Beutel, Goodman & Co Ltd.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Beutel, Goodman & Co Ltd. reported 86 stock positions worth $18.4 billion. Its top holding was Royal Bank of Canada (RY) at 4.9% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.9%) and Bank of Montreal (BMO, 3.5%). Compared with Q3 2024, it opened 1 new position, sold out of 4, added to 18 and reduced 51. The biggest buy was a new position in Medtronic (MDT) and the biggest sale Kellanova (K, shares −78%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$18.4B (Q4 2024)
SEC Filing
0001361974-25-000005 ↗ filed Feb 12, 2025

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 $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 86 stocks · $18.4B
RY Royal Bank of Canada 4.89% 7,459,760 $899.0M Reduce -20.1%
TD Toronto-Dominion Bank 4.86% 16,803,807 $894.2M Add +3.9%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.49% 6,616,614 $642.0M Add +11.9%
RBA RB Global Inc. 2.94% 5,996,087 $540.9M Reduce -9.9%
GEN Gen Digital Inc. 2.45% 16,450,713 $450.4M Reduce -0.1%
EBAY eBay Inc. 2.37% 7,025,770 $435.2M Reduce -0.2%
AXP American Express Co. 2.34% 1,449,478 $430.2M Reduce -0.1%
DOX Amdocs Ltd. 2.31% 4,984,681 $424.4M Reduce -0.1%
CNI Canadian Natl Railway Co. 2.27% 4,116,484 $417.8M Reduce -9.3%
CMCSA Comcast Corp. Class A 2.24% 10,964,012 $411.5M Add +0.1%
MRK Merck & Co. Inc. 2.19% 4,041,922 $402.1M Add +17.3%
PPG PPG Industries Inc. 2.17% 3,338,384 $398.8M Add +0.3%
KMB Kimberly-Clark Corp. 2.12% 2,967,426 $388.9M Add +0.0%
MFC Manulife Financial Corp. 2.11% 12,603,404 $387.0M Reduce -9.8%
MDT Medtronic PLC 2.05% 4,721,700 $377.2M New
QCOM Qualcomm Inc. 2.04% 2,441,570 $375.1M Add +18.5%
GIB Cgi Inc. 2.04% 3,422,615 $374.3M Reduce -9.7%
QSR Restaurant Brands Intern 2.00% 5,639,237 $367.4M Reduce -8.2%
RCI Rogers Communications Inc. Class B 1.96% 11,715,865 $360.0M Reduce -9.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.90% 6,492,912 $348.5M Reduce -9.9%
FTS Fortis Inc. 1.84% 8,147,541 $338.4M Reduce -9.7%
BN Brookfield Corp. 1.83% 5,860,619 $336.7M Reduce -10.2%
CP Canadian Pacific Kansas City 1.83% 4,640,834 $335.8M Reduce -1.8%
NTAP Netapp Inc. 1.82% 2,887,795 $335.2M Add +0.5%
AMGN Amgen Inc. 1.80% 1,272,425 $331.6M Add +15.7%
MGA Magna International Inc. 1.77% 7,780,679 $325.0M Reduce -9.4%
SU Suncor Energy Inc. 1.71% 8,803,703 $314.1M Reduce -9.7%
SLF Sun Life Financial Inc. 1.71% 5,285,394 $313.7M Reduce -39.6%
TRP TC Energy Corp. 1.68% 6,645,095 $309.5M Reduce -10.3%
CAE Cae Inc. 1.67% 12,092,573 $306.9M Reduce -9.6%
OMC Omnicom Group 1.59% 3,401,890 $292.7M Add +7.1%
CPB The Campbell's Company 1.58% 6,925,365 $290.0M Add +0.5%
GFL GFL Environmental Inc.-Sub VT 1.52% 6,265,968 $279.2M Reduce -10.1%
CB Chubb Ltd. 1.51% 1,007,798 $278.5M Add +1007698.0%
BIIB Biogen Inc. 1.45% 1,746,477 $267.1M Add +0.1%
BLK BlackRock Finance Inc. 1.42% 255,210 $261.6M Reduce -33.5%
AMP Ameriprise Financial Inc. 1.39% 481,291 $256.3M Reduce -0.2%
NTR Nutrien Ltd. 1.39% 5,701,812 $255.0M Reduce -9.7%
IPG Interpublic Group of Cos Inc. 1.34% 8,816,365 $247.0M Add +0.1%
CIGI Colliers Intl GR-Subord Vot 1.34% 1,814,110 $246.6M Reduce -9.3%
HOG Harley-Davidson Inc. 1.24% 7,561,262 $227.8M Reduce -0.3%
SEIC Sei Investments Company 1.20% 2,663,869 $219.7M Reduce -33.6%
OTEX Open Text Corp. 1.16% 7,542,572 $213.3M Reduce -9.6%
CMI Cummins Inc. 1.15% 604,663 $210.8M Reduce -3.3%
WAB Wabtec Corp. 1.12% 1,081,943 $205.1M Reduce -0.1%
MAS Masco Corp. 1.10% 2,785,866 $202.2M Add +0.1%
FNV Franco-Nevada Corp. 1.09% 1,701,250 $199.8M Reduce -10.1%
ATS Ats Corp. 1.08% 6,515,682 $198.6M Add +497.7%
GNTX Gentex Corp. 0.94% 6,044,128 $173.6M Reduce -0.2%
DOO BRP Inc./Ca- Sub Voting 0.90% 3,253,642 $165.6M Reduce -10.1%
PII Polaris Inc. 0.87% 2,775,331 $159.9M Add +2.6%
FLS Flowserve Corp. 0.81% 2,574,832 $148.1M Reduce -42.1%
BAM Brookfield Asset Mgmt-A 0.78% 2,653,004 $143.8M Reduce -40.0%
CG The Carlyle Group Inc. 0.78% 2,841,072 $143.4M Reduce -33.7%
SGI Somnigroup International Inc. filed as TEMPUR SEALY INTL INC 0.64% 2,070,966 $117.4M Reduce -37.4%
COR Cencora Inc. 0.62% 506,305 $113.8M Add +7.7%
K Kellanova 0.62% 1,398,212 $113.2M Reduce -77.9%
AGI Alamos Gold Inc. Class A 0.37% 3,668,618 $67.6M Reduce -7.6%
TFPM Triple Flag Precious Met 0.17% 2,134,100 $32.1M Reduce -7.6%
SPYG SS SPDR P S&P 500 Growth ETF 0.13% 270,762 $23.8M Reduce -11.7%
BBU Brookfield Business PT-Unit 0.09% 734,790 $17.3M Reduce -8.9%
DNN Denison Mines Corp. 0.07% 6,757,270 $12.3M Reduce -7.5%
BBUC Brookfield Business Class A 0.06% 475,320 $11.6M Reduce -6.7%
TIXT Telus International Cda Inc. 0.05% 2,263,260 $8.9M Reduce -13.2%
EFA iShares MSCI Eafe ETF 0.02% 41,086 $3.1M No change
BRK.A Berkshire Hathaway Inc. Class A 0.00% 1 $680K No change
UL Unilever PLC 0.00% 8,015 $454K Reduce -7.1%
GSK GSK PLC-Spon ADR 0.00% 12,700 $429K Reduce -4.4%
SNN Smith & Nephew PLC -Spon ADR 0.00% 15,555 $382K Reduce -4.4%
NVS Novartis AG-Sponsored ADR 0.00% 2,675 $260K Reduce -8.6%
PH Parker Hannifin Corp. 0.00% 355 $225K No change
MSFT Microsoft Corp. 0.00% 500 $210K Reduce -43.6%
ABT Abbott Laboratories 0.00% 1,500 $169K No change
GOOG Alphabet Inc. Class C 0.00% 765 $145K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.00% 1,200 $144K No change
PEP Pepsico Inc. 0.00% 900 $136K No change
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.00% 1,540 $97K No change
AMZN Amazon.com Inc. 0.00% 390 $85K No change
PG The Procter & Gamble Co. 0.00% 500 $83K No change
ORCL Oracle Corp. 0.00% 300 $49K Reduce -50.0%
VRSK Verisk Analytics Inc. 0.00% 172 $47K No change
AME Ametek Inc. 0.00% 195 $35K No change
BEP Brookfield Renewable Partner 0.00% 1,125 $25K No change
MBB iShares MBS ETF 0.00% 270 $24K No change
BDX Becton Dickinson and Co. 0.00% 75 $17K No change
BCE Bce Inc. 0.00% 409 $9K No change

Portfolio Sells Q3 2024 → Q4 2024
K Kellanova Reduce -77.9% 0.62% −1.90
RY Royal Bank of Canada Reduce -20.1% 4.89% −0.85
SLF Sun Life Financial Inc. Reduce -39.6% 1.71% −0.80
RCI Rogers Communications Inc. Class B Reduce -9.3% 1.96% −0.61
BLK BlackRock Finance Inc. Reduce -33.5% 1.42% −0.37
CNI Canadian Natl Railway Co. Reduce -9.3% 2.27% −0.35
FLS Flowserve Corp. Reduce -42.1% 0.81% −0.33
SGI Somnigroup International Inc. Reduce -37.4% 0.64% −0.25
BAM Brookfield Asset Mgmt-A Reduce -40.0% 0.78% −0.25
OTEX Open Text Corp. Reduce -9.6% 1.16% −0.21
HOG Harley-Davidson Inc. Reduce -0.3% 1.24% −0.20
PRMW Primo Water Corp. Sold out 0.00% −0.19
QSR Restaurant Brands Intern Reduce -8.2% 2.00% −0.19
FTS Fortis Inc. Reduce -9.7% 1.84% −0.18
SEIC Sei Investments Company Reduce -33.6% 1.20% −0.17
CP Canadian Pacific Kansas City Reduce -1.8% 1.83% −0.17
DOO BRP Inc./Ca- Sub Voting Reduce -10.1% 0.90% −0.16
CIGI Colliers Intl GR-Subord Vot Reduce -9.3% 1.34% −0.16
CG The Carlyle Group Inc. Reduce -33.7% 0.78% −0.13
GIB Cgi Inc. Reduce -9.7% 2.04% −0.12
NTR Nutrien Ltd. Reduce -9.7% 1.39% −0.11
FNV Franco-Nevada Corp. Reduce -10.1% 1.09% −0.07
SU Suncor Energy Inc. Reduce -9.7% 1.71% −0.07
TRP TC Energy Corp. Reduce -10.3% 1.68% −0.05
BNS Bank of Nova Scotia Reduce -9.9% 1.90% −0.04
AGI Alamos Gold Inc. Class A Reduce -7.6% 0.37% −0.02
TFPM Triple Flag Precious Met Reduce -7.6% 0.17% −0.01
TIXT Telus International Cda Inc. Reduce -13.2% 0.05% −0.00
BBUC Brookfield Business Class A Reduce -6.7% 0.06% −0.00
MSFT Microsoft Corp. Reduce -43.6% 0.00% −0.00
SNN Smith & Nephew PLC -Spon ADR Reduce -4.4% 0.00% −0.00
BSX Boston Scientific Corp. Sold out 0.00% −0.00
GSK GSK PLC-Spon ADR Reduce -4.4% 0.00% −0.00
UL Unilever PLC Reduce -7.1% 0.00% −0.00
CPRT Copart Inc. Sold out 0.00% −0.00
NVS Novartis AG-Sponsored ADR Reduce -8.6% 0.00% −0.00
ORCL Oracle Corp. Reduce -50.0% 0.00% −0.00
RELX Relx PLC - Spon ADR Sold out 0.00% −0.00
BBU Brookfield Business PT-Unit Reduce -8.9% 0.09% +0.00
DNN Denison Mines Corp. Reduce -7.5% 0.07% +0.00
SPYG SS SPDR P S&P 500 Growth ETF Reduce -11.7% 0.13% +0.00
MGA Magna International Inc. Reduce -9.4% 1.77% +0.03
GNTX Gentex Corp. Reduce -0.2% 0.94% +0.06
MFC Manulife Financial Corp. Reduce -9.8% 2.11% +0.07
EBAY eBay Inc. Reduce -0.2% 2.37% +0.11
BN Brookfield Corp. Reduce -10.2% 1.83% +0.12
WAB Wabtec Corp. Reduce -0.1% 1.12% +0.15
GFL GFL Environmental Inc.-Sub VT Reduce -10.1% 1.52% +0.15
CMI Cummins Inc. Reduce -3.3% 1.15% +0.15
DOX Amdocs Ltd. Reduce -0.1% 2.31% +0.16

Portfolio Buys Q3 2024 → Q4 2024
MDT Medtronic PLC New 2.05% +2.05
CB Chubb Ltd. Add +1007698.0% 1.51% +1.51
ATS Ats Corp. Add +497.7% 1.08% +0.92
BMO Bank of Montreal Add +11.9% 3.49% +0.86
QCOM Qualcomm Inc. Add +18.5% 2.04% +0.31
MRK Merck & Co. Inc. Add +17.3% 2.19% +0.26
COR Cencora Inc. Add +7.7% 0.62% +0.10
NTAP Netapp Inc. Add +0.5% 1.82% +0.07
AMGN Amgen Inc. Add +15.7% 1.80% +0.06
KMB Kimberly-Clark Corp. Add +0.0% 2.12% +0.04
PPG PPG Industries Inc. Add +0.3% 2.17% −0.00
CMCSA Comcast Corp. Class A Add +0.1% 2.24% −0.02
OMC Omnicom Group Add +7.1% 1.59% −0.03
IPG Interpublic Group of Cos Inc. Add +0.1% 1.34% −0.03
MAS Masco Corp. Add +0.1% 1.10% −0.05
CPB The Campbell's Company Add +0.5% 1.58% −0.08
TD Toronto-Dominion Bank Add +3.9% 4.86% −0.18
BIIB Biogen Inc. Add +0.1% 1.45% −0.21
PII Polaris Inc. Add +2.6% 0.87% −0.24

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