Letko, Brosseau & Associates Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Letko, Brosseau & Associates Inc. reported 100 stock positions worth $5.2 billion. Its top holding was Manulife Financial (MFC) at 4.4% of the portfolio, followed by Bank of Nova Scotia (BNS, 4.3%) and Royal Bank of Canada (RY, 4.2%). Compared with Q3 2024, it opened 3 new positions, sold out of 4, added to 29 and reduced 47. The biggest buy was Magna International (MGA, shares +6%) and the biggest sale Teck Resources Ltd.-CLS B (TECK, shares −16%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$5.2B (Q4 2024)
SEC Filing
0001297496-25-000010 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $5.2B $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 100 stocks · $5.2B
MFC Manulife Financial Corp. 4.38% 7,377,147 $226.5M Reduce -8.8%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.28% 4,127,370 $221.5M Reduce -2.8%
RY Royal Bank of Canada 4.19% 1,798,760 $216.8M Reduce -2.1%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.52% 1,878,964 $182.3M Reduce -2.1%
TD Toronto-Dominion Bank 3.45% 3,352,390 $178.4M Add +4.3%
META Meta Platforms Inc. Class A 3.42% 302,196 $176.9M Reduce -2.1%
MGA Magna International Inc. 3.24% 4,011,380 $167.6M Add +6.3%
RCI Rogers Communications Inc. Class B 3.09% 5,210,380 $160.1M Add +23.5%
SLF Sun Life Financial Inc. 3.04% 2,653,564 $157.5M Reduce -1.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 2.93% 2,396,332 $151.5M Reduce -2.7%
GOOG Alphabet Inc. Class C 2.81% 764,681 $145.6M Reduce -0.3%
NTR Nutrien Ltd. 2.67% 3,086,940 $138.1M Add +8.1%
OTEX Open Text Corp. 2.38% 4,348,755 $123.0M Add +1.1%
BCE Bce Inc. 2.08% 4,634,549 $107.4M Add +29.2%
T AT&T Inc. 2.00% 4,543,425 $103.5M Reduce -0.2%
CAE Cae Inc. 2.00% 4,075,479 $103.4M Reduce -0.9%
PFE Pfizer Inc. 1.98% 3,863,988 $102.5M Add +29.2%
WFG West Fraser Timber Co. Ltd. 1.86% 1,111,406 $96.2M Reduce -2.1%
ILMN Illumina Inc. 1.77% 685,773 $91.6M Reduce -0.3%
TU Telus Corp. 1.71% 6,531,717 $88.5M Add +2.5%
C Citigroup Inc. 1.63% 1,198,862 $84.4M Reduce -11.7%
SU Suncor Energy Inc. 1.50% 2,181,095 $77.8M Reduce -21.2%
EMN Eastman Chemical Co. 1.49% 843,066 $77.0M Reduce -0.9%
CVE Cenovus Energy Inc. 1.46% 4,986,176 $75.5M Add +0.1%
B Barrick Gold Corp. 1.44% 4,806,500 $74.5M Add +3.1%
HBM Hudbay Minerals Inc. 1.42% 9,083,633 $73.6M Reduce -4.0%
TFC Truist Financial Corp. 1.42% 1,691,761 $73.4M Reduce -1.0%
CMCSA Comcast Corp. Class A 1.40% 1,933,481 $72.6M No change
VZ Verizon Communications Inc. 1.32% 1,710,912 $68.4M Add +1.7%
STT State Street Corp. 1.32% 696,521 $68.4M Reduce -23.6%
SWKS Skyworks Solutions Inc. 1.29% 752,675 $66.7M Add +8.9%
WMT Walmart Inc. 1.25% 713,626 $64.5M Reduce -15.7%
EFXT Enerflex Ltd. 1.23% 6,415,261 $63.8M Reduce -3.1%
BERY Berry Global Group Inc. 1.19% 955,487 $61.8M Reduce -0.4%
TECK Teck Resources Ltd.-CLS B 1.19% 1,523,438 $61.7M Reduce -16.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.15% 1,355,052 $59.6M Reduce -1.4%
ORCL Oracle Corp. 1.15% 356,762 $59.5M Reduce -2.6%
ABBV Abbvie Inc. 1.08% 314,459 $55.9M Reduce -0.8%
GILD Gilead Sciences Inc. 1.07% 598,388 $55.3M Reduce -38.7%
GSK GSK PLC-Spon ADR 1.06% 1,623,203 $54.9M Add +32.5%
FDX FedEx Corp. 1.06% 194,100 $54.6M Add +0.2%
WFC Wells Fargo & Co. 1.00% 733,099 $51.5M Reduce -29.4%
CVS CVS Health Corp. 0.97% 1,114,660 $50.0M Add +2.5%
MAC The Macerich Co. 0.93% 2,407,595 $48.0M Reduce -26.4%
SKX Skechers USA Inc. Class A 0.92% 707,400 $47.6M Reduce -0.3%
CRUS Cirrus Logic Inc. 0.86% 445,999 $44.4M Add +3.2%
COP Conocophillips 0.82% 428,484 $42.5M Reduce -0.5%
SHEL Shell PLC-ADR 0.80% 658,852 $41.3M Reduce -0.7%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.77% 2,784,865 $39.9M Reduce -1.8%
INTC Intel Corp. 0.75% 1,947,200 $39.0M Add +9.3%
ELP Companhia Paranaense DE Ener 0.75% 6,524,695 $38.7M Add +0.8%
MRNA Moderna Inc. 0.74% 923,345 $38.4M Add +80.6%
GPK Graphic Packaging Holding Co. 0.60% 1,144,160 $31.1M Reduce -0.3%
QSR Restaurant Brands Intern 0.58% 458,730 $29.9M Add +2.2%
IVZ Invesco Ltd. 0.54% 1,609,738 $28.1M Reduce -1.0%
LULU Lululemon Athletica Inc. 0.47% 64,170 $24.5M Add +1.4%
MRK Merck & Co. Inc. 0.45% 235,734 $23.5M Add +1.5%
CLS Celestica Inc. 0.44% 245,843 $22.7M Reduce -72.6%
CX Cemex Sab-Spons ADR Part Cer 0.41% 3,780,496 $21.3M Add +1.6%
UPS United Parcel Service Class B 0.38% 154,369 $19.5M Reduce -0.5%
BIIB Biogen Inc. 0.35% 119,582 $18.3M Reduce -10.0%
BAP Credicorp Ltd. 0.35% 99,650 $18.3M Reduce -13.2%
HES Hess Corp. 0.35% 135,742 $18.1M Reduce -0.8%
CPA Copa Holdings SA Class A 0.31% 184,750 $16.2M Add +1.2%
CXM Sprinklr Inc. Class A 0.28% 1,731,600 $14.6M Reduce -23.9%
IBN Icici Bank Ltd.-Spon ADR 0.28% 480,450 $14.3M Reduce -1.1%
DKS Dick's Sporting Goods Inc. 0.24% 54,220 $12.4M Reduce -0.7%
PROF Profound Medical Corp. 0.17% 1,211,150 $8.7M Add +1.0%
SW Smurfit Westrock PLC 0.09% 81,850 $4.4M Reduce -2.4%
XBI SS SPDR S&P Biotech ETF 0.07% 42,950 $3.9M Reduce -10.4%
HDB HDFC Bank Ltd.-ADR 0.07% 53,100 $3.4M Add +19.9%
IIF Morgan Stanley India Invest 0.06% 114,500 $2.9M Reduce -40.5%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.04% 381,106 $2.0M Reduce -17.1%
YTRA Yatra Online Inc. 0.04% 1,531,820 $1.9M Reduce -2.7%
SCHW Schwab (charles) Corp. 0.03% 21,846 $1.6M 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 $1.0M No change
ING ING Groep N.V.-Sponsored ADR 0.01% 49,551 $776K No change
VTWO Vanguard Russell 2000 ETF 0.01% 7,000 $625K No change
PBA Pembina Pipeline Corp. 0.01% 13,682 $505K Add +15.2%
DUK Duke Energy Corp. 0.01% 4,100 $442K No change
FLIN Franklin Ftse India ETF 0.01% 11,275 $427K New
KMB Kimberly-Clark Corp. 0.01% 3,025 $396K No change
ALTM Arcadium Lithium PLC 0.01% 73,250 $376K No change
FTS Fortis Inc. 0.01% 8,500 $353K No change
VALE Vale SA-SP ADR 0.01% 36,650 $325K No change
MGTX Meiragtx Holdings PLC 0.01% 45,300 $276K No change
MSFT Microsoft Corp. 0.01% 638 $269K No change
SPRY Ars Pharmaceuticals Inc. 0.01% 24,700 $261K No change
MET Metlife Inc. 0.00% 2,900 $237K No change
ALB Albemarle Corp. 0.00% 2,475 $213K No change
GOOGL Alphabet Inc. Class A 0.00% 1,092 $207K New
MLYS Mineralys Therapeutics Inc. 0.00% 16,500 $203K Add +44.7%
AURA Aura Biosciences Inc. 0.00% 21,200 $174K No change
PLRX Pliant Therapeutics Inc. 0.00% 10,400 $137K No change
TCRX Tscan Therapeutics Inc. 0.00% 36,200 $110K Add +74.9%
ALDX Aldeyra Therapeutics Inc. 0.00% 17,300 $86K New
ETNB 89BIO Inc. 0.00% 10,700 $84K No change
PROKIDNEY CORP 0.00% 15,900 $27K No change
OM Outset Medical Inc. 0.00% 13,550 $15K No change

Portfolio Sells Q3 2024 → Q4 2024
TECK Teck Resources Ltd.-CLS B Reduce -16.3% 1.19% −0.53
GILD Gilead Sciences Inc. Reduce -38.7% 1.07% −0.42
CLS Celestica Inc. Reduce -72.6% 0.44% −0.39
SU Suncor Energy Inc. Reduce -21.2% 1.50% −0.35
VOD Vodafone Group PLC-SP ADR Sold out 0.00% −0.25
EMN Eastman Chemical Co. Reduce -0.9% 1.49% −0.24
HBM Hudbay Minerals Inc. Reduce -4.0% 1.42% −0.16
MAC The Macerich Co. Reduce -26.4% 0.93% −0.15
WFG West Fraser Timber Co. Ltd. Reduce -2.1% 1.86% −0.15
CNQ Canadian Natural Resources Sold out 0.00% −0.15
STT State Street Corp. Reduce -23.6% 1.32% −0.14
BIIB Biogen Inc. Reduce -10.0% 0.35% −0.11
SBS Cia Saneamento Basico DE-ADR Reduce -1.8% 0.77% −0.08
WFC Wells Fargo & Co. Reduce -29.4% 1.00% −0.07
ABBV Abbvie Inc. Reduce -0.8% 1.08% −0.05
IIF Morgan Stanley India Invest Reduce -40.5% 0.06% −0.05
CXM Sprinklr Inc. Class A Reduce -23.9% 0.28% −0.04
BAP Credicorp Ltd. Reduce -13.2% 0.35% −0.02
GPK Graphic Packaging Holding Co. Reduce -0.3% 0.60% −0.01
ELPC Cia Paranaense DE Ener-ADR Reduce -17.1% 0.04% −0.01
YTRA Yatra Online Inc. Reduce -2.7% 0.04% −0.01
XBI SS SPDR S&P Biotech ETF Reduce -10.4% 0.07% −0.01
UPS United Parcel Service Class B Reduce -0.5% 0.38% −0.01
VT Vanguard Tot World STK ETF Sold out 0.00% −0.01
DNLI Denali Therapeutics Inc. Sold out 0.00% −0.01
COP Conocophillips Reduce -0.5% 0.82% −0.00
SHEL Shell PLC-ADR Reduce -0.7% 0.80% +0.00
WMT Walmart Inc. Reduce -15.7% 1.25% +0.01
SW Smurfit Westrock PLC Reduce -2.4% 0.09% +0.01
BERY Berry Global Group Inc. Reduce -0.4% 1.19% +0.01
HES Hess Corp. Reduce -0.8% 0.35% +0.01
IBN Icici Bank Ltd.-Spon ADR Reduce -1.1% 0.28% +0.01
ORCL Oracle Corp. Reduce -2.6% 1.15% +0.02
IVZ Invesco Ltd. Reduce -1.0% 0.54% +0.03
RY Royal Bank of Canada Reduce -2.1% 4.19% +0.03
DKS Dick's Sporting Goods Inc. Reduce -0.7% 0.24% +0.03
MFC Manulife Financial Corp. Reduce -8.8% 4.38% +0.04
SKX Skechers USA Inc. Class A Reduce -0.3% 0.92% +0.06
BNS Bank of Nova Scotia Reduce -2.8% 4.28% +0.08
C Citigroup Inc. Reduce -11.7% 1.63% +0.09
TFC Truist Financial Corp. Reduce -1.0% 1.42% +0.09
ILMN Illumina Inc. Reduce -0.3% 1.77% +0.14
BAC Bank of America Corp. Reduce -1.4% 1.15% +0.16
T AT&T Inc. Reduce -0.2% 2.00% +0.18
CM Can Imperial BK of Commerce Reduce -2.7% 2.93% +0.18
SLF Sun Life Financial Inc. Reduce -1.2% 3.04% +0.21
META Meta Platforms Inc. Class A Reduce -2.1% 3.42% +0.22
BMO Bank of Montreal Reduce -2.1% 3.52% +0.38
GOOG Alphabet Inc. Class C Reduce -0.3% 2.81% +0.49
EFXT Enerflex Ltd. Reduce -3.1% 1.23% +0.52

Portfolio Buys Q3 2024 → Q4 2024
MGA Magna International Inc. Add +6.3% 3.24% +0.43
PFE Pfizer Inc. Add +29.2% 1.98% +0.41
NTR Nutrien Ltd. Add +8.1% 2.67% +0.18
LULU Lululemon Athletica Inc. Add +1.4% 0.47% +0.16
GSK GSK PLC-Spon ADR Add +32.5% 1.06% +0.15
MRNA Moderna Inc. Add +80.6% 0.74% +0.12
FDX FedEx Corp. Add +0.2% 1.06% +0.09
SWKS Skyworks Solutions Inc. Add +8.9% 1.29% +0.05
RCI Rogers Communications Inc. Class B Add +23.5% 3.09% +0.02
HDB HDFC Bank Ltd.-ADR Add +19.9% 0.07% +0.02
FLIN Franklin Ftse India ETF New 0.01% +0.01
GOOGL Alphabet Inc. Class A New 0.00% +0.00
CPA Copa Holdings SA Class A Add +1.2% 0.31% +0.00
ALDX Aldeyra Therapeutics Inc. New 0.00% +0.00
MLYS Mineralys Therapeutics Inc. Add +44.7% 0.00% +0.00
PBA Pembina Pipeline Corp. Add +15.2% 0.01% +0.00
CX Cemex Sab-Spons ADR Part Cer Add +1.6% 0.41% +0.00
TCRX Tscan Therapeutics Inc. Add +74.9% 0.00% +0.00
INTC Intel Corp. Add +9.3% 0.75% −0.00
PROF Profound Medical Corp. Add +1.0% 0.17% −0.01
QSR Restaurant Brands Intern Add +2.2% 0.58% −0.01
MRK Merck & Co. Inc. Add +1.5% 0.45% −0.03
VZ Verizon Communications Inc. Add +1.7% 1.32% −0.05
CVE Cenovus Energy Inc. Add +0.1% 1.46% −0.05
CRUS Cirrus Logic Inc. Add +3.2% 0.86% −0.12
ELP Companhia Paranaense DE Ener Add +0.8% 0.75% −0.13
BCE Bce Inc. Add +29.2% 2.08% −0.19
OTEX Open Text Corp. Add +1.1% 2.38% −0.22
TU Telus Corp. Add +2.5% 1.71% −0.23
TD Toronto-Dominion Bank Add +4.3% 3.45% −0.24
B Barrick Gold Corp. Add +3.1% 1.44% −0.24
CVS CVS Health Corp. Add +2.5% 0.97% −0.27

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