4M15.5K
78EFAiShares MSCI EAFE ETFETF0.02%$4M39.7K
79PEPPepsiCo IncCommon0.02%$4M24.8K
80ABTAbbott LabCommon0.02%$3M26.1K
81MMM3M CompanyCommon0.02%$3M20.1K
82ENBEnbridge Inc.Common0.02%$3M65.1K
83NVONovo Nordisk ADRADR0.02%$3M60.0K
84IMOImperial OilCom New0.02%$3M34.0K
85ETNEaton Corporation PLCSHS0.02%$3M9.0K
86DEODiageo PLCSpons ADR New0.02%$3M32.2K
87COSTCostCo WholesaleCommon0.02%$3M3.1K
88TUTELUSCommon0.02%$3M201.2K
89NVSNovartisSponsored ADR0.02%$3M18.7K
90CVECenovus EnergyCommon0.01%$2M139.1K
91Sprott Physical Silver T/UTR UNIT0.01%$2M92.5K
92WMTWal-Mart StoresCommon0.01%$2M18.4K
93PGProcter & GambleCommon0.01%$2M13.8K
94VZVerizon CommunicationsCommon0.01%$2M45.8K
95DISWalt DisneyCommon0.01%$2M16.1K
96TMOThermo Fisher Scientific Inc.Common0.01%$2M2.9K
97AQNAlgonquin Power & UtilitiesCommon0.01%$2M262.1K
98WFCWells FargoCommon0.01%$1M15.1K
99SNNSmith & NephewCommon0.01%$1M41.5K
100MDLZMondelez Int'l Inc. 'A'CL A0.01%$1M25.2K

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 ↗.