Connor, Clark & Lunn Investment Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Connor, Clark & Lunn Investment Management Ltd. reported 1,475 stock positions worth $31.7 billion. Its top holding was Royal Bank of Canada (RY) at 5.2% of the portfolio, followed by Agnico Eagle Mines (AEM, 3.4%) and Shopify Class A (SHOP, 3.1%). Compared with Q2 2025, it opened 281 new positions, sold out of 292, added to 635 and reduced 535. The biggest buy was Barrick Mining (B, shares +664%) and the biggest sale Canadian Natl Railway (CNI, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001596800
- Portfolio Value
- $31.7B (Q3 2025)
- SEC Filing
- 0001596800-25-000015 ↗ filed Nov 13, 2025
Holdings Value
Holdings 1,475 stocks · $31.7B
| RY Royal Bank of Canada | 5.18% | 11,147,980 | $1.6B | Add +3.1% |
| AEM Agnico Eagle Mines Ltd. | 3.39% | 6,392,420 | $1.1B | Add +0.7% |
| SHOP Shopify Inc. Class A | 3.08% | 6,588,934 | $978.7M | Add +3.4% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.60% | 10,349,841 | $826.9M | Add +10.5% |
| TD Toronto-Dominion Bank | 2.55% | 10,113,286 | $808.5M | Add +3.2% |
| NVDA Nvidia Corp. | 2.42% | 4,110,749 | $767.0M | Add +15.6% |
| PBUS Invesco MSCI USA ETF | 1.90% | 9,010,335 | $604.1M | No change |
| MSFT Microsoft Corp. | 1.90% | 1,162,506 | $602.1M | Add +35.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.57% | 7,690,883 | $497.2M | Add +29.9% |
| AAPL Apple Inc. | 1.44% | 1,795,581 | $457.2M | Add +26.1% |
| TRP TC Energy Corp. | 1.39% | 8,133,562 | $442.1M | Reduce -8.2% |
| SU Suncor Energy Inc. | 1.31% | 9,965,233 | $416.9M | Add +6.0% |
| CLS Celestica Inc. | 1.24% | 1,595,448 | $392.5M | Reduce -8.0% |
| AMZN Amazon.com Inc. | 1.22% | 1,769,542 | $388.5M | Add +115.4% |
| ENB Enbridge Inc. | 1.15% | 7,218,933 | $364.1M | Reduce -17.6% |
| CCJ Cameco Corp. | 1.13% | 4,291,202 | $360.1M | Add +32.8% |
| KGC Kinross Gold Corp. | 1.10% | 14,083,320 | $349.5M | Add +16.7% |
| CP Canadian Pacific Kansas City | 1.03% | 4,406,653 | $328.1M | Add +2.0% |
| GOOG Alphabet Inc. Class C | 1.03% | 1,346,100 | $327.8M | Add +16.6% |
| TRI Thomson Reuters Corp. | 1.00% | 2,045,871 | $317.6M | Reduce -4.6% |
| CNQ Canadian Natural Resources | 0.97% | 9,614,291 | $307.3M | Add +11.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.94% | 2,279,855 | $297.0M | Add +15.5% |
| B Barrick Mining Corp. | 0.93% | 9,013,464 | $296.0M | Add +664.1% |
| MFC Manulife Financial Corp. | 0.91% | 9,321,115 | $290.3M | Reduce -22.4% |
| META Meta Platforms Inc. Class A | 0.82% | 354,611 | $260.4M | Add +28.3% |
| WCN Waste Connections Inc. | 0.71% | 1,273,481 | $223.8M | Reduce -37.3% |
| BAM Brookfield Asset Mgmt-A | 0.70% | 3,904,677 | $222.2M | Add +72.6% |
| SLF Sun Life Financial Inc. | 0.69% | 3,668,157 | $220.2M | Reduce -23.0% |
| CNI Canadian Natl Railway Co. | 0.64% | 2,168,232 | $204.4M | Reduce -48.6% |
| BN Brookfield Corp. | 0.63% | 2,897,507 | $198.8M | Reduce -39.8% |
| WPM Wheaton Precious Metals Corp. | 0.60% | 1,712,476 | $191.6M | Reduce -34.0% |
| FTS Fortis Inc. | 0.59% | 3,707,514 | $188.0M | Reduce -10.9% |
| FNV Franco-Nevada Corp. | 0.57% | 810,364 | $180.3M | Reduce -46.4% |
| V Visa Inc. Class A | 0.56% | 519,991 | $177.5M | Add +71.5% |
| IMO Imperial Oil Ltd. | 0.53% | 1,868,038 | $169.3M | Reduce -9.1% |
| PAAS Pan American Silver Corp. | 0.53% | 4,351,363 | $168.6M | Reduce -0.1% |
| NFLX Netflix Inc. | 0.52% | 138,586 | $166.2M | Add +26.2% |
| AVGO Broadcom Inc. | 0.51% | 486,748 | $160.6M | Add +30.4% |
| JPM JPMorgan Chase & Co. | 0.46% | 460,451 | $145.2M | Add +6.3% |
| STN Stantec Inc. | 0.45% | 1,336,617 | $144.1M | Reduce -29.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.45% | 515,605 | $144.0M | Add +38.0% |
| VALE Vale SA-SP ADR | 0.45% | 13,177,654 | $143.1M | Add +29.6% |
| AMD Advanced Micro Devices | 0.44% | 860,470 | $139.2M | Add +55.5% |
| DASH DoorDash Inc. Class A | 0.44% | 510,387 | $138.8M | Add +1.6% |
| TSLA Tesla Inc. | 0.40% | 288,311 | $128.2M | Add +17.1% |
| LOW Lowe's Cos Inc. | 0.40% | 508,795 | $127.9M | Reduce -14.9% |
| GRTUF Granite Real Estate Investme | 0.37% | 2,137,483 | $118.7M | Add +70.0% |
| PM Philip Morris International | 0.36% | 709,235 | $115.0M | Add +61.9% |
| CAT Caterpillar Inc. | 0.33% | 219,675 | $104.8M | Reduce -19.2% |
| INTC Intel Corp. | 0.32% | 3,024,799 | $101.5M | Reduce -35.2% |
| MRVL Marvell Technology Inc. | 0.32% | 1,195,889 | $100.5M | Reduce -18.8% |
| HBM Hudbay Minerals Inc. | 0.31% | 6,502,180 | $98.5M | Add +145.3% |
| MGA Magna International Inc. | 0.30% | 2,041,614 | $96.7M | Add +75.0% |
| SE Sea Ltd.-ADR | 0.29% | 518,042 | $92.6M | Reduce -18.9% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.29% | 1,091,901 | $91.5M | Reduce -10.0% |
| PBA Pembina Pipeline Corp. | 0.29% | 2,252,234 | $91.0M | Reduce -44.2% |
| MU Micron Technology Inc. | 0.28% | 530,766 | $88.8M | New |
| IBN Icici Bank Ltd.-Spon ADR | 0.28% | 2,915,414 | $88.1M | Add +7.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 769,140 | $88.1M | Add +78.1% |
| CPRT Copart Inc. | 0.28% | 1,942,458 | $87.4M | Add +71.0% |
| VRTX Vertex Pharmaceuticals Inc. | 0.27% | 220,801 | $86.5M | Add +7.1% |
| OTEX Open Text Corp. | 0.27% | 2,312,755 | $86.4M | Add +455.9% |
| RBA RB Global Inc. | 0.27% | 796,056 | $86.2M | Reduce -31.9% |
| MS Morgan Stanley | 0.27% | 535,132 | $85.1M | Reduce -13.4% |
| TECK Teck Resources Ltd.-CLS B | 0.26% | 1,916,856 | $84.1M | Add +2.0% |
| BB Blackberry Ltd. | 0.26% | 17,155,626 | $83.7M | Reduce -21.4% |
| HDB HDFC Bank Ltd.-ADR | 0.26% | 2,431,731 | $83.1M | Reduce -10.9% |
| CVE Cenovus Energy Inc. | 0.26% | 4,767,905 | $80.9M | Add +458.4% |
| DSGX The Descartes Systems Grp | 0.25% | 846,414 | $79.7M | Reduce -44.6% |
| GIL Gildan Activewear Inc. | 0.25% | 1,357,293 | $78.4M | Reduce -14.1% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.25% | 7,251,539 | $78.2M | Add +41.1% |
| PLTR Palantir Technologies Inc. Class A | 0.24% | 419,646 | $76.6M | Add +10.3% |
| OR Or Royalties Inc. | 0.24% | 1,887,800 | $75.6M | Add +6.0% |
| WMT Walmart Inc. | 0.24% | 731,487 | $75.4M | Add +95.3% |
| ESTC Elastic NV | 0.24% | 891,279 | $75.3M | Add +50.8% |
| XOM Exxon Mobil Corp. | 0.24% | 665,710 | $75.1M | Add +56.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.23% | 147,404 | $74.1M | Reduce -2.2% |
| T AT&T Inc. | 0.23% | 2,612,790 | $73.8M | Add +51.4% |
| MDB Mongodb Inc. | 0.23% | 232,167 | $72.1M | Add +24.1% |
| VRT Vertiv Holdings Co. Class A | 0.23% | 476,574 | $71.9M | Reduce -12.2% |
| PG The Procter & Gamble Co. | 0.22% | 461,570 | $70.9M | Add +291.2% |
| NTNX Nutanix Inc. Class A | 0.22% | 936,571 | $69.7M | Add +23.0% |
| DOW Dow Inc. | 0.22% | 3,036,805 | $69.6M | Add +206.3% |
| VZ Verizon Communications Inc. | 0.22% | 1,584,049 | $69.6M | Add +2.1% |
| GOOGL Alphabet Inc. Class A | 0.21% | 277,781 | $67.5M | Reduce -30.9% |
| AMAT Applied Materials Inc. | 0.21% | 326,064 | $66.8M | Add +222.8% |
| MEDP Medpace Holdings Inc. | 0.21% | 128,599 | $66.1M | Reduce -19.0% |
| GIB Cgi Inc. | 0.21% | 736,471 | $65.6M | Reduce -30.9% |
| BIP Brookfield Infrastructure Pa | 0.21% | 1,989,756 | $65.5M | Add +62.1% |
| BTG B2GOLD Corp. | 0.20% | 13,119,360 | $64.8M | Add +34.4% |
| BLK BlackRock Inc. | 0.20% | 54,562 | $63.6M | Add +3.3% |
| TMUS T-Mobile US Inc. | 0.20% | 265,274 | $63.5M | Add +26.3% |
| COIN Coinbase Global Inc. Class A | 0.20% | 188,029 | $63.5M | Add +19.7% |
| ETSY Etsy Inc. | 0.20% | 938,056 | $62.3M | Add +5.8% |
| U Unity Software Inc. | 0.20% | 1,554,336 | $62.2M | Reduce -48.5% |
| EFXT Enerflex Ltd. | 0.19% | 5,735,102 | $61.8M | Add +0.6% |
| SII Sprott Inc. | 0.19% | 739,700 | $61.5M | Add +99.6% |
| TFII Tfi International Inc. | 0.19% | 692,787 | $61.0M | Add +61.2% |
| ANET Arista Networks Inc. | 0.19% | 415,692 | $60.6M | Reduce -47.2% |
| MT Arcelormittal-NY Registered | 0.19% | 1,645,930 | $59.5M | Reduce -6.2% |
Portfolio Sells Q2 2025 → Q3 2025
| CNI Canadian Natl Railway Co. | Reduce -48.6% | 0.64% | −0.91 |
| WCN Waste Connections Inc. | Reduce -37.3% | 0.71% | −0.63 |
| TRI Thomson Reuters Corp. | Reduce -4.6% | 1.00% | −0.52 |
| MFC Manulife Financial Corp. | Reduce -22.4% | 0.91% | −0.44 |
| BN Brookfield Corp. | Reduce -39.8% | 0.63% | −0.42 |
| SLF Sun Life Financial Inc. | Reduce -23.0% | 0.69% | −0.42 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.40 |
| INFY Infosys Ltd.-SP ADR | Reduce -84.1% | 0.05% | −0.34 |
| FNV Franco-Nevada Corp. | Reduce -46.4% | 0.57% | −0.31 |
| DSGX The Descartes Systems Grp | Reduce -44.6% | 0.25% | −0.30 |
| QSR Restaurant Brands Intern | Reduce -94.3% | 0.01% | −0.27 |
| STN Stantec Inc. | Reduce -29.3% | 0.45% | −0.27 |
| ONC Beone Medicines Ltd.-ADR | Sold out | 0.00% | −0.26 |
| ENB Enbridge Inc. | Reduce -17.6% | 1.15% | −0.25 |
| PBA Pembina Pipeline Corp. | Reduce -44.2% | 0.29% | −0.25 |
| WPM Wheaton Precious Metals Corp. | Reduce -34.0% | 0.60% | −0.22 |
| AGI Alamos Gold Inc. Class A | Reduce -62.7% | 0.16% | −0.21 |
| MA Mastercard Inc. Class A | Reduce -61.4% | 0.11% | −0.20 |
| GIB Cgi Inc. | Reduce -30.9% | 0.21% | −0.19 |
| FUTU Futu Holdings Ltd.-ADR | Sold out | 0.00% | −0.19 |
| ROKU Roku Inc. | Reduce -69.8% | 0.08% | −0.18 |
| RBA RB Global Inc. | Reduce -31.9% | 0.27% | −0.17 |
| RBLX Roblox Corp. Class A | Reduce -56.3% | 0.18% | −0.17 |
| AXON Axon Enterprise Inc. | Reduce -34.6% | 0.17% | −0.16 |
| AXP American Express Co. | Reduce -59.9% | 0.08% | −0.14 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.14 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.14 |
| NTAP Netapp Inc. | Reduce -42.8% | 0.18% | −0.13 |
| IQV Iqvia Holdings Inc. | Reduce -56.4% | 0.12% | −0.13 |
| XPEV Xpeng Inc. - ADR | Sold out | 0.00% | −0.13 |
| TRP TC Energy Corp. | Reduce -8.2% | 1.39% | −0.13 |
| EMBJ Embraer SA-Spon ADR | Reduce -49.7% | 0.11% | −0.12 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.12 |
| SHW The Sherwin-Williams Co. | Sold out | 0.00% | −0.12 |
| BKNG Booking Holdings Inc. | Reduce -30.8% | 0.16% | −0.12 |
| ABT Abbott Laboratories | Reduce -72.4% | 0.04% | −0.12 |
| BAC Bank of America Corp. | Reduce -61.8% | 0.07% | −0.12 |
| EQIX Equinix Inc. | Reduce -90.9% | 0.01% | −0.12 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.11 |
| CRM Salesforce Inc. | Reduce -91.1% | 0.01% | −0.11 |
| ROK Rockwell Automation Inc. | Reduce -78.0% | 0.03% | −0.11 |
| FTS Fortis Inc. | Reduce -10.9% | 0.59% | −0.11 |
| HDB HDFC Bank Ltd.-ADR | Reduce -10.9% | 0.26% | −0.11 |
| ABNB Airbnb Inc. Class A | Reduce -25.8% | 0.16% | −0.10 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.10 |
| GRAB Grab Holdings Ltd. Class A | Reduce -41.8% | 0.16% | −0.10 |
| QFIN Qfin Holdings Inc.-ADR | Reduce -59.8% | 0.03% | −0.10 |
| ATS Ats Corp. | Reduce -13.3% | 0.17% | −0.10 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.09 |
| ANET Arista Networks Inc. | Reduce -47.2% | 0.19% | −0.09 |
Portfolio Buys Q2 2025 → Q3 2025
| B Barrick Mining Corp. | Add +664.1% | 0.93% | +0.85 |
| AEM Agnico Eagle Mines Ltd. | Add +0.7% | 3.39% | +0.73 |
| AMZN Amazon.com Inc. | Add +115.4% | 1.22% | +0.59 |
| SHOP Shopify Inc. Class A | Add +3.4% | 3.08% | +0.49 |
| NVDA Nvidia Corp. | Add +15.6% | 2.42% | +0.44 |
| KGC Kinross Gold Corp. | Add +16.7% | 1.10% | +0.44 |
| BNS Bank of Nova Scotia | Add +29.9% | 1.57% | +0.41 |
| AAPL Apple Inc. | Add +26.1% | 1.44% | +0.41 |
| MSFT Microsoft Corp. | Add +35.9% | 1.90% | +0.40 |
| GOOG Alphabet Inc. Class C | Add +16.6% | 1.03% | +0.31 |
| CCJ Cameco Corp. | Add +32.8% | 1.13% | +0.29 |
| MU Micron Technology Inc. | New | 0.28% | +0.28 |
| CM Can Imperial BK of Commerce | Add +10.5% | 2.60% | +0.26 |
| BAM Brookfield Asset Mgmt-A | Add +72.6% | 0.70% | +0.26 |
| OTEX Open Text Corp. | Add +455.9% | 0.27% | +0.23 |
| CVE Cenovus Energy Inc. | Add +458.4% | 0.26% | +0.21 |
| HBM Hudbay Minerals Inc. | Add +145.3% | 0.31% | +0.21 |
| V Visa Inc. Class A | Add +71.5% | 0.56% | +0.18 |
| BMO Bank of Montreal | Add +15.5% | 0.94% | +0.16 |
| AMD Advanced Micro Devices | Add +55.5% | 0.44% | +0.16 |
| PG The Procter & Gamble Co. | Add +291.2% | 0.22% | +0.16 |
| TSM Taiwan Semiconductor-SP ADR | Add +38.0% | 0.45% | +0.16 |
| RY Royal Bank of Canada | Add +3.1% | 5.18% | +0.15 |
| SHEL Shell PLC-ADR | Add +960.7% | 0.17% | +0.15 |
| LITE Lumentum Holdings Inc. | Add +254.7% | 0.18% | +0.15 |
| GRTUF Granite Real Estate Investme | Add +70.0% | 0.37% | +0.15 |
| MGA Magna International Inc. | Add +75.0% | 0.30% | +0.15 |
| AMAT Applied Materials Inc. | Add +222.8% | 0.21% | +0.15 |
| IONS Ionis Pharmaceuticals Inc. | Add +230.4% | 0.18% | +0.14 |
| AVGO Broadcom Inc. | Add +30.4% | 0.51% | +0.14 |
| MO Altria Group Inc. | Add +752.3% | 0.16% | +0.14 |
| MEOH Methanex Corp. | Add +249.8% | 0.18% | +0.13 |
| TSLA Tesla Inc. | Add +17.1% | 0.40% | +0.13 |
| EQX Equinox Gold Corp. | New | 0.13% | +0.13 |
| DOW Dow Inc. | Add +206.3% | 0.22% | +0.13 |
| QCOM Qualcomm Inc. | New | 0.12% | +0.12 |
| BP BP PLC-Spons ADR | Add +589.2% | 0.14% | +0.12 |
| EW Edwards Lifesciences Corp. | Add +1017.2% | 0.13% | +0.12 |
| IAG Iamgold Corp. | Add +297.3% | 0.14% | +0.12 |
| MP MP Materials Corp. | Add +111.4% | 0.16% | +0.11 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +1087.7% | 0.12% | +0.11 |
| WMT Walmart Inc. | Add +95.3% | 0.24% | +0.11 |
| QS Quantumscape Corp. | New | 0.11% | +0.11 |
| KO The Coca-Cola Co. | Add +231.1% | 0.17% | +0.11 |
| SNOW Snowflake Inc. | Add +315.4% | 0.14% | +0.10 |
| KTOS Kratos Defense & Security | Add +4521.5% | 0.11% | +0.10 |
| TM Toyota Motor Corp. -Spon ADR | Add +204.7% | 0.15% | +0.10 |
| SII Sprott Inc. | Add +99.6% | 0.19% | +0.10 |
| VALE Vale SA-SP ADR | Add +29.6% | 0.45% | +0.10 |
| META Meta Platforms Inc. Class A | Add +28.3% | 0.82% | +0.10 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,621 | $52.8B | RY, TD, NVDA, ENB, AAPL |
| Q1 2026 | 1,525 | $43.4B | RY, AEM, TD, SU, ENB |
| Q4 2025 | 1,505 | $38.1B | RY, AEM, SHOP, TD, CM |
| Q3 2025 | 1,475 | $31.7B | RY, AEM, SHOP, CM, TD |
| Q2 2025 | 1,486 | $28.4B | RY, AEM, SHOP, TD, CM |
| Q1 2025 | 1,383 | $22.9B | RY, AEM, SHOP, TD, CM |
| Q4 2024 | 1,386 | $22.1B | RY, SHOP, CM, TD, ENB |
| Q3 2024 | 1,400 | $20.6B | RY, CM, TD, ENB, AEM |
| Q2 2024 | 1,345 | $23.8B | RY, MSFT, AAPL, TD, NVDA |
| Q1 2024 | 1,501 | $23.2B | RY, TD, BNS, AAPL, SHOP |