Beutel, Goodman & Co Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Beutel, Goodman & Co Ltd. reported 176 stock positions worth $17.6 billion. Its top holding was Toronto-Dominion Bank (TD) at 6.2% of the portfolio, followed by Royal Bank of Canada (RY, 4.9%) and Bank of Montreal (BMO, 3.6%). Compared with Q1 2025, it opened 4 new positions, sold out of 32, added to 11 and reduced 118. The biggest buy was a new position in Elevance Health (ELV) and the biggest sale Magna International (MGA, shares −100%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$17.6B (Q2 2025)
SEC Filing
0001361974-25-000011 ↗ filed Aug 13, 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 Q1 2025 Q2 2025: $17.6B $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 176 stocks · $17.6B
TD Toronto-Dominion Bank 6.16% 14,740,291 $1.1B Reduce -3.8%
RY Royal Bank of Canada 4.93% 6,577,072 $865.1M Reduce -3.4%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.63% 5,767,972 $637.9M Reduce -3.4%
AXP American Express Co. 2.59% 1,427,713 $455.4M Reduce -2.0%
GEN Gen Digital Inc. 2.56% 15,268,735 $448.9M Reduce -7.8%
EBAY eBay Inc. 2.53% 5,973,100 $444.8M Reduce -15.4%
QCOM Qualcomm Inc. 2.52% 2,774,812 $441.9M Add +3.6%
CNI Canadian Natl Railway Co. 2.45% 4,134,954 $430.0M Reduce -3.0%
MDT Medtronic PLC 2.44% 4,907,266 $427.8M Add +2.4%
CMCSA Comcast Corp. Class A 2.43% 11,939,789 $426.1M Reduce -2.2%
DOX Amdocs Ltd. 2.42% 4,650,708 $424.3M Reduce -8.0%
PPG PPG Industries Inc. 2.42% 3,729,174 $424.2M Reduce -1.5%
MRK Merck & Co. Inc. 2.30% 5,104,436 $404.1M Add +15.3%
AMGN Amgen Inc. 2.29% 1,436,622 $401.1M Add +2.7%
CB Chubb Ltd. 2.21% 1,339,427 $388.1M Add +4.6%
KMB Kimberly-Clark Corp. 2.16% 2,938,215 $378.8M Reduce -1.7%
NTAP Netapp Inc. 2.15% 3,544,644 $377.7M Reduce -2.6%
WAB Wabtec Corp. 2.12% 1,779,101 $372.5M Add +14.1%
QSR Restaurant Brands Intern 2.12% 5,624,674 $372.4M Reduce -3.0%
RBA RB Global Inc. 2.07% 3,422,805 $362.9M Reduce -3.4%
GIB Cgi Inc. 2.06% 3,452,820 $361.9M Add +13.0%
MFC Manulife Financial Corp. 2.01% 11,076,292 $353.4M Reduce -2.7%
FTS Fortis Inc. 1.99% 7,336,752 $349.6M Reduce -3.5%
NTR Nutrien Ltd. 1.99% 6,001,244 $349.0M Reduce -3.6%
TRP TC Energy Corp. 1.94% 6,999,809 $341.0M Reduce -3.6%
CAE Cae Inc. 1.92% 11,528,538 $337.2M Reduce -2.3%
CP Canadian Pacific Kansas City 1.86% 4,127,444 $327.2M Reduce -3.3%
BN Brookfield Corp. 1.77% 5,043,131 $311.5M Reduce -3.2%
SLF Sun Life Financial Inc. 1.74% 4,601,560 $305.6M Reduce -5.8%
RCI Rogers Communications Inc. Class B 1.74% 10,308,495 $305.1M Reduce -2.8%
AMP Ameriprise Financial Inc. 1.73% 570,080 $304.3M Add +18.0%
GFL GFL Environmental Inc.-Sub VT 1.70% 5,913,330 $297.9M Reduce -3.2%
ELV Elevance Health Inc. 1.67% 753,653 $293.1M New
SU Suncor Energy Inc. 1.64% 7,704,918 $288.0M Reduce -3.7%
BLK BlackRock Inc. 1.44% 240,141 $252.0M Reduce -2.6%
CIGI Colliers Intl GR-Subord Vot 1.39% 1,863,281 $243.3M Add +2.1%
OMC Omnicom Group 1.37% 3,333,998 $239.8M Reduce -2.5%
CPB The Campbell's Company 1.33% 7,626,085 $233.7M Reduce -2.6%
SEIC Sei Investments Company 1.33% 2,600,616 $233.7M Reduce -2.8%
ATS Ats Corp. 1.24% 6,834,488 $217.5M Reduce -3.1%
IPG Interpublic Group of Cos Inc. 1.20% 8,593,612 $210.4M Reduce -2.9%
CMI Cummins Inc. 1.10% 589,186 $193.0M Reduce -2.9%
OTEX Open Text Corp. 1.08% 6,493,133 $189.3M Reduce -3.3%
FNV Franco-Nevada Corp. 1.01% 1,081,100 $177.1M Reduce -4.5%
MAS Masco Corp. 1.01% 2,744,300 $176.6M Reduce -2.0%
HOG Harley-Davidson Inc. 0.99% 7,348,126 $173.4M Reduce -3.0%
CG The Carlyle Group Inc. 0.81% 2,771,630 $142.5M Reduce -2.9%
FLS Flowserve Corp. 0.75% 2,512,094 $131.5M Reduce -2.7%
BAM Brookfield Asset Mgmt-A 0.72% 2,278,022 $125.8M Reduce -3.3%
COR Cencora Inc. 0.57% 332,952 $99.8M Reduce -34.8%
AGI Alamos Gold Inc. Class A 0.36% 2,385,338 $63.3M Reduce -27.8%
TFPM Triple Flag Precious Met 0.19% 1,402,880 $33.2M Reduce -27.4%
SPYG SS SPDR P S&P 500 Growth ETF 0.15% 271,232 $25.8M Reduce -6.0%
MSFT Microsoft Corp. 0.10% 36,257 $18.0M Reduce -5.4%
BBU Brookfield Business PT-Unit 0.10% 660,130 $17.1M Reduce -3.4%
EMA Emera Inc. 0.08% 299,288 $13.7M New
TRI Thomson Reuters Corp. 0.08% 65,793 $13.2M Reduce -1.8%
BBUC Brookfield Business Class A 0.07% 399,025 $12.5M Reduce -3.1%
AAPL Apple Inc. 0.06% 55,251 $11.3M Reduce -6.7%
ENB Enbridge Inc. 0.06% 243,424 $11.0M Reduce -7.8%
DNN Denison Mines Corp. 0.06% 5,856,260 $10.7M Reduce -3.3%
BEP Brookfield Renewable Partner 0.05% 372,277 $9.5M Reduce -6.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.05% 171,637 $9.5M Reduce -92.6%
JPM JPMorgan Chase & Co. 0.05% 32,650 $9.5M Reduce -8.0%
PBA Pembina Pipeline Corp. 0.05% 244,431 $9.2M Reduce -4.4%
CSCO Cisco Systems Inc. 0.05% 115,810 $8.0M Reduce -3.3%
JCI Johnson Controls Internation 0.04% 73,575 $7.8M Reduce -10.6%
TIXT Telus International Cda Inc. 0.04% 2,035,150 $7.4M Reduce -3.2%
DCBO Docebo Inc. 0.04% 248,560 $7.2M New
TSM Taiwan Semiconductor-SP ADR 0.04% 30,241 $6.8M Reduce -12.0%
JNJ Johnson & Johnson 0.04% 42,781 $6.5M Reduce -5.5%
BCE Bce Inc. 0.04% 277,316 $6.1M Reduce -16.3%
CNQ Canadian Natural Resources 0.03% 192,170 $6.0M Reduce -5.3%
HON Honeywell International Inc. 0.03% 24,820 $5.8M Reduce -1.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.03% 77,845 $5.5M No change
AEM Agnico Eagle Mines Ltd. 0.03% 46,070 $5.5M Reduce -13.7%
NVO Novo-Nordisk A/S-Spons ADR 0.03% 72,518 $5.0M Reduce -8.4%
ACN Accenture PLC Class A 0.03% 16,060 $4.8M Reduce -13.2%
TU Telus Corp. 0.03% 276,053 $4.4M Reduce -7.8%
ABT Abbott Laboratories 0.02% 27,600 $3.8M Reduce -20.7%
DEO Diageo PLC-Sponsored ADR 0.02% 36,790 $3.7M Reduce -12.1%
VZ Verizon Communications Inc. 0.02% 84,430 $3.7M Reduce -12.1%
EFA iShares MSCI Eafe ETF 0.02% 40,156 $3.6M Reduce -2.3%
COST Costco Wholesale Corp. 0.02% 3,552 $3.5M Reduce -8.7%
PEP Pepsico Inc. 0.02% 25,925 $3.4M Reduce -6.5%
ETN Eaton Corp. PLC 0.02% 9,153 $3.3M Reduce -10.8%
MMM 3M Co. 0.02% 21,015 $3.2M Reduce -19.6%
GOOG Alphabet Inc. Class C 0.02% 17,677 $3.1M Reduce -2.9%
IMO Imperial Oil Ltd. 0.02% 35,960 $2.9M Reduce -8.1%
AQN Algonquin Power & Utilities 0.02% 497,045 $2.8M Reduce -10.7%
PG The Procter & Gamble Co. 0.01% 13,595 $2.2M Reduce -7.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 17,440 $2.2M Reduce -17.4%
CVE Cenovus Energy Inc. 0.01% 143,237 $1.9M Reduce -8.3%
WMT Walmart Inc. 0.01% 19,498 $1.9M Reduce -16.5%
GOOGL Alphabet Inc. Class A 0.01% 10,475 $1.8M Reduce -16.2%
MDLZ Mondelez International Inc. Class A 0.01% 25,225 $1.7M Reduce -5.6%
NVS Novartis AG-Sponsored ADR 0.01% 12,110 $1.5M Reduce -11.7%
WFC Wells Fargo & Co. 0.01% 15,765 $1.3M Reduce -4.5%
TMO Thermo Fisher Scientific Inc. 0.01% 2,943 $1.2M No change
PSLV Sprott Physical Silver Trust 0.01% 92,500 $1.1M No change

Show all 176 holdings

Portfolio Sells Q1 2025 → Q2 2025
MGA Magna International Inc. Reduce -100.0% 0.00% −1.08
GNTX Gentex Corp. Sold out 0.00% −0.81
SGI Somnigroup International Inc. Reduce -99.7% 0.00% −0.72
PII Polaris Inc. Sold out 0.00% −0.66
BNS Bank of Nova Scotia Reduce -92.6% 0.05% −0.58
DOO BRP Inc./Ca- Sub Voting Sold out 0.00% −0.56
CPB The Campbell's Company Reduce -2.6% 1.33% −0.47
KMB Kimberly-Clark Corp. Reduce -1.7% 2.16% −0.29
OMC Omnicom Group Reduce -2.5% 1.37% −0.27
COR Cencora Inc. Reduce -34.8% 0.57% −0.25
DOX Amdocs Ltd. Reduce -8.0% 2.42% −0.25
EBAY eBay Inc. Reduce -15.4% 2.53% −0.22
IPG Interpublic Group of Cos Inc. Reduce -2.9% 1.20% −0.19
CMCSA Comcast Corp. Class A Reduce -2.2% 2.43% −0.17
AGI Alamos Gold Inc. Class A Reduce -27.8% 0.36% −0.15
SU Suncor Energy Inc. Reduce -3.7% 1.64% −0.14
MAS Masco Corp. Reduce -2.0% 1.01% −0.12
HOG Harley-Davidson Inc. Reduce -3.0% 0.99% −0.11
QSR Restaurant Brands Intern Reduce -3.0% 2.12% −0.11
TRP TC Energy Corp. Reduce -3.6% 1.94% −0.03
MFC Manulife Financial Corp. Reduce -2.7% 2.01% −0.03
TFPM Triple Flag Precious Met Reduce -27.4% 0.19% −0.02
FNV Franco-Nevada Corp. Reduce -4.5% 1.01% −0.02
AAPL Apple Inc. Reduce -6.7% 0.06% −0.01
BCE Bce Inc. Reduce -16.3% 0.04% −0.01
PBA Pembina Pipeline Corp. Reduce -4.4% 0.05% −0.01
JNJ Johnson & Johnson Reduce -5.5% 0.04% −0.01
ACN Accenture PLC Class A Reduce -13.2% 0.03% −0.01
ABT Abbott Laboratories Reduce -20.7% 0.02% −0.01
ENB Enbridge Inc. Reduce -7.8% 0.06% −0.00
PEP Pepsico Inc. Reduce -6.5% 0.02% −0.00
FTS Fortis Inc. Reduce -3.5% 1.99% −0.00
VZ Verizon Communications Inc. Reduce -12.1% 0.02% −0.00
C Citigroup Inc. Reduce -98.5% 0.00% −0.00
DEO Diageo PLC-Sponsored ADR Reduce -12.1% 0.02% −0.00
K Kellanova Sold out 0.00% −0.00
MMM 3M Co. Reduce -19.6% 0.02% −0.00
GFL GFL Environmental Inc.-Sub VT Reduce -3.2% 1.70% −0.00
CVX Chevron Corp. Reduce -58.3% 0.00% −0.00
NEM Newmont Corp. Reduce -76.5% 0.00% −0.00
NVO Novo-Nordisk A/S-Spons ADR Reduce -8.4% 0.03% −0.00
PFE Pfizer Inc. Reduce -93.8% 0.00% −0.00
AEM Agnico Eagle Mines Ltd. Reduce -13.7% 0.03% −0.00
INTC Intel Corp. Sold out 0.00% −0.00
PG The Procter & Gamble Co. Reduce -7.0% 0.01% −0.00
CNQ Canadian Natural Resources Reduce -5.3% 0.03% −0.00
QQQ Invesco QQQ Trust Series 1 Reduce -72.2% 0.00% −0.00
BIP Brookfield Infrastructure Pa Reduce -7.0% 0.00% −0.00
CVS CVS Health Corp. Reduce -18.7% 0.01% −0.00
CVE Cenovus Energy Inc. Reduce -8.3% 0.01% −0.00

Portfolio Buys Q1 2025 → Q2 2025
ELV Elevance Health Inc. New 1.67% +1.67
WAB Wabtec Corp. Add +14.1% 2.12% +0.49
AMP Ameriprise Financial Inc. Add +18.0% 1.73% +0.39
GIB Cgi Inc. Add +13.0% 2.06% +0.30
QCOM Qualcomm Inc. Add +3.6% 2.52% +0.15
CIGI Colliers Intl GR-Subord Vot Add +2.1% 1.39% +0.11
EMA Emera Inc. New 0.08% +0.08
DCBO Docebo Inc. New 0.04% +0.04
MRK Merck & Co. Inc. Add +15.3% 2.30% +0.01
IVV iShares Core S&P 500 ETF New 0.00% +0.00
SNN Smith & Nephew PLC -Spon ADR Add +56.2% 0.00% +0.00
GSK GSK PLC-Spon ADR Add +36.5% 0.00% +0.00
CB Chubb Ltd. Add +4.6% 2.21% −0.02
MDT Medtronic PLC Add +2.4% 2.44% −0.04
AMGN Amgen Inc. Add +2.7% 2.29% −0.23

Notes & Other Activity Q1 2025 → Q2 2025
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Sold out 1,036 $9Kbefore exit

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