Beutel, Goodman & Co Ltd.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Beutel, Goodman & Co Ltd. reported 75 stock positions worth $19.4 billion. Its top holding was Royal Bank of Canada (RY) at 5.7% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.5%) and Canadian Natl Railway (CNI, 3.2%). Compared with Q4 2023, it opened 1 new position, sold out of 2, added to 26 and reduced 45. The biggest buy was Bank of Nova Scotia (BNS, shares +117%) and the biggest sale Restaurant Brands Intern (QSR, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001361974
- Portfolio Value
- $19.4B (Q1 2024)
- SEC Filing
- 0001361974-24-000008 ↗ filed May 14, 2024
Holdings Value
Holdings 75 stocks · $19.4B
| RY Royal Bank of Canada | 5.67% | 10,909,539 | $1.1B | Reduce -1.3% |
| TD Toronto-Dominion Bank | 4.49% | 14,423,080 | $871.3M | Reduce -1.2% |
| CNI Canadian Natl Railway Co. | 3.21% | 4,720,682 | $622.2M | Reduce -1.2% |
| MFC Manulife Financial Corp. | 2.96% | 23,023,453 | $575.6M | Reduce -7.0% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.87% | 5,694,687 | $556.5M | Reduce -1.1% |
| TRP TC Energy Corp. | 2.81% | 13,537,339 | $544.6M | Reduce -1.3% |
| SLF Sun Life Financial Inc. | 2.72% | 9,674,613 | $528.4M | Reduce -2.3% |
| RBA RB Global Inc. | 2.71% | 6,891,040 | $525.4M | Reduce -1.3% |
| SU Suncor Energy Inc. | 2.54% | 13,353,108 | $493.3M | Reduce -1.3% |
| QCOM Qualcomm Inc. | 2.51% | 2,880,222 | $487.6M | Add +1.4% |
| MGA Magna International Inc. | 2.48% | 8,822,316 | $481.1M | Add +5.7% |
| RCI Rogers Communications Inc. Class B | 2.43% | 11,512,836 | $472.2M | Reduce -1.3% |
| AMGN Amgen Inc. | 2.33% | 1,591,255 | $452.4M | Add +1.4% |
| CP Canadian Pacific Kansas City | 2.22% | 4,886,810 | $431.3M | Reduce -1.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.00% | 7,497,905 | $388.2M | Add +116.9% |
| K Kellanova | 1.97% | 6,658,242 | $381.4M | Add +36.1% |
| OMC Omnicom Group | 1.92% | 3,848,748 | $372.4M | Reduce -8.3% |
| FTS Fortis Inc. | 1.91% | 9,396,396 | $371.6M | Reduce -1.3% |
| KMB Kimberly-Clark Corp. | 1.89% | 2,837,400 | $367.0M | Add +24.1% |
| CMCSA Comcast Corp. Class A | 1.88% | 8,439,924 | $365.9M | Add +49.2% |
| DOX Amdocs Ltd. | 1.88% | 4,048,376 | $365.9M | Add +0.6% |
| GEN Gen Digital Inc. | 1.82% | 15,768,808 | $353.2M | Add +20.1% |
| EBAY eBay Inc. | 1.81% | 6,663,525 | $351.7M | Add +38.8% |
| HOG Harley-Davidson Inc. | 1.74% | 7,736,038 | $338.4M | Add +1.4% |
| BIIB Biogen Inc. | 1.74% | 1,565,785 | $337.6M | Add +57.3% |
| OTEX Open Text Corp. | 1.71% | 8,547,526 | $332.0M | Reduce -1.3% |
| MRK Merck & Co. Inc. | 1.65% | 2,431,840 | $320.9M | Add +0.1% |
| QSR Restaurant Brands Intern | 1.65% | 4,019,727 | $319.5M | Reduce -34.2% |
| AXP American Express Co. | 1.64% | 1,399,340 | $318.6M | Reduce -32.3% |
| FLS Flowserve Corp. | 1.57% | 6,690,140 | $305.6M | Reduce -0.1% |
| BLK BlackRock Finance Inc. | 1.56% | 363,597 | $303.1M | Add +0.2% |
| NTAP Netapp Inc. | 1.55% | 2,874,406 | $301.7M | Reduce -34.1% |
| SEIC Sei Investments Company | 1.49% | 4,018,347 | $288.9M | Reduce -0.0% |
| NTR Nutrien Ltd. | 1.48% | 5,299,598 | $288.2M | Add +26.6% |
| CAE Cae Inc. | 1.47% | 13,797,258 | $285.2M | Add +13.1% |
| SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC | 1.37% | 4,683,664 | $266.1M | Reduce -1.1% |
| IPG Interpublic Group of Cos Inc. | 1.33% | 7,923,812 | $258.6M | Add +10.8% |
| PII Polaris Inc. | 1.33% | 2,580,185 | $258.3M | Add +16.2% |
| CPB The Campbell's Company filed as CAMPBELL SOUP CO | 1.33% | 5,808,182 | $258.2M | Add +10.5% |
| BN Brookfield Corp. | 1.32% | 6,107,202 | $255.8M | Reduce -34.4% |
| DOO BRP Inc./Ca- Sub Voting | 1.30% | 3,750,232 | $252.0M | Reduce -1.3% |
| CIGI Colliers Intl GR-Subord Vot | 1.30% | 2,059,660 | $252.0M | Reduce -0.8% |
| MAS Masco Corp. | 1.22% | 3,007,510 | $237.2M | Reduce -33.4% |
| FNV Franco-Nevada Corp. | 1.21% | 1,964,215 | $234.3M | Add +140.4% |
| GNTX Gentex Corp. | 1.13% | 6,077,312 | $219.5M | Reduce -0.1% |
| AMP Ameriprise Financial Inc. | 1.09% | 483,992 | $212.2M | Reduce -33.4% |
| CG The Carlyle Group Inc. | 1.04% | 4,316,819 | $202.5M | Reduce -0.1% |
| BAM Brookfield Asset Mgmt-A | 0.99% | 4,558,928 | $191.7M | Reduce -34.1% |
| GIB Cgi Inc. | 0.98% | 1,730,471 | $191.1M | Reduce -34.2% |
| CMI Cummins Inc. | 0.95% | 625,332 | $184.3M | Reduce -33.1% |
| COR Cencora Inc. | 0.85% | 676,540 | $164.4M | Add +1.6% |
| WAB Wabtec Corp. | 0.81% | 1,084,146 | $157.9M | Reduce -33.5% |
| PPG PPG Industries Inc. | 0.61% | 822,998 | $119.3M | Add +101.5% |
| AGI Alamos Gold Inc. Class A | 0.42% | 5,581,478 | $82.4M | Reduce -1.9% |
| ATS Ats Corp. | 0.20% | 1,149,239 | $38.7M | Reduce -1.4% |
| TFPM Triple Flag Precious Met | 0.18% | 2,433,260 | $35.2M | Reduce -2.0% |
| PRMW Primo Water Corp. | 0.15% | 1,647,830 | $30.0M | Reduce -2.0% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.13% | 352,552 | $25.8M | Reduce -5.4% |
| DNN Denison Mines Corp. | 0.10% | 10,278,100 | $20.1M | Reduce -2.0% |
| BBU Brookfield Business PT-Unit | 0.10% | 852,920 | $18.9M | Reduce -2.1% |
| TIXT Telus International Cda Inc. | 0.10% | 2,182,110 | $18.5M | New |
| BBUC Brookfield Business Class A | 0.07% | 533,870 | $12.8M | Reduce -1.9% |
| EFXT Enerflex Ltd. | 0.04% | 1,288,996 | $7.5M | Reduce -2.1% |
| EFA iShares MSCI Eafe ETF | 0.02% | 39,341 | $3.1M | Reduce -4.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.00% | 1 | $634K | No change |
| GSK GSK PLC-Spon ADR | 0.00% | 13,160 | $564K | Add +0.8% |
| UL Unilever PLC | 0.00% | 9,600 | $481K | Add +52.9% |
| NVS Novartis AG-Sponsored ADR | 0.00% | 4,405 | $426K | Add +0.9% |
| SNN Smith & Nephew PLC -Spon ADR | 0.00% | 16,110 | $408K | Add +0.9% |
| PH Parker Hannifin Corp. | 0.00% | 355 | $197K | Reduce -99.9% |
| MSFT Microsoft Corp. | 0.00% | 386 | $162K | Reduce -6.1% |
| GOOG Alphabet Inc. Class C | 0.00% | 765 | $116K | Reduce -6.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO | 0.00% | 1,540 | $78K | Reduce -28.0% |
| BEP Brookfield Renewable Partner | 0.00% | 1,125 | $26K | No change |
| BCE Bce Inc. | 0.00% | 409 | $13K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| QSR Restaurant Brands Intern | Reduce -34.2% | 1.65% | −0.90 |
| BN Brookfield Corp. | Reduce -34.4% | 1.32% | −0.67 |
| PH Parker Hannifin Corp. | Reduce -99.9% | 0.00% | −0.61 |
| TD Toronto-Dominion Bank | Reduce -1.2% | 4.49% | −0.54 |
| GIB Cgi Inc. | Reduce -34.2% | 0.98% | −0.52 |
| BAM Brookfield Asset Mgmt-A | Reduce -34.1% | 0.99% | −0.49 |
| NTAP Netapp Inc. | Reduce -34.1% | 1.55% | −0.48 |
| RCI Rogers Communications Inc. Class B | Reduce -1.3% | 2.43% | −0.48 |
| AXP American Express Co. | Reduce -32.3% | 1.64% | −0.41 |
| MAS Masco Corp. | Reduce -33.4% | 1.22% | −0.38 |
| AMP Ameriprise Financial Inc. | Reduce -33.4% | 1.09% | −0.37 |
| RY Royal Bank of Canada | Reduce -1.3% | 5.67% | −0.28 |
| WAB Wabtec Corp. | Reduce -33.5% | 0.81% | −0.28 |
| CMI Cummins Inc. | Reduce -33.1% | 0.95% | −0.24 |
| OTEX Open Text Corp. | Reduce -1.3% | 1.71% | −0.23 |
| FTS Fortis Inc. | Reduce -1.3% | 1.91% | −0.17 |
| BMO Bank of Montreal | Reduce -1.1% | 2.87% | −0.17 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -1.3% | 1.30% | −0.15 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -0.8% | 1.30% | −0.10 |
| KLG WK Kellogg Co. | Sold out | 0.00% | −0.07 |
| ATS Ats Corp. | Reduce -1.4% | 0.20% | −0.07 |
| TRP TC Energy Corp. | Reduce -1.3% | 2.81% | −0.05 |
| SLF Sun Life Financial Inc. | Reduce -2.3% | 2.72% | −0.01 |
| OMC Omnicom Group | Reduce -8.3% | 1.92% | −0.01 |
| BBUC Brookfield Business Class A | Reduce -1.9% | 0.07% | −0.00 |
| EFA iShares MSCI Eafe ETF | Reduce -4.8% | 0.02% | −0.00 |
| CM Can Imperial BK of Commerce | Reduce -28.0% | 0.00% | −0.00 |
| GOOG Alphabet Inc. Class C | Reduce -6.7% | 0.00% | 0.00 |
| MSFT Microsoft Corp. | Reduce -6.1% | 0.00% | 0.00 |
| TU Telus Corp. | Sold out | 0.00% | 0.00 |
| BBU Brookfield Business PT-Unit | Reduce -2.1% | 0.10% | +0.00 |
| CNI Canadian Natl Railway Co. | Reduce -1.2% | 3.21% | +0.00 |
| SPYG SS SPDR P S&P 500 Growth ETF | Reduce -5.4% | 0.13% | +0.00 |
| TFPM Triple Flag Precious Met | Reduce -2.0% | 0.18% | +0.01 |
| DNN Denison Mines Corp. | Reduce -2.0% | 0.10% | +0.01 |
| EFXT Enerflex Ltd. | Reduce -2.1% | 0.04% | +0.01 |
| AGI Alamos Gold Inc. Class A | Reduce -1.9% | 0.42% | +0.02 |
| PRMW Primo Water Corp. | Reduce -2.0% | 0.15% | +0.02 |
| MFC Manulife Financial Corp. | Reduce -7.0% | 2.96% | +0.05 |
| GNTX Gentex Corp. | Reduce -0.1% | 1.13% | +0.08 |
| SGI Somnigroup International Inc. | Reduce -1.1% | 1.37% | +0.09 |
| FLS Flowserve Corp. | Reduce -0.1% | 1.57% | +0.11 |
| CG The Carlyle Group Inc. | Reduce -0.1% | 1.04% | +0.11 |
| CP Canadian Pacific Kansas City | Reduce -1.3% | 2.22% | +0.13 |
| SEIC Sei Investments Company | Reduce -0.0% | 1.49% | +0.13 |
| RBA RB Global Inc. | Reduce -1.3% | 2.71% | +0.22 |
| SU Suncor Energy Inc. | Reduce -1.3% | 2.54% | +0.23 |
Portfolio Buys Q4 2023 → Q1 2024
| BNS Bank of Nova Scotia | Add +116.9% | 2.00% | +1.10 |
| FNV Franco-Nevada Corp. | Add +140.4% | 1.21% | +0.72 |
| EBAY eBay Inc. | Add +38.8% | 1.81% | +0.70 |
| CMCSA Comcast Corp. Class A | Add +49.2% | 1.88% | +0.57 |
| K Kellanova | Add +36.1% | 1.97% | +0.51 |
| KMB Kimberly-Clark Corp. | Add +24.1% | 1.89% | +0.42 |
| BIIB Biogen Inc. | Add +57.3% | 1.74% | +0.37 |
| QCOM Qualcomm Inc. | Add +1.4% | 2.51% | +0.33 |
| PPG PPG Industries Inc. | Add +101.5% | 0.61% | +0.29 |
| HOG Harley-Davidson Inc. | Add +1.4% | 1.74% | +0.25 |
| MRK Merck & Co. Inc. | Add +0.1% | 1.65% | +0.25 |
| GEN Gen Digital Inc. | Add +20.1% | 1.82% | +0.23 |
| NTR Nutrien Ltd. | Add +26.6% | 1.48% | +0.23 |
| PII Polaris Inc. | Add +16.2% | 1.33% | +0.22 |
| CPB The Campbell's Company | Add +10.5% | 1.33% | +0.13 |
| COR Cencora Inc. | Add +1.6% | 0.85% | +0.12 |
| TIXT Telus International Cda Inc. | New | 0.10% | +0.10 |
| IPG Interpublic Group of Cos Inc. | Add +10.8% | 1.33% | +0.09 |
| CAE Cae Inc. | Add +13.1% | 1.47% | +0.07 |
| DOX Amdocs Ltd. | Add +0.6% | 1.88% | +0.01 |
| UL Unilever PLC | Add +52.9% | 0.00% | +0.00 |
| GSK GSK PLC-Spon ADR | Add +0.8% | 0.00% | +0.00 |
| NVS Novartis AG-Sponsored ADR | Add +0.9% | 0.00% | −0.00 |
| SNN Smith & Nephew PLC -Spon ADR | Add +0.9% | 0.00% | −0.00 |
| BLK BlackRock Finance Inc. | Add +0.2% | 1.56% | −0.00 |
| AMGN Amgen Inc. | Add +1.4% | 2.33% | −0.07 |
| MGA Magna International Inc. | Add +5.7% | 2.48% | −0.15 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 163 | $13.6B | TD, BMO, RY, PPG, EBAY |
| Q1 2026 | 170 | $14.8B | TD, RY, BMO, WAB, PPG |
| Q4 2025 | 174 | $16.3B | TD, RY, BMO, CB, MDT |
| Q3 2025 | 176 | $16.6B | TD, BMO, RY, MDT, QCOM |
| Q2 2025 | 176 | $17.6B | TD, RY, BMO, AXP, GEN |
| Q1 2025Amended | 204 | $17.4B | TD, RY, BMO, EBAY, DOX |
| Q4 2024 | 86 | $18.4B | RY, TD, BMO, RBA, GEN |
| Q3 2024 | 89 | $20.3B | RY, TD, RBA, BMO, CNI |
| Q2 2024 | 77 | $18.8B | RY, TD, MFC, CNI, AMGN |
| Q1 2024Amended | 75 | $19.4B | RY, TD, CNI, MFC, BMO |