Letko, Brosseau & Associates Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Letko, Brosseau & Associates Inc. reported 101 stock positions worth $5.5 billion. Its top holding was Manulife Financial (MFC) at 4.3% of the portfolio, followed by Bank of Nova Scotia (BNS, 4.2%) and Royal Bank of Canada (RY, 4.2%). Compared with Q2 2024, it opened 6 new positions, sold out of 9, added to 38 and reduced 37. The biggest buy was a new position in Illumina (ILMN) and the biggest sale Canadian Natural Resources (CNQ, shares −87%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$5.5B (Q3 2024)
SEC Filing
0001297496-24-000022 ↗ filed Nov 7, 2024

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $5.8B Q1 2024 Q2 2024: $5.3B Q2 2024 Q3 2024: $5.5B $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 · $5.5B
MFC Manulife Financial Corp. 4.34% 8,084,807 $239.2M Reduce -13.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.20% 4,244,832 $231.5M Reduce -4.1%
RY Royal Bank of Canada 4.16% 1,837,342 $229.6M Reduce -5.3%
TD Toronto-Dominion Bank 3.69% 3,214,035 $203.5M Reduce -4.1%
META Meta Platforms Inc. Class A 3.20% 308,645 $176.7M Reduce -0.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.15% 1,919,950 $173.4M Reduce -1.3%
RCI Rogers Communications Inc. Class B 3.08% 4,217,600 $169.8M Add +5.3%
SLF Sun Life Financial Inc. 2.83% 2,686,623 $156.0M Reduce -3.4%
MGA Magna International Inc. 2.81% 3,773,200 $155.0M Add +14.9%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 2.74% 2,463,962 $151.3M Add +4.8%
OTEX Open Text Corp. 2.60% 4,299,690 $143.3M Add +9.4%
NTR Nutrien Ltd. 2.49% 2,855,617 $137.4M Add +8.0%
GOOG Alphabet Inc. Class C 2.33% 767,011 $128.2M Add +0.0%
BCE Bce Inc. 2.26% 3,587,487 $124.9M Add +2.1%
WFG West Fraser Timber Co. Ltd. 2.01% 1,135,616 $110.8M Add +0.5%
TU Telus Corp. 1.94% 6,372,358 $107.0M Reduce -6.6%
SU Suncor Energy Inc. 1.86% 2,768,490 $102.3M Reduce -23.6%
T AT&T Inc. 1.82% 4,553,825 $100.2M Add +3.3%
EMN Eastman Chemical Co. 1.73% 851,101 $95.3M Add +0.3%
TECK Teck Resources Ltd.-CLS B 1.73% 1,819,996 $95.2M Reduce -1.4%
B Barrick Gold Corp. 1.68% 4,662,075 $92.8M Add +16.4%
ILMN Illumina Inc. 1.63% 687,705 $89.7M New
HBM Hudbay Minerals Inc. 1.58% 9,457,408 $87.1M Reduce -1.4%
PFE Pfizer Inc. 1.57% 2,991,458 $86.6M Reduce -7.8%
C Citigroup Inc. 1.54% 1,357,909 $85.0M Reduce -8.5%
CVE Cenovus Energy Inc. 1.51% 4,983,600 $83.4M Add +0.0%
GILD Gilead Sciences Inc. 1.48% 976,178 $81.8M Add +0.9%
CMCSA Comcast Corp. Class A 1.46% 1,933,481 $80.8M Add +1.0%
STT State Street Corp. 1.46% 911,596 $80.6M Reduce -0.2%
CAE Cae Inc. 1.40% 4,112,454 $77.3M Add +5.1%
VZ Verizon Communications Inc. 1.37% 1,682,080 $75.5M Add +1.4%
TFC Truist Financial Corp. 1.33% 1,709,016 $73.1M Add +0.3%
CVS CVS Health Corp. 1.24% 1,087,480 $68.4M Add +4.8%
WMT Walmart Inc. 1.24% 846,311 $68.3M Reduce -15.4%
SWKS Skyworks Solutions Inc. 1.24% 691,060 $68.3M Add +1.7%
BERY Berry Global Group Inc. 1.18% 959,702 $65.2M Add +0.6%
ABBV Abbvie Inc. 1.13% 316,834 $62.6M Reduce -0.6%
ORCL Oracle Corp. 1.13% 366,457 $62.4M Reduce -0.8%
MAC The Macerich Co. 1.08% 3,269,745 $59.6M Add +0.2%
WFC Wells Fargo & Co. 1.06% 1,037,804 $58.6M Reduce -0.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.99% 1,374,318 $54.5M Add +0.6%
CRUS Cirrus Logic Inc. 0.97% 432,299 $53.7M Reduce -12.4%
FDX FedEx Corp. 0.96% 193,650 $53.0M Add +29.8%
GSK GSK PLC-Spon ADR 0.91% 1,224,770 $50.1M Add +3.4%
ELP Companhia Paranaense DE Ener 0.87% 6,476,145 $48.2M Add +17.2%
SKX Skechers USA Inc. Class A 0.86% 709,725 $47.5M Reduce -0.3%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.85% 2,835,665 $46.9M Add +2.4%
CLS Celestica Inc. 0.83% 896,296 $45.9M Reduce -28.7%
COP Conocophillips 0.82% 430,744 $45.3M Reduce -0.1%
SHEL Shell PLC-ADR 0.79% 663,577 $43.8M Reduce -23.9%
INTC Intel Corp. 0.76% 1,780,725 $41.8M Add +129.5%
EFXT Enerflex Ltd. 0.72% 6,623,411 $39.5M Reduce -0.1%
MRNA Moderna Inc. 0.62% 511,145 $34.2M Add +62.1%
GPK Graphic Packaging Holding Co. 0.62% 1,147,010 $33.9M Add +0.9%
QSR Restaurant Brands Intern 0.59% 448,675 $32.4M Reduce -0.3%
IVZ Invesco Ltd. 0.52% 1,626,088 $28.6M Reduce -0.8%
MRK Merck & Co. Inc. 0.48% 232,309 $26.4M Reduce -0.8%
BIIB Biogen Inc. 0.47% 132,912 $25.8M Add +18.0%
CX Cemex Sab-Spons ADR Part Cer 0.41% 3,721,621 $22.7M Add +4.2%
UPS United Parcel Service Class B 0.38% 155,202 $21.2M Reduce -27.4%
BAP Credicorp Ltd. 0.38% 114,850 $20.8M Add +1.7%
HES Hess Corp. 0.34% 136,857 $18.6M Reduce -42.0%
CXM Sprinklr Inc. Class A 0.32% 2,274,775 $17.6M Add +6.8%
LULU Lululemon Athletica Inc. 0.31% 63,300 $17.2M New
CPA Copa Holdings SA Class A 0.31% 182,575 $17.1M Add +4.3%
IBN Icici Bank Ltd.-Spon ADR 0.26% 485,625 $14.5M Reduce -10.0%
VOD Vodafone Group PLC-SP ADR 0.25% 1,352,958 $13.6M Reduce -6.7%
DKS Dick's Sporting Goods Inc. 0.21% 54,580 $11.4M Reduce -3.9%
PROF Profound Medical Corp. 0.17% 1,198,775 $9.5M No change
CNQ Canadian Natural Resources 0.15% 245,646 $8.2M Reduce -86.6%
IIF Morgan Stanley India Invest 0.10% 192,375 $5.8M Reduce -0.5%
XBI SS SPDR S&P Biotech ETF 0.09% 47,950 $4.7M Reduce -15.7%
SW Smurfit Westrock PLC 0.08% 83,825 $4.1M New
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.05% 459,445 $2.9M Reduce -0.9%
HDB HDFC Bank Ltd.-ADR 0.05% 44,300 $2.8M Add +75.8%
YTRA Yatra Online Inc. 0.05% 1,574,120 $2.7M No change
SCHW Schwab (charles) Corp. 0.03% 21,846 $1.4M No change
URTH iShares MSCI World ETF 0.02% 7,400 $1.2M No change
SPY SS SPDR S&P 500 ETF Trust-US 0.02% 1,720 $987K No change
ING ING Groep N.V.-Sponsored ADR 0.02% 49,551 $900K No change
VTWO Vanguard Russell 2000 ETF 0.01% 7,000 $626K No change
PBA Pembina Pipeline Corp. 0.01% 11,882 $490K No change
DUK Duke Energy Corp. 0.01% 4,100 $473K Add +29.4%
KMB Kimberly-Clark Corp. 0.01% 3,025 $430K No change
VALE Vale SA-SP ADR 0.01% 36,650 $428K Add +15.0%
VT Vanguard Tot World STK ETF 0.01% 3,250 $389K No change
FTS Fortis Inc. 0.01% 8,500 $387K Reduce -96.2%
SPRY Ars Pharmaceuticals Inc. 0.01% 24,700 $358K No change
DNLI Denali Therapeutics Inc. 0.01% 11,350 $331K No change
MSFT Microsoft Corp. 0.01% 638 $275K No change
MET Metlife Inc. 0.00% 2,900 $239K No change
ALB Albemarle Corp. 0.00% 2,475 $234K New
ALTM Arcadium Lithium PLC 0.00% 73,250 $209K Add +25.2%
MGTX Meiragtx Holdings PLC 0.00% 45,300 $189K No change
AURA Aura Biosciences Inc. 0.00% 21,200 $189K No change
MLYS Mineralys Therapeutics Inc. 0.00% 11,400 $138K No change
PLRX Pliant Therapeutics Inc. 0.00% 10,400 $117K New
TCRX Tscan Therapeutics Inc. 0.00% 20,700 $103K No change
ETNB 89BIO Inc. 0.00% 10,700 $79K New
PROKIDNEY CORP 0.00% 15,900 $31K No change
OM Outset Medical Inc. 0.00% 13,550 $9K No change

Portfolio Sells Q2 2024 → Q3 2024
CNQ Canadian Natural Resources Reduce -86.6% 0.15% −1.09
FIS Fidelity National Info Serv Sold out 0.00% −0.80
SU Suncor Energy Inc. Reduce -23.6% 1.86% −0.76
SPR Spirit Aerosystems Hold Class A Sold out 0.00% −0.66
CLS Celestica Inc. Reduce -28.7% 0.83% −0.53
SHEL Shell PLC-ADR Reduce -23.9% 0.79% −0.40
MFC Manulife Financial Corp. Reduce -13.4% 4.34% −0.38
DVN Devon Energy Corp. Sold out 0.00% −0.37
HES Hess Corp. Reduce -42.0% 0.34% −0.32
OVV Ovintiv Inc. Sold out 0.00% −0.26
C Citigroup Inc. Reduce -8.5% 1.54% −0.24
CRUS Cirrus Logic Inc. Reduce -12.4% 0.97% −0.22
UPS United Parcel Service Class B Reduce -27.4% 0.38% −0.17
FTS Fortis Inc. Reduce -96.2% 0.01% −0.16
PFE Pfizer Inc. Reduce -7.8% 1.57% −0.15
COP Conocophillips Reduce -0.1% 0.82% −0.11
WFC Wells Fargo & Co. Reduce -0.5% 1.06% −0.11
SKX Skechers USA Inc. Class A Reduce -0.3% 0.86% −0.07
MRK Merck & Co. Inc. Reduce -0.8% 0.48% −0.07
HBM Hudbay Minerals Inc. Reduce -1.4% 1.58% −0.07
WMT Walmart Inc. Reduce -15.4% 1.24% −0.04
IBN Icici Bank Ltd.-Spon ADR Reduce -10.0% 0.26% −0.03
DKS Dick's Sporting Goods Inc. Reduce -3.9% 0.21% −0.02
TU Telus Corp. Reduce -6.6% 1.94% −0.02
XBI SS SPDR S&P Biotech ETF Reduce -15.7% 0.09% −0.01
QSR Restaurant Brands Intern Reduce -0.3% 0.59% −0.01
THC Tenet Healthcare Corp. Sold out 0.00% −0.01
GOOGL Alphabet Inc. Class A Sold out 0.00% −0.01
NXPI NXP Semiconductors NV Sold out 0.00% −0.00
GLYCOMIMETICS INC Sold out 0.00% −0.00
LYRA Lyra Therapeutics Inc. Sold out 0.00% −0.00
ELPC Cia Paranaense DE Ener-ADR Reduce -0.9% 0.05% +0.00
VOD Vodafone Group PLC-SP ADR Reduce -6.7% 0.25% +0.00
IIF Morgan Stanley India Invest Reduce -0.5% 0.10% +0.01
EFXT Enerflex Ltd. Reduce -0.1% 0.72% +0.04
TECK Teck Resources Ltd.-CLS B Reduce -1.4% 1.73% +0.05
BMO Bank of Montreal Reduce -1.3% 3.15% +0.05
IVZ Invesco Ltd. Reduce -0.8% 0.52% +0.05
ABBV Abbvie Inc. Reduce -0.6% 1.13% +0.10
ORCL Oracle Corp. Reduce -0.8% 1.13% +0.14
STT State Street Corp. Reduce -0.2% 1.46% +0.18
TD Toronto-Dominion Bank Reduce -4.1% 3.69% +0.20
META Meta Platforms Inc. Class A Reduce -0.8% 3.20% +0.23
SLF Sun Life Financial Inc. Reduce -3.4% 2.83% +0.24
RY Royal Bank of Canada Reduce -5.3% 4.16% +0.25
BNS Bank of Nova Scotia Reduce -4.1% 4.20% +0.36

Portfolio Buys Q2 2024 → Q3 2024
ILMN Illumina Inc. New 1.63% +1.63
CM Can Imperial BK of Commerce Add +4.8% 2.74% +0.62
B Barrick Gold Corp. Add +16.4% 1.68% +0.42
WFG West Fraser Timber Co. Ltd. Add +0.5% 2.01% +0.36
OTEX Open Text Corp. Add +9.4% 2.60% +0.36
LULU Lululemon Athletica Inc. New 0.31% +0.31
INTC Intel Corp. Add +129.5% 0.76% +0.30
RCI Rogers Communications Inc. Class B Add +5.3% 3.08% +0.27
GILD Gilead Sciences Inc. Add +0.9% 1.48% +0.23
T AT&T Inc. Add +3.3% 1.82% +0.22
MGA Magna International Inc. Add +14.9% 2.81% +0.20
ELP Companhia Paranaense DE Ener Add +17.2% 0.87% +0.17
EMN Eastman Chemical Co. Add +0.3% 1.73% +0.15
SBS Cia Saneamento Basico DE-ADR Add +2.4% 0.85% +0.14
MAC The Macerich Co. Add +0.2% 1.08% +0.13
BERY Berry Global Group Inc. Add +0.6% 1.18% +0.12
FDX FedEx Corp. Add +29.8% 0.96% +0.11
BCE Bce Inc. Add +2.1% 2.26% +0.11
CVS CVS Health Corp. Add +4.8% 1.24% +0.08
SW Smurfit Westrock PLC New 0.08% +0.08
VZ Verizon Communications Inc. Add +1.4% 1.37% +0.07
TFC Truist Financial Corp. Add +0.3% 1.33% +0.07
GPK Graphic Packaging Holding Co. Add +0.9% 0.62% +0.05
GSK GSK PLC-Spon ADR Add +3.4% 0.91% +0.04
CMCSA Comcast Corp. Class A Add +1.0% 1.46% +0.04
BAP Credicorp Ltd. Add +1.7% 0.38% +0.03
CAE Cae Inc. Add +5.1% 1.40% +0.02
HDB HDFC Bank Ltd.-ADR Add +75.8% 0.05% +0.02
ALB Albemarle Corp. New 0.00% +0.00
DUK Duke Energy Corp. Add +29.4% 0.01% +0.00
PLRX Pliant Therapeutics Inc. New 0.00% +0.00
ETNB 89BIO Inc. New 0.00% +0.00
VALE Vale SA-SP ADR Add +15.0% 0.01% +0.00
ALTM Arcadium Lithium PLC Add +25.2% 0.00% +0.00
CPA Copa Holdings SA Class A Add +4.3% 0.31% −0.01
CX Cemex Sab-Spons ADR Part Cer Add +4.2% 0.41% −0.02
BIIB Biogen Inc. Add +18.0% 0.47% −0.03
BAC Bank of America Corp. Add +0.6% 0.99% −0.04
NTR Nutrien Ltd. Add +8.0% 2.49% −0.06
CXM Sprinklr Inc. Class A Add +6.8% 0.32% −0.07
MRNA Moderna Inc. Add +62.1% 0.62% −0.09
SWKS Skyworks Solutions Inc. Add +1.7% 1.24% −0.14
GOOG Alphabet Inc. Class C Add +0.0% 2.33% −0.34
CVE Cenovus Energy Inc. Add +0.0% 1.51% −0.34

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