Beutel, Goodman & Co Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Beutel, Goodman & Co Ltd. reported 204 stock positions worth $17.4 billion. Its top holding was Toronto-Dominion Bank (TD) at 5.3% of the portfolio, followed by Royal Bank of Canada (RY, 4.4%) and Bank of Montreal (BMO, 3.3%). Compared with Q4 2024, it opened 120 new positions, sold out of 2, added to 48 and reduced 29. The biggest buy was Chubb (CB, shares +27%) and the biggest sale Biogen (BIIB, shares −100%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$17.4B (Q1 2025)
SEC Filing
0001361974-25-000008 ↗ filed May 14, 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 Q4 2024 Q1 2025: $17.4B $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 204 stocks · $17.4B
TD Toronto-Dominion Bank 5.29% 15,320,394 $917.9M Reduce -8.8%
RY Royal Bank of Canada 4.42% 6,805,190 $766.5M Reduce -8.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.29% 5,972,658 $570.3M Reduce -9.7%
EBAY eBay Inc. 2.76% 7,059,654 $478.1M Add +0.5%
DOX Amdocs Ltd. 2.67% 5,055,808 $462.6M Add +1.4%
CMCSA Comcast Corp. Class A 2.60% 12,206,979 $450.4M Add +11.3%
GEN Gen Digital Inc. 2.53% 16,553,576 $439.3M Add +0.6%
AMGN Amgen Inc. 2.51% 1,399,279 $435.9M Add +10.0%
MDT Medtronic PLC 2.48% 4,792,057 $430.6M Add +1.5%
KMB Kimberly-Clark Corp. 2.45% 2,988,189 $425.0M Add +0.7%
CNI Canadian Natl Railway Co. 2.39% 4,262,691 $414.8M Add +3.5%
PPG PPG Industries Inc. 2.38% 3,784,668 $413.9M Add +13.4%
QCOM Qualcomm Inc. 2.37% 2,678,815 $411.5M Add +9.7%
MRK Merck & Co. Inc. 2.29% 4,425,097 $397.2M Add +9.5%
AXP American Express Co. 2.26% 1,456,338 $391.8M Add +0.5%
CB Chubb Ltd. 2.23% 1,280,901 $386.8M Add +27.1%
QSR Restaurant Brands Intern 2.23% 5,798,567 $386.5M Add +2.8%
RBA RB Global Inc. 2.05% 3,542,283 $355.5M Reduce -40.9%
MFC Manulife Financial Corp. 2.04% 11,381,728 $354.6M Reduce -9.7%
FTS Fortis Inc. 2.00% 7,605,491 $346.4M Reduce -6.7%
TRP TC Energy Corp. 1.98% 7,265,010 $343.0M Add +9.3%
NTAP Netapp Inc. 1.84% 3,640,885 $319.8M Add +26.1%
CPB The Campbell's Company 1.80% 7,827,946 $312.5M Add +13.0%
SU Suncor Energy Inc. 1.79% 8,002,493 $309.8M Reduce -9.1%
NTR Nutrien Ltd. 1.78% 6,223,537 $308.8M Add +9.2%
GIB Cgi Inc. 1.76% 3,055,815 $305.0M Reduce -10.7%
CP Canadian Pacific Kansas City 1.73% 4,266,734 $299.4M Reduce -8.1%
GFL GFL Environmental Inc.-Sub VT 1.70% 6,111,425 $295.2M Reduce -2.5%
CAE Cae Inc. 1.67% 11,800,845 $290.1M Reduce -2.4%
OMC Omnicom Group 1.63% 3,421,164 $283.6M Add +0.6%
RCI Rogers Communications Inc. Class B 1.63% 10,601,331 $283.1M Reduce -9.5%
WAB Wabtec Corp. 1.63% 1,558,859 $282.7M Add +44.1%
SLF Sun Life Financial Inc. 1.61% 4,885,061 $279.5M Reduce -7.6%
BN Brookfield Corp. 1.57% 5,211,934 $272.7M Reduce -11.1%
IPG Interpublic Group of Cos Inc. 1.39% 8,848,445 $240.3M Add +0.4%
AMP Ameriprise Financial Inc. 1.35% 483,097 $233.9M Add +0.4%
BLK BlackRock Inc. 1.34% 246,539 $233.3M Reduce -3.4%
CIGI Colliers Intl GR-Subord Vot 1.27% 1,824,683 $220.8M Add +0.6%
SEIC Sei Investments Company 1.20% 2,675,610 $207.7M Add +0.4%
MAS Masco Corp. 1.12% 2,799,553 $194.7M Add +0.5%
HOG Harley-Davidson Inc. 1.10% 7,575,902 $191.3M Add +0.2%
CMI Cummins Inc. 1.10% 606,601 $190.1M Add +0.3%
MGA Magna International Inc. 1.08% 5,537,390 $188.2M Reduce -28.8%
FNV Franco-Nevada Corp. 1.03% 1,132,112 $178.0M Reduce -33.5%
ATS Ats Corp. 1.01% 7,052,324 $175.8M Add +8.2%
OTEX Open Text Corp. 0.98% 6,715,724 $169.5M Reduce -11.0%
COR Cencora Inc. 0.82% 510,776 $142.0M Add +0.9%
GNTX Gentex Corp. 0.81% 6,066,958 $141.4M Add +0.4%
FLS Flowserve Corp. 0.73% 2,582,269 $126.1M Add +0.3%
SGI Somnigroup International Inc. 0.72% 2,080,647 $124.6M Add +0.5%
CG The Carlyle Group Inc. 0.72% 2,853,199 $124.4M Add +0.4%
PII Polaris Inc. 0.66% 2,790,910 $114.3M Add +0.6%
BAM Brookfield Asset Mgmt-A 0.66% 2,355,906 $114.0M Reduce -11.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.63% 2,312,498 $109.6M Reduce -64.4%
DOO BRP Inc./Ca- Sub Voting 0.56% 2,883,136 $97.3M Reduce -11.4%
AGI Alamos Gold Inc. Class A 0.51% 3,303,328 $88.2M Reduce -10.0%
TFPM Triple Flag Precious Met 0.21% 1,932,070 $37.0M Reduce -9.5%
SPYG SS SPDR P S&P 500 Growth ETF 0.13% 288,552 $23.2M Add +6.6%
BBU Brookfield Business PT-Unit 0.09% 683,180 $16.0M Reduce -7.0%
MSFT Microsoft Corp. 0.08% 38,342 $14.4M Add +7568.4%
AAPL Apple Inc. 0.08% 59,198 $13.1M New
ENB Enbridge Inc. 0.07% 263,964 $11.7M New
TRI Thomson Reuters Corp. 0.07% 67,001 $11.6M New
BBUC Brookfield Business Class A 0.06% 411,955 $11.0M Reduce -13.3%
PBA Pembina Pipeline Corp. 0.06% 255,681 $10.2M New
BEP Brookfield Renewable Partner 0.05% 399,027 $8.8M Add +35369.1%
JPM JPMorgan Chase & Co. 0.05% 35,488 $8.7M New
DNN Denison Mines Corp. 0.05% 6,056,600 $7.9M Reduce -10.4%
BCE Bce Inc. 0.04% 331,207 $7.6M Add +80879.7%
JNJ Johnson & Johnson 0.04% 45,276 $7.5M New
CSCO Cisco Systems Inc. 0.04% 119,720 $7.4M New
JCI Johnson Controls Internation 0.04% 82,305 $6.6M New
CNQ Canadian Natural Resources 0.04% 202,820 $6.2M New
AEM Agnico Eagle Mines Ltd. 0.03% 53,381 $5.8M New
ACN Accenture PLC Class A 0.03% 18,495 $5.8M New
TSM Taiwan Semiconductor-SP ADR 0.03% 34,351 $5.7M New
TIXT Telus International Cda Inc. 0.03% 2,101,560 $5.6M Reduce -7.1%
NVO Novo-Nordisk A/S-Spons ADR 0.03% 79,163 $5.5M New
HON Honeywell International Inc. 0.03% 25,135 $5.3M New
ABT Abbott Laboratories 0.03% 34,798 $4.6M Add +2219.9%
DEO Diageo PLC-Sponsored ADR 0.03% 41,875 $4.4M New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.03% 77,845 $4.4M Add +4954.9%
VZ Verizon Communications Inc. 0.03% 96,005 $4.4M New
TU Telus Corp. 0.02% 299,518 $4.3M New
PEP Pepsico Inc. 0.02% 27,725 $4.2M Add +2980.6%
MMM 3M Co. 0.02% 26,130 $3.8M New
COST Costco Wholesale Corp. 0.02% 3,892 $3.7M New
EFA iShares MSCI Eafe ETF 0.02% 41,086 $3.4M No change
AQN Algonquin Power & Utilities 0.02% 556,495 $2.9M New
GOOG Alphabet Inc. Class C 0.02% 18,202 $2.8M Add +2279.3%
IMO Imperial Oil Ltd. 0.02% 39,110 $2.8M New
ETN Eaton Corp. PLC 0.02% 10,257 $2.8M New
PG The Procter & Gamble Co. 0.01% 14,615 $2.5M Add +2823.0%
CVE Cenovus Energy Inc. 0.01% 156,127 $2.2M New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 21,115 $2.1M New
WMT Walmart Inc. 0.01% 23,361 $2.0M New
GOOGL Alphabet Inc. Class A 0.01% 12,500 $1.9M New
MDLZ Mondelez International Inc. Class A 0.01% 26,725 $1.8M New
NVS Novartis AG-Sponsored ADR 0.01% 13,720 $1.5M Add +412.9%
TMO Thermo Fisher Scientific Inc. 0.01% 2,943 $1.5M New

Show all 204 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $9K (not counted above)
SecurityClassShares / PrincipalValueChange
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 1,036$9KNew

Total filed on the 13F, all lines: $17.4B.

Portfolio Sells Q4 2024 → Q1 2025
BIIB Biogen Inc. Reduce -100.0% 0.00% −1.45
BNS Bank of Nova Scotia Reduce -64.4% 0.63% −1.26
RBA RB Global Inc. Reduce -40.9% 2.05% −0.89
MGA Magna International Inc. Reduce -28.8% 1.08% −0.68
K Kellanova Reduce -99.4% 0.00% −0.61
RY Royal Bank of Canada Reduce -8.8% 4.42% −0.47
DOO BRP Inc./Ca- Sub Voting Reduce -11.4% 0.56% −0.34
RCI Rogers Communications Inc. Class B Reduce -9.5% 1.63% −0.33
GIB Cgi Inc. Reduce -10.7% 1.76% −0.28
BN Brookfield Corp. Reduce -11.1% 1.57% −0.26
BMO Bank of Montreal Reduce -9.7% 3.29% −0.21
OTEX Open Text Corp. Reduce -11.0% 0.98% −0.18
BAM Brookfield Asset Mgmt-A Reduce -11.2% 0.66% −0.13
CP Canadian Pacific Kansas City Reduce -8.1% 1.73% −0.10
SLF Sun Life Financial Inc. Reduce -7.6% 1.61% −0.10
BLK BlackRock Inc. Reduce -3.4% 1.34% −0.08
MFC Manulife Financial Corp. Reduce -9.7% 2.04% −0.06
FNV Franco-Nevada Corp. Reduce -33.5% 1.03% −0.06
DNN Denison Mines Corp. Reduce -10.4% 0.05% −0.02
TIXT Telus International Cda Inc. Reduce -7.1% 0.03% −0.02
BBU Brookfield Business PT-Unit Reduce -7.0% 0.09% −0.00
PH Parker Hannifin Corp. Sold out 0.00% −0.00
BDX Becton Dickinson and Co. Sold out 0.00% −0.00
BBUC Brookfield Business Class A Reduce -13.3% 0.06% 0.00
CAE Cae Inc. Reduce -2.4% 1.67% +0.00
TFPM Triple Flag Precious Met Reduce -9.5% 0.21% +0.04
SU Suncor Energy Inc. Reduce -9.1% 1.79% +0.08
AGI Alamos Gold Inc. Class A Reduce -10.0% 0.51% +0.14
FTS Fortis Inc. Reduce -6.7% 2.00% +0.16
GFL GFL Environmental Inc.-Sub VT Reduce -2.5% 1.70% +0.18
TD Toronto-Dominion Bank Reduce -8.8% 5.29% +0.43

Portfolio Buys Q4 2024 → Q1 2025
CB Chubb Ltd. Add +27.1% 2.23% +0.71
AMGN Amgen Inc. Add +10.0% 2.51% +0.71
WAB Wabtec Corp. Add +44.1% 1.63% +0.51
MDT Medtronic PLC Add +1.5% 2.48% +0.43
NTR Nutrien Ltd. Add +9.2% 1.78% +0.39
EBAY eBay Inc. Add +0.5% 2.76% +0.39
CMCSA Comcast Corp. Class A Add +11.3% 2.60% +0.36
DOX Amdocs Ltd. Add +1.4% 2.67% +0.36
KMB Kimberly-Clark Corp. Add +0.7% 2.45% +0.33
QCOM Qualcomm Inc. Add +9.7% 2.37% +0.33
TRP TC Energy Corp. Add +9.3% 1.98% +0.29
QSR Restaurant Brands Intern Add +2.8% 2.23% +0.23
CPB The Campbell's Company Add +13.0% 1.80% +0.22
PPG PPG Industries Inc. Add +13.4% 2.38% +0.22
COR Cencora Inc. Add +0.9% 0.82% +0.20
CNI Canadian Natl Railway Co. Add +3.5% 2.39% +0.12
MRK Merck & Co. Inc. Add +9.5% 2.29% +0.10
MSFT Microsoft Corp. Add +7568.4% 0.08% +0.08
GEN Gen Digital Inc. Add +0.6% 2.53% +0.08
SGI Somnigroup International Inc. Add +0.5% 0.72% +0.08
AAPL Apple Inc. New 0.08% +0.08
ENB Enbridge Inc. New 0.07% +0.07
TRI Thomson Reuters Corp. New 0.07% +0.07
PBA Pembina Pipeline Corp. New 0.06% +0.06
BEP Brookfield Renewable Partner Add +35369.1% 0.05% +0.05
JPM JPMorgan Chase & Co. New 0.05% +0.05
BCE Bce Inc. Add +80879.7% 0.04% +0.04
JNJ Johnson & Johnson New 0.04% +0.04
CSCO Cisco Systems Inc. New 0.04% +0.04
OMC Omnicom Group Add +0.6% 1.63% +0.04
IPG Interpublic Group of Cos Inc. Add +0.4% 1.39% +0.04
JCI Johnson Controls Internation New 0.04% +0.04
CNQ Canadian Natural Resources New 0.04% +0.04
AEM Agnico Eagle Mines Ltd. New 0.03% +0.03
ACN Accenture PLC Class A New 0.03% +0.03
TSM Taiwan Semiconductor-SP ADR New 0.03% +0.03
NVO Novo-Nordisk A/S-Spons ADR New 0.03% +0.03
HON Honeywell International Inc. New 0.03% +0.03
ABT Abbott Laboratories Add +2219.9% 0.03% +0.03
DEO Diageo PLC-Sponsored ADR New 0.03% +0.03
VZ Verizon Communications Inc. New 0.03% +0.03
TU Telus Corp. New 0.02% +0.02
CM Can Imperial BK of Commerce Add +4954.9% 0.03% +0.02
PEP Pepsico Inc. Add +2980.6% 0.02% +0.02
MAS Masco Corp. Add +0.5% 1.12% +0.02
MMM 3M Co. New 0.02% +0.02
COST Costco Wholesale Corp. New 0.02% +0.02
NTAP Netapp Inc. Add +26.1% 1.84% +0.02
AQN Algonquin Power & Utilities New 0.02% +0.02
IMO Imperial Oil Ltd. New 0.02% +0.02

Notes & Other Activity Q4 2024 → Q1 2025
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 New 1,036 $9K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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