Connor, Clark & Lunn Investment Management Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Connor, Clark & Lunn Investment Management Ltd. reported 1,505 stock positions worth $38.1 billion. Its top holding was Royal Bank of Canada (RY) at 5.2% of the portfolio, followed by Agnico Eagle Mines (AEM, 2.9%) and Shopify Class A (SHOP, 2.6%). Compared with Q3 2025, it opened 346 new positions, sold out of 316, added to 601 and reduced 537. The biggest buy was ASML Holding NV-NY Reg SHS (ASML, shares +492%) and the biggest sale Thomson Reuters (TRI, shares −38%).
- Most Recent 13F
- Q2 2026
- Location
- VANCOUVER, A1
- CIK
- 0001596800
- Portfolio Value
- $38.1B (Q4 2025)
- SEC Filing
- 0001596800-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 1,505 stocks · $38.1B
| RY Royal Bank of Canada | 5.16% | 11,535,677 | $2.0B | Add +3.5% |
| AEM Agnico Eagle Mines Ltd. | 2.90% | 6,529,513 | $1.1B | Add +2.1% |
| SHOP Shopify Inc. Class A | 2.62% | 6,202,273 | $998.7M | Reduce -5.9% |
| TD Toronto-Dominion Bank | 2.25% | 9,120,801 | $859.6M | Reduce -9.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 2.19% | 9,231,352 | $836.9M | Reduce -10.8% |
| NVDA Nvidia Corp. | 2.17% | 4,428,811 | $826.0M | Add +7.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.97% | 10,187,643 | $751.4M | Add +32.5% |
| AAPL Apple Inc. | 1.62% | 2,278,198 | $619.4M | Add +26.9% |
| PBUS Invesco MSCI USA ETF | 1.62% | 9,010,335 | $616.8M | No change |
| MSFT Microsoft Corp. | 1.46% | 1,151,601 | $556.9M | Reduce -0.9% |
| TRP TC Energy Corp. | 1.39% | 9,654,085 | $531.6M | Add +18.7% |
| CLS Celestica Inc. | 1.26% | 1,627,290 | $481.3M | Add +2.0% |
| ENB Enbridge Inc. | 1.24% | 9,870,464 | $472.3M | Add +36.7% |
| AMZN Amazon.com Inc. | 1.22% | 2,012,585 | $464.5M | Add +13.7% |
| B Barrick Mining Corp. | 1.15% | 10,059,966 | $438.2M | Add +11.6% |
| SU Suncor Energy Inc. | 1.14% | 9,795,488 | $434.8M | Reduce -1.7% |
| GOOG Alphabet Inc. Class C | 1.13% | 1,370,140 | $429.9M | Add +1.8% |
| CCJ Cameco Corp. | 1.04% | 4,312,230 | $394.8M | Add +0.5% |
| CP Canadian Pacific Kansas City | 1.02% | 5,261,116 | $387.3M | Add +19.4% |
| KGC Kinross Gold Corp. | 0.91% | 12,272,461 | $345.7M | Reduce -12.9% |
| AVGO Broadcom Inc. | 0.86% | 947,495 | $327.9M | Add +94.7% |
| CNI Canadian Natl Railway Co. | 0.80% | 3,067,634 | $303.4M | Add +41.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.77% | 274,479 | $293.7M | Add +492.1% |
| MFC Manulife Financial Corp. | 0.72% | 7,558,957 | $274.5M | Reduce -18.9% |
| TSM Taiwan Semiconductor-SP ADR | 0.72% | 901,261 | $273.9M | Add +74.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.70% | 2,069,545 | $268.8M | Reduce -9.2% |
| V Visa Inc. Class A | 0.70% | 759,737 | $266.4M | Add +46.1% |
| BN Brookfield Corp. | 0.66% | 5,486,858 | $251.9M | Add +26.2% |
| VALE Vale SA-SP ADR | 0.61% | 17,937,883 | $233.7M | Add +36.1% |
| WCN Waste Connections Inc. | 0.61% | 1,327,867 | $232.9M | Add +4.3% |
| GOOGL Alphabet Inc. Class A | 0.59% | 718,730 | $225.0M | Add +158.7% |
| FTS Fortis Inc. | 0.58% | 4,240,412 | $220.5M | Add +14.4% |
| GE General Electric filed as GE AEROSPACE | 0.55% | 680,011 | $209.5M | Add +20198.8% |
| PAAS Pan American Silver Corp. | 0.54% | 3,999,858 | $207.4M | Reduce -8.1% |
| CNQ Canadian Natural Resources | 0.53% | 6,021,473 | $204.0M | Reduce -37.4% |
| MU Micron Technology Inc. | 0.53% | 708,994 | $202.4M | Add +33.6% |
| XOM Exxon Mobil Corp. | 0.49% | 1,559,424 | $187.7M | Add +134.3% |
| BAM Brookfield Asset Mgmt-A | 0.49% | 3,577,744 | $187.4M | Reduce -8.4% |
| LOW Lowe's Cos Inc. | 0.48% | 763,324 | $184.1M | Add +50.0% |
| MA Mastercard Inc. Class A | 0.48% | 320,894 | $183.2M | Add +440.6% |
| SHEL Shell PLC-ADR | 0.48% | 2,489,647 | $182.9M | Add +227.3% |
| AMD Advanced Micro Devices | 0.47% | 840,569 | $180.0M | Reduce -2.3% |
| HBM Hudbay Minerals Inc. | 0.46% | 8,831,733 | $175.3M | Add +35.8% |
| META Meta Platforms Inc. Class A | 0.46% | 264,191 | $174.4M | Reduce -25.5% |
| SLF Sun Life Financial Inc. | 0.45% | 2,748,278 | $171.5M | Reduce -25.1% |
| ADBE Adobe Inc. | 0.45% | 488,589 | $171.0M | Add +328.1% |
| UNP Union Pacific Corp. | 0.45% | 734,360 | $169.9M | Add +385.2% |
| TRI Thomson Reuters Corp. | 0.44% | 1,259,901 | $166.3M | Reduce -38.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 325,940 | $163.8M | Add +121.1% |
| BA The Boeing Co. | 0.41% | 727,768 | $158.0M | Add +8786.1% |
| SCHW Schwab (charles) Corp. | 0.41% | 1,573,703 | $157.2M | Add +336.9% |
| VRTX Vertex Pharmaceuticals Inc. | 0.41% | 345,383 | $156.6M | Add +56.4% |
| MCD McDonald's Corp. | 0.39% | 491,591 | $150.2M | Add +1230.8% |
| TSLA Tesla Inc. | 0.39% | 330,400 | $148.6M | Add +14.6% |
| ORLY O'reilly Automotive Inc. | 0.39% | 1,622,071 | $147.9M | Add +546.8% |
| WMT Walmart Inc. | 0.38% | 1,289,096 | $143.6M | Add +76.2% |
| EQX Equinox Gold Corp. | 0.37% | 10,077,672 | $141.6M | Add +178.0% |
| HDB HDFC Bank Ltd.-ADR | 0.37% | 3,836,544 | $140.2M | Add +57.8% |
| WPM Wheaton Precious Metals Corp. | 0.36% | 1,175,997 | $138.3M | Reduce -31.3% |
| LRCX Lam Research Corp. | 0.36% | 807,049 | $138.2M | Add +305.1% |
| BIP Brookfield Infrastructure Pa | 0.36% | 3,937,332 | $136.9M | Add +97.9% |
| MELI MercadoLibre Inc. | 0.36% | 67,866 | $136.7M | New |
| GRTUF Granite Real Estate Investme | 0.36% | 2,293,237 | $136.5M | Add +7.3% |
| ICE Intercontinental Exchange Inc. | 0.35% | 829,743 | $134.4M | Add +891.2% |
| EFXT Enerflex Ltd. | 0.35% | 8,554,081 | $131.9M | Add +49.1% |
| MS Morgan Stanley | 0.34% | 738,474 | $131.1M | Add +38.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.34% | 1,421,698 | $130.7M | Add +3300.5% |
| PG The Procter & Gamble Co. | 0.34% | 892,641 | $127.9M | Add +93.4% |
| ETN Eaton Corp. PLC | 0.33% | 391,827 | $124.8M | New |
| CVE Cenovus Energy Inc. | 0.32% | 7,148,530 | $120.9M | Add +49.9% |
| IMO Imperial Oil Ltd. | 0.31% | 1,384,021 | $119.6M | Reduce -25.9% |
| KMI Kinder Morgan Inc. | 0.31% | 4,287,643 | $117.9M | Add +389.2% |
| INTC Intel Corp. | 0.29% | 3,040,867 | $112.2M | Add +0.5% |
| AMP Ameriprise Financial Inc. | 0.28% | 216,737 | $106.3M | Add +147.8% |
| CAT Caterpillar Inc. | 0.27% | 182,453 | $104.5M | Reduce -16.9% |
| STX Seagate Technology Holdings | 0.27% | 378,179 | $104.1M | Add +546.3% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.27% | 7,692,670 | $103.5M | Add +6.1% |
| MGA Magna International Inc. | 0.27% | 1,918,616 | $102.3M | Reduce -6.0% |
| TXN Texas Instruments Inc. | 0.26% | 578,727 | $100.4M | Add +2685.2% |
| SNOW Snowflake Inc. | 0.25% | 441,676 | $96.9M | Add +119.3% |
| BTE Baytex Energy Corp. | 0.25% | 29,652,066 | $95.9M | Add +1301.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.25% | 3,150,236 | $93.9M | Add +8.1% |
| STN Stantec Inc. | 0.25% | 992,613 | $93.7M | Reduce -25.7% |
| RBA RB Global Inc. | 0.24% | 904,913 | $93.2M | Add +13.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.24% | 5,531,857 | $92.6M | Add +128.7% |
| PWR Quanta Services Inc. | 0.24% | 219,024 | $92.4M | Add +54.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.24% | 801,967 | $91.2M | Add +4.3% |
| COST Costco Wholesale Corp. | 0.24% | 105,708 | $91.2M | Add +94.6% |
| NVS Novartis AG-Sponsored ADR | 0.24% | 651,144 | $89.8M | Add +1445.8% |
| ARIS Aris Mining Corp. filed as ARIS MNG CORP | 0.23% | 5,488,875 | $89.0M | Add +38.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.23% | 1,576,918 | $86.7M | Add +271.5% |
| GIB Cgi Inc. | 0.23% | 928,958 | $85.8M | Add +26.1% |
| SII Sprott Inc. | 0.22% | 871,279 | $85.3M | Add +17.8% |
| BP BP PLC-Spons ADR | 0.22% | 2,454,406 | $85.2M | Add +89.4% |
| GSK GSK PLC-Spon ADR | 0.22% | 1,737,118 | $85.2M | Add +261.6% |
| IONS Ionis Pharmaceuticals Inc. | 0.22% | 1,076,370 | $85.2M | Add +22.6% |
| JPM JPMorgan Chase & Co. | 0.22% | 262,484 | $84.6M | Reduce -43.0% |
| DOW Dow Inc. | 0.22% | 3,594,399 | $84.0M | Add +18.4% |
| GEV GE Vernova Inc. | 0.22% | 126,963 | $83.0M | Add +989.4% |
| LLY Eli Lilly & Co. | 0.22% | 76,901 | $82.6M | Add +56.7% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $53K (not counted above)
Total filed on the 13F, all lines: $38.1B.
Portfolio Sells Q3 2025 → Q4 2025
| TRI Thomson Reuters Corp. | Reduce -38.4% | 0.44% | −0.56 |
| NFLX Netflix Inc. | Reduce -97.2% | 0.01% | −0.51 |
| SHOP Shopify Inc. Class A | Reduce -5.9% | 2.62% | −0.46 |
| MSFT Microsoft Corp. | Reduce -0.9% | 1.46% | −0.44 |
| CNQ Canadian Natural Resources | Reduce -37.4% | 0.53% | −0.43 |
| CM Can Imperial BK of Commerce | Reduce -10.8% | 2.19% | −0.41 |
| DASH DoorDash Inc. Class A | Reduce -78.3% | 0.07% | −0.37 |
| META Meta Platforms Inc. Class A | Reduce -25.5% | 0.46% | −0.36 |
| FNV Franco-Nevada Corp. | Reduce -53.4% | 0.21% | −0.36 |
| PM Philip Morris International | Reduce -99.4% | 0.00% | −0.36 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.32 |
| TD Toronto-Dominion Bank | Reduce -9.8% | 2.25% | −0.29 |
| CPRT Copart Inc. | Sold out | 0.00% | −0.28 |
| SLF Sun Life Financial Inc. | Reduce -25.1% | 0.45% | −0.24 |
| WPM Wheaton Precious Metals Corp. | Reduce -31.3% | 0.36% | −0.24 |
| JPM JPMorgan Chase & Co. | Reduce -43.0% | 0.22% | −0.24 |
| BMO Bank of Montreal | Reduce -9.2% | 0.70% | −0.23 |
| P Everpure Inc. Class A | Reduce -68.6% | 0.06% | −0.23 |
| MDB Mongodb Inc. | Sold out | 0.00% | −0.23 |
| TECK Teck Resources Ltd.-CLS B | Reduce -83.2% | 0.04% | −0.22 |
| VRT Vertiv Holdings Co. Class A | Reduce -97.9% | 0.00% | −0.22 |
| IMO Imperial Oil Ltd. | Reduce -25.9% | 0.31% | −0.22 |
| VZ Verizon Communications Inc. | Reduce -98.3% | 0.00% | −0.22 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.21 |
| BAM Brookfield Asset Mgmt-A | Reduce -8.4% | 0.49% | −0.21 |
| STN Stantec Inc. | Reduce -25.7% | 0.25% | −0.21 |
| PBA Pembina Pipeline Corp. | Reduce -65.0% | 0.08% | −0.21 |
| TMUS T-Mobile US Inc. | Sold out | 0.00% | −0.20 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.20 |
| MFC Manulife Financial Corp. | Reduce -18.9% | 0.72% | −0.19 |
| KGC Kinross Gold Corp. | Reduce -12.9% | 0.91% | −0.19 |
| ETSY Etsy Inc. | Reduce -98.6% | 0.00% | −0.19 |
| PLTR Palantir Technologies Inc. Class A | Reduce -70.8% | 0.06% | −0.18 |
| NTAP Netapp Inc. | Sold out | 0.00% | −0.18 |
| SU Suncor Energy Inc. | Reduce -1.7% | 1.14% | −0.17 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.17 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.16 |
| GRAB Grab Holdings Ltd. Class A | Sold out | 0.00% | −0.16 |
| U Unity Software Inc. | Reduce -79.0% | 0.04% | −0.16 |
| GEN Gen Digital Inc. | Sold out | 0.00% | −0.15 |
| KO The Coca-Cola Co. | Reduce -85.0% | 0.02% | −0.14 |
| BB Blackberry Ltd. | Reduce -29.5% | 0.12% | −0.14 |
| EXAS Exact Sciences Corp. | Reduce -97.2% | 0.01% | −0.14 |
| DSGX The Descartes Systems Grp | Reduce -40.2% | 0.12% | −0.13 |
| PYPL PayPal Holdings Inc. | Sold out | 0.00% | −0.13 |
| TM Toyota Motor Corp. -Spon ADR | Reduce -80.5% | 0.03% | −0.13 |
| CVNA Carvana Co. | Reduce -72.8% | 0.04% | −0.12 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.12 |
| PCAR Paccar Inc. | Sold out | 0.00% | −0.12 |
| NGD New Gold Inc. | Reduce -67.3% | 0.06% | −0.12 |
Portfolio Buys Q3 2025 → Q4 2025
| ASML ASML Holding NV-NY Reg SHS | Add +492.1% | 0.77% | +0.63 |
| GE General Electric | Add +20198.8% | 0.55% | +0.55 |
| BA The Boeing Co. | Add +8786.1% | 0.41% | +0.41 |
| BNS Bank of Nova Scotia | Add +32.5% | 1.97% | +0.40 |
| GOOGL Alphabet Inc. Class A | Add +158.7% | 0.59% | +0.38 |
| MA Mastercard Inc. Class A | Add +440.6% | 0.48% | +0.37 |
| MCD McDonald's Corp. | Add +1230.8% | 0.39% | +0.36 |
| MELI MercadoLibre Inc. | New | 0.36% | +0.36 |
| AVGO Broadcom Inc. | Add +94.7% | 0.86% | +0.35 |
| UNP Union Pacific Corp. | Add +385.2% | 0.45% | +0.33 |
| AZN Astrazeneca PLC-Spons ADR | Add +3300.5% | 0.34% | +0.33 |
| ETN Eaton Corp. PLC | New | 0.33% | +0.33 |
| ADBE Adobe Inc. | Add +328.1% | 0.45% | +0.32 |
| SHEL Shell PLC-ADR | Add +227.3% | 0.48% | +0.31 |
| ICE Intercontinental Exchange Inc. | Add +891.2% | 0.35% | +0.31 |
| SCHW Schwab (charles) Corp. | Add +336.9% | 0.41% | +0.30 |
| ORLY O'reilly Automotive Inc. | Add +546.8% | 0.39% | +0.30 |
| LRCX Lam Research Corp. | Add +305.1% | 0.36% | +0.28 |
| TSM Taiwan Semiconductor-SP ADR | Add +74.8% | 0.72% | +0.26 |
| XOM Exxon Mobil Corp. | Add +134.3% | 0.49% | +0.26 |
| TXN Texas Instruments Inc. | Add +2685.2% | 0.26% | +0.25 |
| MU Micron Technology Inc. | Add +33.6% | 0.53% | +0.25 |
| EQX Equinox Gold Corp. | Add +178.0% | 0.37% | +0.24 |
| BTE Baytex Energy Corp. | Add +1301.4% | 0.25% | +0.24 |
| KMI Kinder Morgan Inc. | Add +389.2% | 0.31% | +0.23 |
| STX Seagate Technology Holdings | Add +546.3% | 0.27% | +0.23 |
| NVS Novartis AG-Sponsored ADR | Add +1445.8% | 0.24% | +0.22 |
| B Barrick Mining Corp. | Add +11.6% | 1.15% | +0.22 |
| VLTO Veralto Corp. | New | 0.21% | +0.21 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +121.1% | 0.43% | +0.20 |
| GEV GE Vernova Inc. | Add +989.4% | 0.22% | +0.20 |
| AAPL Apple Inc. | Add +26.9% | 1.62% | +0.18 |
| LVS Las Vegas Sands Corp. | Add +862.5% | 0.20% | +0.18 |
| ADSK Autodesk Inc. | Add +7686.0% | 0.17% | +0.17 |
| VALE Vale SA-SP ADR | Add +36.1% | 0.61% | +0.16 |
| BAC Bank of America Corp. | Add +271.5% | 0.23% | +0.16 |
| GSK GSK PLC-Spon ADR | Add +261.6% | 0.22% | +0.16 |
| EGO Eldorado Gold Corp. | Add +1082.8% | 0.17% | +0.16 |
| ALB Albemarle Corp. | Add +313.4% | 0.18% | +0.15 |
| BIP Brookfield Infrastructure Pa | Add +97.9% | 0.36% | +0.15 |
| CNI Canadian Natl Railway Co. | Add +41.5% | 0.80% | +0.15 |
| ADP Automatic Data Processing | New | 0.15% | +0.15 |
| EFXT Enerflex Ltd. | Add +49.1% | 0.35% | +0.15 |
| HBM Hudbay Minerals Inc. | Add +35.8% | 0.46% | +0.15 |
| TEL Te Connectivity PLC | Add +1168.7% | 0.16% | +0.15 |
| ACN Accenture PLC Class A | New | 0.15% | +0.15 |
| BEP Brookfield Renewable Partner | Add +353.9% | 0.19% | +0.14 |
| UNH Unitedhealth Group Inc. | Add +520.3% | 0.18% | +0.14 |
| AMP Ameriprise Financial Inc. | Add +147.8% | 0.28% | +0.14 |
| V Visa Inc. Class A | Add +46.1% | 0.70% | +0.14 |
Notes & Other Activity Q3 2025 → Q4 2025
| OPENW Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 29,052 | $26K |
| OPENL Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 29,052 | $15K |
| OPENZ Opendoor Technologies Inc.-26 | *W EXP 11/20/202 | New | 29,052 | $12K |
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 | 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 |