Letko, Brosseau & Associates Inc.

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Letko, Brosseau & Associates Inc. reported 101 stock positions worth $6.2 billion. Its top holding was Rogers Communications Class B (RCI) at 4.0% of the portfolio, followed by Bank of Nova Scotia (BNS, 3.9%) and Alphabet Class C (GOOG, 3.9%). Compared with Q4 2025, it opened 2 new positions, sold out of 1, added to 29 and reduced 44. The biggest buy was Salesforce (CRM, shares +10391%) and the biggest sale Suncor Energy (SU, shares −84%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$6.2B (Q1 2026)
SEC Filing
0001297496-26-000005 ↗ filed May 12, 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 Q4 2025 Q1 2026: $6.2B $6.2B Q1 2026 Q2 2026: $6.8B Q2 2026

Holdings 101 stocks · $6.2B
RCI Rogers Communications Inc. Class B 4.02% 6,511,597 $249.6M Reduce -1.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 3.91% 3,510,666 $242.7M Reduce -5.8%
GOOG Alphabet Inc. Class C 3.85% 833,098 $239.0M Reduce -0.6%
TD Toronto-Dominion Bank 3.78% 2,516,065 $234.2M Reduce -8.3%
RY Royal Bank of Canada 3.70% 1,423,097 $229.3M Reduce -2.9%
MGA Magna International Inc. 3.54% 3,948,448 $219.8M Reduce -2.9%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 3.44% 1,580,030 $213.3M Reduce -5.6%
NTR Nutrien Ltd. 3.34% 2,756,910 $207.4M Reduce -5.3%
MFC Manulife Financial Corp. 3.34% 6,038,452 $207.3M Reduce -1.8%
SLF Sun Life Financial Inc. 3.29% 3,264,408 $203.9M Add +1.8%
BCE Bce Inc. 3.07% 7,564,328 $190.3M Add +3.1%
OTEX Open Text Corp. 2.79% 7,790,553 $173.1M Add +37.1%
B Barrick Mining Corp. 2.55% 3,884,565 $158.2M Reduce -15.3%
CVE Cenovus Energy Inc. 2.44% 5,711,489 $151.1M Reduce -4.0%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 2.38% 1,565,632 $147.9M Reduce -13.6%
T AT&T Inc. 1.93% 4,121,700 $119.5M Reduce -0.2%
PFE Pfizer Inc. 1.85% 4,090,013 $114.8M Add +5.5%
META Meta Platforms Inc. Class A 1.85% 200,645 $114.8M Add +1.1%
CNI Canadian Natl Railway Co. 1.74% 1,051,605 $107.9M Add +36.0%
ILMN Illumina Inc. 1.69% 852,903 $105.1M Reduce -0.7%
TTE Totalenergies SE 1.62% 1,081,079 $100.8M Reduce -2.3%
TU Telus Corp. 1.54% 7,440,412 $95.3M Add +9.8%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 1.52% 7,912,737 $94.5M Add +8.8%
ADBE Adobe Inc. 1.50% 382,493 $93.0M Add +68.7%
WFG West Fraser Timber Co. Ltd. 1.49% 1,417,201 $92.3M Add +21.0%
EMN Eastman Chemical Co. 1.47% 1,193,346 $91.1M Reduce -0.1%
GSK GSK PLC-Spon ADR 1.46% 1,644,613 $90.8M Reduce -1.8%
INTC Intel Corp. 1.44% 2,028,470 $89.5M Reduce -32.2%
VZ Verizon Communications Inc. 1.38% 1,702,224 $85.5M Reduce -0.6%
CAE Cae Inc. 1.31% 3,122,440 $81.0M Reduce -3.0%
CVS CVS Health Corp. 1.29% 1,114,735 $80.1M Add +0.3%
FDX FedEx Corp. 1.25% 217,512 $77.5M Reduce -2.7%
TFC Truist Financial Corp. 1.16% 1,567,796 $72.1M Reduce -7.6%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 1.15% 2,348,569 $71.7M Add +5.9%
C Citigroup Inc. 1.15% 631,490 $71.6M Reduce -22.1%
STT State Street Corp. 1.11% 544,456 $68.9M Reduce -18.5%
CRM Salesforce Inc. 1.07% 356,710 $66.6M Add +10391.5%
CMCSA Comcast Corp. Class A 1.06% 2,284,956 $65.6M Add +0.9%
CRUS Cirrus Logic Inc. 1.05% 449,504 $65.0M Reduce -0.2%
MSFT Microsoft Corp. 1.02% 171,013 $63.3M Add +26662.6%
ABBV Abbvie Inc. 0.96% 275,149 $59.8M Reduce -3.5%
TECK Teck Resources Ltd.-CLS B 0.90% 1,082,762 $55.9M Reduce -11.0%
COP Conocophillips 0.89% 420,604 $55.5M Reduce -2.3%
EFXT Enerflex Ltd. 0.87% 2,580,213 $53.8M Reduce -8.4%
QSR Restaurant Brands Intern 0.80% 669,617 $49.4M Add +10.8%
SWKS Skyworks Solutions Inc. 0.79% 912,697 $48.9M Add +35.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.77% 975,440 $47.6M Reduce -0.5%
WFC Wells Fargo & Co. 0.74% 573,819 $45.7M Reduce -0.6%
CX Cemex Sab-Spons ADR Part Cer 0.71% 3,844,250 $44.0M Add +0.5%
MRK Merck & Co. Inc. 0.69% 358,019 $43.1M Reduce -3.4%
MRNA Moderna Inc. 0.61% 748,815 $38.0M Add +3.1%
UPS United Parcel Service Class B 0.57% 361,555 $35.6M Add +0.9%
MAC The Macerich Co. 0.57% 1,881,745 $35.6M Add +0.3%
GPK Graphic Packaging Holding Co. 0.56% 3,470,560 $34.5M Add +0.6%
ADNT Adient PLC 0.53% 1,617,406 $32.7M Add +2.6%
BAP Credicorp Ltd. 0.53% 96,346 $32.7M Reduce -4.8%
IVZ Invesco Ltd. 0.47% 1,198,263 $29.1M Reduce -23.9%
LULU Lululemon Athletica Inc. 0.45% 183,843 $28.1M Add +4.1%
BIIB Biogen Inc. 0.45% 150,865 $27.7M Add +16.3%
CVX Chevron Corp. 0.44% 131,760 $27.3M Reduce -0.6%
WMT Walmart Inc. 0.40% 199,426 $24.8M Reduce -3.9%
CPA Copa Holdings SA Class A 0.37% 202,803 $23.0M Add +3.9%
HBM Hudbay Minerals Inc. 0.37% 1,097,248 $22.9M Reduce -30.1%
SU Suncor Energy Inc. 0.29% 269,162 $17.7M Reduce -83.8%
HDB HDFC Bank Ltd.-ADR 0.14% 356,210 $8.9M Add +101.2%
CXM Sprinklr Inc. Class A 0.12% 1,246,275 $7.5M Reduce -13.2%
PROF Profound Medical Corp. 0.10% 953,175 $6.1M Reduce -1.8%
XBI SS SPDR S&P Biotech ETF 0.07% 32,825 $4.2M No change
SW Smurfit Westrock PLC 0.06% 95,909 $3.8M Reduce -2.0%
IBN Icici Bank Ltd.-Spon ADR 0.05% 122,627 $3.2M Reduce -71.3%
SCHW Schwab (charles) Corp. 0.03% 17,771 $1.7M Reduce -10.0%
ING ING Groep N.V.-Sponsored ADR 0.02% 47,274 $1.2M Reduce -3.4%
PBA Pembina Pipeline Corp. 0.02% 26,600 $1.2M Add +14.4%
FLIN Franklin Ftse India ETF 0.02% 32,275 $1.1M Add +40.6%
VALE Vale SA-SP ADR 0.01% 36,650 $583K No change
FCX Freeport-McMoran Inc. 0.01% 9,625 $566K No change
ALB Albemarle Corp. 0.01% 2,475 $444K No change
FTS Fortis Inc. 0.01% 7,900 $439K No change
EMA Emera Inc. 0.01% 8,485 $438K No change
PVLA Palvella Therapeutics Inc. 0.01% 3,500 $436K No change
ERO Ero Copper Corp. 0.01% 14,700 $390K No change
NAMS Newamsterdam Pharma Co. NV 0.01% 11,775 $377K No change
ELVN Enliven Therapeutics Inc. 0.01% 9,600 $376K New
NXPI NXP Semiconductors NV 0.01% 1,775 $349K No change
GOOGL Alphabet Inc. Class A 0.01% 1,092 $314K No change
MGTX Meiragtx Holdings PLC 0.00% 32,000 $277K No change
AMRZ Amrize Ltd. 0.00% 4,941 $268K No change
CABA Cabaletta Bio Inc. 0.00% 90,475 $243K No change
BCAX Bicara Therapeutics Inc. 0.00% 11,175 $222K No change
KMB Kimberly-Clark Corp. 0.00% 2,240 $216K New
ORCL Oracle Corp. 0.00% 1,420 $209K No change
SPRY Ars Pharmaceuticals Inc. 0.00% 24,700 $198K No change
AURA Aura Biosciences Inc. 0.00% 28,300 $189K No change
TENX Tenax Therapeutics Inc. 0.00% 10,650 $170K No change
AQST Aquestive Therapeutics Inc. 0.00% 35,325 $147K No change
TCRX Tscan Therapeutics Inc. 0.00% 95,875 $97K No change
REPL Replimune Group Inc. 0.00% 10,800 $83K No change
ALDX Aldeyra Therapeutics Inc. 0.00% 17,300 $29K No change
PROK Prokidney Corp. 0.00% 15,900 $28K No change
HUMA Humacyte Inc. 0.00% 45,950 $28K No change
GOSS Gossamer Bio Inc. 0.00% 39,400 $13K No change

Portfolio Sells Q4 2025 → Q1 2026
SU Suncor Energy Inc. Reduce -83.8% 0.29% −0.92
B Barrick Mining Corp. Reduce -15.3% 2.55% −0.73
BNS Bank of Nova Scotia Reduce -5.8% 3.91% −0.59
TD Toronto-Dominion Bank Reduce -8.3% 3.78% −0.46
GOOG Alphabet Inc. Class C Reduce -0.6% 3.85% −0.45
RY Royal Bank of Canada Reduce -2.9% 3.70% −0.40
C Citigroup Inc. Reduce -22.1% 1.15% −0.39
INTC Intel Corp. Reduce -32.2% 1.44% −0.37
MFC Manulife Financial Corp. Reduce -1.8% 3.34% −0.32
CM Can Imperial BK of Commerce Reduce -13.6% 2.38% −0.31
STT State Street Corp. Reduce -18.5% 1.11% −0.30
CAE Cae Inc. Reduce -3.0% 1.31% −0.30
IVZ Invesco Ltd. Reduce -23.9% 0.47% −0.21
TFC Truist Financial Corp. Reduce -7.6% 1.16% −0.21
IBN Icici Bank Ltd.-Spon ADR Reduce -71.3% 0.05% −0.16
ILMN Illumina Inc. Reduce -0.7% 1.69% −0.15
WFC Wells Fargo & Co. Reduce -0.6% 0.74% −0.15
HBM Hudbay Minerals Inc. Reduce -30.1% 0.37% −0.14
BMO Bank of Montreal Reduce -5.6% 3.44% −0.13
BAC Bank of America Corp. Reduce -0.5% 0.77% −0.12
ABBV Abbvie Inc. Reduce -3.5% 0.96% −0.10
RCI Rogers Communications Inc. Class B Reduce -1.7% 4.02% −0.07
CXM Sprinklr Inc. Class A Reduce -13.2% 0.12% −0.06
TECK Teck Resources Ltd.-CLS B Reduce -11.0% 0.90% −0.05
PROF Profound Medical Corp. Reduce -1.8% 0.10% −0.03
MGA Magna International Inc. Reduce -2.9% 3.54% −0.01
SHEL Shell PLC-ADR Sold out 0.00% −0.01
SCHW Schwab (charles) Corp. Reduce -10.0% 0.03% −0.01
ING ING Groep N.V.-Sponsored ADR Reduce -3.4% 0.02% −0.00
SW Smurfit Westrock PLC Reduce -2.0% 0.06% −0.00
WMT Walmart Inc. Reduce -3.9% 0.40% +0.02
BAP Credicorp Ltd. Reduce -4.8% 0.53% +0.05
MRK Merck & Co. Inc. Reduce -3.4% 0.69% +0.06
CVX Chevron Corp. Reduce -0.6% 0.44% +0.11
GSK GSK PLC-Spon ADR Reduce -1.8% 1.46% +0.12
EFXT Enerflex Ltd. Reduce -8.4% 0.87% +0.16
CRUS Cirrus Logic Inc. Reduce -0.2% 1.05% +0.17
FDX FedEx Corp. Reduce -2.7% 1.25% +0.19
EMN Eastman Chemical Co. Reduce -0.1% 1.47% +0.22
COP Conocophillips Reduce -2.3% 0.89% +0.23
VZ Verizon Communications Inc. Reduce -0.6% 1.38% +0.23
T AT&T Inc. Reduce -0.2% 1.93% +0.25
NTR Nutrien Ltd. Reduce -5.3% 3.34% +0.40
TTE Totalenergies SE Reduce -2.3% 1.62% +0.44
CVE Cenovus Energy Inc. Reduce -4.0% 2.44% +0.79

Portfolio Buys Q4 2025 → Q1 2026
CRM Salesforce Inc. Add +10391.5% 1.07% +1.06
MSFT Microsoft Corp. Add +26662.6% 1.02% +1.02
CNI Canadian Natl Railway Co. Add +36.0% 1.74% +0.48
ELPC Cia Paranaense DE Ener-ADR Add +8.8% 1.52% +0.39
WFG West Fraser Timber Co. Ltd. Add +21.0% 1.49% +0.31
SBS Cia Saneamento Basico DE-ADR Add +5.9% 1.15% +0.29
PFE Pfizer Inc. Add +5.5% 1.85% +0.27
MRNA Moderna Inc. Add +3.1% 0.61% +0.26
ADBE Adobe Inc. Add +68.7% 1.50% +0.20
BCE Bce Inc. Add +3.1% 3.07% +0.20
QSR Restaurant Brands Intern Add +10.8% 0.80% +0.12
SWKS Skyworks Solutions Inc. Add +35.9% 0.79% +0.09
TU Telus Corp. Add +9.8% 1.54% +0.07
BIIB Biogen Inc. Add +16.3% 0.45% +0.07
HDB HDFC Bank Ltd.-ADR Add +101.2% 0.14% +0.04
ADNT Adient PLC Add +2.6% 0.53% +0.03
ELVN Enliven Therapeutics Inc. New 0.01% +0.01
MAC The Macerich Co. Add +0.3% 0.57% +0.01
PBA Pembina Pipeline Corp. Add +14.4% 0.02% +0.00
KMB Kimberly-Clark Corp. New 0.00% +0.00
FLIN Franklin Ftse India ETF Add +40.6% 0.02% +0.00
SLF Sun Life Financial Inc. Add +1.8% 3.29% +0.00
UPS United Parcel Service Class B Add +0.9% 0.57% −0.01
CX Cemex Sab-Spons ADR Part Cer Add +0.5% 0.71% −0.01
CPA Copa Holdings SA Class A Add +3.9% 0.37% −0.01
CMCSA Comcast Corp. Class A Add +0.9% 1.06% −0.05
LULU Lululemon Athletica Inc. Add +4.1% 0.45% −0.15
CVS CVS Health Corp. Add +0.3% 1.29% −0.15
OTEX Open Text Corp. Add +37.1% 2.79% −0.24
GPK Graphic Packaging Holding Co. Add +0.6% 0.56% −0.30
META Meta Platforms Inc. Class A Add +1.1% 1.85% −0.30

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