Letko, Brosseau & Associates Inc.

Name: LETKO, BROSSEAU & ASSOCIATES INC 13F holdings, Q2 2025
Creator: LETKO, BROSSEAU & ASSOCIATES INC
Published: 2025-08-08

Q2 2026Q1 2026Q4 2025Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Letko, Brosseau & Associates Inc. reported 93 stock positions worth $5.2 billion. Its top holding was Toronto-Dominion Bank (TD) at 4.5% of the portfolio, followed by Bank of Nova Scotia (BNS, 4.3%) and Royal Bank of Canada (RY, 3.8%). Compared with Q1 2025, it opened 9 new positions, sold out of 5, added to 41 and reduced 32. The biggest buy was a new position in Adient (ADNT) and the biggest sale Skechers USA Class A (SKX, shares −99%).

Most Recent 13F: Q2 2026
Location: MONTREAL, A8
CIK: 0001297496
Portfolio Value: $5.2B (Q2 2025)
SEC Filing: 0001297496-25-000022 ↗ filed Aug 8, 2025

Holdings Value

Holdings 93 stocks · $5.2B


TD Toronto-Dominion Bank	4.47%	3,184,648	$233.8M	Reduce -2.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	4.28%	4,052,095	$223.6M	Add +1.0%
RY Royal Bank of Canada	3.85%	1,528,535	$201.0M	Reduce -1.1%
BMO Bank of Montreal filed as BANK MONTREAL QUE	3.83%	1,809,299	$200.1M	Reduce -0.9%
RCI Rogers Communications Inc. Class B	3.82%	6,753,987	$199.9M	Add +14.8%
MFC Manulife Financial Corp.	3.82%	6,254,242	$199.6M	Reduce -0.3%
SLF Sun Life Financial Inc.	3.49%	2,748,794	$182.5M	Reduce -0.8%
NTR Nutrien Ltd.	3.27%	2,942,763	$171.1M	Reduce -2.0%
OTEX Open Text Corp.	3.15%	5,649,818	$164.8M	Add +16.2%
MGA Magna International Inc.	2.99%	4,051,430	$156.3M	Add +2.3%
META Meta Platforms Inc. Class A	2.97%	210,251	$155.2M	Reduce -0.7%
GOOG Alphabet Inc. Class C	2.94%	866,925	$153.8M	Add +14.0%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	2.65%	1,953,602	$138.4M	Reduce -1.3%
BCE Bce Inc.	2.39%	5,647,934	$125.0M	Add +8.6%
T AT&T Inc.	2.31%	4,171,125	$120.7M	Reduce -1.3%
TU Telus Corp.	2.02%	6,595,437	$105.7M	Add +2.1%
B Barrick Mining Corp.	1.99%	5,016,025	$104.2M	Add +0.4%
CAE Cae Inc.	1.86%	3,323,765	$97.2M	Reduce -1.8%
PFE Pfizer Inc.	1.85%	3,985,888	$96.6M	Add +3.6%
HBM Hudbay Minerals Inc.	1.63%	8,062,733	$85.4M	Reduce -3.9%
C Citigroup Inc.	1.59%	974,477	$82.9M	Reduce -3.4%
CVE Cenovus Energy Inc.	1.57%	6,057,328	$82.3M	Add +6.0%
WFG West Fraser Timber Co. Ltd.	1.57%	1,118,854	$81.9M	Add +2.4%
ILMN Illumina Inc.	1.56%	853,568	$81.4M	Add +1.1%
SU Suncor Energy Inc.	1.49%	2,085,227	$78.0M	Reduce -0.1%
CVS CVS Health Corp.	1.47%	1,112,085	$76.7M	Reduce -0.0%
STT State Street Corp.	1.41%	691,061	$73.5M	Reduce -0.1%
TFC Truist Financial Corp.	1.38%	1,672,481	$71.9M	Add +1.5%
VZ Verizon Communications Inc.	1.37%	1,650,643	$71.4M	Reduce -0.0%
INTC Intel Corp.	1.28%	2,981,545	$66.8M	Add +2.7%
CMCSA Comcast Corp. Class A	1.25%	1,827,581	$65.2M	Add +0.6%
ADBE Adobe Inc.	1.24%	167,255	$64.7M	Add +4.4%
GSK GSK PLC-Spon ADR	1.22%	1,661,268	$63.8M	Add +2.6%
EMN Eastman Chemical Co.	1.21%	850,596	$63.5M	Add +2.5%
ELP Companhia Paranaense DE Ener	1.17%	6,704,446	$61.2M	Reduce -0.1%
GILD Gilead Sciences Inc.	1.13%	533,520	$59.2M	Reduce -2.8%
TECK Teck Resources Ltd.-CLS B	1.12%	1,450,103	$58.5M	Reduce -0.8%
SWKS Skyworks Solutions Inc.	1.10%	769,616	$57.4M	Add +5.3%
WFC Wells Fargo & Co.	1.06%	694,154	$55.6M	Reduce -3.7%
ABBV Abbvie Inc.	1.05%	296,984	$55.1M	Reduce -0.9%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI	0.95%	2,253,589	$49.5M	Reduce -4.2%
FDX FedEx Corp.	0.91%	208,982	$47.5M	Add +7.0%
CRUS Cirrus Logic Inc.	0.90%	449,054	$46.8M	Add +0.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.89%	987,262	$46.7M	Reduce -0.1%
SHEL Shell PLC-ADR	0.86%	635,852	$44.8M	Reduce -1.7%
EFXT Enerflex Ltd.	0.76%	5,055,911	$39.8M	Add +0.1%
WMT Walmart Inc.	0.76%	406,121	$39.7M	Reduce -6.3%
COP Conocophillips	0.73%	425,685	$38.2M	Add +1.5%
GPK Graphic Packaging Holding Co.	0.63%	1,552,760	$32.7M	Add +37.6%
QSR Restaurant Brands Intern	0.60%	472,917	$31.3M	Add +4.7%
ADNT Adient PLC	0.55%	1,481,963	$28.8M	New
MRK Merck & Co. Inc.	0.53%	347,289	$27.5M	Add +44.2%
MAC The Macerich Co.	0.52%	1,670,295	$27.0M	Add +0.7%
CX Cemex Sab-Spons ADR Part Cer	0.49%	3,730,300	$25.9M	Add +0.4%
MRNA Moderna Inc.	0.48%	918,190	$25.3M	Add +2.4%
IVZ Invesco Ltd.	0.48%	1,602,438	$25.3M	Add +0.6%
BAP Credicorp Ltd.	0.41%	96,946	$21.7M	Add +0.5%
CPA Copa Holdings SA Class A	0.39%	186,803	$20.5M	Add +0.7%
HES Hess Corp.	0.35%	131,417	$18.2M	Reduce -0.9%
LULU Lululemon Athletica Inc.	0.30%	66,284	$15.7M	Add +3.7%
IBN Icici Bank Ltd.-Spon ADR	0.30%	467,102	$15.7M	Reduce -2.3%
CXM Sprinklr Inc. Class A	0.28%	1,760,500	$14.9M	Add +0.7%
BIIB Biogen Inc.	0.28%	117,655	$14.8M	Add +1.8%
AMRZ Amrize Ltd.	0.26%	274,148	$13.6M	New
PROF Profound Medical Corp.	0.14%	1,204,250	$7.1M	Reduce -0.3%
HDB HDFC Bank Ltd.-ADR	0.09%	58,980	$4.5M	Add +2.9%
SW Smurfit Westrock PLC	0.07%	90,450	$3.9M	Add +10.5%
XBI SS SPDR S&P Biotech ETF	0.06%	38,325	$3.2M	Reduce -4.2%
SCHW Schwab (charles) Corp.	0.03%	19,746	$1.8M	Reduce -9.6%
ING ING Groep N.V.-Sponsored ADR	0.02%	49,459	$1.1M	No change
FLIN Franklin Ftse India ETF	0.02%	20,975	$835K	Add +30.3%
ORCL Oracle Corp.	0.01%	3,095	$677K	New
UPS United Parcel Service Class B	0.01%	6,150	$621K	New
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER	0.01%	68,106	$580K	Reduce -2.6%
PBA Pembina Pipeline Corp.	0.01%	12,875	$482K	Add +3.2%
SPRY Ars Pharmaceuticals Inc.	0.01%	24,700	$431K	No change
SKX Skechers USA Inc. Class A	0.01%	6,725	$424K	Reduce -99.0%
FTS Fortis Inc.	0.01%	8,500	$405K	No change
EMA Emera Inc.	0.01%	8,485	$388K	New
NXPI NXP Semiconductors NV	0.01%	1,775	$388K	New
VALE Vale SA-SP ADR	0.01%	36,650	$356K	No change
MSFT Microsoft Corp.	0.01%	638	$317K	No change
FCX Freeport-McMoran Inc.	0.01%	6,925	$300K	New
MGTX Meiragtx Holdings PLC	0.01%	45,300	$295K	No change
ERO Ero Copper Corp.	0.00%	14,500	$244K	No change
MLYS Mineralys Therapeutics Inc.	0.00%	16,500	$223K	No change
NAMS Newamsterdam Pharma Co. NV	0.00%	11,775	$213K	New
TCRX Tscan Therapeutics Inc.	0.00%	95,875	$139K	Add +24.4%
AURA Aura Biosciences Inc.	0.00%	21,200	$133K	No change
ETNB 89BIO Inc.	0.00%	10,700	$105K	No change
REPL Replimune Group Inc.	0.00%	10,800	$100K	New
HUMA Humacyte Inc.	0.00%	45,950	$96K	Add +85.3%
ALDX Aldeyra Therapeutics Inc.	0.00%	17,300	$66K	No change

Portfolio Sells Q1 2025 → Q2 2025


SKX Skechers USA Inc. Class A	Reduce -99.0%	0.01%	−0.78
MFC Manulife Financial Corp.	Reduce -0.3%	3.82%	−0.34
ABBV Abbvie Inc.	Reduce -0.9%	1.05%	−0.28
T AT&T Inc.	Reduce -1.3%	2.31%	−0.23
SU Suncor Energy Inc.	Reduce -0.1%	1.49%	−0.23
VZ Verizon Communications Inc.	Reduce -0.0%	1.37%	−0.23
GILD Gilead Sciences Inc.	Reduce -2.8%	1.13%	−0.18
SHEL Shell PLC-ADR	Reduce -1.7%	0.86%	−0.15
CVS CVS Health Corp.	Reduce -0.0%	1.47%	−0.13
HES Hess Corp.	Reduce -0.9%	0.35%	−0.10
IIF Morgan Stanley India Invest	Sold out	0.00%	−0.06
WMT Walmart Inc.	Reduce -6.3%	0.76%	−0.05
WFC Wells Fargo & Co.	Reduce -3.7%	1.06%	−0.04
IBN Icici Bank Ltd.-Spon ADR	Reduce -2.3%	0.30%	−0.02
TECK Teck Resources Ltd.-CLS B	Reduce -0.8%	1.12%	−0.01
XBI SS SPDR S&P Biotech ETF	Reduce -4.2%	0.06%	−0.01
DUK Duke Energy Corp.	Sold out	0.00%	−0.01
KMB Kimberly-Clark Corp.	Sold out	0.00%	−0.00
SCHW Schwab (charles) Corp.	Reduce -9.6%	0.03%	−0.00
PLRX Pliant Therapeutics Inc.	Sold out	0.00%	−0.00
PROKIDNEY CORP	Sold out	0.00%	−0.00
ELPC Cia Paranaense DE Ener-ADR	Reduce -2.6%	0.01%	+0.00
PROF Profound Medical Corp.	Reduce -0.3%	0.14%	+0.01
BAC Bank of America Corp.	Reduce -0.1%	0.89%	+0.02
SBS Cia Saneamento Basico DE-ADR	Reduce -4.2%	0.95%	+0.05
C Citigroup Inc.	Reduce -3.4%	1.59%	+0.06
STT State Street Corp.	Reduce -0.1%	1.41%	+0.09
CAE Cae Inc.	Reduce -1.8%	1.86%	+0.09
NTR Nutrien Ltd.	Reduce -2.0%	3.27%	+0.11
BMO Bank of Montreal	Reduce -0.9%	3.83%	+0.12
SLF Sun Life Financial Inc.	Reduce -0.8%	3.49%	+0.12
ELP Companhia Paranaense DE Ener	Reduce -0.1%	1.17%	+0.13
RY Royal Bank of Canada	Reduce -1.1%	3.85%	+0.14
HBM Hudbay Minerals Inc.	Reduce -3.9%	1.63%	+0.28
CM Can Imperial BK of Commerce	Reduce -1.3%	2.65%	+0.28
TD Toronto-Dominion Bank	Reduce -2.4%	4.47%	+0.32
META Meta Platforms Inc. Class A	Reduce -0.7%	2.97%	+0.37

Portfolio Buys Q1 2025 → Q2 2025


ADNT Adient PLC	New	0.55%	+0.55
OTEX Open Text Corp.	Add +16.2%	3.15%	+0.54
RCI Rogers Communications Inc. Class B	Add +14.8%	3.82%	+0.48
GOOG Alphabet Inc. Class C	Add +14.0%	2.94%	+0.42
AMRZ Amrize Ltd.	New	0.26%	+0.26
BNS Bank of Nova Scotia	Add +1.0%	4.28%	+0.23
ILMN Illumina Inc.	Add +1.1%	1.56%	+0.13
MGA Magna International Inc.	Add +2.3%	2.99%	+0.13
SWKS Skyworks Solutions Inc.	Add +5.3%	1.10%	+0.09
MRK Merck & Co. Inc.	Add +44.2%	0.53%	+0.07
TU Telus Corp.	Add +2.1%	2.02%	+0.05
CX Cemex Sab-Spons ADR Part Cer	Add +0.4%	0.49%	+0.05
BAP Credicorp Ltd.	Add +0.5%	0.41%	+0.03
CPA Copa Holdings SA Class A	Add +0.7%	0.39%	+0.03
ORCL Oracle Corp.	New	0.01%	+0.01
UPS United Parcel Service Class B	New	0.01%	+0.01
EMA Emera Inc.	New	0.01%	+0.01
NXPI NXP Semiconductors NV	New	0.01%	+0.01
FCX Freeport-McMoran Inc.	New	0.01%	+0.01
HDB HDFC Bank Ltd.-ADR	Add +2.9%	0.09%	+0.01
NAMS Newamsterdam Pharma Co. NV	New	0.00%	+0.00
FLIN Franklin Ftse India ETF	Add +30.3%	0.02%	+0.00
GPK Graphic Packaging Holding Co.	Add +37.6%	0.63%	+0.00
REPL Replimune Group Inc.	New	0.00%	+0.00
HUMA Humacyte Inc.	Add +85.3%	0.00%	+0.00
TCRX Tscan Therapeutics Inc.	Add +24.4%	0.00%	+0.00
PBA Pembina Pipeline Corp.	Add +3.2%	0.01%	−0.00
SW Smurfit Westrock PLC	Add +10.5%	0.07%	−0.00
CXM Sprinklr Inc. Class A	Add +0.7%	0.28%	−0.03
IVZ Invesco Ltd.	Add +0.6%	0.48%	−0.03
QSR Restaurant Brands Intern	Add +4.7%	0.60%	−0.04
BIIB Biogen Inc.	Add +1.8%	0.28%	−0.05
CRUS Cirrus Logic Inc.	Add +0.2%	0.90%	−0.05
MRNA Moderna Inc.	Add +2.4%	0.48%	−0.06
TFC Truist Financial Corp.	Add +1.5%	1.38%	−0.07
EFXT Enerflex Ltd.	Add +0.1%	0.76%	−0.07
ADBE Adobe Inc.	Add +4.4%	1.24%	−0.07
B Barrick Mining Corp.	Add +0.4%	1.99%	−0.07
LULU Lululemon Athletica Inc.	Add +3.7%	0.30%	−0.08
MAC The Macerich Co.	Add +0.7%	0.52%	−0.09
FDX FedEx Corp.	Add +7.0%	0.91%	−0.10
GSK GSK PLC-Spon ADR	Add +2.6%	1.22%	−0.11
CVE Cenovus Energy Inc.	Add +6.0%	1.57%	−0.11
INTC Intel Corp.	Add +2.7%	1.28%	−0.13
BCE Bce Inc.	Add +8.6%	2.39%	−0.15
CMCSA Comcast Corp. Class A	Add +0.6%	1.25%	−0.18
COP Conocophillips	Add +1.5%	0.73%	−0.21
WFG West Fraser Timber Co. Ltd.	Add +2.4%	1.57%	−0.22
PFE Pfizer Inc.	Add +3.6%	1.85%	−0.23
EMN Eastman Chemical Co.	Add +2.5%	1.21%	−0.34

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	112	$6.8B	BNS, TD, GOOG, RY, BMO
Q1 2026	101	$6.2B	RCI, BNS, GOOG, TD, RY
Q4 2025	100	$6.1B	BNS, GOOG, TD, RCI, RY
Q3 2025	98	$5.8B	BNS, TD, BMO, RCI, RY
Q2 2025	93	$5.2B	TD, BNS, RY, BMO, RCI
Q1 2025	89	$4.7B	MFC, TD, BNS, BMO, RY
Q4 2024	100	$5.2B	MFC, BNS, RY, BMO, TD
Q3 2024	101	$5.5B	MFC, BNS, RY, TD, META
Q2 2024	104	$5.3B	MFC, RY, BNS, TD, BMO
Q1 2024	101	$5.8B	MFC, BNS, RY, BMO, TD