Beutel, Goodman & Co Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Beutel, Goodman & Co Ltd. reported 176 stock positions worth $16.6 billion. Its top holding was Toronto-Dominion Bank (TD) at 6.1% of the portfolio, followed by Bank of Montreal (BMO, 4.2%) and Royal Bank of Canada (RY, 3.7%). Compared with Q2 2025, it opened 7 new positions, sold out of 6, added to 15 and reduced 94. The biggest buy was a new position in Applied Materials (AMAT) and the biggest sale Royal Bank of Canada (RY, shares −36%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$16.6B (Q3 2025)
SEC Filing
0001361974-25-000016 ↗ filed Nov 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 Q1 2025 Q2 2025: $17.6B Q2 2025 Q3 2025: $16.6B $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 · $16.6B
TD Toronto-Dominion Bank 6.13% 12,733,758 $1.0B Reduce -13.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE 4.23% 5,387,726 $702.2M Reduce -6.6%
RY Royal Bank of Canada 3.74% 4,206,909 $620.2M Reduce -36.0%
MDT Medtronic PLC 2.73% 4,765,105 $453.8M Reduce -2.9%
QCOM Qualcomm Inc. 2.66% 2,657,180 $442.0M Reduce -4.2%
NTAP Netapp Inc. 2.51% 3,511,297 $415.9M Reduce -0.9%
CB Chubb Ltd. 2.47% 1,452,138 $409.9M Add +8.4%
AMGN Amgen Inc. 2.46% 1,446,930 $408.3M Add +0.7%
AXP American Express Co. 2.45% 1,227,147 $407.6M Reduce -14.1%
MRK Merck & Co. Inc. 2.45% 4,852,678 $407.3M Reduce -4.9%
PPG PPG Industries Inc. 2.43% 3,830,908 $402.7M Add +2.7%
GEN Gen Digital Inc. 2.42% 14,148,489 $401.7M Reduce -7.3%
CNI Canadian Natl Railway Co. 2.19% 3,847,915 $362.9M Reduce -6.9%
DOX Amdocs Ltd. 2.19% 4,422,353 $362.9M Reduce -4.9%
CMCSA Comcast Corp. Class A 2.15% 11,383,765 $357.7M Reduce -4.7%
TRP TC Energy Corp. 2.14% 6,520,773 $354.6M Reduce -6.8%
KMB Kimberly-Clark Corp. 2.11% 2,817,824 $350.4M Reduce -4.1%
FTS Fortis Inc. 2.08% 6,821,376 $346.1M Reduce -7.0%
RCI Rogers Communications Inc. Class B 2.03% 9,783,210 $336.9M Reduce -5.1%
WAB Wabtec Corp. 2.03% 1,680,090 $336.8M Reduce -5.6%
QSR Restaurant Brands Intern 2.02% 5,234,439 $335.9M Reduce -6.9%
EBAY eBay Inc. 2.02% 3,681,235 $334.8M Reduce -38.4%
GIB Cgi Inc. 2.01% 3,746,942 $333.8M Add +8.5%
NTR Nutrien Ltd. 1.98% 5,583,555 $328.0M Reduce -7.0%
MFC Manulife Financial Corp. 1.93% 10,260,514 $319.7M Reduce -7.4%
RBA RB Global Inc. 1.92% 2,940,185 $318.5M Reduce -14.1%
CP Canadian Pacific Kansas City 1.71% 3,818,265 $284.4M Reduce -7.5%
CIGI Colliers Intl GR-Subord Vot 1.63% 1,732,466 $271.0M Reduce -7.0%
AMP Ameriprise Financial Inc. 1.59% 538,521 $264.5M Reduce -5.5%
BLK BlackRock Inc. 1.56% 222,122 $259.0M Reduce -7.5%
GFL GFL Environmental Inc.-Sub VT 1.56% 5,456,285 $258.7M Reduce -7.7%
OMC Omnicom Group 1.55% 3,161,467 $257.8M Reduce -5.2%
SLF Sun Life Financial Inc. 1.54% 4,265,170 $256.2M Reduce -7.3%
SU Suncor Energy Inc. 1.46% 5,788,651 $242.3M Reduce -24.9%
ELV Elevance Health Inc. 1.40% 717,822 $231.9M Reduce -4.8%
IPG Interpublic Group of Cos Inc. 1.36% 8,104,203 $226.2M Reduce -5.7%
OTEX Open Text Corp. 1.35% 6,014,504 $224.9M Reduce -7.4%
AMAT Applied Materials Inc. 1.34% 1,088,672 $222.9M New
FNV Franco-Nevada Corp. 1.34% 999,536 $222.5M Reduce -7.5%
BN Brookfield Corp. 1.28% 3,108,035 $213.3M Reduce -38.4%
CAE Cae Inc. 1.28% 7,196,402 $213.1M Reduce -37.6%
CPB The Campbell's Company 1.28% 6,741,727 $212.9M Reduce -11.6%
HOG Harley-Davidson Inc. 1.15% 6,867,982 $191.6M Reduce -6.5%
MAS Masco Corp. 1.12% 2,631,474 $185.2M Reduce -4.1%
SEIC Sei Investments Company 1.03% 2,022,950 $171.6M Reduce -22.2%
ATS Ats Corp. 1.00% 6,330,688 $165.7M Reduce -7.4%
CG The Carlyle Group Inc. 0.99% 2,622,212 $164.4M Reduce -5.4%
CMI Cummins Inc. 0.94% 369,814 $156.2M Reduce -37.2%
FLS Flowserve Corp. 0.76% 2,371,875 $126.0M Reduce -5.6%
BAM Brookfield Asset Mgmt-A 0.72% 2,101,976 $119.6M Reduce -7.7%
COR Cencora Inc. 0.60% 317,217 $99.1M Reduce -4.7%
AGI Alamos Gold Inc. Class A 0.47% 2,254,068 $78.6M Reduce -5.5%
TFPM Triple Flag Precious Met 0.23% 1,327,100 $38.9M Reduce -5.4%
DCBO Docebo Inc. 0.18% 1,117,210 $30.5M Add +349.5%
SPYG SS SPDR P S&P 500 Growth ETF 0.16% 252,467 $26.4M Reduce -6.9%
EPRX Eupraxia Pharmaceuticals Inc. 0.14% 4,058,899 $23.9M New
BBU Brookfield Business PT-Unit 0.13% 641,090 $21.0M Reduce -2.9%
MSFT Microsoft Corp. 0.11% 34,547 $17.9M Reduce -4.7%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.10% 200,807 $16.0M Add +158.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.10% 244,854 $15.8M Add +42.7%
EMA Emera Inc. 0.08% 292,263 $14.0M Reduce -2.4%
AAPL Apple Inc. 0.08% 50,041 $12.7M Reduce -9.4%
BBUC Brookfield Business Class A 0.07% 362,050 $12.2M Reduce -9.3%
DNN Denison Mines Corp. 0.07% 4,145,940 $11.4M Reduce -29.2%
JPM JPMorgan Chase & Co. 0.06% 32,125 $10.1M Reduce -1.6%
TRI Thomson Reuters Corp. 0.06% 63,711 $9.9M Reduce -3.2%
PBA Pembina Pipeline Corp. 0.06% 241,856 $9.8M Reduce -1.1%
BEP Brookfield Renewable Partner 0.06% 369,027 $9.5M Reduce -0.9%
TSM Taiwan Semiconductor-SP ADR 0.05% 28,841 $8.1M Reduce -4.6%
JCI Johnson Controls Internation 0.05% 71,650 $7.9M Reduce -2.6%
JNJ Johnson & Johnson 0.05% 42,031 $7.8M Reduce -1.8%
AEM Agnico Eagle Mines Ltd. 0.05% 46,070 $7.8M No change
CSCO Cisco Systems Inc. 0.04% 105,285 $7.2M Reduce -9.1%
CNQ Canadian Natural Resources 0.04% 192,470 $6.2M Add +0.2%
HON Honeywell International Inc. 0.03% 24,320 $5.1M Reduce -2.0%
GOOG Alphabet Inc. Class C 0.03% 17,595 $4.3M Reduce -0.5%
TU Telus Corp. 0.02% 252,156 $4.0M Reduce -8.7%
ACN Accenture PLC Class A 0.02% 15,960 $3.9M Reduce -0.6%
EFA iShares MSCI Eafe ETF 0.02% 40,051 $3.7M Reduce -0.3%
ABT Abbott Laboratories 0.02% 27,400 $3.7M Reduce -0.7%
NVO Novo-Nordisk A/S-Spons ADR 0.02% 63,438 $3.5M Reduce -12.5%
PEP Pepsico Inc. 0.02% 24,925 $3.5M Reduce -3.9%
ENB Enbridge Inc. 0.02% 67,566 $3.4M Reduce -72.2%
ETN Eaton Corp. PLC 0.02% 9,003 $3.4M Reduce -1.6%
DEO Diageo PLC-Sponsored ADR 0.02% 35,240 $3.4M Reduce -4.2%
MMM 3M Co. 0.02% 20,665 $3.2M Reduce -1.7%
IMO Imperial Oil Ltd. 0.02% 34,860 $3.2M Reduce -3.1%
VZ Verizon Communications Inc. 0.02% 68,505 $3.0M Reduce -18.9%
COST Costco Wholesale Corp. 0.02% 3,177 $2.9M Reduce -10.6%
GOOGL Alphabet Inc. Class A 0.01% 10,225 $2.5M Reduce -2.4%
AQN Algonquin Power & Utilities 0.01% 447,345 $2.4M Reduce -10.0%
CVE Cenovus Energy Inc. 0.01% 139,391 $2.4M Reduce -2.7%
NVS Novartis AG-Sponsored ADR 0.01% 18,440 $2.4M Add +52.3%
PG The Procter & Gamble Co. 0.01% 13,795 $2.1M Add +1.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.01% 17,175 $2.0M Reduce -1.5%
WMT Walmart Inc. 0.01% 18,573 $1.9M Reduce -4.7%
MDLZ Mondelez International Inc. Class A 0.01% 25,225 $1.6M No change
PSLV Sprott Physical Silver Trust 0.01% 92,500 $1.5M No change
TMO Thermo Fisher Scientific Inc. 0.01% 2,925 $1.4M Reduce -0.6%
WFC Wells Fargo & Co. 0.01% 15,540 $1.3M Reduce -1.4%

Show all 176 holdings

Portfolio Sells Q2 2025 → Q3 2025
RY Royal Bank of Canada Reduce -36.0% 3.74% −1.19
CAE Cae Inc. Reduce -37.6% 1.28% −0.64
EBAY eBay Inc. Reduce -38.4% 2.02% −0.52
BN Brookfield Corp. Reduce -38.4% 1.28% −0.49
SEIC Sei Investments Company Reduce -22.2% 1.03% −0.30
CMCSA Comcast Corp. Class A Reduce -4.7% 2.15% −0.27
ELV Elevance Health Inc. Reduce -4.8% 1.40% −0.27
CNI Canadian Natl Railway Co. Reduce -6.9% 2.19% −0.26
ATS Ats Corp. Reduce -7.4% 1.00% −0.24
DOX Amdocs Ltd. Reduce -4.9% 2.19% −0.23
SLF Sun Life Financial Inc. Reduce -7.3% 1.54% −0.20
SU Suncor Energy Inc. Reduce -24.9% 1.46% −0.18
CMI Cummins Inc. Reduce -37.2% 0.94% −0.16
CP Canadian Pacific Kansas City Reduce -7.5% 1.71% −0.15
RBA RB Global Inc. Reduce -14.1% 1.92% −0.15
AMP Ameriprise Financial Inc. Reduce -5.5% 1.59% −0.14
AXP American Express Co. Reduce -14.1% 2.45% −0.14
GFL GFL Environmental Inc.-Sub VT Reduce -7.7% 1.56% −0.14
GEN Gen Digital Inc. Reduce -7.3% 2.42% −0.14
QSR Restaurant Brands Intern Reduce -6.9% 2.02% −0.10
WAB Wabtec Corp. Reduce -5.6% 2.03% −0.09
MFC Manulife Financial Corp. Reduce -7.4% 1.93% −0.09
CPB The Campbell's Company Reduce -11.6% 1.28% −0.05
KMB Kimberly-Clark Corp. Reduce -4.1% 2.11% −0.05
ENB Enbridge Inc. Reduce -72.2% 0.02% −0.04
TIXT Telus International Cda Inc. Sold out 0.00% −0.04
BCE Bce Inc. Reduce -96.5% 0.00% −0.03
TD Toronto-Dominion Bank Reduce -13.6% 6.13% −0.03
TRI Thomson Reuters Corp. Reduce -3.2% 0.06% −0.02
NTR Nutrien Ltd. Reduce -7.0% 1.98% −0.01
NVO Novo-Nordisk A/S-Spons ADR Reduce -12.5% 0.02% −0.01
BRK.A Berkshire Hathaway Inc. Class A Sold out 0.00% −0.00
ACN Accenture PLC Class A Reduce -0.6% 0.02% −0.00
VZ Verizon Communications Inc. Reduce -18.9% 0.02% −0.00
CSCO Cisco Systems Inc. Reduce -9.1% 0.04% −0.00
COST Costco Wholesale Corp. Reduce -10.6% 0.02% −0.00
HON Honeywell International Inc. Reduce -2.0% 0.03% −0.00
AQN Algonquin Power & Utilities Reduce -10.0% 0.01% −0.00
TU Telus Corp. Reduce -8.7% 0.02% −0.00
DEO Diageo PLC-Sponsored ADR Reduce -4.2% 0.02% −0.00
DIS The Walt Disney Co. Reduce -1.5% 0.01% −0.00
XLV SS Health Care Select Sector Reduce -20.6% 0.00% −0.00
GLD SPDR Gold Shares Sold out 0.00% −0.00
DD Dupont DE Nemours Inc. Sold out 0.00% −0.00
ET Energy Transfer LP Sold out 0.00% −0.00
AMZN Amazon.com Inc. Reduce -7.8% 0.00% 0.00
BIPC Brookfield Infrastructure-A Reduce -10.2% 0.00% 0.00
UL Unilever PLC Reduce -1.0% 0.00% 0.00
WBA Walgreens Boots Alliance Inc. Sold out 0.00% 0.00
CVS CVS Health Corp. Reduce -11.7% 0.01% +0.00

Portfolio Buys Q2 2025 → Q3 2025
AMAT Applied Materials Inc. New 1.34% +1.34
CB Chubb Ltd. Add +8.4% 2.47% +0.26
AMGN Amgen Inc. Add +0.7% 2.46% +0.17
EPRX Eupraxia Pharmaceuticals Inc. New 0.14% +0.14
DCBO Docebo Inc. Add +349.5% 0.18% +0.14
CM Can Imperial BK of Commerce Add +158.0% 0.10% +0.07
BNS Bank of Nova Scotia Add +42.7% 0.10% +0.04
PPG PPG Industries Inc. Add +2.7% 2.43% +0.01
MO Altria Group Inc. New 0.01% +0.01
NVS Novartis AG-Sponsored ADR Add +52.3% 0.01% +0.01
SNN Smith & Nephew PLC -Spon ADR Add +45.4% 0.01% +0.00
CNQ Canadian Natural Resources Add +0.2% 0.04% +0.00
GSK GSK PLC-Spon ADR Add +1.4% 0.00% +0.00
IVV iShares Core S&P 500 ETF Add +2.8% 0.00% +0.00
PG The Procter & Gamble Co. Add +1.5% 0.01% +0.00
QQQ Invesco QQQ Trust Series 1 Add +22.0% 0.00% +0.00
DVY iShares Select Dividend ETF New 0.00% +0.00
IYH iShares U.S. Healthcare ETF New 0.00% +0.00
IBM Intl Business Machines Corp. Add +40.0% 0.00% +0.00
IWD iShares Russell 1000 Value E New 0.00% 0.00
VONV Vanguard Russell 1000 Value New 0.00% 0.00
GIB Cgi Inc. Add +8.5% 2.01% −0.05

Notes & Other Activity Q2 2025 → Q3 2025
KO The Coca-Cola Co. COM Reduce -100.0% 0 $0

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