Letko, Brosseau & Associates Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 6, 2024), Letko, Brosseau & Associates Inc. reported 104 stock positions worth $5.3 billion. Its top holding was Manulife Financial (MFC) at 4.7% of the portfolio, followed by Royal Bank of Canada (RY, 3.9%) and Bank of Nova Scotia (BNS, 3.8%). Compared with Q1 2024, it opened 5 new positions, sold out of 2, added to 31 and reduced 52. The biggest buy was a new position in Barrick Gold (B) and the biggest sale Tenet Healthcare (THC, shares −100%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$5.3B (Q2 2024)
SEC Filing
0001297496-24-000013 ↗ filed Aug 6, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $5.8B Q1 2024 Q2 2024: $5.3B $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 104 stocks · $5.3B
MFC Manulife Financial Corp. 4.72% 9,340,152 $248.7M Reduce -13.9%
RY Royal Bank of Canada 3.92% 1,940,607 $206.6M Reduce -6.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 3.84% 4,425,402 $202.4M Reduce -0.4%
TD Toronto-Dominion Bank 3.49% 3,350,204 $184.1M Add +5.5%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.09% 1,944,266 $163.2M Reduce -3.3%
META Meta Platforms Inc. Class A 2.98% 311,252 $156.9M Reduce -6.5%
RCI Rogers Communications Inc. Class B 2.81% 4,004,074 $148.1M Add +1.4%
GOOG Alphabet Inc. Class C 2.67% 766,701 $140.6M Reduce -8.1%
SU Suncor Energy Inc. 2.62% 3,622,651 $138.1M Reduce -3.9%
MGA Magna International Inc. 2.61% 3,284,400 $137.6M Add +9.1%
SLF Sun Life Financial Inc. 2.59% 2,781,017 $136.3M Reduce -0.5%
NTR Nutrien Ltd. 2.55% 2,643,813 $134.6M Add +1.1%
OTEX Open Text Corp. 2.24% 3,929,040 $118.0M Add +16.8%
BCE Bce Inc. 2.16% 3,514,662 $113.8M Add +2.1%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 2.12% 2,351,825 $111.8M Reduce -1.2%
TU Telus Corp. 1.96% 6,823,602 $103.3M Reduce -2.0%
CVE Cenovus Energy Inc. 1.86% 4,982,825 $97.9M Reduce -3.6%
C Citigroup Inc. 1.79% 1,484,054 $94.2M Reduce -4.9%
PFE Pfizer Inc. 1.72% 3,243,383 $90.7M Add +3.6%
TECK Teck Resources Ltd.-CLS B 1.68% 1,846,696 $88.5M Reduce -44.9%
HBM Hudbay Minerals Inc. 1.65% 9,591,158 $86.8M Reduce -41.7%
WFG West Fraser Timber Co. Ltd. 1.64% 1,129,526 $86.7M Reduce -0.6%
T AT&T Inc. 1.60% 4,406,910 $84.2M Add +1.9%
EMN Eastman Chemical Co. 1.58% 848,751 $83.2M Reduce -1.1%
CMCSA Comcast Corp. Class A 1.42% 1,914,196 $75.0M Add +2.8%
CAE Cae Inc. 1.38% 3,913,829 $72.7M Reduce -1.6%
SWKS Skyworks Solutions Inc. 1.37% 679,405 $72.4M Add +2.8%
CLS Celestica Inc. 1.36% 1,256,871 $72.0M Reduce -56.8%
VZ Verizon Communications Inc. 1.30% 1,658,745 $68.4M Add +5.0%
WMT Walmart Inc. 1.28% 1,000,086 $67.7M Reduce -4.7%
STT State Street Corp. 1.28% 913,296 $67.6M Add +2.0%
B Barrick Gold Corp. 1.27% 4,006,700 $66.8M New
GILD Gilead Sciences Inc. 1.26% 967,533 $66.4M Add +1.8%
TFC Truist Financial Corp. 1.26% 1,704,091 $66.2M Add +1.8%
CNQ Canadian Natural Resources 1.24% 1,830,240 $65.2M Reduce -7.6%
CRUS Cirrus Logic Inc. 1.20% 493,709 $63.0M Reduce -18.3%
SHEL Shell PLC-ADR 1.19% 871,697 $62.9M Reduce -1.7%
WFC Wells Fargo & Co. 1.17% 1,042,579 $61.9M Reduce -4.0%
CVS CVS Health Corp. 1.16% 1,037,265 $61.3M Add +36.6%
BERY Berry Global Group Inc. 1.06% 953,937 $56.1M Add +2.0%
ABBV Abbvie Inc. 1.04% 318,834 $54.7M Reduce -2.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.03% 1,366,048 $54.3M Add +0.5%
ORCL Oracle Corp. 0.99% 369,417 $52.2M Reduce -8.1%
MAC The Macerich Co. 0.96% 3,261,795 $50.4M Reduce -1.2%
COP Conocophillips 0.94% 431,059 $49.3M Reduce -1.8%
SKX Skechers USA Inc. Class A 0.93% 712,000 $49.2M Reduce -2.5%
GSK GSK PLC-Spon ADR 0.86% 1,184,095 $45.6M Add +0.5%
FDX FedEx Corp. 0.85% 149,150 $44.7M Add +2.5%
FIS Fidelity National Info Serv 0.80% 557,915 $42.0M Reduce -1.3%
MRNA Moderna Inc. 0.71% 315,400 $37.5M Reduce -1.4%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.71% 2,770,590 $37.3M Reduce -2.3%
ELP Companhia Paranaense DE Ener 0.70% 5,524,995 $37.0M Add +0.3%
EFXT Enerflex Ltd. 0.68% 6,628,286 $35.7M Reduce -1.6%
SPR Spirit Aerosystems Hold Class A 0.66% 1,058,255 $34.8M Reduce -2.3%
HES Hess Corp. 0.66% 235,787 $34.8M Reduce -9.6%
QSR Restaurant Brands Intern 0.60% 450,175 $31.7M Reduce -12.2%
GPK Graphic Packaging Holding Co. 0.56% 1,136,735 $29.8M Add +1.2%
UPS United Parcel Service Class B 0.55% 213,777 $29.3M Add +0.6%
MRK Merck & Co. Inc. 0.55% 234,239 $29.0M Reduce -9.7%
BIIB Biogen Inc. 0.50% 112,672 $26.1M Add +7.0%
IVZ Invesco Ltd. 0.47% 1,639,938 $24.5M Reduce -0.9%
INTC Intel Corp. 0.46% 776,000 $24.0M New
CX Cemex Sab-Spons ADR Part Cer 0.43% 3,572,821 $22.8M Reduce -5.0%
CXM Sprinklr Inc. Class A 0.39% 2,130,350 $20.5M Add +63.5%
DVN Devon Energy Corp. 0.37% 407,590 $19.3M Add +3.8%
BAP Credicorp Ltd. 0.35% 112,950 $18.2M Add +0.7%
CPA Copa Holdings SA Class A 0.32% 174,975 $16.7M Reduce -14.7%
IBN Icici Bank Ltd.-Spon ADR 0.29% 539,575 $15.5M Reduce -32.2%
OVV Ovintiv Inc. 0.26% 297,591 $13.9M Reduce -26.5%
VOD Vodafone Group PLC-SP ADR 0.24% 1,450,750 $12.9M Reduce -13.7%
DKS Dick's Sporting Goods Inc. 0.23% 56,768 $12.2M Reduce -20.8%
PROF Profound Medical Corp. 0.19% 1,198,775 $10.1M Reduce -2.6%
FTS Fortis Inc. 0.16% 220,928 $8.6M Add +2.3%
XBI SS SPDR S&P Biotech ETF 0.10% 56,900 $5.3M Reduce -13.5%
IIF Morgan Stanley India Invest 0.10% 193,375 $5.2M No change
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.05% 463,720 $2.7M Reduce -56.0%
YTRA Yatra Online Inc. 0.04% 1,574,120 $1.9M No change
HDB HDFC Bank Ltd.-ADR 0.03% 25,200 $1.6M Add +19.9%
SCHW Schwab (charles) Corp. 0.03% 21,846 $1.6M No change
URTH iShares MSCI World ETF 0.02% 7,400 $1.1M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.02% 1,720 $936K Reduce -30.9%
ING ING Groep N.V.-Sponsored ADR 0.02% 49,551 $849K Reduce -12.3%
THC Tenet Healthcare Corp. 0.01% 5,300 $705K Reduce -99.5%
VTWO Vanguard Russell 2000 ETF 0.01% 7,000 $574K No change
PBA Pembina Pipeline Corp. 0.01% 11,882 $441K Add +10.5%
KMB Kimberly-Clark Corp. 0.01% 3,025 $418K No change
VT Vanguard Tot World STK ETF 0.01% 3,250 $366K No change
GOOGL Alphabet Inc. Class A 0.01% 1,980 $361K Reduce -21.4%
VALE Vale SA-SP ADR 0.01% 31,875 $356K New
DUK Duke Energy Corp. 0.01% 3,169 $318K Add +2.2%
MSFT Microsoft Corp. 0.01% 638 $285K No change
DNLI Denali Therapeutics Inc. 0.01% 11,350 $264K New
SPRY Ars Pharmaceuticals Inc. 0.00% 24,700 $210K Reduce -31.4%
MET Metlife Inc. 0.00% 2,900 $204K No change
NXPI NXP Semiconductors NV 0.00% 750 $202K Reduce -23.1%
ALTM Arcadium Lithium PLC 0.00% 58,500 $197K New
MGTX Meiragtx Holdings PLC 0.00% 45,300 $191K Add +38.5%
AURA Aura Biosciences Inc. 0.00% 21,200 $160K No change
MLYS Mineralys Therapeutics Inc. 0.00% 11,400 $133K No change
TCRX Tscan Therapeutics Inc. 0.00% 20,700 $121K No change

Show all 104 holdings

Portfolio Sells Q1 2024 → Q2 2024
THC Tenet Healthcare Corp. Reduce -99.5% 0.01% −2.05
TECK Teck Resources Ltd.-CLS B Reduce -44.9% 1.68% −0.99
CLS Celestica Inc. Reduce -56.8% 1.36% −0.91
HBM Hudbay Minerals Inc. Reduce -41.7% 1.65% −0.36
BMO Bank of Montreal Reduce -3.3% 3.09% −0.32
BNS Bank of Nova Scotia Reduce -0.4% 3.84% −0.16
CX Cemex Sab-Spons ADR Part Cer Reduce -5.0% 0.43% −0.16
SBS Cia Saneamento Basico DE-ADR Reduce -2.3% 0.71% −0.12
QSR Restaurant Brands Intern Reduce -12.2% 0.60% −0.11
OVV Ovintiv Inc. Reduce -26.5% 0.26% −0.10
CNQ Canadian Natural Resources Reduce -7.6% 1.24% −0.08
ELPC Cia Paranaense DE Ener-ADR Reduce -56.0% 0.05% −0.07
IBN Icici Bank Ltd.-Spon ADR Reduce -32.2% 0.29% −0.07
SLF Sun Life Financial Inc. Reduce -0.5% 2.59% −0.07
WFG West Fraser Timber Co. Ltd. Reduce -0.6% 1.64% −0.06
CPA Copa Holdings SA Class A Reduce -14.7% 0.32% −0.06
CAE Cae Inc. Reduce -1.6% 1.38% −0.05
DKS Dick's Sporting Goods Inc. Reduce -20.8% 0.23% −0.05
MRK Merck & Co. Inc. Reduce -9.7% 0.55% −0.05
COP Conocophillips Reduce -1.8% 0.94% −0.04
MAC The Macerich Co. Reduce -1.2% 0.96% −0.03
HES Hess Corp. Reduce -9.6% 0.66% −0.03
SPR Spirit Aerosystems Hold Class A Reduce -2.3% 0.66% −0.02
VOD Vodafone Group PLC-SP ADR Reduce -13.7% 0.24% −0.02
IVZ Invesco Ltd. Reduce -0.9% 0.47% −0.01
XBI SS SPDR S&P Biotech ETF Reduce -13.5% 0.10% −0.01
EFA iShares MSCI Eafe ETF Sold out 0.00% −0.01
SPY SS SPDR S&P 500 ETF Trust-US Reduce -30.9% 0.02% −0.00
EFXT Enerflex Ltd. Reduce -1.6% 0.68% −0.00
SPRY Ars Pharmaceuticals Inc. Reduce -31.4% 0.00% −0.00
NXPI NXP Semiconductors NV Reduce -23.1% 0.00% −0.00
ATRA Atara Biotherapeutics Inc. Sold out 0.00% −0.00
ING ING Groep N.V.-Sponsored ADR Reduce -12.3% 0.02% −0.00
GOOGL Alphabet Inc. Class A Reduce -21.4% 0.01% +0.00
MFC Manulife Financial Corp. Reduce -13.9% 4.72% +0.00
ABBV Abbvie Inc. Reduce -2.4% 1.04% +0.00
PROF Profound Medical Corp. Reduce -2.6% 0.19% +0.02
TU Telus Corp. Reduce -2.0% 1.96% +0.02
CM Can Imperial BK of Commerce Reduce -1.2% 2.12% +0.02
CVE Cenovus Energy Inc. Reduce -3.6% 1.86% +0.06
FIS Fidelity National Info Serv Reduce -1.3% 0.80% +0.07
C Citigroup Inc. Reduce -4.9% 1.79% +0.07
WFC Wells Fargo & Co. Reduce -4.0% 1.17% +0.08
EMN Eastman Chemical Co. Reduce -1.1% 1.58% +0.08
ORCL Oracle Corp. Reduce -8.1% 0.99% +0.11
MRNA Moderna Inc. Reduce -1.4% 0.71% +0.12
SKX Skechers USA Inc. Class A Reduce -2.5% 0.93% +0.16
SHEL Shell PLC-ADR Reduce -1.7% 1.19% +0.16
META Meta Platforms Inc. Class A Reduce -6.5% 2.98% +0.16
WMT Walmart Inc. Reduce -4.7% 1.28% +0.19

Portfolio Buys Q1 2024 → Q2 2024
B Barrick Gold Corp. New 1.27% +1.27
INTC Intel Corp. New 0.46% +0.46
T AT&T Inc. Add +1.9% 1.60% +0.27
PFE Pfizer Inc. Add +3.6% 1.72% +0.21
TD Toronto-Dominion Bank Add +5.5% 3.49% +0.16
VZ Verizon Communications Inc. Add +5.0% 1.30% +0.15
BAC Bank of America Corp. Add +0.5% 1.03% +0.13
SWKS Skyworks Solutions Inc. Add +2.8% 1.37% +0.13
BCE Bce Inc. Add +2.1% 2.16% +0.12
TFC Truist Financial Corp. Add +1.8% 1.26% +0.12
FDX FedEx Corp. Add +2.5% 0.85% +0.11
CXM Sprinklr Inc. Class A Add +63.5% 0.39% +0.11
CVS CVS Health Corp. Add +36.6% 1.16% +0.11
BIIB Biogen Inc. Add +7.0% 0.50% +0.10
BERY Berry Global Group Inc. Add +2.0% 1.06% +0.08
NTR Nutrien Ltd. Add +1.1% 2.55% +0.08
STT State Street Corp. Add +2.0% 1.28% +0.08
GILD Gilead Sciences Inc. Add +1.8% 1.26% +0.05
DVN Devon Energy Corp. Add +3.8% 0.37% +0.02
CMCSA Comcast Corp. Class A Add +2.8% 1.42% +0.02
BAP Credicorp Ltd. Add +0.7% 0.35% +0.02
FTS Fortis Inc. Add +2.3% 0.16% +0.01
HDB HDFC Bank Ltd.-ADR Add +19.9% 0.03% +0.01
VALE Vale SA-SP ADR New 0.01% +0.01
UPS United Parcel Service Class B Add +0.6% 0.55% +0.01
DNLI Denali Therapeutics Inc. New 0.01% +0.01
ALTM Arcadium Lithium PLC New 0.00% +0.00
PBA Pembina Pipeline Corp. Add +10.5% 0.01% +0.00
DUK Duke Energy Corp. Add +2.2% 0.01% +0.00
MGTX Meiragtx Holdings PLC Add +38.5% 0.00% +0.00
GPK Graphic Packaging Holding Co. Add +1.2% 0.56% −0.00
RCI Rogers Communications Inc. Class B Add +1.4% 2.81% −0.01
GSK GSK PLC-Spon ADR Add +0.5% 0.86% −0.01
OTEX Open Text Corp. Add +16.8% 2.24% −0.03
ELP Companhia Paranaense DE Ener Add +0.3% 0.70% −0.04
MGA Magna International Inc. Add +9.1% 2.61% −0.24

Notes & Other Activity Q1 2024 → Q2 2024
CVE.WS Cenovus Energy Inc. -CW26 *W EXP 01/01/202 Sold out 13,514 $205Kbefore exit

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

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