Beutel, Goodman & Co Ltd.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Beutel, Goodman & Co Ltd. reported 89 stock positions worth $20.3 billion. Its top holding was Royal Bank of Canada (RY) at 5.7% of the portfolio, followed by Toronto-Dominion Bank (TD, 5.0%) and RB Global (RBA, 2.6%). Compared with Q2 2024, it opened 13 new positions, sold out of 1, added to 14 and reduced 54. The biggest buy was GFL Environmental Inc.-Sub VT (GFL, shares +305%) and the biggest sale Amgen (AMGN, shares −34%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$20.3B (Q3 2024)
SEC Filing
0001361974-24-000011 ↗ filed Nov 13, 2024

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 $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 Q2 2026

Holdings 89 stocks · $20.3B
RY Royal Bank of Canada 5.75% 9,330,307 $1.2B Reduce -2.2%
TD Toronto-Dominion Bank 5.05% 16,181,071 $1.0B Reduce -1.8%
RBA RB Global Inc. 2.64% 6,653,906 $536.1M Reduce -2.0%
BMO Bank of Montreal filed as BANK MONTREAL QUE 2.63% 5,912,417 $534.1M Add +4.7%
CNI Canadian Natl Railway Co. 2.62% 4,536,793 $531.8M Reduce -2.1%
RCI Rogers Communications Inc. Class B 2.56% 12,922,339 $520.2M Reduce -1.3%
K Kellanova 2.52% 6,332,540 $511.1M Reduce -10.7%
SLF Sun Life Financial Inc. 2.50% 8,750,033 $508.1M Reduce -2.0%
EBAY eBay Inc. 2.26% 7,040,770 $458.4M Reduce -0.8%
CMCSA Comcast Corp. Class A 2.25% 10,950,926 $457.4M Add +7.3%
GEN Gen Digital Inc. 2.23% 16,466,578 $451.7M Reduce -0.9%
QSR Restaurant Brands Intern 2.19% 6,145,084 $443.9M Add +15.5%
PPG PPG Industries Inc. 2.17% 3,328,268 $440.9M Add +40.9%
GIB Cgi Inc. 2.15% 3,790,531 $436.6M Add +42.7%
DOX Amdocs Ltd. 2.15% 4,991,072 $436.6M Add +5.5%
KMB Kimberly-Clark Corp. 2.08% 2,966,705 $422.1M Reduce -1.1%
MFC Manulife Financial Corp. 2.04% 13,965,136 $413.2M Reduce -34.7%
FTS Fortis Inc. 2.02% 9,021,648 $410.4M Reduce -2.7%
CP Canadian Pacific Kansas City 1.99% 4,725,750 $404.6M Reduce -2.0%
AXP American Express Co. 1.94% 1,451,592 $393.7M Reduce -0.8%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.94% 7,203,551 $392.9M Reduce -2.1%
MRK Merck & Co. Inc. 1.93% 3,446,817 $391.4M Add +39.9%
BLK BlackRock Finance Inc. 1.79% 383,574 $364.2M Reduce -0.7%
SU Suncor Energy Inc. 1.77% 9,743,856 $360.1M Reduce -15.0%
NTAP Netapp Inc. 1.75% 2,874,876 $355.1M Reduce -0.8%
AMGN Amgen Inc. 1.75% 1,099,883 $354.4M Reduce -34.3%
MGA Magna International Inc. 1.74% 8,584,400 $352.5M Reduce -2.0%
TRP TC Energy Corp. 1.74% 7,404,142 $352.4M Reduce -39.8%
QCOM Qualcomm Inc. 1.73% 2,060,190 $350.3M Add +11.8%
BN Brookfield Corp. 1.71% 6,524,898 $346.9M Add +9.2%
BIIB Biogen Inc. 1.67% 1,744,154 $338.1M Reduce -0.2%
CPB The Campbell's Company filed as CAMPBELL SOUP CO 1.66% 6,890,205 $337.1M Reduce -0.2%
OMC Omnicom Group 1.62% 3,177,020 $328.5M Reduce -0.8%
NTR Nutrien Ltd. 1.50% 6,315,653 $303.8M Reduce -2.1%
CIGI Colliers Intl GR-Subord Vot 1.50% 1,999,725 $303.8M Reduce -2.0%
HOG Harley-Davidson Inc. 1.44% 7,587,245 $292.3M Reduce -1.0%
IPG Interpublic Group of Cos Inc. 1.37% 8,805,008 $278.5M Reduce -0.3%
GFL GFL Environmental Inc.-Sub VT 1.37% 6,967,601 $278.2M Add +305.1%
OTEX Open Text Corp. 1.37% 8,347,075 $278.2M Reduce -1.3%
SEIC Sei Investments Company 1.37% 4,014,909 $277.8M Reduce -1.0%
CAE Cae Inc. 1.24% 13,374,655 $251.4M Reduce -1.9%
FNV Franco-Nevada Corp. 1.16% 1,892,426 $235.3M Reduce -2.2%
MAS Masco Corp. 1.15% 2,781,874 $233.5M Reduce -8.6%
FLS Flowserve Corp. 1.13% 4,443,616 $229.7M Reduce -0.3%
AMP Ameriprise Financial Inc. 1.12% 482,375 $226.6M Reduce -0.9%
PII Polaris Inc. 1.11% 2,705,565 $225.2M Reduce -0.9%
DOO BRP Inc./Ca- Sub Voting 1.06% 3,619,596 $215.7M Reduce -2.1%
BAM Brookfield Asset Mgmt-A 1.03% 4,422,340 $209.3M Reduce -1.6%
CMI Cummins Inc. 1.00% 625,232 $202.4M Reduce -0.8%
WAB Wabtec Corp. 0.97% 1,083,383 $196.9M Reduce -1.0%
CG The Carlyle Group Inc. 0.91% 4,287,594 $184.6M Reduce -1.0%
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 0.89% 3,310,609 $180.8M Reduce -17.8%
GNTX Gentex Corp. 0.89% 6,058,227 $179.9M Reduce -1.0%
COR Cencora Inc. 0.52% 470,273 $105.8M Reduce -34.1%
AGI Alamos Gold Inc. Class A 0.39% 3,971,778 $79.2M Reduce -1.1%
PRMW Primo Water Corp. 0.19% 1,562,750 $39.5M Reduce -1.2%
TFPM Triple Flag Precious Met 0.18% 2,308,780 $37.4M Reduce -1.1%
ATS Ats Corp. 0.16% 1,090,069 $31.7M Reduce -1.2%
SPYG SS SPDR P S&P 500 Growth ETF 0.13% 306,462 $25.4M No change
BBU Brookfield Business PT-Unit 0.09% 806,540 $18.9M Reduce -1.2%
DNN Denison Mines Corp. 0.07% 7,301,740 $13.3M Reduce -1.3%
BBUC Brookfield Business Class A 0.06% 509,290 $13.2M Reduce -1.0%
TIXT Telus International Cda Inc. 0.05% 2,607,330 $10.2M Reduce -1.4%
EFA iShares MSCI Eafe ETF 0.02% 41,086 $3.4M Add +6.5%
BRK.A Berkshire Hathaway Inc. Class A 0.00% 1 $691K No change
UL Unilever PLC 0.00% 8,630 $560K Reduce -10.1%
GSK GSK PLC-Spon ADR 0.00% 13,290 $543K Add +1.0%
SNN Smith & Nephew PLC -Spon ADR 0.00% 16,270 $506K Add +1.0%
MSFT Microsoft Corp. 0.00% 886 $381K Add +129.5%
NVS Novartis AG-Sponsored ADR 0.00% 2,925 $336K Reduce -33.6%
PH Parker Hannifin Corp. 0.00% 355 $224K No change
ABT Abbott Laboratories 0.00% 1,500 $171K New
PEP Pepsico Inc. 0.00% 900 $153K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.00% 1,200 $141K New
GOOG Alphabet Inc. Class C 0.00% 765 $127K No change
ORCL Oracle Corp. 0.00% 600 $102K New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.00% 1,540 $94K No change
PG The Procter & Gamble Co. 0.00% 500 $86K New
AMZN Amazon.com Inc. 0.00% 390 $72K New
BSX Boston Scientific Corp. 0.00% 785 $65K New
RELX Relx PLC - Spon ADR 0.00% 1,000 $47K New
VRSK Verisk Analytics Inc. 0.00% 172 $46K New
AME Ametek Inc. 0.00% 195 $33K New
CPRT Copart Inc. 0.00% 600 $31K New
BEP Brookfield Renewable Partner 0.00% 1,125 $31K No change
CB Chubb Ltd. 0.00% 100 $28K New
MBB iShares MBS ETF 0.00% 270 $25K No change
BDX Becton Dickinson and Co. 0.00% 75 $18K New
BCE Bce Inc. 0.00% 409 $14K No change

Portfolio Sells Q2 2024 → Q3 2024
AMGN Amgen Inc. Reduce -34.3% 1.75% −1.03
MFC Manulife Financial Corp. Reduce -34.7% 2.04% −0.99
TRP TC Energy Corp. Reduce -39.8% 1.74% −0.74
SU Suncor Energy Inc. Reduce -15.0% 1.77% −0.55
BIIB Biogen Inc. Reduce -0.2% 1.67% −0.49
COR Cencora Inc. Reduce -34.1% 0.52% −0.33
CNI Canadian Natl Railway Co. Reduce -2.1% 2.62% −0.29
NTR Nutrien Ltd. Reduce -2.1% 1.50% −0.25
NTAP Netapp Inc. Reduce -0.8% 1.75% −0.23
MGA Magna International Inc. Reduce -2.0% 1.74% −0.21
GNTX Gentex Corp. Reduce -1.0% 0.89% −0.21
DOO BRP Inc./Ca- Sub Voting Reduce -2.1% 1.06% −0.20
SGI Somnigroup International Inc. Reduce -17.8% 0.89% −0.12
KMB Kimberly-Clark Corp. Reduce -1.1% 2.08% −0.12
RBA RB Global Inc. Reduce -2.0% 2.64% −0.11
CAE Cae Inc. Reduce -1.9% 1.24% −0.11
FNV Franco-Nevada Corp. Reduce -2.2% 1.16% −0.06
EFXT Enerflex Ltd. Sold out 0.00% −0.04
ATS Ats Corp. Reduce -1.2% 0.16% −0.03
TIXT Telus International Cda Inc. Reduce -1.4% 0.05% −0.03
PII Polaris Inc. Reduce -0.9% 1.11% −0.03
SEIC Sei Investments Company Reduce -1.0% 1.37% −0.03
CP Canadian Pacific Kansas City Reduce -2.0% 1.99% −0.02
CG The Carlyle Group Inc. Reduce -1.0% 0.91% −0.01
DNN Denison Mines Corp. Reduce -1.3% 0.07% −0.01
RCI Rogers Communications Inc. Class B Reduce -1.3% 2.56% −0.01
TFPM Triple Flag Precious Met Reduce -1.1% 0.18% −0.01
FLS Flowserve Corp. Reduce -0.3% 1.13% −0.01
NVS Novartis AG-Sponsored ADR Reduce -33.6% 0.00% −0.00
UL Unilever PLC Reduce -10.1% 0.00% 0.00
CPB The Campbell's Company Reduce -0.2% 1.66% +0.00
IPG Interpublic Group of Cos Inc. Reduce -0.3% 1.37% +0.01
BBUC Brookfield Business Class A Reduce -1.0% 0.06% +0.01
PRMW Primo Water Corp. Reduce -1.2% 0.19% +0.01
BBU Brookfield Business PT-Unit Reduce -1.2% 0.09% +0.01
AMP Ameriprise Financial Inc. Reduce -0.9% 1.12% +0.01
GEN Gen Digital Inc. Reduce -0.9% 2.23% +0.02
OTEX Open Text Corp. Reduce -1.3% 1.37% +0.02
WAB Wabtec Corp. Reduce -1.0% 0.97% +0.05
AGI Alamos Gold Inc. Class A Reduce -1.1% 0.39% +0.06
CMI Cummins Inc. Reduce -0.8% 1.00% +0.07
MAS Masco Corp. Reduce -8.6% 1.15% +0.07
HOG Harley-Davidson Inc. Reduce -1.0% 1.44% +0.07
OMC Omnicom Group Reduce -0.8% 1.62% +0.09
FTS Fortis Inc. Reduce -2.7% 2.02% +0.11
BAM Brookfield Asset Mgmt-A Reduce -1.6% 1.03% +0.12
AXP American Express Co. Reduce -0.8% 1.94% +0.14
BNS Bank of Nova Scotia Reduce -2.1% 1.94% +0.15
SLF Sun Life Financial Inc. Reduce -2.0% 2.50% +0.18
BLK BlackRock Finance Inc. Reduce -0.7% 1.79% +0.18

Portfolio Buys Q2 2024 → Q3 2024
GFL GFL Environmental Inc.-Sub VT Add +305.1% 1.37% +1.02
GIB Cgi Inc. Add +42.7% 2.15% +0.74
PPG PPG Industries Inc. Add +40.9% 2.17% +0.59
BN Brookfield Corp. Add +9.2% 1.71% +0.39
MRK Merck & Co. Inc. Add +39.9% 1.93% +0.31
QSR Restaurant Brands Intern Add +15.5% 2.19% +0.20
DOX Amdocs Ltd. Add +5.5% 2.15% +0.17
CMCSA Comcast Corp. Class A Add +7.3% 2.25% +0.13
BMO Bank of Montreal Add +4.7% 2.63% +0.11
MSFT Microsoft Corp. Add +129.5% 0.00% +0.00
EFA iShares MSCI Eafe ETF Add +6.5% 0.02% +0.00
ABT Abbott Laboratories New 0.00% +0.00
PEP Pepsico Inc. New 0.00% +0.00
TJX TJX Companies Inc. New 0.00% +0.00
ORCL Oracle Corp. New 0.00% +0.00
AMZN Amazon.com Inc. New 0.00% +0.00
PG The Procter & Gamble Co. New 0.00% +0.00
SNN Smith & Nephew PLC -Spon ADR Add +1.0% 0.00% +0.00
BSX Boston Scientific Corp. New 0.00% +0.00
AME Ametek Inc. New 0.00% +0.00
CPRT Copart Inc. New 0.00% +0.00
RELX Relx PLC - Spon ADR New 0.00% +0.00
VRSK Verisk Analytics Inc. New 0.00% +0.00
BDX Becton Dickinson and Co. New 0.00% +0.00
CB Chubb Ltd. New 0.00% +0.00
GSK GSK PLC-Spon ADR Add +1.0% 0.00% 0.00
QCOM Qualcomm Inc. Add +11.8% 1.73% −0.23

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