Letko, Brosseau & Associates Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Letko, Brosseau & Associates Inc. reported 98 stock positions worth $5.8 billion. Its top holding was Bank of Nova Scotia (BNS) at 4.4% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.2%) and Bank of Montreal (BMO, 4.0%). Compared with Q2 2025, it opened 7 new positions, sold out of 2, added to 34 and reduced 44. The biggest buy was Open Text (OTEX, shares +0%) and the biggest sale Hudbay Minerals (HBM, shares −56%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$5.8B (Q3 2025)
SEC Filing
0001297496-25-000024 ↗ filed Nov 12, 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 Q1 2025 Q2 2025: $5.2B Q2 2025 Q3 2025: $5.8B $5.8B Q3 2025 Q4 2025: $6.1B Q4 2025 Q1 2026: $6.2B Q1 2026 Q2 2026: $6.8B Q2 2026

Holdings 98 stocks · $5.8B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.42% 3,980,065 $257.4M Reduce -1.8%
TD Toronto-Dominion Bank 4.17% 3,032,023 $242.5M Reduce -4.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.97% 1,774,869 $231.3M Reduce -1.9%
RCI Rogers Communications Inc. Class B 3.96% 6,691,022 $230.4M Reduce -0.9%
RY Royal Bank of Canada 3.80% 1,501,190 $221.3M Reduce -1.8%
OTEX Open Text Corp. 3.63% 5,653,268 $211.4M Add +0.1%
GOOG Alphabet Inc. Class C 3.59% 857,620 $208.9M Reduce -1.1%
MGA Magna International Inc. 3.36% 4,124,045 $195.4M Add +1.8%
MFC Manulife Financial Corp. 3.33% 6,214,467 $193.7M Reduce -0.6%
SLF Sun Life Financial Inc. 3.30% 3,195,004 $191.9M Add +16.2%
NTR Nutrien Ltd. 2.94% 2,915,069 $171.2M Reduce -0.9%
BCE Bce Inc. 2.83% 7,045,751 $164.7M Add +24.8%
B Barrick Mining Corp. 2.76% 4,900,075 $161.0M Reduce -2.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 2.60% 1,891,602 $151.2M Reduce -3.2%
META Meta Platforms Inc. Class A 2.50% 198,596 $145.8M Reduce -5.5%
T AT&T Inc. 1.99% 4,103,475 $115.9M Reduce -1.6%
TU Telus Corp. 1.79% 6,627,062 $104.4M Add +0.5%
PFE Pfizer Inc. 1.77% 4,038,438 $102.9M Add +1.3%
CVE Cenovus Energy Inc. 1.75% 6,005,443 $102.0M Reduce -0.9%
INTC Intel Corp. 1.74% 3,024,170 $101.5M Add +1.4%
CAE Cae Inc. 1.65% 3,251,140 $96.3M Reduce -2.2%
SU Suncor Energy Inc. 1.49% 2,067,377 $86.5M Reduce -0.9%
CVS CVS Health Corp. 1.44% 1,115,585 $84.1M Add +0.3%
C Citigroup Inc. 1.43% 821,495 $83.4M Reduce -15.7%
ADBE Adobe Inc. 1.43% 236,110 $83.3M Add +41.2%
ILMN Illumina Inc. 1.39% 854,318 $81.1M Add +0.1%
STT State Street Corp. 1.36% 682,126 $79.1M Reduce -1.3%
WFG West Fraser Timber Co. Ltd. 1.34% 1,149,169 $78.1M Add +2.7%
TFC Truist Financial Corp. 1.31% 1,664,556 $76.1M Reduce -0.5%
VZ Verizon Communications Inc. 1.25% 1,657,716 $72.9M Add +0.4%
GSK GSK PLC-Spon ADR 1.24% 1,675,968 $72.3M Add +0.9%
EMN Eastman Chemical Co. 1.23% 1,132,471 $71.4M Add +33.1%
CMCSA Comcast Corp. Class A 1.17% 2,163,246 $68.0M Add +18.4%
ABBV Abbvie Inc. 1.16% 290,909 $67.4M Reduce -2.0%
ELP Companhia Paranaense DE Ener 1.13% 6,696,046 $65.6M Reduce -0.1%
TECK Teck Resources Ltd.-CLS B 1.08% 1,438,342 $63.1M Reduce -0.8%
SWKS Skyworks Solutions Inc. 1.03% 781,697 $60.2M Add +1.6%
WFC Wells Fargo & Co. 0.98% 681,494 $57.1M Reduce -1.8%
CRUS Cirrus Logic Inc. 0.97% 452,079 $56.6M Add +0.7%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.96% 2,248,029 $56.0M Reduce -0.3%
EFXT Enerflex Ltd. 0.92% 4,974,436 $53.7M Reduce -1.6%
HBM Hudbay Minerals Inc. 0.92% 3,531,808 $53.5M Reduce -56.2%
FDX FedEx Corp. 0.88% 216,737 $51.1M Add +3.7%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.87% 985,170 $50.8M Reduce -0.2%
GILD Gilead Sciences Inc. 0.81% 423,520 $47.0M Reduce -20.6%
SHEL Shell PLC-ADR 0.78% 634,977 $45.4M Reduce -0.1%
WMT Walmart Inc. 0.70% 396,511 $40.9M Reduce -2.4%
GPK Graphic Packaging Holding Co. 0.70% 2,074,935 $40.6M Add +33.6%
COP Conocophillips 0.69% 425,194 $40.2M Reduce -0.1%
QSR Restaurant Brands Intern 0.66% 600,517 $38.5M Add +27.0%
IVZ Invesco Ltd. 0.63% 1,601,138 $36.7M Reduce -0.1%
ADNT Adient PLC 0.62% 1,496,836 $36.0M Add +1.0%
LULU Lululemon Athletica Inc. 0.59% 193,634 $34.5M Add +192.1%
MAC The Macerich Co. 0.57% 1,837,120 $33.4M Add +10.0%
CX Cemex Sab-Spons ADR Part Cer 0.57% 3,697,525 $33.2M Reduce -0.9%
MRK Merck & Co. Inc. 0.51% 353,989 $29.7M Add +1.9%
UPS United Parcel Service Class B 0.49% 340,075 $28.4M Add +5429.7%
BAP Credicorp Ltd. 0.44% 97,271 $25.9M Add +0.3%
MRNA Moderna Inc. 0.41% 913,390 $23.6M Reduce -0.5%
CPA Copa Holdings SA Class A 0.38% 187,753 $22.3M Add +0.5%
CVX Chevron Corp. 0.36% 133,429 $20.7M New
BIIB Biogen Inc. 0.29% 120,620 $16.9M Add +2.5%
IBN Icici Bank Ltd.-Spon ADR 0.23% 437,752 $13.2M Reduce -6.3%
CXM Sprinklr Inc. Class A 0.23% 1,699,575 $13.1M Reduce -3.5%
PROF Profound Medical Corp. 0.08% 986,250 $4.8M Reduce -18.1%
HDB HDFC Bank Ltd.-ADR 0.08% 130,260 $4.4M Add +10.4%
SW Smurfit Westrock PLC 0.07% 91,484 $3.9M Add +1.1%
XBI SS SPDR S&P Biotech ETF 0.06% 35,325 $3.5M Reduce -7.8%
SCHW Schwab (charles) Corp. 0.03% 19,746 $1.9M No change
ING ING Groep N.V.-Sponsored ADR 0.02% 49,125 $1.3M Reduce -0.7%
NVDA Nvidia Corp. 0.02% 6,250 $1.2M New
FLIN Franklin Ftse India ETF 0.01% 22,175 $827K Add +5.7%
ORCL Oracle Corp. 0.01% 2,420 $681K Reduce -21.8%
PBA Pembina Pipeline Corp. 0.01% 14,650 $592K Add +13.8%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 0.01% 65,756 $589K Reduce -3.5%
EMA Emera Inc. 0.01% 8,485 $407K No change
NXPI NXP Semiconductors NV 0.01% 1,775 $404K No change
FTS Fortis Inc. 0.01% 7,900 $401K Reduce -7.1%
VALE Vale SA-SP ADR 0.01% 36,650 $398K No change
ERO Ero Copper Corp. 0.01% 18,000 $365K Add +24.1%
NAMS Newamsterdam Pharma Co. NV 0.01% 11,775 $335K No change
MSFT Microsoft Corp. 0.01% 638 $330K No change
PVLA Palvella Therapeutics Inc. 0.01% 5,200 $326K New
FCX Freeport-McMoran Inc. 0.00% 6,925 $272K No change
GOOGL Alphabet Inc. Class A 0.00% 1,092 $265K New
MGTX Meiragtx Holdings PLC 0.00% 32,000 $263K Reduce -29.4%
AMRZ Amrize Ltd. 0.00% 5,316 $256K Reduce -98.1%
SPRY Ars Pharmaceuticals Inc. 0.00% 24,700 $248K No change
MLYS Mineralys Therapeutics Inc. 0.00% 5,475 $208K Reduce -66.8%
ALB Albemarle Corp. 0.00% 2,475 $201K New
AURA Aura Biosciences Inc. 0.00% 28,300 $175K Add +33.5%
TCRX Tscan Therapeutics Inc. 0.00% 95,875 $174K No change
ETNB 89BIO Inc. 0.00% 10,700 $157K No change
GOSS Gossamer Bio Inc. 0.00% 39,400 $104K New
ALDX Aldeyra Therapeutics Inc. 0.00% 17,300 $90K No change
HUMA Humacyte Inc. 0.00% 45,950 $80K No change
REPL Replimune Group Inc. 0.00% 10,800 $45K No change
PROK Prokidney Corp. 0.00% 15,900 $38K New

Portfolio Sells Q2 2025 → Q3 2025
HBM Hudbay Minerals Inc. Reduce -56.2% 0.92% −0.71
MFC Manulife Financial Corp. Reduce -0.6% 3.33% −0.49
META Meta Platforms Inc. Class A Reduce -5.5% 2.50% −0.46
HES Hess Corp. Sold out 0.00% −0.35
NTR Nutrien Ltd. Reduce -0.9% 2.94% −0.33
GILD Gilead Sciences Inc. Reduce -20.6% 0.81% −0.32
T AT&T Inc. Reduce -1.6% 1.99% −0.32
TD Toronto-Dominion Bank Reduce -4.8% 4.17% −0.31
AMRZ Amrize Ltd. Reduce -98.1% 0.00% −0.26
CAE Cae Inc. Reduce -2.2% 1.65% −0.21
C Citigroup Inc. Reduce -15.7% 1.43% −0.15
WFC Wells Fargo & Co. Reduce -1.8% 0.98% −0.08
MRNA Moderna Inc. Reduce -0.5% 0.41% −0.08
SHEL Shell PLC-ADR Reduce -0.1% 0.78% −0.08
IBN Icici Bank Ltd.-Spon ADR Reduce -6.3% 0.23% −0.07
TFC Truist Financial Corp. Reduce -0.5% 1.31% −0.07
CXM Sprinklr Inc. Class A Reduce -3.5% 0.23% −0.06
WMT Walmart Inc. Reduce -2.4% 0.70% −0.06
PROF Profound Medical Corp. Reduce -18.1% 0.08% −0.05
CM Can Imperial BK of Commerce Reduce -3.2% 2.60% −0.05
STT State Street Corp. Reduce -1.3% 1.36% −0.05
RY Royal Bank of Canada Reduce -1.8% 3.80% −0.04
ELP Companhia Paranaense DE Ener Reduce -0.1% 1.13% −0.04
COP Conocophillips Reduce -0.1% 0.69% −0.04
TECK Teck Resources Ltd.-CLS B Reduce -0.8% 1.08% −0.04
BAC Bank of America Corp. Reduce -0.2% 0.87% −0.02
SKX Skechers USA Inc. Class A Sold out 0.00% −0.01
SU Suncor Energy Inc. Reduce -0.9% 1.49% −0.00
ORCL Oracle Corp. Reduce -21.8% 0.01% −0.00
MGTX Meiragtx Holdings PLC Reduce -29.4% 0.00% −0.00
ELPC Cia Paranaense DE Ener-ADR Reduce -3.5% 0.01% −0.00
FTS Fortis Inc. Reduce -7.1% 0.01% −0.00
MLYS Mineralys Therapeutics Inc. Reduce -66.8% 0.00% −0.00
XBI SS SPDR S&P Biotech ETF Reduce -7.8% 0.06% 0.00
ING ING Groep N.V.-Sponsored ADR Reduce -0.7% 0.02% +0.00
SBS Cia Saneamento Basico DE-ADR Reduce -0.3% 0.96% +0.01
CX Cemex Sab-Spons ADR Part Cer Reduce -0.9% 0.57% +0.08
ABBV Abbvie Inc. Reduce -2.0% 1.16% +0.10
RCI Rogers Communications Inc. Class B Reduce -0.9% 3.96% +0.13
BNS Bank of Nova Scotia Reduce -1.8% 4.42% +0.14
BMO Bank of Montreal Reduce -1.9% 3.97% +0.15
IVZ Invesco Ltd. Reduce -0.1% 0.63% +0.15
EFXT Enerflex Ltd. Reduce -1.6% 0.92% +0.16
CVE Cenovus Energy Inc. Reduce -0.9% 1.75% +0.18
GOOG Alphabet Inc. Class C Reduce -1.1% 3.59% +0.65
B Barrick Mining Corp. Reduce -2.3% 2.76% +0.77

Portfolio Buys Q2 2025 → Q3 2025
OTEX Open Text Corp. Add +0.1% 3.63% +0.48
UPS United Parcel Service Class B Add +5429.7% 0.49% +0.48
INTC Intel Corp. Add +1.4% 1.74% +0.47
BCE Bce Inc. Add +24.8% 2.83% +0.44
MGA Magna International Inc. Add +1.8% 3.36% +0.37
CVX Chevron Corp. New 0.36% +0.36
LULU Lululemon Athletica Inc. Add +192.1% 0.59% +0.29
ADBE Adobe Inc. Add +41.2% 1.43% +0.19
CRUS Cirrus Logic Inc. Add +0.7% 0.97% +0.08
GPK Graphic Packaging Holding Co. Add +33.6% 0.70% +0.07
ADNT Adient PLC Add +1.0% 0.62% +0.07
QSR Restaurant Brands Intern Add +27.0% 0.66% +0.06
MAC The Macerich Co. Add +10.0% 0.57% +0.06
BAP Credicorp Ltd. Add +0.3% 0.44% +0.03
GSK GSK PLC-Spon ADR Add +0.9% 1.24% +0.02
NVDA Nvidia Corp. New 0.02% +0.02
EMN Eastman Chemical Co. Add +33.1% 1.23% +0.01
BIIB Biogen Inc. Add +2.5% 0.29% +0.01
PVLA Palvella Therapeutics Inc. New 0.01% +0.01
GOOGL Alphabet Inc. Class A New 0.00% +0.00
ALB Albemarle Corp. New 0.00% +0.00
GOSS Gossamer Bio Inc. New 0.00% +0.00
ERO Ero Copper Corp. Add +24.1% 0.01% +0.00
PBA Pembina Pipeline Corp. Add +13.8% 0.01% +0.00
PROK Prokidney Corp. New 0.00% +0.00
AURA Aura Biosciences Inc. Add +33.5% 0.00% +0.00
FLIN Franklin Ftse India ETF Add +5.7% 0.01% −0.00
SW Smurfit Westrock PLC Add +1.1% 0.07% −0.01
CPA Copa Holdings SA Class A Add +0.5% 0.38% −0.01
HDB HDFC Bank Ltd.-ADR Add +10.4% 0.08% −0.01
MRK Merck & Co. Inc. Add +1.9% 0.51% −0.02
CVS CVS Health Corp. Add +0.3% 1.44% −0.02
FDX FedEx Corp. Add +3.7% 0.88% −0.03
SWKS Skyworks Solutions Inc. Add +1.6% 1.03% −0.06
CMCSA Comcast Corp. Class A Add +18.4% 1.17% −0.08
PFE Pfizer Inc. Add +1.3% 1.77% −0.08
VZ Verizon Communications Inc. Add +0.4% 1.25% −0.11
ILMN Illumina Inc. Add +0.1% 1.39% −0.16
SLF Sun Life Financial Inc. Add +16.2% 3.30% −0.20
WFG West Fraser Timber Co. Ltd. Add +2.7% 1.34% −0.22
TU Telus Corp. Add +0.5% 1.79% −0.23

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