Beutel, Goodman & Co Ltd.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Beutel, Goodman & Co Ltd. reported 170 stock positions worth $14.8 billion. Its top holding was Toronto-Dominion Bank (TD) at 4.7% of the portfolio, followed by Royal Bank of Canada (RY, 3.9%) and Bank of Montreal (BMO, 2.8%). Compared with Q4 2025, it opened 9 new positions, sold out of 13, added to 21 and reduced 102. The biggest buy was Union Pacific (UNP, shares +59957%) and the biggest sale Bank of Montreal (BMO, shares −38%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001361974
Portfolio Value
$14.8B (Q1 2026)
SEC Filing
0001361974-26-000007 ↗ filed May 15, 2026

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 Q3 2025 Q4 2025: $16.3B Q4 2025 Q1 2026: $14.8B $14.8B Q1 2026 Q2 2026: $13.6B Q2 2026

Holdings 170 stocks · $14.8B
TD Toronto-Dominion Bank 4.66% 7,383,692 $687.4M Reduce -7.8%
RY Royal Bank of Canada 3.94% 3,605,831 $581.0M Reduce -7.9%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 2.84% 3,101,868 $418.8M Reduce -37.9%
WAB Wabtec Corp. 2.79% 1,648,944 $412.1M Reduce -5.4%
PPG PPG Industries Inc. 2.69% 3,712,117 $396.8M Reduce -5.3%
EBAY eBay Inc. 2.64% 4,277,227 $389.3M Reduce -5.3%
MDT Medtronic PLC 2.63% 4,469,174 $387.3M Reduce -5.5%
CB Chubb Ltd. 2.56% 1,157,024 $377.1M Reduce -21.9%
QSR Restaurant Brands Intern 2.55% 5,098,410 $376.1M Reduce -8.1%
NTAP Netapp Inc. 2.53% 3,642,465 $373.0M Add +8.7%
MRK Merck & Co. Inc. 2.47% 3,029,891 $364.5M Reduce -25.4%
RCI Rogers Communications Inc. Class B 2.47% 9,491,032 $363.8M Reduce -8.5%
MFC Manulife Financial Corp. 2.36% 10,117,802 $347.4M Reduce -8.2%
DOX Amdocs Ltd. 2.34% 5,284,195 $344.8M Add +11.6%
CP Canadian Pacific Kansas City 2.19% 4,111,721 $322.5M Reduce -7.3%
OMC Omnicom Group 2.11% 4,128,466 $310.9M Reduce -26.6%
QCOM Qualcomm Inc. 2.10% 2,408,283 $310.1M Add +26.7%
AMP Ameriprise Financial Inc. 1.99% 659,562 $293.1M Reduce -9.0%
NTR Nutrien Ltd. 1.89% 3,701,225 $278.5M Reduce -38.3%
GFL GFL Environmental Inc.-Sub VT 1.87% 6,637,498 $276.0M Reduce -7.5%
CMCSA Comcast Corp. Class A 1.86% 9,535,358 $273.8M Reduce -9.0%
GIB Cgi Inc. 1.84% 3,731,273 $271.9M Reduce -7.0%
SU Suncor Energy Inc. 1.83% 4,086,562 $269.4M Reduce -8.3%
ELV Elevance Health Inc. 1.76% 886,724 $259.6M Add +8.4%
UNP Union Pacific Corp. 1.75% 1,066,009 $258.6M Add +59956.8%
CNI Canadian Natl Railway Co. 1.68% 2,415,690 $247.8M Reduce -8.1%
TRP TC Energy Corp. 1.60% 3,778,289 $235.8M Reduce -37.5%
BAM Brookfield Asset Mgmt-A 1.56% 5,189,113 $230.0M Add +167.9%
AMGN Amgen Inc. 1.55% 649,319 $228.5M Reduce -45.1%
FTS Fortis Inc. 1.50% 3,972,034 $220.9M Reduce -8.0%
BGSI Boyd Group Services Inc. 1.49% 1,723,423 $219.3M Add +9.7%
CIGI Colliers Intl GR-Subord Vot 1.47% 2,032,428 $216.6M Add +26.9%
AXP American Express Co. 1.36% 664,522 $201.0M Reduce -13.2%
GEN Gen Digital Inc. 1.33% 10,387,394 $195.6M Reduce -20.3%
CNQ Canadian Natural Resources 1.32% 4,011,532 $195.1M Reduce -37.7%
MAS Masco Corp. 1.30% 3,166,441 $191.2M Reduce -4.4%
GIL Gildan Activewear Inc. 1.29% 3,418,154 $189.7M New
SLF Sun Life Financial Inc. 1.23% 2,907,092 $181.5M Reduce -8.4%
KMB Kimberly-Clark Corp. 1.20% 1,841,866 $177.7M Reduce -43.2%
CMI Cummins Inc. 1.18% 323,652 $174.1M Reduce -5.8%
RBA RB Global Inc. 1.12% 1,724,806 $164.9M Reduce -36.5%
WFC Wells Fargo & Co. 1.11% 2,048,015 $163.0M Add +13449.5%
CAE Cae Inc. 1.10% 6,228,487 $161.7M Reduce -6.8%
BN Brookfield Corp. 1.09% 3,977,934 $160.7M Reduce -7.5%
ATS Ats Corp. 1.04% 5,454,749 $153.3M Reduce -6.5%
AMAT Applied Materials Inc. 1.03% 444,766 $152.0M Reduce -36.6%
BDX Becton Dickinson and Co. 1.03% 963,199 $151.4M New
FNV Franco-Nevada Corp. 1.01% 601,308 $148.4M Reduce -35.2%
FLS Flowserve Corp. 1.00% 2,007,525 $147.6M Reduce -25.7%
SEIC Sei Investments Company 0.94% 1,773,154 $139.1M Reduce -5.8%
BLK BlackRock Inc. 0.94% 143,485 $138.0M Reduce -3.1%
MRSH Marsh & McLennan Cos 0.92% 779,770 $135.3M New
SYY Sysco Corp. 0.87% 1,807,237 $128.9M New
OTEX Open Text Corp. 0.77% 5,118,468 $113.7M Reduce -8.1%
CG The Carlyle Group Inc. 0.50% 1,518,992 $73.5M Reduce -37.6%
AGI Alamos Gold Inc. Class A 0.46% 1,525,351 $67.6M Reduce -25.9%
COR Cencora Inc. 0.41% 190,412 $59.8M Reduce -4.7%
MDA Mda Space Ltd. 0.33% 1,930,691 $48.8M New
TFPM Triple Flag Precious Met 0.28% 1,193,676 $41.3M Reduce -1.4%
BBUC Brookfield Business Corp. Class A 0.19% 908,525 $28.6M Reduce -24.8%
DCBO Docebo Inc. 0.18% 1,561,781 $27.3M Reduce -0.3%
EPRX Eupraxia Pharmaceuticals Inc. 0.18% 3,666,465 $26.4M Reduce -1.2%
SPYG SS SPDR P S&P 500 Growth ETF 0.17% 261,658 $25.6M Add +3.6%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.13% 197,192 $18.6M Reduce -1.3%
MICC The Magnum Ice Cream Co. NV 0.10% 979,815 $14.6M Add +240.9%
EMA Emera Inc. 0.10% 275,963 $14.3M Reduce -4.3%
DNN Denison Mines Corp. 0.09% 3,737,515 $13.2M Reduce -1.3%
BEP Brookfield Renewable Partner 0.08% 344,295 $11.2M Reduce -1.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 0.07% 158,376 $10.9M Reduce -35.0%
MSFT Microsoft Corp. 0.07% 29,552 $10.9M Reduce -5.8%
AAPL Apple Inc. 0.07% 41,602 $10.6M Reduce -8.1%
PBA Pembina Pipeline Corp. 0.07% 223,236 $10.0M Reduce -6.5%
JNJ Johnson & Johnson 0.06% 38,146 $9.3M Reduce -8.0%
JPM JPMorgan Chase & Co. 0.06% 31,400 $9.2M Reduce -2.3%
JCI Johnson Controls Internation 0.06% 67,320 $8.8M Reduce -3.7%
AEM Agnico Eagle Mines Ltd. 0.05% 39,187 $7.9M Reduce -2.9%
CSCO Cisco Systems Inc. 0.05% 101,460 $7.9M Reduce -1.6%
TRI Thomson Reuters Corp. 0.04% 59,891 $5.4M Reduce -1.4%
HON Honeywell International Inc. 0.03% 21,605 $4.9M Reduce -11.0%
GOOG Alphabet Inc. Class C 0.03% 15,202 $4.4M Add +60.6%
IMO Imperial Oil Ltd. 0.03% 28,835 $3.8M Reduce -15.1%
EFA iShares MSCI Eafe ETF 0.02% 37,794 $3.7M Reduce -4.7%
PEP Pepsico Inc. 0.02% 23,305 $3.6M Reduce -5.8%
TSM Taiwan Semiconductor-SP ADR 0.02% 10,065 $3.4M Reduce -57.3%
ENB Enbridge Inc. 0.02% 62,267 $3.4M Reduce -4.3%
COST Costco Wholesale Corp. 0.02% 3,099 $3.1M Add +0.2%
ETN Eaton Corp. PLC 0.02% 8,403 $3.0M Reduce -6.7%
ACN Accenture PLC Class A 0.02% 14,645 $2.9M Reduce -5.6%
NVS Novartis AG-Sponsored ADR 0.02% 18,824 $2.9M Add +0.9%
MMM 3M Co. 0.02% 17,845 $2.6M Reduce -11.3%
CVE Cenovus Energy Inc. 0.02% 95,506 $2.5M Reduce -31.4%
ABT Abbott Laboratories 0.02% 24,570 $2.5M Reduce -5.9%
GOOGL Alphabet Inc. Class A 0.02% 8,590 $2.5M Reduce -46.8%
TU Telus Corp. 0.02% 182,371 $2.3M Reduce -9.4%
PSLV Sprott Physical Silver Trust 0.02% 92,500 $2.3M No change
WMT Walmart Inc. 0.01% 17,393 $2.2M Reduce -5.6%
DEO Diageo PLC-Sponsored ADR 0.01% 28,860 $2.1M Reduce -10.3%
NVO Novo-Nordisk A/S-Spons ADR 0.01% 57,713 $2.1M Reduce -3.8%
VZ Verizon Communications Inc. 0.01% 40,345 $2.0M Reduce -11.8%
PG The Procter & Gamble Co. 0.01% 13,495 $1.9M Reduce -2.2%

Show all 170 holdings

Portfolio Sells Q4 2025 → Q1 2026
BMO Bank of Montreal Reduce -37.9% 2.84% −1.15
CPB The Campbell's Company Sold out 0.00% −1.07
GEN Gen Digital Inc. Reduce -20.3% 1.33% −0.85
AMGN Amgen Inc. Reduce -45.1% 1.55% −0.83
KMB Kimberly-Clark Corp. Reduce -43.2% 1.20% −0.81
HOG Harley-Davidson Inc. Sold out 0.00% −0.80
OMC Omnicom Group Reduce -26.6% 2.11% −0.68
RBA RB Global Inc. Reduce -36.5% 1.12% −0.60
TRP TC Energy Corp. Reduce -37.5% 1.60% −0.45
GIB Cgi Inc. Reduce -7.0% 1.84% −0.43
NTR Nutrien Ltd. Reduce -38.3% 1.89% −0.39
CG The Carlyle Group Inc. Reduce -37.6% 0.50% −0.39
AXP American Express Co. Reduce -13.2% 1.36% −0.38
OTEX Open Text Corp. Reduce -8.1% 0.77% −0.34
CB Chubb Ltd. Reduce -21.9% 2.56% −0.28
AMP Ameriprise Financial Inc. Reduce -9.0% 1.99% −0.20
FNV Franco-Nevada Corp. Reduce -35.2% 1.01% −0.18
MDT Medtronic PLC Reduce -5.5% 2.63% −0.17
RY Royal Bank of Canada Reduce -7.9% 3.94% −0.17
MRK Merck & Co. Inc. Reduce -25.4% 2.47% −0.16
CAE Cae Inc. Reduce -6.8% 1.10% −0.15
FLS Flowserve Corp. Reduce -25.7% 1.00% −0.15
BN Brookfield Corp. Reduce -7.5% 1.09% −0.13
MFC Manulife Financial Corp. Reduce -8.2% 2.36% −0.11
VSNT Versant Media Group Inc. Reduce -99.8% 0.00% −0.09
AMAT Applied Materials Inc. Reduce -36.6% 1.03% −0.08
CMCSA Comcast Corp. Class A Reduce -9.0% 1.86% −0.07
BLK BlackRock Inc. Reduce -3.1% 0.94% −0.04
BNS Bank of Nova Scotia Reduce -35.0% 0.07% −0.04
AGI Alamos Gold Inc. Class A Reduce -25.9% 0.46% −0.03
DCBO Docebo Inc. Reduce -0.3% 0.18% −0.03
GFL GFL Environmental Inc.-Sub VT Reduce -7.5% 1.87% −0.02
TSM Taiwan Semiconductor-SP ADR Reduce -57.3% 0.02% −0.02
MSFT Microsoft Corp. Reduce -5.8% 0.07% −0.02
CNQ Canadian Natural Resources Reduce -37.7% 1.32% −0.02
GOOGL Alphabet Inc. Class A Reduce -46.8% 0.02% −0.01
TRI Thomson Reuters Corp. Reduce -1.4% 0.04% −0.01
COR Cencora Inc. Reduce -4.7% 0.41% −0.01
BBUC Brookfield Business Corp. Class A Reduce -24.8% 0.19% −0.01
ACN Accenture PLC Class A Reduce -5.6% 0.02% −0.01
SEIC Sei Investments Company Reduce -5.8% 0.94% −0.01
NVO Novo-Nordisk A/S-Spons ADR Reduce -3.8% 0.01% −0.00
AAPL Apple Inc. Reduce -8.1% 0.07% −0.00
GLW Corning Inc. Reduce -71.4% 0.00% −0.00
ABT Abbott Laboratories Reduce -5.9% 0.02% −0.00
CVS CVS Health Corp. Reduce -46.4% 0.00% −0.00
DEO Diageo PLC-Sponsored ADR Reduce -10.3% 0.01% −0.00
TMO Thermo Fisher Scientific Inc. Reduce -18.6% 0.01% −0.00
DIS The Walt Disney Co. Reduce -15.9% 0.01% −0.00
MMM 3M Co. Reduce -11.3% 0.02% −0.00

Portfolio Buys Q4 2025 → Q1 2026
UNP Union Pacific Corp. Add +59956.8% 1.75% +1.75
GIL Gildan Activewear Inc. New 1.29% +1.29
WFC Wells Fargo & Co. Add +13449.5% 1.11% +1.10
BDX Becton Dickinson and Co. New 1.03% +1.03
BAM Brookfield Asset Mgmt-A Add +167.9% 1.56% +0.93
MRSH Marsh & McLennan Cos New 0.92% +0.92
SYY Sysco Corp. New 0.87% +0.87
MDA Mda Space Ltd. New 0.33% +0.33
NTAP Netapp Inc. Add +8.7% 2.53% +0.32
QCOM Qualcomm Inc. Add +26.7% 2.10% +0.11
MICC The Magnum Ice Cream Co. NV Add +240.9% 0.10% +0.07
CIGI Colliers Intl GR-Subord Vot Add +26.9% 1.47% +0.02
GOOG Alphabet Inc. Class C Add +60.6% 0.03% +0.01
SPYG SS SPDR P S&P 500 Growth ETF Add +3.6% 0.17% +0.01
COST Costco Wholesale Corp. Add +0.2% 0.02% +0.00
NVS Novartis AG-Sponsored ADR Add +0.9% 0.02% +0.00
IVV iShares Core S&P 500 ETF Add +69.0% 0.01% +0.00
SNN Smith & Nephew PLC -Spon ADR Add +5.3% 0.01% +0.00
XOM Exxon Mobil Corp. Add +7.4% 0.00% +0.00
UL Unilever PLC-Sponsored ADR Add +28.6% 0.00% +0.00
NVDA Nvidia Corp. New 0.00% +0.00
MA Mastercard Inc. Class A Add +212.5% 0.00% +0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +1.1% 0.00% +0.00
WCN Waste Connections Inc. New 0.00% +0.00
NKE Nike Inc. Class B New 0.00% 0.00
VONV Vanguard Russell 1000 Value New 0.00% 0.00
V Visa Inc. Class A Add +8.3% 0.00% 0.00
ELV Elevance Health Inc. Add +8.4% 1.76% −0.00
DOX Amdocs Ltd. Add +11.6% 2.34% −0.00
BGSI Boyd Group Services Inc. Add +9.7% 1.49% −0.05

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