Beutel, Goodman & Co Ltd.

Name: Beutel, Goodman & Co Ltd. 13F holdings, Q4 2025
Creator: Beutel, Goodman & Co Ltd.
Published: 2026-02-13

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Beutel, Goodman & Co Ltd. reported 174 stock positions worth $16.3 billion. Its top holding was Toronto-Dominion Bank (TD) at 4.6% of the portfolio, followed by Royal Bank of Canada (RY, 4.1%) and Bank of Montreal (BMO, 4.0%). Compared with Q3 2025, it opened 2 new positions, sold out of 6, added to 25 and reduced 83. The biggest buy was a new position in Boyd Group Services (BGSI) and the biggest sale Toronto-Dominion Bank (TD, shares −37%).

Most Recent 13F: Q2 2026
Location: TORONTO, A6
CIK: 0001361974
Portfolio Value: $16.3B (Q4 2025)
SEC Filing: 0001361974-26-000005 ↗ filed Feb 13, 2026

Holdings Value

Holdings 174 stocks · $16.3B


TD Toronto-Dominion Bank	4.65%	8,012,730	$756.2M	Reduce -37.1%
RY Royal Bank of Canada	4.10%	3,913,751	$668.1M	Reduce -7.0%
BMO Bank of Montreal filed as BANK MONTREAL QUE	3.99%	4,990,717	$649.0M	Reduce -7.4%
CB Chubb Ltd.	2.84%	1,481,216	$462.3M	Add +2.0%
MDT Medtronic PLC	2.79%	4,731,611	$454.5M	Reduce -0.7%
OMC Omnicom Group	2.79%	5,624,143	$454.1M	Add +77.9%
MRK Merck & Co. Inc.	2.63%	4,062,393	$427.6M	Reduce -16.3%
PPG PPG Industries Inc.	2.47%	3,921,122	$401.8M	Add +2.4%
MFC Manulife Financial Corp.	2.46%	11,024,527	$400.8M	Add +7.5%
EBAY eBay Inc.	2.42%	4,517,362	$393.5M	Add +22.7%
RCI Rogers Communications Inc. Class B	2.41%	10,374,584	$392.1M	Add +6.0%
AMGN Amgen Inc.	2.38%	1,182,453	$387.0M	Reduce -18.3%
DOX Amdocs Ltd.	2.34%	4,734,354	$381.2M	Add +7.1%
QSR Restaurant Brands Intern	2.33%	5,548,020	$379.1M	Add +6.0%
WAB Wabtec Corp.	2.29%	1,742,919	$372.0M	Add +3.7%
GIB Cgi Inc.	2.28%	4,009,805	$370.9M	Add +7.0%
NTR Nutrien Ltd.	2.28%	5,997,348	$370.7M	Add +7.4%
NTAP Netapp Inc.	2.20%	3,351,445	$358.9M	Reduce -4.5%
AMP Ameriprise Financial Inc.	2.18%	725,099	$355.5M	Add +34.6%
GEN Gen Digital Inc.	2.18%	13,031,328	$354.3M	Reduce -7.9%
TRP TC Energy Corp.	2.05%	6,045,999	$333.4M	Reduce -7.3%
KMB Kimberly-Clark Corp.	2.01%	3,243,674	$327.3M	Add +15.1%
CP Canadian Pacific Kansas City	2.01%	4,437,890	$327.2M	Add +16.2%
QCOM Qualcomm Inc.	2.00%	1,900,527	$325.1M	Reduce -28.5%
CMCSA Comcast Corp. Class A	1.92%	10,478,547	$313.2M	Reduce -8.0%
GFL GFL Environmental Inc.-Sub VT	1.90%	7,172,103	$308.5M	Add +31.4%
ELV Elevance Health Inc.	1.76%	817,896	$286.7M	Add +13.9%
AXP American Express Co.	1.74%	765,136	$283.1M	Reduce -37.6%
RBA RB Global Inc.	1.72%	2,717,540	$280.1M	Reduce -7.6%
CNI Canadian Natl Railway Co.	1.60%	2,629,511	$260.4M	Reduce -31.7%
BGSI Boyd Group Services Inc.	1.54%	1,571,469	$250.6M	New
CIGI Colliers Intl GR-Subord Vot	1.45%	1,601,611	$235.7M	Reduce -7.5%
FTS Fortis Inc.	1.38%	4,319,468	$224.9M	Reduce -36.7%
CNQ Canadian Natural Resources	1.34%	6,434,851	$218.2M	Add +3243.3%
MAS Masco Corp.	1.29%	3,310,790	$210.1M	Add +25.8%
CAE Cae Inc.	1.25%	6,679,818	$203.4M	Reduce -7.2%
SLF Sun Life Financial Inc.	1.22%	3,173,364	$198.4M	Reduce -25.6%
SU Suncor Energy Inc.	1.22%	4,454,906	$198.0M	Reduce -23.0%
BN Brookfield Corp.	1.21%	4,301,067	$197.7M	Reduce -7.7%
FNV Franco-Nevada Corp.	1.18%	927,474	$192.5M	Reduce -7.2%
FLS Flowserve Corp.	1.15%	2,703,070	$187.5M	Add +14.0%
OTEX Open Text Corp.	1.12%	5,567,797	$181.6M	Reduce -7.4%
AMAT Applied Materials Inc.	1.11%	701,414	$180.3M	Reduce -35.6%
CMI Cummins Inc.	1.08%	343,643	$175.4M	Reduce -7.1%
CPB The Campbell's Company	1.07%	6,267,644	$174.7M	Reduce -7.0%
ATS Ats Corp.	0.99%	5,837,138	$161.0M	Reduce -7.8%
BLK BlackRock Inc.	0.97%	148,127	$158.5M	Reduce -33.3%
SEIC Sei Investments Company	0.95%	1,882,427	$154.4M	Reduce -7.0%
CG The Carlyle Group Inc.	0.88%	2,435,137	$143.9M	Reduce -7.1%
HOG Harley-Davidson Inc.	0.80%	6,377,492	$130.7M	Reduce -7.1%
BAM Brookfield Asset Mgmt-A	0.62%	1,936,911	$101.6M	Reduce -7.8%
AGI Alamos Gold Inc. Class A	0.49%	2,058,525	$79.6M	Reduce -8.7%
COR Cencora Inc.	0.41%	199,716	$67.5M	Reduce -37.0%
TFPM Triple Flag Precious Met	0.25%	1,210,840	$40.3M	Reduce -8.8%
DCBO Docebo Inc.	0.21%	1,566,943	$34.9M	Add +40.3%
EPRX Eupraxia Pharmaceuticals Inc.	0.17%	3,709,373	$27.9M	Reduce -8.6%
SPYG SS SPDR P S&P 500 Growth ETF	0.17%	252,467	$27.0M	No change
BBU Brookfield Business PT-Unit	0.13%	584,663	$20.7M	Reduce -8.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO	0.11%	199,807	$18.1M	Reduce -0.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	0.11%	243,554	$18.0M	Reduce -0.5%
MSFT Microsoft Corp.	0.09%	31,378	$15.2M	Reduce -9.2%
EMA Emera Inc.	0.09%	288,413	$14.2M	Reduce -1.3%
AAPL Apple Inc.	0.08%	45,283	$12.3M	Reduce -9.5%
BBUC Brookfield Business Class A	0.07%	330,454	$11.8M	Reduce -8.7%
JPM JPMorgan Chase & Co.	0.06%	32,125	$10.4M	No change
DNN Denison Mines Corp.	0.06%	3,787,059	$10.1M	Reduce -8.7%
BEP Brookfield Renewable Partner	0.06%	349,407	$9.5M	Reduce -5.3%
PBA Pembina Pipeline Corp.	0.06%	238,706	$9.1M	Reduce -1.3%
JNJ Johnson & Johnson	0.05%	41,456	$8.6M	Reduce -1.4%
JCI Johnson Controls Internation	0.05%	69,915	$8.4M	Reduce -2.4%
TRI Thomson Reuters Corp.	0.05%	60,738	$8.0M	Reduce -4.7%
CSCO Cisco Systems Inc.	0.05%	103,085	$7.9M	Reduce -2.1%
TSM Taiwan Semiconductor-SP ADR	0.04%	23,570	$7.2M	Reduce -18.3%
AEM Agnico Eagle Mines Ltd.	0.04%	40,337	$6.8M	Reduce -12.4%
GOOGL Alphabet Inc. Class A	0.03%	16,158	$5.1M	Add +58.0%
HON Honeywell International Inc.	0.03%	24,270	$4.7M	Reduce -0.2%
MICC The Magnum Ice Cream Co. NV	0.03%	287,388	$4.6M	Add +17243.9%
ACN Accenture PLC Class A	0.03%	15,520	$4.2M	Reduce -2.8%
EFA iShares MSCI Eafe ETF	0.02%	39,652	$3.8M	Reduce -1.0%
PEP Pepsico Inc.	0.02%	24,750	$3.6M	Reduce -0.7%
ABT Abbott Laboratories	0.02%	26,100	$3.3M	Reduce -4.7%
MMM 3M Co.	0.02%	20,115	$3.2M	Reduce -2.7%
ENB Enbridge Inc.	0.02%	65,066	$3.1M	Reduce -3.7%
NVO Novo-Nordisk A/S-Spons ADR	0.02%	60,013	$3.1M	Reduce -5.4%
GOOG Alphabet Inc. Class C	0.02%	9,465	$3.0M	Reduce -46.2%
IMO Imperial Oil Ltd.	0.02%	33,960	$2.9M	Reduce -2.6%
ETN Eaton Corp. PLC	0.02%	9,003	$2.9M	No change
DEO Diageo PLC-Sponsored ADR	0.02%	32,180	$2.8M	Reduce -8.7%
COST Costco Wholesale Corp.	0.02%	3,094	$2.7M	Reduce -2.6%
TU Telus Corp.	0.02%	201,221	$2.7M	Reduce -20.2%
NVS Novartis AG-Sponsored ADR	0.02%	18,655	$2.6M	Add +1.2%
CVE Cenovus Energy Inc.	0.01%	139,111	$2.4M	Reduce -0.2%
PSLV Sprott Physical Silver Trust	0.01%	92,500	$2.2M	No change
WMT Walmart Inc.	0.01%	18,423	$2.1M	Reduce -0.8%
PG The Procter & Gamble Co.	0.01%	13,795	$2.0M	No change
VZ Verizon Communications Inc.	0.01%	45,770	$1.9M	Reduce -33.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.01%	16,060	$1.8M	Reduce -6.5%
TMO Thermo Fisher Scientific Inc.	0.01%	2,900	$1.7M	Reduce -0.8%
AQN Algonquin Power & Utilities	0.01%	262,070	$1.6M	Reduce -41.4%
WFC Wells Fargo & Co.	0.01%	15,115	$1.4M	Reduce -2.7%

Show all 174 holdings

Portfolio Sells Q3 2025 → Q4 2025


TD Toronto-Dominion Bank	Reduce -37.1%	4.65%	−1.49
IPG Interpublic Group of Cos Inc.	Sold out	0.00%	−1.36
AXP American Express Co.	Reduce -37.6%	1.74%	−0.72
FTS Fortis Inc.	Reduce -36.7%	1.38%	−0.70
QCOM Qualcomm Inc.	Reduce -28.5%	2.00%	−0.67
CNI Canadian Natl Railway Co.	Reduce -31.7%	1.60%	−0.59
BLK BlackRock Inc.	Reduce -33.3%	0.97%	−0.59
HOG Harley-Davidson Inc.	Reduce -7.1%	0.80%	−0.35
SLF Sun Life Financial Inc.	Reduce -25.6%	1.22%	−0.32
NTAP Netapp Inc.	Reduce -4.5%	2.20%	−0.30
SU Suncor Energy Inc.	Reduce -23.0%	1.22%	−0.24
GEN Gen Digital Inc.	Reduce -7.9%	2.18%	−0.24
BMO Bank of Montreal	Reduce -7.4%	3.99%	−0.24
OTEX Open Text Corp.	Reduce -7.4%	1.12%	−0.24
AMAT Applied Materials Inc.	Reduce -35.6%	1.11%	−0.24
CMCSA Comcast Corp. Class A	Reduce -8.0%	1.92%	−0.23
CPB The Campbell's Company	Reduce -7.0%	1.07%	−0.21
RBA RB Global Inc.	Reduce -7.6%	1.72%	−0.20
CIGI Colliers Intl GR-Subord Vot	Reduce -7.5%	1.45%	−0.18
COR Cencora Inc.	Reduce -37.0%	0.41%	−0.18
FNV Franco-Nevada Corp.	Reduce -7.2%	1.18%	−0.16
CG The Carlyle Group Inc.	Reduce -7.1%	0.88%	−0.11
BAM Brookfield Asset Mgmt-A	Reduce -7.8%	0.62%	−0.10
TRP TC Energy Corp.	Reduce -7.3%	2.05%	−0.09
SEIC Sei Investments Company	Reduce -7.0%	0.95%	−0.09
AMGN Amgen Inc.	Reduce -18.3%	2.38%	−0.08
BN Brookfield Corp.	Reduce -7.7%	1.21%	−0.07
CAE Cae Inc.	Reduce -7.2%	1.25%	−0.03
MSFT Microsoft Corp.	Reduce -9.2%	0.09%	−0.01
TRI Thomson Reuters Corp.	Reduce -4.7%	0.05%	−0.01
ATS Ats Corp.	Reduce -7.8%	0.99%	−0.01
GOOG Alphabet Inc. Class C	Reduce -46.2%	0.02%	−0.01
TU Telus Corp.	Reduce -20.2%	0.02%	−0.01
DNN Denison Mines Corp.	Reduce -8.7%	0.06%	−0.01
VZ Verizon Communications Inc.	Reduce -33.2%	0.01%	−0.01
AEM Agnico Eagle Mines Ltd.	Reduce -12.4%	0.04%	−0.00
AQN Algonquin Power & Utilities	Reduce -41.4%	0.01%	−0.00
TSM Taiwan Semiconductor-SP ADR	Reduce -18.3%	0.04%	−0.00
DEO Diageo PLC-Sponsored ADR	Reduce -8.7%	0.02%	−0.00
PBA Pembina Pipeline Corp.	Reduce -1.3%	0.06%	−0.00
NVO Novo-Nordisk A/S-Spons ADR	Reduce -5.4%	0.02%	−0.00
ABT Abbott Laboratories	Reduce -4.7%	0.02%	−0.00
HON Honeywell International Inc.	Reduce -0.2%	0.03%	−0.00
ENB Enbridge Inc.	Reduce -3.7%	0.02%	−0.00
COST Costco Wholesale Corp.	Reduce -2.6%	0.02%	−0.00
AAPL Apple Inc.	Reduce -9.5%	0.08%	−0.00
IMO Imperial Oil Ltd.	Reduce -2.6%	0.02%	−0.00
CVS CVS Health Corp.	Reduce -20.8%	0.01%	−0.00
BBUC Brookfield Business Class A	Reduce -8.7%	0.07%	−0.00
DIS The Walt Disney Co.	Reduce -6.5%	0.01%	−0.00

Portfolio Buys Q3 2025 → Q4 2025


BGSI Boyd Group Services Inc.	New	1.54%	+1.54
CNQ Canadian Natural Resources	Add +3243.3%	1.34%	+1.30
OMC Omnicom Group	Add +77.9%	2.79%	+1.24
AMP Ameriprise Financial Inc.	Add +34.6%	2.18%	+0.59
MFC Manulife Financial Corp.	Add +7.5%	2.46%	+0.54
EBAY eBay Inc.	Add +22.7%	2.42%	+0.40
FLS Flowserve Corp.	Add +14.0%	1.15%	+0.39
RCI Rogers Communications Inc. Class B	Add +6.0%	2.41%	+0.38
CB Chubb Ltd.	Add +2.0%	2.84%	+0.37
ELV Elevance Health Inc.	Add +13.9%	1.76%	+0.36
GFL GFL Environmental Inc.-Sub VT	Add +31.4%	1.90%	+0.34
QSR Restaurant Brands Intern	Add +6.0%	2.33%	+0.31
NTR Nutrien Ltd.	Add +7.4%	2.28%	+0.30
CP Canadian Pacific Kansas City	Add +16.2%	2.01%	+0.30
GIB Cgi Inc.	Add +7.0%	2.28%	+0.27
WAB Wabtec Corp.	Add +3.7%	2.29%	+0.26
MAS Masco Corp.	Add +25.8%	1.29%	+0.18
DOX Amdocs Ltd.	Add +7.1%	2.34%	+0.16
PPG PPG Industries Inc.	Add +2.4%	2.47%	+0.04
DCBO Docebo Inc.	Add +40.3%	0.21%	+0.03
MICC The Magnum Ice Cream Co. NV	Add +17243.9%	0.03%	+0.03
GOOGL Alphabet Inc. Class A	Add +58.0%	0.03%	+0.02
NVS Novartis AG-Sponsored ADR	Add +1.2%	0.02%	+0.00
SNN Smith & Nephew PLC -Spon ADR	Add +16.8%	0.01%	+0.00
AMZN Amazon.com Inc.	Add +3.9%	0.00%	+0.00
META Meta Platforms Inc. Class A	New	0.00%	0.00
KMB Kimberly-Clark Corp.	Add +15.1%	2.01%	−0.10

Notes & Other Activity Q3 2025 → Q4 2025


KO The Coca-Cola Co.	COM	Sold out	0	$0before exit

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

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	163	$13.6B	TD, BMO, RY, PPG, EBAY
Q1 2026	170	$14.8B	TD, RY, BMO, WAB, PPG
Q4 2025	174	$16.3B	TD, RY, BMO, CB, MDT
Q3 2025	176	$16.6B	TD, BMO, RY, MDT, QCOM
Q2 2025	176	$17.6B	TD, RY, BMO, AXP, GEN
Q1 2025Amended	204	$17.4B	TD, RY, BMO, EBAY, DOX
Q4 2024	86	$18.4B	RY, TD, BMO, RBA, GEN
Q3 2024	89	$20.3B	RY, TD, RBA, BMO, CNI
Q2 2024	77	$18.8B	RY, TD, MFC, CNI, AMGN
Q1 2024Amended	75	$19.4B	RY, TD, CNI, MFC, BMO