Letko, Brosseau & Associates Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Letko, Brosseau & Associates Inc. reported 89 stock positions worth $4.7 billion. Its top holding was Manulife Financial (MFC) at 4.2% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.2%) and Bank of Nova Scotia (BNS, 4.0%). Compared with Q4 2024, it opened 3 new positions, sold out of 14, added to 17 and reduced 56. The biggest buy was a new position in Adobe (ADBE) and the biggest sale an exit from Berry Global (BERY).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$4.7B (Q1 2025)
SEC Filing
0001297496-25-000017 ↗ filed May 8, 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 Q4 2024 Q1 2025: $4.7B $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 89 stocks · $4.7B
MFC Manulife Financial Corp. 4.16% 6,274,747 $195.5M Reduce -14.9%
TD Toronto-Dominion Bank 4.16% 3,261,565 $195.4M Reduce -2.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.04% 4,011,525 $190.2M Reduce -2.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.71% 1,826,599 $174.4M Reduce -2.8%
RY Royal Bank of Canada 3.70% 1,546,167 $174.1M Reduce -14.0%
SLF Sun Life Financial Inc. 3.37% 2,769,959 $158.5M Add +4.4%
RCI Rogers Communications Inc. Class B 3.34% 5,885,187 $157.1M Add +12.9%
NTR Nutrien Ltd. 3.17% 3,001,478 $148.9M Reduce -2.8%
MGA Magna International Inc. 2.86% 3,959,210 $134.5M Reduce -1.3%
OTEX Open Text Corp. 2.61% 4,860,805 $122.7M Add +11.8%
META Meta Platforms Inc. Class A 2.60% 211,734 $122.0M Reduce -29.9%
T AT&T Inc. 2.54% 4,225,100 $119.5M Reduce -7.0%
BCE Bce Inc. 2.54% 5,202,254 $119.4M Add +12.3%
GOOG Alphabet Inc. Class C 2.53% 760,373 $118.8M Reduce -0.6%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 2.37% 1,978,257 $111.3M Reduce -17.4%
PFE Pfizer Inc. 2.07% 3,847,588 $97.5M Reduce -0.4%
B Barrick Gold Corp. 2.06% 4,997,850 $97.0M Add +4.0%
TU Telus Corp. 1.97% 6,456,317 $92.6M Reduce -1.1%
WFG West Fraser Timber Co. Ltd. 1.78% 1,092,802 $83.9M Reduce -1.7%
CAE Cae Inc. 1.77% 3,384,874 $83.2M Reduce -16.9%
SU Suncor Energy Inc. 1.72% 2,087,905 $80.8M Reduce -4.3%
CVE Cenovus Energy Inc. 1.69% 5,713,129 $79.4M Add +14.6%
CVS CVS Health Corp. 1.60% 1,112,190 $75.4M Reduce -0.2%
VZ Verizon Communications Inc. 1.59% 1,651,143 $74.9M Reduce -3.5%
EMN Eastman Chemical Co. 1.55% 829,526 $73.1M Reduce -1.6%
C Citigroup Inc. 1.52% 1,008,287 $71.6M Reduce -15.9%
TFC Truist Financial Corp. 1.44% 1,647,146 $67.8M Reduce -2.6%
CMCSA Comcast Corp. Class A 1.43% 1,816,351 $67.0M Reduce -6.1%
ILMN Illumina Inc. 1.42% 844,098 $67.0M Add +23.1%
INTC Intel Corp. 1.40% 2,904,325 $66.0M Add +49.1%
HBM Hudbay Minerals Inc. 1.35% 8,393,308 $63.6M Reduce -7.6%
ABBV Abbvie Inc. 1.34% 299,639 $62.8M Reduce -4.7%
GSK GSK PLC-Spon ADR 1.33% 1,619,418 $62.7M Reduce -0.2%
STT State Street Corp. 1.32% 691,476 $61.9M Reduce -0.7%
GILD Gilead Sciences Inc. 1.31% 548,673 $61.5M Reduce -8.3%
ADBE Adobe Inc. 1.31% 160,141 $61.4M New
TECK Teck Resources Ltd.-CLS B 1.13% 1,461,713 $53.2M Reduce -4.0%
WFC Wells Fargo & Co. 1.10% 720,639 $51.7M Reduce -1.7%
ELP Companhia Paranaense DE Ener 1.04% 6,714,721 $49.1M Add +2.9%
FDX FedEx Corp. 1.01% 195,295 $47.6M Add +0.6%
SHEL Shell PLC-ADR 1.01% 646,677 $47.4M Reduce -1.9%
SWKS Skyworks Solutions Inc. 1.00% 731,087 $47.3M Reduce -2.9%
CRUS Cirrus Logic Inc. 0.95% 447,989 $44.6M Add +0.5%
COP Conocophillips 0.94% 419,329 $44.0M Reduce -2.1%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.89% 2,352,339 $42.0M Reduce -15.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.88% 988,402 $41.2M Reduce -27.1%
EFXT Enerflex Ltd. 0.83% 5,049,686 $39.0M Reduce -21.3%
WMT Walmart Inc. 0.81% 433,311 $38.0M Reduce -39.3%
SKX Skechers USA Inc. Class A 0.79% 654,800 $37.2M Reduce -7.4%
QSR Restaurant Brands Intern 0.64% 451,905 $30.1M Reduce -1.5%
GPK Graphic Packaging Holding Co. 0.62% 1,128,235 $29.3M Reduce -1.4%
MAC The Macerich Co. 0.61% 1,658,320 $28.5M Reduce -31.1%
MRNA Moderna Inc. 0.54% 896,425 $25.4M Reduce -2.9%
IVZ Invesco Ltd. 0.51% 1,592,863 $24.2M Reduce -1.1%
MRK Merck & Co. Inc. 0.46% 240,909 $21.6M Add +2.2%
HES Hess Corp. 0.45% 132,672 $21.2M Reduce -2.3%
CX Cemex Sab-Spons ADR Part Cer 0.44% 3,714,400 $20.8M Reduce -1.8%
LULU Lululemon Athletica Inc. 0.38% 63,945 $18.1M Reduce -0.3%
BAP Credicorp Ltd. 0.38% 96,446 $18.0M Reduce -3.2%
CPA Copa Holdings SA Class A 0.36% 185,478 $17.1M Add +0.4%
BIIB Biogen Inc. 0.34% 115,610 $15.8M Reduce -3.3%
IBN Icici Bank Ltd.-Spon ADR 0.32% 477,852 $15.1M Reduce -0.5%
CXM Sprinklr Inc. Class A 0.31% 1,748,875 $14.6M Add +1.0%
PROF Profound Medical Corp. 0.13% 1,207,850 $5.9M Reduce -0.3%
HDB HDFC Bank Ltd.-ADR 0.08% 57,330 $3.8M Add +8.0%
SW Smurfit Westrock PLC 0.08% 81,850 $3.7M No change
XBI SS SPDR S&P Biotech ETF 0.07% 40,000 $3.2M Reduce -6.9%
IIF Morgan Stanley India Invest 0.06% 113,375 $2.8M Reduce -1.0%
SCHW Schwab (charles) Corp. 0.04% 21,846 $1.7M No change
ING ING Groep N.V.-Sponsored ADR 0.02% 49,459 $969K Reduce -0.2%
FLIN Franklin Ftse India ETF 0.01% 16,100 $593K Add +42.8%
PBA Pembina Pipeline Corp. 0.01% 12,475 $499K Reduce -8.8%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.01% 69,956 $457K Reduce -81.6%
FTS Fortis Inc. 0.01% 8,500 $387K No change
VALE Vale SA-SP ADR 0.01% 36,650 $366K No change
SPRY Ars Pharmaceuticals Inc. 0.01% 24,700 $311K No change
MGTX Meiragtx Holdings PLC 0.01% 45,300 $307K No change
MLYS Mineralys Therapeutics Inc. 0.01% 16,500 $262K No change
DUK Duke Energy Corp. 0.01% 2,050 $250K Reduce -50.0%
MSFT Microsoft Corp. 0.01% 638 $239K No change
KMB Kimberly-Clark Corp. 0.00% 1,515 $215K Reduce -49.9%
ERO Ero Copper Corp. 0.00% 14,500 $176K New
AURA Aura Biosciences Inc. 0.00% 21,200 $124K No change
TCRX Tscan Therapeutics Inc. 0.00% 77,100 $106K Add +113.0%
ALDX Aldeyra Therapeutics Inc. 0.00% 17,300 $99K No change
ETNB 89BIO Inc. 0.00% 10,700 $78K No change
HUMA Humacyte Inc. 0.00% 24,800 $42K New
PLRX Pliant Therapeutics Inc. 0.00% 10,400 $14K No change
PROKIDNEY CORP 0.00% 15,900 $14K No change

Portfolio Sells Q4 2024 → Q1 2025
BERY Berry Global Group Inc. Sold out 0.00% −1.19
ORCL Oracle Corp. Sold out 0.00% −1.15
META Meta Platforms Inc. Class A Reduce -29.9% 2.60% −0.82
CM Can Imperial BK of Commerce Reduce -17.4% 2.37% −0.56
RY Royal Bank of Canada Reduce -14.0% 3.70% −0.49
CLS Celestica Inc. Sold out 0.00% −0.44
WMT Walmart Inc. Reduce -39.3% 0.81% −0.44
EFXT Enerflex Ltd. Reduce -21.3% 0.83% −0.40
MGA Magna International Inc. Reduce -1.3% 2.86% −0.38
UPS United Parcel Service Class B Sold out 0.00% −0.38
MAC The Macerich Co. Reduce -31.1% 0.61% −0.32
GOOG Alphabet Inc. Class C Reduce -0.6% 2.53% −0.29
SWKS Skyworks Solutions Inc. Reduce -2.9% 1.00% −0.29
BAC Bank of America Corp. Reduce -27.1% 0.88% −0.27
DKS Dick's Sporting Goods Inc. Sold out 0.00% −0.24
BNS Bank of Nova Scotia Reduce -2.8% 4.04% −0.24
CAE Cae Inc. Reduce -16.9% 1.77% −0.23
MFC Manulife Financial Corp. Reduce -14.9% 4.16% −0.22
MRNA Moderna Inc. Reduce -2.9% 0.54% −0.20
SKX Skechers USA Inc. Class A Reduce -7.4% 0.79% −0.13
C Citigroup Inc. Reduce -15.9% 1.52% −0.11
LULU Lululemon Athletica Inc. Reduce -0.3% 0.38% −0.09
WFG West Fraser Timber Co. Ltd. Reduce -1.7% 1.78% −0.08
HBM Hudbay Minerals Inc. Reduce -7.6% 1.35% −0.07
TECK Teck Resources Ltd.-CLS B Reduce -4.0% 1.13% −0.06
PROF Profound Medical Corp. Reduce -0.3% 0.13% −0.04
YTRA Yatra Online Inc. Sold out 0.00% −0.04
IVZ Invesco Ltd. Reduce -1.1% 0.51% −0.03
ELPC Cia Paranaense DE Ener-ADR Reduce -81.6% 0.01% −0.03
URTH iShares MSCI World ETF Sold out 0.00% −0.02
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.02
BIIB Biogen Inc. Reduce -3.3% 0.34% −0.02
VTWO Vanguard Russell 2000 ETF Sold out 0.00% −0.01
ALTM Arcadium Lithium PLC Sold out 0.00% −0.01
XBI SS SPDR S&P Biotech ETF Reduce -6.9% 0.07% −0.01
STT State Street Corp. Reduce -0.7% 1.32% −0.00
MET Metlife Inc. Sold out 0.00% −0.00
ALB Albemarle Corp. Sold out 0.00% −0.00
GOOGL Alphabet Inc. Class A Sold out 0.00% −0.00
DUK Duke Energy Corp. Reduce -50.0% 0.01% −0.00
KMB Kimberly-Clark Corp. Reduce -49.9% 0.00% −0.00
OM Outset Medical Inc. Sold out 0.00% −0.00
PBA Pembina Pipeline Corp. Reduce -8.8% 0.01% +0.00
IIF Morgan Stanley India Invest Reduce -1.0% 0.06% +0.00
ING ING Groep N.V.-Sponsored ADR Reduce -0.2% 0.02% +0.01
GPK Graphic Packaging Holding Co. Reduce -1.4% 0.62% +0.02
CMCSA Comcast Corp. Class A Reduce -6.1% 1.43% +0.02
TFC Truist Financial Corp. Reduce -2.6% 1.44% +0.02
BAP Credicorp Ltd. Reduce -3.2% 0.38% +0.03
CX Cemex Sab-Spons ADR Part Cer Reduce -1.8% 0.44% +0.03

Portfolio Buys Q4 2024 → Q1 2025
ADBE Adobe Inc. New 1.31% +1.31
INTC Intel Corp. Add +49.1% 1.40% +0.65
B Barrick Gold Corp. Add +4.0% 2.06% +0.62
BCE Bce Inc. Add +12.3% 2.54% +0.46
SLF Sun Life Financial Inc. Add +4.4% 3.37% +0.33
ELP Companhia Paranaense DE Ener Add +2.9% 1.04% +0.30
RCI Rogers Communications Inc. Class B Add +12.9% 3.34% +0.25
OTEX Open Text Corp. Add +11.8% 2.61% +0.23
CVE Cenovus Energy Inc. Add +14.6% 1.69% +0.23
CRUS Cirrus Logic Inc. Add +0.5% 0.95% +0.09
CPA Copa Holdings SA Class A Add +0.4% 0.36% +0.05
CXM Sprinklr Inc. Class A Add +1.0% 0.31% +0.03
HDB HDFC Bank Ltd.-ADR Add +8.0% 0.08% +0.02
MRK Merck & Co. Inc. Add +2.2% 0.46% +0.01
FLIN Franklin Ftse India ETF Add +42.8% 0.01% +0.00
ERO Ero Copper Corp. New 0.00% +0.00
HUMA Humacyte Inc. New 0.00% +0.00
TCRX Tscan Therapeutics Inc. Add +113.0% 0.00% +0.00
FDX FedEx Corp. Add +0.6% 1.01% −0.04
ILMN Illumina Inc. Add +23.1% 1.42% −0.35

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