Beutel, Goodman & Co Ltd.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 12, 2026), Beutel, Goodman & Co Ltd. reported 163 stock positions worth $13.6 billion. Its top holding was Toronto-Dominion Bank (TD) at 5.7% of the portfolio, followed by Bank of Montreal (BMO, 3.5%) and Royal Bank of Canada (RY, 3.3%). Compared with Q1 2026, it opened 2 new positions, sold out of 10, added to 14 and reduced 99. The biggest buy was a new position in Royal Caribbean Cruises (RCL) and the biggest sale Wabtec (WAB, shares −49%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$13.6B (Q2 2026)
SEC Filing
0001361974-26-000009 ↗ filed Aug 12, 2026

Holdings Value

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $19.4B Q1 2024 Q2 2024: $18.8B Q2 2024 Q3 2024: $20.3B Q3 2024 Q4 2024: $18.4B Q4 2024 Q1 2025: $17.4B Q1 2025 Q2 2025: $17.6B Q2 2025 Q3 2025: $16.6B Q3 2025 Q4 2025: $16.3B Q4 2025 Q1 2026: $14.8B Q1 2026 Q2 2026: $13.6B $13.6B Q2 2026

Holdings 163 stocks · $13.6B

TD Toronto-Dominion Bank 5.74% 6,420,709 $780.4M Reduce -13.0%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 3.50% 2,695,594 $476.3M Reduce -13.1%
RY Royal Bank of Canada 3.32% 2,180,246 $451.3M Reduce -39.5%
PPG PPG Industries Inc. 2.88% 3,227,294 $391.4M Reduce -13.1%
EBAY eBay Inc. 2.77% 3,366,801 $376.2M Reduce -21.3%
CB Chubb Ltd. 2.40% 957,066 $326.1M Reduce -17.3%
QSR Restaurant Brands Intern 2.36% 4,424,521 $320.8M Reduce -13.2%
CP Canadian Pacific Kansas City 2.27% 3,556,364 $308.2M Reduce -13.5%
MDT Medtronic PLC 2.26% 3,922,276 $306.8M Reduce -12.2%
MAS Masco Corp. 2.22% 3,711,884 $302.0M Add +17.2%
NTAP Netapp Inc. 2.19% 1,925,379 $298.0M Reduce -47.1%
UNP Union Pacific Corp. 2.11% 1,052,679 $286.3M Reduce -1.3%
CNQ Canadian Natural Resources 2.01% 6,894,705 $272.7M Add +71.9%
RCL Royal Caribbean Cruises Ltd. 1.99% 850,102 $269.9M New
RCI Rogers Communications Inc. Class B 1.96% 8,202,734 $266.8M Reduce -13.6%
MRK Merck & Co. Inc. 1.96% 2,073,206 $266.4M Reduce -31.6%
SU Suncor Energy Inc. 1.96% 4,947,844 $266.1M Add +21.1%
BN Brookfield Corp. 1.94% 6,186,707 $263.9M Add +55.5%
MRSH Marsh & McLennan Cos 1.93% 1,573,890 $262.3M Add +101.8%
AMP Ameriprise Financial Inc. 1.88% 555,992 $255.1M Reduce -15.7%
BDX Becton Dickinson and Co. 1.88% 1,684,640 $254.9M Add +74.9%
CNI Canadian Natl Railway Co. 1.85% 2,105,136 $251.1M Reduce -12.9%
FLS Flowserve Corp. 1.81% 3,311,766 $245.6M Add +65.0%
MFC Manulife Financial Corp. 1.76% 5,907,934 $239.5M Reduce -41.6%
DOX Amdocs Ltd. 1.72% 4,614,159 $233.2M Reduce -12.7%
WAB Wabtec Corp. 1.68% 846,411 $228.2M Reduce -48.7%
OMC Omnicom Group 1.66% 3,091,223 $225.1M Reduce -25.1%
ELV Elevance Health Inc. 1.65% 578,463 $223.7M Reduce -34.8%
GFL GFL Environmental Inc.-Sub VT 1.55% 5,720,668 $210.3M Reduce -13.8%
GIB Cgi Inc. 1.53% 3,226,849 $208.5M Reduce -13.5%
BAM Brookfield Asset Mgmt-A 1.51% 4,579,477 $205.4M Reduce -11.8%
NTR Nutrien Ltd. 1.49% 3,207,250 $202.0M Reduce -13.3%
FTS Fortis Inc. 1.46% 3,470,773 $198.8M Reduce -12.6%
AXP American Express Co. 1.43% 573,168 $193.9M Reduce -13.8%
QCOM Qualcomm Inc. 1.41% 1,036,274 $191.5M Reduce -57.0%
AMGN Amgen Inc. 1.39% 520,577 $188.5M Reduce -19.8%
RBA RB Global Inc. 1.28% 1,491,437 $173.6M Reduce -13.5%
FNV Franco-Nevada Corp. 1.25% 813,030 $169.6M Add +35.2%
AMAT Applied Materials Inc. 1.23% 231,052 $167.1M Reduce -48.0%
CIGI Colliers Intl GR-Subord Vot 1.23% 1,777,779 $166.8M Reduce -12.5%
WFC Wells Fargo & Co. 1.18% 1,941,758 $160.5M Reduce -5.2%
GIL Gildan Activewear Inc. 1.12% 2,945,188 $151.8M Reduce -13.8%
TRP TC Energy Corp. 1.11% 2,288,376 $151.5M Reduce -39.4%
AZO AutoZone Inc. 1.11% 47,043 $150.3M New
COR Cencora Inc. 1.06% 509,678 $144.2M Add +167.7%
KMB Kimberly-Clark Corp. 1.05% 1,303,647 $143.1M Reduce -29.2%
GEN Gen Digital Inc. 1.05% 5,745,414 $143.0M Reduce -44.7%
BGSI Boyd Group Services Inc. 1.04% 1,491,881 $141.2M Reduce -13.4%
ATS Ats Corp. 1.02% 4,796,922 $138.2M Reduce -12.1%
SLF Sun Life Financial Inc. 1.01% 1,743,457 $136.8M Reduce -40.0%
CAE Cae Inc. 1.00% 5,417,594 $135.6M Reduce -13.0%
SEIC Sei Investments Company 0.96% 1,494,684 $131.1M Reduce -15.7%
BLK BlackRock Inc. 0.89% 126,149 $121.3M Reduce -12.1%
CMI Cummins Inc. 0.85% 162,137 $115.6M Reduce -49.9%
CMCSA Comcast Corp. Class A 0.76% 4,194,096 $103.0M Reduce -56.0%
SYY Sysco Corp. 0.58% 946,382 $79.1M Reduce -47.6%
CG The Carlyle Group Inc. 0.39% 1,270,059 $53.5M Reduce -16.4%
AGI Alamos Gold Inc. Class A 0.34% 1,510,235 $45.8M Reduce -1.0%
MDA Mda Space Ltd. 0.27% 880,713 $36.4M Reduce -54.4%
TFPM Triple Flag Precious Met 0.26% 1,181,147 $35.4M Reduce -1.1%
DCBO Docebo Inc. 0.20% 1,545,997 $27.6M Reduce -1.0%
SPYG SS SPDR P S&P 500 Growth ETF 0.20% 227,125 $27.0M Reduce -13.2%
BBUC Brookfield Business Corp. Class A 0.20% 898,787 $26.8M Reduce -1.1%
EPRX Eupraxia Pharmaceuticals Inc. 0.18% 3,627,864 $23.8M Reduce -1.1%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.16% 194,002 $22.3M Reduce -1.6%
EMA Emera Inc. 0.10% 267,668 $14.2M Reduce -3.0%
MICC The Magnum Ice Cream Co. NV 0.10% 794,297 $13.8M Reduce -18.9%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 0.10% 154,626 $13.4M Reduce -2.4%
AAPL Apple Inc. 0.09% 40,549 $11.7M Reduce -2.5%
BEP Brookfield Renewable Partner 0.09% 336,133 $11.7M Reduce -2.4%
DNN Denison Mines Corp. 0.08% 3,697,952 $11.3M Reduce -1.1%
MSFT Microsoft Corp. 0.08% 29,057 $10.8M Reduce -1.7%
PBA Pembina Pipeline Corp. 0.07% 216,311 $10.0M Reduce -3.1%
JPM JPMorgan Chase & Co. 0.07% 29,568 $9.7M Reduce -5.8%
JNJ Johnson & Johnson 0.07% 36,671 $9.3M Reduce -3.9%
JCI Johnson Controls Internation 0.07% 62,395 $9.1M Reduce -7.3%
AEM Agnico Eagle Mines Ltd. 0.04% 39,187 $6.1M No change
CSCO Cisco Systems Inc. 0.04% 45,100 $5.3M Reduce -55.5%
GOOG Alphabet Inc. Class C 0.04% 14,627 $5.2M Reduce -3.8%
TRI Thomson Reuters Corp. 0.03% 58,067 $4.7M Reduce -1.5%
TSM Taiwan Semiconductor-SP ADR 0.03% 8,955 $4.3M Reduce -11.0%
ETN Eaton Corp. PLC 0.03% 8,053 $3.4M Reduce -4.2%
ENB Enbridge Inc. 0.02% 60,266 $3.3M Reduce -3.2%
EFA iShares MSCI Eafe ETF 0.02% 31,277 $3.2M Reduce -17.2%
PEP Pepsico Inc. 0.02% 22,739 $3.1M Reduce -2.4%
NVS Novartis AG-Sponsored ADR 0.02% 18,599 $2.9M Reduce -1.2%
MMM 3M Co. 0.02% 17,260 $2.8M Reduce -3.3%
GOOGL Alphabet Inc. Class A 0.02% 7,790 $2.8M Reduce -9.3%
IMO Imperial Oil Ltd. 0.02% 23,717 $2.7M Reduce -17.8%
NVO Novo-Nordisk A/S-Spons ADR 0.02% 55,413 $2.7M Reduce -4.0%
COST Costco Wholesale Corp. 0.02% 2,745 $2.6M Reduce -11.4%
HON Honeywell International Inc. 0.02% 10,573 $2.4M Reduce -2.1%
HONA Honeywell Aerospace Inc. 0.02% 10,573 $2.3M Reduce -2.1%
CVE Cenovus Energy Inc. 0.02% 93,731 $2.3M Reduce -1.9%
ABT Abbott Laboratories 0.02% 23,670 $2.1M Reduce -3.7%
DEO Diageo PLC-Sponsored ADR 0.01% 24,060 $1.9M Reduce -16.6%
PG The Procter & Gamble Co. 0.01% 13,120 $1.9M Reduce -2.8%
TU Telus Corp. 0.01% 172,271 $1.8M Reduce -5.5%
WMT Walmart Inc. 0.01% 15,655 $1.8M Reduce -10.0%
PSLV Sprott Physical Silver Trust 0.01% 92,500 $1.7M No change

Show all 163 holdings

Portfolio Sells Q1 2026 → Q2 2026

WAB Wabtec Corp. Reduce -48.7% 1.68% −1.11
CMCSA Comcast Corp. Class A Reduce -56.0% 0.76% −1.10
OTEX Open Text Corp. Sold out 0.00% −0.77
QCOM Qualcomm Inc. Reduce -57.0% 1.41% −0.69
DOX Amdocs Ltd. Reduce -12.7% 1.72% −0.62
RY Royal Bank of Canada Reduce -39.5% 3.32% −0.62
MFC Manulife Financial Corp. Reduce -41.6% 1.76% −0.59
MRK Merck & Co. Inc. Reduce -31.6% 1.96% −0.51
RCI Rogers Communications Inc. Class B Reduce -13.6% 1.96% −0.50
TRP TC Energy Corp. Reduce -39.4% 1.11% −0.48
OMC Omnicom Group Reduce -25.1% 1.66% −0.45
BGSI Boyd Group Services Inc. Reduce -13.4% 1.04% −0.45
NTR Nutrien Ltd. Reduce -13.3% 1.49% −0.40
MDT Medtronic PLC Reduce -12.2% 2.26% −0.37
NTAP Netapp Inc. Reduce -47.1% 2.19% −0.34
CMI Cummins Inc. Reduce -49.9% 0.85% −0.33
GFL GFL Environmental Inc.-Sub VT Reduce -13.8% 1.55% −0.32
GIB Cgi Inc. Reduce -13.5% 1.53% −0.31
SYY Sysco Corp. Reduce -47.6% 0.58% −0.29
GEN Gen Digital Inc. Reduce -44.7% 1.05% −0.27
CIGI Colliers Intl GR-Subord Vot Reduce -12.5% 1.23% −0.24
SLF Sun Life Financial Inc. Reduce -40.0% 1.01% −0.22
QSR Restaurant Brands Intern Reduce -13.2% 2.36% −0.19
GIL Gildan Activewear Inc. Reduce -13.8% 1.12% −0.17
AMGN Amgen Inc. Reduce -19.8% 1.39% −0.16
CB Chubb Ltd. Reduce -17.3% 2.40% −0.16
KMB Kimberly-Clark Corp. Reduce -29.2% 1.05% −0.15
AGI Alamos Gold Inc. Class A Reduce -1.0% 0.34% −0.12
ELV Elevance Health Inc. Reduce -34.8% 1.65% −0.11
AMP Ameriprise Financial Inc. Reduce -15.7% 1.88% −0.11
CG The Carlyle Group Inc. Reduce -16.4% 0.39% −0.10
CAE Cae Inc. Reduce -13.0% 1.00% −0.10
MDA Mda Space Ltd. Reduce -54.4% 0.27% −0.06
BAM Brookfield Asset Mgmt-A Reduce -11.8% 1.51% −0.05
BLK BlackRock Inc. Reduce -12.1% 0.89% −0.04
FTS Fortis Inc. Reduce -12.6% 1.46% −0.03
ATS Ats Corp. Reduce -12.1% 1.02% −0.02
TFPM Triple Flag Precious Met Reduce -1.1% 0.26% −0.02
HON Honeywell International Inc. Reduce -2.1% 0.02% −0.02
CSCO Cisco Systems Inc. Reduce -55.5% 0.04% −0.01
ACN Accenture PLC Class A Reduce -5.8% 0.01% −0.01
DNN Denison Mines Corp. Reduce -1.1% 0.08% −0.01
IMO Imperial Oil Ltd. Reduce -17.8% 0.02% −0.01
BEPC Brookfield Renewable Corp. Sold out 0.00% −0.00
EPRX Eupraxia Pharmaceuticals Inc. Reduce -1.1% 0.18% −0.00
SOLS Solstice Adv Materials Inc. Sold out 0.00% −0.00
CVS CVS Health Corp. Reduce -89.8% 0.00% −0.00
TU Telus Corp. Reduce -5.5% 0.01% −0.00
COST Costco Wholesale Corp. Reduce -11.4% 0.02% −0.00
PEP Pepsico Inc. Reduce -2.4% 0.02% −0.00

Portfolio Buys Q1 2026 → Q2 2026

RCL Royal Caribbean Cruises Ltd. New 1.99% +1.99
AZO AutoZone Inc. New 1.11% +1.11
MRSH Marsh & McLennan Cos Add +101.8% 1.93% +1.01
MAS Masco Corp. Add +17.2% 2.22% +0.93
BN Brookfield Corp. Add +55.5% 1.94% +0.85
BDX Becton Dickinson and Co. Add +74.9% 1.88% +0.85
FLS Flowserve Corp. Add +65.0% 1.81% +0.81
CNQ Canadian Natural Resources Add +71.9% 2.01% +0.68
COR Cencora Inc. Add +167.7% 1.06% +0.66
FNV Franco-Nevada Corp. Add +35.2% 1.25% +0.24
SU Suncor Energy Inc. Add +21.1% 1.96% +0.13
UL Unilever PLC-Sponsored ADR Add +23.3% 0.01% +0.00
GSK GSK PLC-Spon ADR Add +9.0% 0.00% +0.00
MBB iShares MBS ETF Add +40.7% 0.00% +0.00
SNN Smith & Nephew PLC -Spon ADR Add +1.8% 0.01% 0.00
VONV Vanguard Russell 1000 Value Add +81.3% 0.00% 0.00

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 163$13.6BTD, BMO, RY, PPG, EBAY
Q1 2026 170$14.8BTD, RY, BMO, WAB, PPG
Q4 2025 174$16.3BTD, RY, BMO, CB, MDT
Q3 2025 176$16.6BTD, BMO, RY, MDT, QCOM
Q2 2025 176$17.6BTD, RY, BMO, AXP, GEN
Q1 2025Amended 204$17.4BTD, RY, BMO, EBAY, DOX
Q4 2024 86$18.4BRY, TD, BMO, RBA, GEN
Q3 2024 89$20.3BRY, TD, RBA, BMO, CNI
Q2 2024 77$18.8BRY, TD, MFC, CNI, AMGN
Q1 2024Amended 75$19.4BRY, TD, CNI, MFC, BMO