Letko, Brosseau & Associates Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Letko, Brosseau & Associates Inc. reported 100 stock positions worth $6.1 billion. Its top holding was Bank of Nova Scotia (BNS) at 4.5% of the portfolio, followed by Alphabet Class C (GOOG, 4.3%) and Toronto-Dominion Bank (TD, 4.2%). Compared with Q3 2025, it opened 7 new positions, sold out of 5, added to 30 and reduced 46. The biggest buy was a new position in Canadian Natl Railway (CNI) and the biggest sale an exit from Companhia Paranaense DE Ener (ELP).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$6.1B (Q4 2025)
SEC Filing
0001297496-26-000003 ↗ filed Feb 11, 2026

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 Q3 2025 Q4 2025: $6.1B $6.1B Q4 2025 Q1 2026: $6.2B Q1 2026 Q2 2026: $6.8B Q2 2026

Holdings 100 stocks · $6.1B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 4.50% 3,725,790 $275.1M Reduce -6.4%
GOOG Alphabet Inc. Class C 4.30% 837,666 $262.9M Reduce -2.3%
TD Toronto-Dominion Bank 4.24% 2,742,748 $258.8M Reduce -9.5%
RCI Rogers Communications Inc. Class B 4.10% 6,621,447 $250.3M Reduce -1.0%
RY Royal Bank of Canada 4.10% 1,465,322 $250.1M Reduce -2.4%
MFC Manulife Financial Corp. 3.66% 6,151,217 $223.7M Reduce -1.0%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.56% 1,674,225 $217.7M Reduce -5.7%
MGA Magna International Inc. 3.56% 4,067,800 $217.1M Reduce -1.4%
SLF Sun Life Financial Inc. 3.28% 3,208,223 $200.5M Add +0.4%
B Barrick Mining Corp. 3.28% 4,587,350 $200.1M Reduce -6.4%
OTEX Open Text Corp. 3.03% 5,681,093 $185.3M Add +0.5%
NTR Nutrien Ltd. 2.94% 2,910,084 $179.9M Reduce -0.2%
BCE Bce Inc. 2.87% 7,338,441 $175.3M Add +4.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 2.69% 1,812,262 $164.5M Reduce -4.2%
META Meta Platforms Inc. Class A 2.15% 198,547 $131.1M Reduce -0.0%
ILMN Illumina Inc. 1.84% 858,993 $112.7M Add +0.6%
INTC Intel Corp. 1.81% 2,993,420 $110.5M Reduce -1.0%
T AT&T Inc. 1.68% 4,130,100 $102.6M Add +0.7%
CVE Cenovus Energy Inc. 1.65% 5,949,541 $100.8M Reduce -0.9%
CAE Cae Inc. 1.60% 3,219,140 $98.0M Reduce -1.0%
PFE Pfizer Inc. 1.58% 3,878,438 $96.6M Reduce -4.0%
C Citigroup Inc. 1.55% 810,460 $94.6M Reduce -1.3%
TU Telus Corp. 1.46% 6,775,387 $89.4M Add +2.2%
CVS CVS Health Corp. 1.44% 1,111,860 $88.2M Reduce -0.3%
STT State Street Corp. 1.41% 668,226 $86.2M Reduce -2.0%
TFC Truist Financial Corp. 1.37% 1,696,756 $83.5M Add +1.9%
GSK GSK PLC-Spon ADR 1.34% 1,674,863 $82.1M Reduce -0.1%
ADBE Adobe Inc. 1.30% 226,696 $79.3M Reduce -4.0%
CNI Canadian Natl Railway Co. 1.25% 773,340 $76.6M New
EMN Eastman Chemical Co. 1.25% 1,194,421 $76.2M Add +5.5%
SU Suncor Energy Inc. 1.21% 1,661,252 $73.8M Reduce -19.6%
TTE Totalenergies SE 1.18% 1,106,404 $72.2M New
WFG West Fraser Timber Co. Ltd. 1.17% 1,171,348 $71.8M Add +1.9%
VZ Verizon Communications Inc. 1.14% 1,712,944 $69.8M Add +3.3%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 1.13% 7,276,402 $69.2M Add +10965.8%
CMCSA Comcast Corp. Class A 1.11% 2,265,221 $67.7M Add +4.7%
ABBV Abbvie Inc. 1.07% 285,104 $65.1M Reduce -2.0%
FDX FedEx Corp. 1.06% 223,597 $64.6M Add +3.2%
TECK Teck Resources Ltd.-CLS B 0.95% 1,216,592 $58.3M Reduce -15.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.88% 979,815 $53.9M Reduce -0.5%
WFC Wells Fargo & Co. 0.88% 577,544 $53.8M Reduce -15.3%
CRUS Cirrus Logic Inc. 0.87% 450,284 $53.4M Reduce -0.4%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.87% 2,216,854 $52.9M Reduce -1.4%
GPK Graphic Packaging Holding Co. 0.85% 3,451,510 $52.0M Add +66.3%
CX Cemex Sab-Spons ADR Part Cer 0.72% 3,823,500 $43.9M Add +3.4%
EFXT Enerflex Ltd. 0.71% 2,815,688 $43.5M Reduce -43.4%
SWKS Skyworks Solutions Inc. 0.70% 671,432 $42.6M Reduce -14.1%
IVZ Invesco Ltd. 0.68% 1,575,463 $41.4M Reduce -1.6%
QSR Restaurant Brands Intern 0.68% 604,192 $41.3M Add +0.6%
COP Conocophillips 0.66% 430,664 $40.3M Add +1.3%
MRK Merck & Co. Inc. 0.64% 370,534 $39.0M Add +4.7%
LULU Lululemon Athletica Inc. 0.60% 176,638 $36.7M Reduce -8.8%
UPS United Parcel Service Class B 0.58% 358,175 $35.5M Add +5.3%
MAC The Macerich Co. 0.57% 1,876,270 $34.6M Add +2.1%
HBM Hudbay Minerals Inc. 0.51% 1,569,583 $31.2M Reduce -55.6%
ADNT Adient PLC 0.49% 1,576,385 $30.2M Add +5.3%
BAP Credicorp Ltd. 0.48% 101,221 $29.1M Add +4.1%
CPA Copa Holdings SA Class A 0.39% 195,203 $23.5M Add +4.0%
WMT Walmart Inc. 0.38% 207,606 $23.1M Reduce -47.6%
BIIB Biogen Inc. 0.37% 129,780 $22.8M Add +7.6%
MRNA Moderna Inc. 0.35% 726,440 $21.4M Reduce -20.5%
CVX Chevron Corp. 0.33% 132,485 $20.2M Reduce -0.7%
IBN Icici Bank Ltd.-Spon ADR 0.21% 427,852 $12.7M Reduce -2.3%
CXM Sprinklr Inc. Class A 0.18% 1,435,075 $11.2M Reduce -15.6%
PROF Profound Medical Corp. 0.12% 970,675 $7.6M Reduce -1.6%
HDB HDFC Bank Ltd.-ADR 0.11% 177,035 $6.5M Add +35.9%
SW Smurfit Westrock PLC 0.06% 97,909 $3.8M Add +7.0%
XBI SS SPDR S&P Biotech ETF 0.06% 32,825 $3.7M Reduce -7.1%
SCHW Schwab (charles) Corp. 0.03% 19,746 $2.0M No change
ING ING Groep N.V.-Sponsored ADR 0.02% 48,925 $1.4M Reduce -0.4%
CRM Salesforce Inc. 0.01% 3,400 $901K New
PBA Pembina Pipeline Corp. 0.01% 23,250 $887K Add +58.7%
FLIN Franklin Ftse India ETF 0.01% 22,950 $886K Add +3.5%
SHEL Shell PLC-ADR 0.01% 9,085 $668K Reduce -98.6%
FCX Freeport-McMoran Inc. 0.01% 9,625 $489K Add +39.0%
VALE Vale SA-SP ADR 0.01% 36,650 $478K No change
EMA Emera Inc. 0.01% 8,485 $419K No change
ERO Ero Copper Corp. 0.01% 14,700 $416K Reduce -18.3%
NAMS Newamsterdam Pharma Co. NV 0.01% 11,775 $413K No change
FTS Fortis Inc. 0.01% 7,900 $411K No change
NXPI NXP Semiconductors NV 0.01% 1,775 $385K No change
PVLA Palvella Therapeutics Inc. 0.01% 3,500 $366K Reduce -32.7%
ALB Albemarle Corp. 0.01% 2,475 $350K No change
GOOGL Alphabet Inc. Class A 0.01% 1,092 $342K No change
MSFT Microsoft Corp. 0.01% 639 $309K Add +0.2%
SPRY Ars Pharmaceuticals Inc. 0.00% 24,700 $288K No change
ORCL Oracle Corp. 0.00% 1,420 $277K Reduce -41.3%
AMRZ Amrize Ltd. 0.00% 4,941 $272K Reduce -7.0%
MGTX Meiragtx Holdings PLC 0.00% 32,000 $254K No change
AQST Aquestive Therapeutics Inc. 0.00% 35,325 $228K New
CABA Cabaletta Bio Inc. 0.00% 90,475 $198K New
BCAX Bicara Therapeutics Inc. 0.00% 11,175 $188K New
AURA Aura Biosciences Inc. 0.00% 28,300 $154K No change
TENX Tenax Therapeutics Inc. 0.00% 10,650 $130K New
GOSS Gossamer Bio Inc. 0.00% 39,400 $122K No change
REPL Replimune Group Inc. 0.00% 10,800 $105K No change
TCRX Tscan Therapeutics Inc. 0.00% 95,875 $96K No change
ALDX Aldeyra Therapeutics Inc. 0.00% 17,300 $90K No change
HUMA Humacyte Inc. 0.00% 45,950 $44K No change
PROK Prokidney Corp. 0.00% 15,900 $36K No change

Portfolio Sells Q3 2025 → Q4 2025
ELP Companhia Paranaense DE Ener Sold out 0.00% −1.13
GILD Gilead Sciences Inc. Sold out 0.00% −0.81
SHEL Shell PLC-ADR Reduce -98.6% 0.01% −0.77
BMO Bank of Montreal Reduce -5.7% 3.56% −0.41
HBM Hudbay Minerals Inc. Reduce -55.6% 0.51% −0.41
META Meta Platforms Inc. Class A Reduce -0.0% 2.15% −0.36
SWKS Skyworks Solutions Inc. Reduce -14.1% 0.70% −0.34
WMT Walmart Inc. Reduce -47.6% 0.38% −0.32
SU Suncor Energy Inc. Reduce -19.6% 1.21% −0.28
EFXT Enerflex Ltd. Reduce -43.4% 0.71% −0.21
PFE Pfizer Inc. Reduce -4.0% 1.58% −0.19
ADBE Adobe Inc. Reduce -4.0% 1.30% −0.13
TECK Teck Resources Ltd.-CLS B Reduce -15.4% 0.95% −0.13
CVE Cenovus Energy Inc. Reduce -0.9% 1.65% −0.10
WFC Wells Fargo & Co. Reduce -15.3% 0.88% −0.10
CRUS Cirrus Logic Inc. Reduce -0.4% 0.87% −0.10
SBS Cia Saneamento Basico DE-ADR Reduce -1.4% 0.87% −0.10
ABBV Abbvie Inc. Reduce -2.0% 1.07% −0.09
MRNA Moderna Inc. Reduce -20.5% 0.35% −0.05
CAE Cae Inc. Reduce -1.0% 1.60% −0.05
CXM Sprinklr Inc. Class A Reduce -15.6% 0.18% −0.04
CVX Chevron Corp. Reduce -0.7% 0.33% −0.03
NVDA Nvidia Corp. Sold out 0.00% −0.02
IBN Icici Bank Ltd.-Spon ADR Reduce -2.3% 0.21% −0.02
ORCL Oracle Corp. Reduce -41.3% 0.00% −0.01
MLYS Mineralys Therapeutics Inc. Sold out 0.00% −0.00
ETNB 89BIO Inc. Sold out 0.00% −0.00
XBI SS SPDR S&P Biotech ETF Reduce -7.1% 0.06% −0.00
AMRZ Amrize Ltd. Reduce -7.0% 0.00% 0.00
CVS CVS Health Corp. Reduce -0.3% 1.44% +0.00
ING ING Groep N.V.-Sponsored ADR Reduce -0.4% 0.02% +0.00
PVLA Palvella Therapeutics Inc. Reduce -32.7% 0.01% +0.00
ERO Ero Copper Corp. Reduce -18.3% 0.01% +0.00
NTR Nutrien Ltd. Reduce -0.2% 2.94% +0.00
LULU Lululemon Athletica Inc. Reduce -8.8% 0.60% +0.01
BAC Bank of America Corp. Reduce -0.5% 0.88% +0.01
PROF Profound Medical Corp. Reduce -1.6% 0.12% +0.04
IVZ Invesco Ltd. Reduce -1.6% 0.68% +0.05
STT State Street Corp. Reduce -2.0% 1.41% +0.05
INTC Intel Corp. Reduce -1.0% 1.81% +0.07
TD Toronto-Dominion Bank Reduce -9.5% 4.24% +0.07
BNS Bank of Nova Scotia Reduce -6.4% 4.50% +0.08
CM Can Imperial BK of Commerce Reduce -4.2% 2.69% +0.10
GSK GSK PLC-Spon ADR Reduce -0.1% 1.34% +0.10
C Citigroup Inc. Reduce -1.3% 1.55% +0.12
RCI Rogers Communications Inc. Class B Reduce -1.0% 4.10% +0.14
MGA Magna International Inc. Reduce -1.4% 3.56% +0.20
RY Royal Bank of Canada Reduce -2.4% 4.10% +0.29
MFC Manulife Financial Corp. Reduce -1.0% 3.66% +0.34
B Barrick Mining Corp. Reduce -6.4% 3.28% +0.51

Portfolio Buys Q3 2025 → Q4 2025
CNI Canadian Natl Railway Co. New 1.25% +1.25
TTE Totalenergies SE New 1.18% +1.18
ELPC Cia Paranaense DE Ener-ADR Add +10965.8% 1.13% +1.12
ILMN Illumina Inc. Add +0.6% 1.84% +0.45
FDX FedEx Corp. Add +3.2% 1.06% +0.18
GPK Graphic Packaging Holding Co. Add +66.3% 0.85% +0.15
CX Cemex Sab-Spons ADR Part Cer Add +3.4% 0.72% +0.15
MRK Merck & Co. Inc. Add +4.7% 0.64% +0.13
UPS United Parcel Service Class B Add +5.3% 0.58% +0.09
BIIB Biogen Inc. Add +7.6% 0.37% +0.08
TFC Truist Financial Corp. Add +1.9% 1.37% +0.06
BCE Bce Inc. Add +4.2% 2.87% +0.04
BAP Credicorp Ltd. Add +4.1% 0.48% +0.03
HDB HDFC Bank Ltd.-ADR Add +35.9% 0.11% +0.03
EMN Eastman Chemical Co. Add +5.5% 1.25% +0.02
CRM Salesforce Inc. New 0.01% +0.01
QSR Restaurant Brands Intern Add +0.6% 0.68% +0.01
PBA Pembina Pipeline Corp. Add +58.7% 0.01% +0.00
AQST Aquestive Therapeutics Inc. New 0.00% +0.00
FCX Freeport-McMoran Inc. Add +39.0% 0.01% +0.00
CABA Cabaletta Bio Inc. New 0.00% +0.00
BCAX Bicara Therapeutics Inc. New 0.00% +0.00
CPA Copa Holdings SA Class A Add +4.0% 0.39% +0.00
TENX Tenax Therapeutics Inc. New 0.00% +0.00
FLIN Franklin Ftse India ETF Add +3.5% 0.01% +0.00
MSFT Microsoft Corp. Add +0.2% 0.01% −0.00
SW Smurfit Westrock PLC Add +7.0% 0.06% −0.00
MAC The Macerich Co. Add +2.1% 0.57% −0.01
SLF Sun Life Financial Inc. Add +0.4% 3.28% −0.01
COP Conocophillips Add +1.3% 0.66% −0.03
CMCSA Comcast Corp. Class A Add +4.7% 1.11% −0.06
VZ Verizon Communications Inc. Add +3.3% 1.14% −0.11
ADNT Adient PLC Add +5.3% 0.49% −0.12
WFG West Fraser Timber Co. Ltd. Add +1.9% 1.17% −0.17
T AT&T Inc. Add +0.7% 1.68% −0.31
TU Telus Corp. Add +2.2% 1.46% −0.33
OTEX Open Text Corp. Add +0.5% 3.03% −0.60

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