FIL Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), FIL Ltd reported 981 stock positions worth $127.2 billion. Its top holding was Microsoft (MSFT) at 3.5% of the portfolio, followed by Royal Bank of Canada (RY, 2.7%) and Toronto-Dominion Bank (TD, 2.3%). Compared with Q2 2025, it opened 98 new positions, sold out of 72, added to 422 and reduced 379. The biggest buy was Bank of Nova Scotia (BNS, shares +1046%) and the biggest sale an exit from Ansys (ANSS).

Most Recent 13F
Q2 2026
Location
HAMILTON, D0
CIK
0000318989
Portfolio Value
$127.2B (Q3 2025)
SEC Filing
0000318989-25-000219 ↗ filed Nov 13, 2025

Holdings Value

0$50.0B$100.0B$150.0B Q1 2024: $100.8B Q1 2024 Q2 2024: $101.1B Q2 2024 Q3 2024: $110.3B Q3 2024 Q4 2024: $107.0B Q4 2024 Q1 2025: $105.2B Q1 2025 Q2 2025: $116.9B Q2 2025 Q3 2025: $127.2B $127.2B Q3 2025 Q4 2025: $133.5B Q4 2025 Q1 2026: $128.7B Q1 2026 Q2 2026: $139.2B Q2 2026

Holdings 981 stocks · $127.2B

MSFT Microsoft Corp. 3.49% 8,576,806 $4.4B Add +1.5%
RY Royal Bank of Canada 2.67% 23,003,406 $3.4B Add +7.3%
TD Toronto-Dominion Bank 2.27% 36,178,613 $2.9B Reduce -14.0%
SHOP Shopify Inc. Class A 2.24% 19,175,536 $2.8B Add +0.3%
AAPL Apple Inc. 2.23% 11,154,976 $2.8B Add +8.7%
GOOGL Alphabet Inc. Class A 2.13% 11,161,630 $2.7B Reduce -20.2%
AEM Agnico Eagle Mines Ltd. 2.13% 16,065,350 $2.7B Reduce -1.0%
AMZN Amazon.com Inc. 2.11% 12,211,358 $2.7B Add +8.2%
META Meta Platforms Inc. Class A 1.22% 2,108,742 $1.5B Reduce -9.6%
FNV Franco-Nevada Corp. 1.20% 6,857,798 $1.5B Reduce -23.1%
TRP TC Energy Corp. 1.17% 27,253,623 $1.5B Reduce -2.7%
TXN Texas Instruments Inc. 1.10% 7,625,966 $1.4B Add +4.5%
NVDA Nvidia Corp. 1.07% 7,276,861 $1.4B Add +1.4%
RCI Rogers Communications Inc. Class B 0.96% 35,287,547 $1.2B Add +3.6%
CSCO Cisco Systems Inc. 0.95% 17,609,499 $1.2B Reduce -5.7%
PGR Progressive Corp. 0.91% 4,706,084 $1.2B Add +11.2%
BN Brookfield Corp. 0.91% 16,829,168 $1.2B Reduce -1.3%
WPM Wheaton Precious Metals Corp. 0.87% 9,932,403 $1.1B Reduce -18.3%
RBA RB Global Inc. 0.85% 9,941,566 $1.1B Add +6.9%
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.84% 8,199,662 $1.1B Add +97.0%
MRVL Marvell Technology Inc. 0.84% 12,698,149 $1.1B Add +41.2%
CP Canadian Pacific Kansas City 0.81% 13,862,091 $1.0B Add +24.3%
BLK BlackRock Inc. 0.80% 876,845 $1.0B Reduce -5.5%
CNI Canadian Natl Railway Co. 0.78% 10,535,341 $993.5M Add +122.8%
CRM Salesforce Inc. 0.77% 4,141,448 $981.5M Add +63.8%
PDD PDD Holdings Inc. 0.75% 7,212,310 $953.3M Add +102.7%
JPM JPMorgan Chase & Co. 0.74% 2,966,628 $935.8M Reduce -5.4%
FTS Fortis Inc. 0.73% 18,232,132 $924.8M Reduce -12.4%
CME Cme Group Inc. 0.72% 3,404,423 $919.8M Add +7.0%
CCJ Cameco Corp. 0.71% 10,777,528 $904.5M Reduce -20.5%
ADBE Adobe Inc. 0.70% 2,519,700 $888.8M Reduce -2.0%
HDB HDFC Bank Ltd.-ADR 0.66% 24,465,115 $835.7M Reduce -13.8%
BCE Bce Inc. 0.65% 35,587,448 $831.6M Add +12.5%
YMM Full Truck Alliance -SPN ADR 0.65% 63,341,380 $821.5M Add +17.1%
ENB Enbridge Inc. 0.64% 16,144,070 $814.5M Reduce -1.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.64% 10,112,828 $808.1M Add +137.9%
WAB Wabtec Corp. 0.63% 3,999,710 $801.8M Add +7.5%
WDAY Workday Inc. Class A 0.61% 3,221,298 $775.5M Add +40.5%
SU Suncor Energy Inc. 0.61% 18,457,871 $772.4M Add +1.1%
FER Ferrovial NV 0.60% 13,297,109 $761.5M Reduce -4.9%
BAM Brookfield Asset Mgmt-A 0.57% 12,828,202 $730.0M Reduce -5.1%
ACN Accenture PLC Class A 0.57% 2,937,209 $724.3M Add +91.9%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.56% 11,028,488 $713.1M Add +1045.6%
KGC Kinross Gold Corp. 0.54% 27,820,126 $690.5M Add +134.5%
INTC Intel Corp. 0.51% 19,197,275 $644.1M Reduce -15.0%
TDY Teledyne Technologies Inc. 0.50% 1,092,161 $640.1M Add +64.5%
EMA Emera Inc. 0.50% 13,173,748 $632.0M Add +1.8%
BKR Baker Hughes Co. 0.49% 12,909,331 $628.9M Reduce -5.7%
MCHP Microchip Technology Inc. 0.49% 9,746,271 $625.9M Add +7.2%
LIN Linde PLC 0.49% 1,317,142 $625.7M Reduce -2.1%
SNPS Synopsys Inc. 0.49% 1,263,932 $623.6M Add +563.6%
IVV iShares Core S&P 500 ETF 0.49% 925,421 $619.4M Reduce -18.8%
BRK.B Berkshire Hathaway Inc. Class B 0.48% 1,215,629 $611.1M Add +36.3%
PG The Procter & Gamble Co. 0.48% 3,944,124 $606.0M Reduce -1.2%
WFG West Fraser Timber Co. Ltd. 0.47% 8,795,527 $597.9M Add +44.9%
WCN Waste Connections Inc. 0.47% 3,385,613 $595.2M Reduce -45.2%
AMAT Applied Materials Inc. 0.46% 2,834,031 $580.2M Add +18620.1%
MA Mastercard Inc. Class A 0.44% 992,088 $564.3M Add +2.7%
EXPD Expeditors Intl Wash Inc. 0.44% 4,578,818 $561.3M Add +33.0%
DLTR Dollar Tree Inc. 0.44% 5,906,687 $557.4M Add +17.5%
PBA Pembina Pipeline Corp. 0.43% 13,619,449 $550.7M Reduce -20.1%
SE Sea Ltd.-ADR 0.43% 3,054,873 $546.0M Reduce -16.2%
B Barrick Mining Corp. 0.42% 16,245,835 $533.6M Add +230.8%
TFII Tfi International Inc. 0.42% 6,045,977 $532.1M Add +7.8%
PKG Packaging Corp. of America 0.40% 2,339,617 $509.9M Add +2.8%
INTU Intuit Inc. 0.39% 733,030 $500.6M Add +61.3%
DHR Danaher Corp. 0.38% 2,463,413 $488.4M Add +23.5%
ADSK Autodesk Inc. 0.38% 1,515,784 $481.5M Reduce -5.0%
NFLX Netflix Inc. 0.38% 401,146 $480.9M Add +13.1%
DELL Dell Technologies -C 0.37% 3,357,098 $475.9M Reduce -28.4%
CNQ Canadian Natural Resources 0.37% 14,883,400 $475.9M Reduce -30.9%
EA Electronic Arts Inc. 0.37% 2,350,167 $474.0M Add +4.5%
IVW iShares S&P 500 Growth ETF 0.37% 3,898,341 $470.6M Add +14.6%
CVE Cenovus Energy Inc. 0.37% 27,513,847 $467.2M Add +11827.7%
TECK Teck Resources Ltd.-CLS B 0.36% 10,574,248 $463.9M Add +2.6%
MPWR Monolithic Power Systems Inc. 0.36% 497,333 $457.9M Reduce -4.9%
NEE Nextera Energy Inc. 0.36% 6,046,259 $456.4M Add +11.4%
BSX Boston Scientific Corp. 0.36% 4,658,499 $454.8M Reduce -4.5%
EXC Exelon Corp. 0.35% 9,932,617 $447.1M Reduce -0.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.35% 27,565,818 $441.3M Reduce -5.5%
V Visa Inc. Class A 0.35% 1,287,055 $439.4M Reduce -12.2%
OTEX Open Text Corp. 0.34% 11,500,000 $429.9M Add +42.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.33% 1,366,380 $423.2M Add +12.9%
GE General Electric filed as GE AEROSPACE 0.32% 1,360,215 $409.2M Reduce -6.2%
ICE Intercontinental Exchange Inc. 0.31% 2,314,634 $390.0M Add +5.8%
TSM Taiwan Semiconductor-SP ADR 0.31% 1,390,549 $388.4M Add +14.5%
UNH Unitedhealth Group Inc. 0.30% 1,117,524 $385.9M Add +25.8%
WNS WNS Holdings Ltd. filed as WNS HLDGS LTD 0.29% 4,881,000 $372.3M Add +414.0%
VRNA Verona Pharma Ltd. 0.29% 3,488,500 $372.3M New
AU Anglogold Ashanti PLC 0.29% 5,294,938 $372.1M Reduce -7.7%
MDB Mongodb Inc. 0.29% 1,189,682 $369.3M Reduce -49.6%
SW Smurfit Westrock PLC 0.28% 8,531,101 $361.8M Add +1.8%
VIPS Vipshop Holdings Ltd. - ADR 0.28% 18,407,263 $361.5M Add +40.4%
HUBB Hubbell Inc. 0.28% 837,904 $360.6M Reduce -39.4%
PODD Insulet Corp. 0.27% 1,110,751 $342.9M Reduce -1.7%
CCEP Coca-Cola Europacific Partne 0.27% 3,782,365 $342.0M Add +2.7%
AVGO Broadcom Inc. 0.27% 1,034,072 $341.2M Reduce -20.0%
WFC Wells Fargo & Co. 0.26% 3,995,241 $334.9M Reduce -2.9%
AON Aon PLC Class A 0.26% 928,213 $331.0M Reduce -6.4%
MS Morgan Stanley 0.26% 2,071,836 $329.3M Reduce -3.8%

Show all 981 holdings

Options reported separately and not counted above: AG puts ($80.7M), TECK calls ($5.4M), CRWV puts ($1.3M), NVDA puts ($989K).

Other holdings (5): bonds, preferreds, convertibles and warrants · $12.3M (not counted above)
SecurityClassShares / PrincipalValueChange
LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal 5,085,000$5.9MAdd +4.8%
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal 4,107,000$3.5MReduce -2.2%
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal 3,139,000$2.9MReduce -2.1%
TETRA TECH INC (TTEK 2.25 08/15/28) DBCV 2.250% 8/1 · principal 44,000$48KNo change
SESCW Ivanhoe Capital Class A -CW27 *W EXP 12/10/202 94,633$17KNo change

Total filed on the 13F, all lines: $127.2B.

Portfolio Sells Q2 2025 → Q3 2025

ANSS Ansys Inc. Sold out 0.00% −0.83
TRI Thomson Reuters Corp. Reduce -87.3% 0.07% −0.71
WCN Waste Connections Inc. Reduce -45.2% 0.47% −0.52
WDC Western Digital Corp. Reduce -91.8% 0.08% −0.49
LRCX Lam Research Corp. Reduce -79.7% 0.15% −0.44
TD Toronto-Dominion Bank Reduce -14.0% 2.27% −0.37
MFC Manulife Financial Corp. Reduce -68.8% 0.13% −0.34
SKX Skechers USA Inc. Class A Sold out 0.00% −0.28
HDB HDFC Bank Ltd.-ADR Reduce -13.8% 0.66% −0.27
META Meta Platforms Inc. Class A Reduce -9.6% 1.22% −0.25
GLW Corning Inc. Reduce -99.8% 0.00% −0.23
BIDU Baidu Inc. - Spon ADR Reduce -94.1% 0.02% −0.23
FIS Fidelity National Info Serv Reduce -35.6% 0.19% −0.21
CNQ Canadian Natural Resources Reduce -30.9% 0.37% −0.20
WBA Walgreens Boots Alliance Inc. Sold out 0.00% −0.20
HUBB Hubbell Inc. Reduce -39.4% 0.28% −0.20
BPMC Blueprint Medicines Corp. Sold out 0.00% −0.19
SNDK Sandisk Corp. Reduce -99.8% 0.00% −0.18
VNOM Viper Energy Inc. Sold out 0.00% −0.16
CSCO Cisco Systems Inc. Reduce -5.7% 0.95% −0.16
ESGR Enstar Group Ltd. Sold out 0.00% −0.16
ADBE Adobe Inc. Reduce -2.0% 0.70% −0.15
CCJ Cameco Corp. Reduce -20.5% 0.71% −0.15
JNPR Juniper Networks Inc. Sold out 0.00% −0.14
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −0.14
MDB Mongodb Inc. Reduce -49.6% 0.29% −0.13
CDW CDW Corp. Reduce -22.4% 0.22% −0.13
IBN Icici Bank Ltd.-Spon ADR Reduce -18.7% 0.26% −0.13
FTS Fortis Inc. Reduce -12.4% 0.73% −0.12
SWTX Springworks Therapeutics Inc. Sold out 0.00% −0.12
TMDX Transmedics Group Inc. Sold out 0.00% −0.12
IVV iShares Core S&P 500 ETF Reduce -18.8% 0.49% −0.12
DELL Dell Technologies -C Reduce -28.4% 0.37% −0.12
PBA Pembina Pipeline Corp. Reduce -20.1% 0.43% −0.11
AMED Amedisys Inc. Sold out 0.00% −0.11
GIB Cgi Inc. Reduce -20.2% 0.17% −0.11
EEFT Euronet Worldwide Inc. Reduce -71.4% 0.03% −0.10
QSR Restaurant Brands Intern Reduce -22.2% 0.23% −0.10
FLS Flowserve Corp. Reduce -62.6% 0.05% −0.10
V Visa Inc. Class A Reduce -12.2% 0.35% −0.10
PAYX Paychex Inc. Reduce -33.6% 0.11% −0.10
UBS UBS Group AG-Reg Reduce -62.7% 0.07% −0.10
MGA Magna International Inc. Reduce -50.0% 0.12% −0.09
BSX Boston Scientific Corp. Reduce -4.5% 0.36% −0.09
VVV Valvoline Inc. Reduce -74.5% 0.02% −0.08
FIVE Five Below Reduce -61.9% 0.06% −0.08
FL Foot Locker Inc. Sold out 0.00% −0.08
EBAY eBay Inc. Reduce -67.9% 0.04% −0.08
CTVA Corteva Inc. Reduce -81.2% 0.01% −0.08
LH Labcorp Holdings Inc. Reduce -98.4% 0.00% −0.07

Portfolio Buys Q2 2025 → Q3 2025

BNS Bank of Nova Scotia Add +1045.6% 0.56% +0.52
AMAT Applied Materials Inc. Add +18620.1% 0.46% +0.45
BMO Bank of Montreal Add +97.0% 0.84% +0.45
AAPL Apple Inc. Add +8.7% 2.23% +0.43
PDD PDD Holdings Inc. Add +102.7% 0.75% +0.43
SNPS Synopsys Inc. Add +563.6% 0.49% +0.41
KGC Kinross Gold Corp. Add +134.5% 0.54% +0.38
CM Can Imperial BK of Commerce Add +137.9% 0.64% +0.38
CVE Cenovus Energy Inc. Add +11827.7% 0.37% +0.36
CNI Canadian Natl Railway Co. Add +122.8% 0.78% +0.36
SHOP Shopify Inc. Class A Add +0.3% 2.24% +0.35
B Barrick Mining Corp. Add +230.8% 0.42% +0.33
VRNA Verona Pharma Ltd. New 0.29% +0.29
RY Royal Bank of Canada Add +7.3% 2.67% +0.25
MRVL Marvell Technology Inc. Add +41.2% 0.84% +0.24
WNS WNS Holdings Ltd. Add +414.0% 0.29% +0.24
AL Sumisho Air Lease Corp. Add +38244.6% 0.22% +0.22
TDY Teledyne Technologies Inc. Add +64.5% 0.50% +0.21
PCAR Paccar Inc. New 0.21% +0.21
TWLO Twilio Inc. Class A Add +5296.1% 0.21% +0.21
DAY Dayforce Inc. New 0.18% +0.18
CRM Salesforce Inc. Add +63.8% 0.77% +0.18
CAT Caterpillar Inc. Add +385.5% 0.22% +0.18
ACN Accenture PLC Class A Add +91.9% 0.57% +0.18
GTLS Chart Industries Inc. Add +758.4% 0.19% +0.17
IAG Iamgold Corp. New 0.16% +0.16
SPNS Sapiens International Corp. New 0.14% +0.14
WDAY Workday Inc. Class A Add +40.5% 0.61% +0.14
OTEX Open Text Corp. Add +42.7% 0.34% +0.14
NICE Nice Ltd. - Spon ADR Add +314.7% 0.20% +0.14
FISV Fiserv Inc. Add +519.7% 0.17% +0.13
HBM Hudbay Minerals Inc. New 0.13% +0.13
VNOM Viper Energy Inc. Class A New 0.13% +0.13
IR Ingersoll-Rand Inc. Add +330.8% 0.16% +0.12
VIPS Vipshop Holdings Ltd. - ADR Add +40.4% 0.28% +0.12
BRK.B Berkshire Hathaway Inc. Class B Add +36.3% 0.48% +0.11
EXPD Expeditors Intl Wash Inc. Add +33.0% 0.44% +0.10
GIL Gildan Activewear Inc. Add +127665.0% 0.10% +0.10
YMM Full Truck Alliance -SPN ADR Add +17.1% 0.65% +0.10
TGNA Tegna Inc. New 0.10% +0.10
NVDA Nvidia Corp. Add +1.4% 1.07% +0.10
INFA Informatica Inc. Class A Add +98.7% 0.20% +0.09
RCI Rogers Communications Inc. Class B Add +3.6% 0.96% +0.09
WFG West Fraser Timber Co. Ltd. Add +44.9% 0.47% +0.09
INTU Intuit Inc. Add +61.3% 0.39% +0.09
APP AppLovin Corp. Class A Add +12.0% 0.16% +0.09
IMO Imperial Oil Ltd. Add +55.9% 0.21% +0.08
BVN Cia DE Minas Buenaventur-ADR Add +9.9% 0.24% +0.08
CLS Celestica Inc. Add +17.4% 0.18% +0.07
CMG Chipotle Mexican Grill Inc. Add +574.0% 0.10% +0.07

Options Activity Q2 2025 → Q3 2025

KWEB Kranesh Csi China Internet put Sold out 2,635,700 $90.5Mbefore exit
CPNG Coupang Inc. call Sold out 243,000 $7.3Mbefore exit
TECK Teck Resources Ltd.-CLS B call New 123,000 $5.4M
CRWV Coreweave Inc. Class A put Add +304.4% 9,300 $1.3M
NVDA Nvidia Corp. put Reduce -50.5% 5,300 $989K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025

LI AUTO INC (LI 0.25 05/01/28) NOTE 0.250% 5/0 · principal Add +4.8% 5,085,000 $5.9M
CABLE ONE INC (CABO 1.125 03/15/28) NOTE 1.125% 3/1 · principal Reduce -2.2% 4,107,000 $3.5M
RIVIAN AUTO INC (RIVN 3.625 10/15/30) NOTE 3.625%10/1 · principal Reduce -2.1% 3,139,000 $2.9M

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,136$139.2BRY, MSFT, GOOGL, TD, AMZN
Q1 2026 1,098$128.7BMSFT, RY, GOOGL, AMZN, AAPL
Q4 2025 1,011$133.5BMSFT, RY, GOOGL, SHOP, TD
Q3 2025 981$127.2BMSFT, RY, TD, SHOP, AAPL
Q2 2025 955$116.9BMSFT, TD, RY, AMZN, GOOGL
Q1 2025 898$105.2BMSFT, TD, RY, AMZN, AEM
Q4 2024 906$107.0BMSFT, RY, AMZN, GOOGL, TD
Q3 2024 928$110.3BMSFT, RY, AMZN, TD, GOOGL
Q2 2024 889$101.1BMSFT, RY, GOOGL, AMZN, AAPL
Q1 2024 842$100.8BMSFT, CNI, AMZN, GOOGL, RY