Letko, Brosseau & Associates Inc.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 8, 2024), Letko, Brosseau & Associates Inc. reported 101 stock positions worth $5.8 billion. Its top holding was Manulife Financial (MFC) at 4.7% of the portfolio, followed by Bank of Nova Scotia (BNS, 4.0%) and Royal Bank of Canada (RY, 3.6%). Compared with Q4 2023, it opened 6 new positions, added to 35 and reduced 39. The biggest buy was a new position in Sprinklr Class A (CXM) and the biggest sale Canadian Natural Resources (CNQ, shares −27%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$5.8B (Q1 2024)
SEC Filing
0001297496-24-000010 ↗ filed May 8, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $5.8B $5.8B Q1 2024 Q2 2024: $5.3B Q2 2024 Q3 2024: $5.5B Q3 2024 Q4 2024: $5.2B Q4 2024 Q1 2025: $4.7B Q1 2025 Q2 2025: $5.2B Q2 2025 Q3 2025: $5.8B Q3 2025 Q4 2025: $6.1B Q4 2025 Q1 2026: $6.2B Q1 2026 Q2 2026: $6.8B Q2 2026

Holdings 101 stocks · $5.8B
MFC Manulife Financial Corp. 4.72% 10,849,809 $271.2M Reduce -7.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.00% 4,444,697 $230.1M Add +1.4%
RY Royal Bank of Canada 3.63% 2,068,076 $208.8M Reduce -0.3%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.42% 2,010,348 $196.5M Add +0.1%
TD Toronto-Dominion Bank 3.33% 3,175,359 $191.8M Add +2.6%
MGA Magna International Inc. 2.85% 3,010,202 $164.1M Add +4.2%
RCI Rogers Communications Inc. Class B 2.81% 3,946,829 $161.9M Add +1.2%
META Meta Platforms Inc. Class A 2.81% 333,051 $161.7M Reduce -4.4%
TECK Teck Resources Ltd.-CLS B 2.67% 3,350,001 $153.5M Reduce -1.5%
SLF Sun Life Financial Inc. 2.65% 2,795,492 $152.7M Reduce -0.3%
NTR Nutrien Ltd. 2.47% 2,615,522 $142.2M Add +12.1%
SU Suncor Energy Inc. 2.42% 3,770,054 $139.3M Reduce -1.8%
CLS Celestica Inc. 2.27% 2,908,126 $130.8M Reduce -37.7%
OTEX Open Text Corp. 2.27% 3,362,890 $130.6M Add +17.4%
GOOG Alphabet Inc. Class C 2.21% 834,151 $127.0M Reduce -1.5%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 2.10% 2,380,445 $120.8M Reduce -0.8%
THC Tenet Healthcare Corp. 2.06% 1,128,951 $118.7M Reduce -1.8%
BCE Bce Inc. 2.04% 3,442,745 $117.1M Add +2.0%
HBM Hudbay Minerals Inc. 2.00% 16,462,258 $115.3M Reduce -0.7%
TU Telus Corp. 1.94% 6,965,367 $111.5M Add +0.9%
CVE Cenovus Energy Inc. 1.80% 5,166,688 $103.4M Reduce -2.9%
C Citigroup Inc. 1.72% 1,560,914 $98.7M Reduce -0.8%
WFG West Fraser Timber Co. Ltd. 1.71% 1,136,330 $98.2M Add +0.2%
PFE Pfizer Inc. 1.51% 3,129,098 $86.8M Add +2.7%
EMN Eastman Chemical Co. 1.49% 858,016 $86.0M Add +0.1%
CAE Cae Inc. 1.43% 3,975,754 $82.2M Add +13.3%
CMCSA Comcast Corp. Class A 1.40% 1,862,951 $80.8M Add +0.7%
T AT&T Inc. 1.32% 4,325,385 $76.1M Add +25.5%
CNQ Canadian Natural Resources 1.31% 990,567 $75.6M Reduce -27.1%
SWKS Skyworks Solutions Inc. 1.24% 660,900 $71.6M Add +0.1%
GILD Gilead Sciences Inc. 1.21% 950,458 $69.6M Add +0.3%
STT State Street Corp. 1.20% 895,036 $69.2M Reduce -0.1%
VZ Verizon Communications Inc. 1.15% 1,579,410 $66.3M Add +1.0%
TFC Truist Financial Corp. 1.13% 1,674,466 $65.3M Add +0.1%
WMT Walmart Inc. 1.10% 1,049,305 $63.1M Reduce -1.4%
WFC Wells Fargo & Co. 1.09% 1,085,499 $62.9M Reduce -0.2%
CVS CVS Health Corp. 1.05% 759,155 $60.6M Reduce -0.2%
ABBV Abbvie Inc. 1.03% 326,729 $59.5M Reduce -2.6%
SHEL Shell PLC-ADR 1.03% 887,077 $59.5M Reduce -0.5%
MAC The Macerich Co. 0.99% 3,300,020 $56.9M Add +6.2%
BERY Berry Global Group Inc. 0.98% 935,062 $56.6M Add +0.3%
CRUS Cirrus Logic Inc. 0.97% 604,129 $55.9M Add +0.1%
COP Conocophillips 0.97% 439,134 $55.9M Reduce -0.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.90% 1,358,973 $51.5M Add +0.1%
GSK GSK PLC-Spon ADR 0.88% 1,178,195 $50.5M Reduce -0.1%
ORCL Oracle Corp. 0.88% 401,797 $50.5M Reduce -0.5%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.83% 2,835,315 $47.7M Reduce -5.1%
SKX Skechers USA Inc. Class A 0.78% 730,365 $44.7M Reduce -4.2%
ELP Companhia Paranaense DE Ener 0.74% 5,511,445 $42.5M Add +0.9%
FDX FedEx Corp. 0.73% 145,580 $42.2M Add +0.6%
FIS Fidelity National Info Serv 0.73% 565,080 $41.9M Add +0.2%
QSR Restaurant Brands Intern 0.71% 512,499 $40.7M Reduce -6.4%
HES Hess Corp. 0.69% 260,904 $39.8M Reduce -1.5%
EFXT Enerflex Ltd. 0.68% 6,739,086 $39.2M Reduce -1.9%
SPR Spirit Aerosystems Hold Class A 0.68% 1,083,355 $39.1M Reduce -0.0%
MRK Merck & Co. Inc. 0.60% 259,419 $34.2M Reduce -0.8%
MRNA Moderna Inc. 0.59% 320,050 $34.1M Add +0.2%
CX Cemex Sab-Spons ADR Part Cer 0.59% 3,759,146 $33.9M Reduce -0.1%
GPK Graphic Packaging Holding Co. 0.57% 1,123,110 $32.8M Add +0.0%
UPS United Parcel Service Class B 0.55% 212,555 $31.6M Reduce -0.7%
IVZ Invesco Ltd. 0.48% 1,654,863 $27.5M Reduce -0.9%
BIIB Biogen Inc. 0.39% 105,307 $22.7M Add +0.9%
CPA Copa Holdings SA Class A 0.37% 205,000 $21.4M Add +6.7%
OVV Ovintiv Inc. 0.37% 404,746 $21.0M Reduce -17.1%
IBN Icici Bank Ltd.-Spon ADR 0.37% 795,600 $21.0M Reduce -0.6%
DVN Devon Energy Corp. 0.34% 392,815 $19.7M Reduce -0.3%
BAP Credicorp Ltd. 0.33% 112,200 $19.0M No change
DKS Dick's Sporting Goods Inc. 0.28% 71,658 $16.1M Reduce -55.8%
CXM Sprinklr Inc. Class A 0.28% 1,302,975 $16.0M New
VOD Vodafone Group PLC-SP ADR 0.26% 1,681,235 $15.0M Reduce -2.4%
PROF Profound Medical Corp. 0.17% 1,231,425 $9.9M Add +4.5%
FTS Fortis Inc. 0.15% 215,928 $8.5M Add +2.0%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.12% 1,053,745 $7.1M New
XBI SS SPDR S&P Biotech ETF 0.11% 65,800 $6.2M No change
IIF Morgan Stanley India Invest 0.08% 193,375 $4.4M No change
YTRA Yatra Online Inc. 0.04% 1,574,120 $2.5M No change
SCHW Schwab (charles) Corp. 0.03% 21,846 $1.6M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.02% 2,490 $1.3M Add +44.8%
HDB HDFC Bank Ltd.-ADR 0.02% 21,025 $1.2M Add +57.2%
URTH iShares MSCI World ETF 0.02% 7,400 $1.1M No change
ING ING Groep N.V.-Sponsored ADR 0.02% 56,494 $932K Reduce -11.6%
VTWO Vanguard Russell 2000 ETF 0.01% 7,000 $595K No change
EFA iShares MSCI Eafe ETF 0.01% 5,025 $401K New
KMB Kimberly-Clark Corp. 0.01% 3,025 $391K Add +11.0%
GOOGL Alphabet Inc. Class A 0.01% 2,520 $380K No change
PBA Pembina Pipeline Corp. 0.01% 10,750 $380K New
SPRY Ars Pharmaceuticals Inc. 0.01% 36,000 $368K No change
VT Vanguard Tot World STK ETF 0.01% 3,250 $359K No change
DUK Duke Energy Corp. 0.01% 3,100 $300K No change
MSFT Microsoft Corp. 0.00% 638 $268K No change
NXPI NXP Semiconductors NV 0.00% 975 $242K No change
MET Metlife Inc. 0.00% 2,900 $215K New
MGTX Meiragtx Holdings PLC 0.00% 32,700 $198K No change
LYRA Lyra Therapeutics Inc. 0.00% 31,900 $198K No change
AURA Aura Biosciences Inc. 0.00% 21,200 $166K New
TCRX Tscan Therapeutics Inc. 0.00% 20,700 $164K No change
MLYS Mineralys Therapeutics Inc. 0.00% 11,400 $147K No change
GLYCOMIMETICS INC 0.00% 45,250 $136K No change
OM Outset Medical Inc. 0.00% 13,550 $30K No change
PROKIDNEY CORP 0.00% 15,900 $26K No change
ATRA Atara Biotherapeutics Inc. 0.00% 17,500 $12K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $205K (not counted above)
SecurityClassShares / PrincipalValueChange
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 13,514$205KNo change

Total filed on the 13F, all lines: $5.8B.

Portfolio Sells Q4 2023 → Q1 2024
CNQ Canadian Natural Resources Reduce -27.1% 1.31% −0.31
CLS Celestica Inc. Reduce -37.7% 2.27% −0.23
RY Royal Bank of Canada Reduce -0.3% 3.63% −0.21
DKS Dick's Sporting Goods Inc. Reduce -55.8% 0.28% −0.15
SKX Skechers USA Inc. Class A Reduce -4.2% 0.78% −0.09
QSR Restaurant Brands Intern Reduce -6.4% 0.71% −0.07
IVZ Invesco Ltd. Reduce -0.9% 0.48% −0.07
UPS United Parcel Service Class B Reduce -0.7% 0.55% −0.06
STT State Street Corp. Reduce -0.1% 1.20% −0.06
CVS CVS Health Corp. Reduce -0.2% 1.05% −0.04
SHEL Shell PLC-ADR Reduce -0.5% 1.03% −0.04
OVV Ovintiv Inc. Reduce -17.1% 0.37% −0.03
CM Can Imperial BK of Commerce Reduce -0.8% 2.10% −0.01
VOD Vodafone Group PLC-SP ADR Reduce -2.4% 0.26% −0.01
SLF Sun Life Financial Inc. Reduce -0.3% 2.65% −0.01
MFC Manulife Financial Corp. Reduce -7.0% 4.72% −0.01
HES Hess Corp. Reduce -1.5% 0.69% −0.00
ING ING Groep N.V.-Sponsored ADR Reduce -11.6% 0.02% −0.00
SBS Cia Saneamento Basico DE-ADR Reduce -5.1% 0.83% +0.00
DVN Devon Energy Corp. Reduce -0.3% 0.34% +0.02
IBN Icici Bank Ltd.-Spon ADR Reduce -0.6% 0.37% +0.02
GOOG Alphabet Inc. Class C Reduce -1.5% 2.21% +0.03
TECK Teck Resources Ltd.-CLS B Reduce -1.5% 2.67% +0.04
COP Conocophillips Reduce -0.7% 0.97% +0.04
SPR Spirit Aerosystems Hold Class A Reduce -0.0% 0.68% +0.05
CX Cemex Sab-Spons ADR Part Cer Reduce -0.1% 0.59% +0.06
MRK Merck & Co. Inc. Reduce -0.8% 0.60% +0.08
WMT Walmart Inc. Reduce -1.4% 1.10% +0.08
GSK GSK PLC-Spon ADR Reduce -0.1% 0.88% +0.08
ABBV Abbvie Inc. Reduce -2.6% 1.03% +0.09
EFXT Enerflex Ltd. Reduce -1.9% 0.68% +0.10
ORCL Oracle Corp. Reduce -0.5% 0.88% +0.10
WFC Wells Fargo & Co. Reduce -0.2% 1.09% +0.12
SU Suncor Energy Inc. Reduce -1.8% 2.42% +0.17
CVE Cenovus Energy Inc. Reduce -2.9% 1.80% +0.17
C Citigroup Inc. Reduce -0.8% 1.72% +0.24
HBM Hudbay Minerals Inc. Reduce -0.7% 2.00% +0.34
THC Tenet Healthcare Corp. Reduce -1.8% 2.06% +0.48
META Meta Platforms Inc. Class A Reduce -4.4% 2.81% +0.56

Portfolio Buys Q4 2023 → Q1 2024
CXM Sprinklr Inc. Class A New 0.28% +0.28
T AT&T Inc. Add +25.5% 1.32% +0.27
ELPC Cia Paranaense DE Ener-ADR New 0.12% +0.12
MAC The Macerich Co. Add +6.2% 0.99% +0.12
FIS Fidelity National Info Serv Add +0.2% 0.73% +0.11
BNS Bank of Nova Scotia Add +1.4% 4.00% +0.09
EMN Eastman Chemical Co. Add +0.1% 1.49% +0.09
VZ Verizon Communications Inc. Add +1.0% 1.15% +0.08
OTEX Open Text Corp. Add +17.4% 2.27% +0.07
NTR Nutrien Ltd. Add +12.1% 2.47% +0.07
FDX FedEx Corp. Add +0.6% 0.73% +0.07
GPK Graphic Packaging Holding Co. Add +0.0% 0.57% +0.07
BAC Bank of America Corp. Add +0.1% 0.90% +0.06
CRUS Cirrus Logic Inc. Add +0.1% 0.97% +0.06
CAE Cae Inc. Add +13.3% 1.43% +0.04
MRNA Moderna Inc. Add +0.2% 0.59% +0.01
TFC Truist Financial Corp. Add +0.1% 1.13% +0.01
SPY SS SPDR S&P 500 ETF Trust-US Add +44.8% 0.02% +0.01
EFA iShares MSCI Eafe ETF New 0.01% +0.01
PBA Pembina Pipeline Corp. New 0.01% +0.01
HDB HDFC Bank Ltd.-ADR Add +57.2% 0.02% +0.00
MET Metlife Inc. New 0.00% +0.00
AURA Aura Biosciences Inc. New 0.00% +0.00
KMB Kimberly-Clark Corp. Add +11.0% 0.01% +0.00
PROF Profound Medical Corp. Add +4.5% 0.17% +0.00
CPA Copa Holdings SA Class A Add +6.7% 0.37% −0.00
FTS Fortis Inc. Add +2.0% 0.15% −0.01
WFG West Fraser Timber Co. Ltd. Add +0.2% 1.71% −0.07
CMCSA Comcast Corp. Class A Add +0.7% 1.40% −0.07
PFE Pfizer Inc. Add +2.7% 1.51% −0.09
BIIB Biogen Inc. Add +0.9% 0.39% −0.10
SWKS Skyworks Solutions Inc. Add +0.1% 1.24% −0.11
BERY Berry Global Group Inc. Add +0.3% 0.98% −0.16
GILD Gilead Sciences Inc. Add +0.3% 1.21% −0.19
BMO Bank of Montreal Add +0.1% 3.42% −0.22
MGA Magna International Inc. Add +4.2% 2.85% −0.27
ELP Companhia Paranaense DE Ener Add +0.9% 0.74% −0.29
TU Telus Corp. Add +0.9% 1.94% −0.31
TD Toronto-Dominion Bank Add +2.6% 3.33% −0.33
BCE Bce Inc. Add +2.0% 2.04% −0.40
RCI Rogers Communications Inc. Class B Add +1.2% 2.81% −0.53

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 112$6.8BBNS, TD, GOOG, RY, BMO
Q1 2026 101$6.2BRCI, BNS, GOOG, TD, RY
Q4 2025 100$6.1BBNS, GOOG, TD, RCI, RY
Q3 2025 98$5.8BBNS, TD, BMO, RCI, RY
Q2 2025 93$5.2BTD, BNS, RY, BMO, RCI
Q1 2025 89$4.7BMFC, TD, BNS, BMO, RY
Q4 2024 100$5.2BMFC, BNS, RY, BMO, TD
Q3 2024 101$5.5BMFC, BNS, RY, TD, META
Q2 2024 104$5.3BMFC, RY, BNS, TD, BMO
Q1 2024 101$5.8BMFC, BNS, RY, BMO, TD