Letko, Brosseau & Associates Inc.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Letko, Brosseau & Associates Inc. reported 112 stock positions worth $6.8 billion. Its top holding was Bank of Nova Scotia (BNS) at 4.3% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.3%) and Alphabet Class C (GOOG, 4.2%). Compared with Q1 2026, it opened 13 new positions, sold out of 3, added to 26 and reduced 51. The biggest buy was a new position in GE Healthcare Technology (GEHC) and the biggest sale Intel (INTC, shares −90%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001297496
Portfolio Value
$6.8B (Q2 2026)
SEC Filing
0001297496-26-000007 ↗ filed Aug 13, 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 Q1 2026 Q2 2026: $6.8B $6.8B Q2 2026

Holdings 112 stocks · $6.8B
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 4.34% 3,380,374 $293.7M Reduce -3.7%
TD Toronto-Dominion Bank 4.30% 2,393,682 $290.9M Reduce -4.9%
GOOG Alphabet Inc. Class C 4.24% 812,863 $287.2M Reduce -2.4%
RY Royal Bank of Canada 4.15% 1,356,164 $280.7M Reduce -4.7%
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 3.73% 1,426,775 $252.1M Reduce -9.7%
SLF Sun Life Financial Inc. 3.65% 3,144,427 $246.8M Reduce -3.7%
MGA Magna International Inc. 3.62% 3,728,461 $245.1M Reduce -5.6%
MFC Manulife Financial Corp. 3.56% 5,945,857 $241.1M Reduce -1.5%
RCI Rogers Communications Inc. Class B 3.09% 6,419,707 $208.8M Reduce -1.4%
OTEX Open Text Corp. 2.89% 8,837,628 $195.5M Add +13.4%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 2.51% 1,475,569 $169.9M Reduce -5.8%
NTR Nutrien Ltd. 2.48% 2,661,149 $167.6M Reduce -3.5%
BCE Bce Inc. 2.43% 7,626,060 $164.2M Add +0.8%
ILMN Illumina Inc. 2.16% 830,293 $146.0M Reduce -2.6%
B Barrick Mining Corp. 2.01% 3,703,017 $136.1M Reduce -4.7%
CVE Cenovus Energy Inc. 1.95% 5,327,707 $132.1M Reduce -6.7%
META Meta Platforms Inc. Class A 1.86% 223,556 $125.9M Add +11.4%
CNI Canadian Natl Railway Co. 1.81% 1,027,674 $122.6M Reduce -2.3%
CVS CVS Health Corp. 1.67% 1,095,265 $113.3M Reduce -1.8%
TU Telus Corp. 1.60% 10,220,253 $108.1M Add +37.4%
CAE Cae Inc. 1.47% 3,981,832 $99.7M Add +27.5%
PFE Pfizer Inc. 1.47% 4,124,748 $99.3M Add +0.8%
WFG West Fraser Timber Co. Ltd. 1.42% 1,417,956 $96.0M Add +0.1%
ADBE Adobe Inc. 1.39% 459,898 $94.3M Add +20.2%
MSFT Microsoft Corp. 1.33% 241,356 $90.0M Add +41.1%
STT State Street Corp. 1.32% 525,646 $89.1M Reduce -3.5%
T AT&T Inc. 1.28% 4,174,925 $86.4M Add +1.3%
ELPC Cia Paranaense DE Ener-ADR filed as COMPANHIA PARANAENSE DE ENER 1.26% 7,333,972 $85.4M Reduce -7.3%
C Citigroup Inc. 1.26% 609,048 $85.2M Reduce -3.5%
GSK GSK PLC-Spon ADR 1.26% 1,624,668 $85.2M Reduce -1.2%
CMCSA Comcast Corp. Class A 1.26% 3,460,961 $85.0M Add +51.5%
SWKS Skyworks Solutions Inc. 1.24% 1,234,937 $83.7M Add +35.3%
TTE Totalenergies SE 1.21% 1,056,594 $82.2M Reduce -2.3%
EMN Eastman Chemical Co. 1.19% 1,199,240 $80.3M Add +0.5%
CRM Salesforce Inc. 1.17% 504,810 $79.1M Add +41.5%
TFC Truist Financial Corp. 1.14% 1,551,961 $77.3M Reduce -1.0%
VZ Verizon Communications Inc. 1.08% 1,726,727 $73.1M Add +1.4%
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 1.03% 12,114,373 $70.0M Add +3.2%
ABBV Abbvie Inc. 1.00% 270,009 $67.9M Reduce -1.9%
FDX FedEx Corp. 1.00% 215,587 $67.5M Reduce -0.9%
CRUS Cirrus Logic Inc. 0.97% 442,259 $65.7M Reduce -1.6%
GEHC GE Healthcare Technology 0.83% 878,575 $56.2M New
BAC Bank of America Corp. 0.81% 967,290 $55.1M Reduce -0.8%
TECK Teck Resources Ltd.-CLS B 0.77% 874,729 $52.1M Reduce -19.2%
MRNA Moderna Inc. 0.75% 724,830 $50.8M Reduce -3.2%
EFXT Enerflex Ltd. 0.72% 1,997,788 $49.0M Reduce -22.6%
GIL Gildan Activewear Inc. 0.72% 947,100 $48.8M New
GPK Graphic Packaging Holding Co. 0.70% 4,453,305 $47.1M Add +28.3%
WFC Wells Fargo & Co. 0.70% 569,169 $47.0M Reduce -0.8%
QSR Restaurant Brands Intern 0.69% 643,271 $46.6M Reduce -3.9%
MAC The Macerich Co. 0.69% 1,841,170 $46.4M Reduce -2.2%
MRK Merck & Co. Inc. 0.66% 347,489 $44.7M Reduce -2.9%
CX Cemex Sab-Spons ADR Part Cer 0.64% 3,593,425 $43.1M Reduce -6.5%
COP Conocophillips 0.63% 408,904 $42.5M Reduce -2.8%
EXC Exelon Corp. 0.61% 891,100 $41.5M New
UPS United Parcel Service Class B 0.58% 366,065 $39.4M Add +1.3%
BAP Credicorp Ltd. 0.57% 98,171 $38.2M Add +1.9%
CPA Copa Holdings SA Class A 0.48% 207,978 $32.4M Add +2.5%
BIIB Biogen Inc. 0.47% 146,562 $31.7M Reduce -2.9%
IVZ Invesco Ltd. 0.46% 1,180,538 $31.2M Reduce -1.5%
LULU Lululemon Athletica Inc. 0.46% 272,068 $31.1M Add +48.0%
ADNT Adient PLC 0.45% 1,661,072 $30.5M Add +2.7%
ACM Aecom 0.40% 390,075 $27.2M New
INTC Intel Corp. 0.40% 193,495 $27.0M Reduce -90.5%
WMT Walmart Inc. 0.33% 195,046 $22.1M Reduce -2.2%
CVX Chevron Corp. 0.32% 129,488 $21.5M Reduce -1.7%
HBM Hudbay Minerals Inc. 0.28% 808,989 $19.1M Reduce -26.3%
FDXF FedEx Freight Holding Co. 0.23% 101,572 $15.3M Reduce -6.6%
HDB HDFC Bank Ltd.-ADR 0.20% 520,935 $13.5M Add +46.2%
SW Smurfit Westrock PLC 0.14% 204,184 $9.4M Add +112.9%
CXM Sprinklr Inc. Class A 0.09% 1,161,675 $6.0M Reduce -6.8%
PROF Profound Medical Corp. 0.08% 935,725 $5.4M Reduce -1.8%
XBI SS SPDR S&P Biotech ETF 0.07% 30,825 $4.9M Reduce -6.1%
IBN Icici Bank Ltd.-Spon ADR 0.04% 100,402 $2.9M Reduce -18.1%
FLIN Franklin Ftse India ETF 0.03% 61,500 $2.2M Add +90.5%
SCHW Schwab (charles) Corp. 0.02% 17,771 $1.6M No change
ING ING Groep N.V.-Sponsored ADR 0.02% 46,624 $1.5M Reduce -1.4%
PBA Pembina Pipeline Corp. 0.02% 23,325 $1.1M Reduce -12.3%
FCX Freeport-McMoran Inc. 0.01% 9,625 $605K No change
PVLA Palvella Therapeutics Inc. 0.01% 3,500 $535K No change
VALE Vale SA-SP ADR 0.01% 33,650 $506K Reduce -8.2%
NXPI NXP Semiconductors NV 0.01% 1,775 $499K No change
ELVN Enliven Therapeutics Inc. 0.01% 9,600 $487K No change
FTS Fortis Inc. 0.01% 7,900 $452K No change
SU Suncor Energy Inc. 0.01% 8,400 $452K Reduce -96.9%
EMA Emera Inc. 0.01% 8,485 $450K No change
MGTX Meiragtx Holdings PLC 0.01% 32,000 $432K No change
GHRS GH Research PLC 0.01% 15,425 $415K New
ERO Ero Copper Corp. 0.01% 14,700 $392K No change
ALB Albemarle Corp. 0.00% 2,475 $334K No change
BCAX Bicara Therapeutics Inc. 0.00% 11,175 $332K No change
NAMS Newamsterdam Pharma Co. NV 0.00% 9,475 $321K Reduce -19.5%
SPRY Ars Pharmaceuticals Inc. 0.00% 40,050 $321K Add +62.1%
CABA Cabaletta Bio Inc. 0.00% 90,475 $281K No change
SNDX Syndax Pharmaceuticals Inc. 0.00% 12,450 $272K New
AMRZ Amrize Ltd. 0.00% 4,941 $262K No change
AMZN Amazon.com Inc. 0.00% 1,100 $262K New
CADL Candel Therapeutics Inc. 0.00% 25,050 $258K New
KMB Kimberly-Clark Corp. 0.00% 2,240 $246K No change
LQDA Liquidia Corp. 0.00% 2,900 $231K New
AAPL Apple Inc. 0.00% 750 $217K New
ORCL Oracle Corp. 0.00% 1,420 $208K No change
MA Mastercard Inc. Class A 0.00% 400 $205K New
DNLI Denali Therapeutics Inc. 0.00% 7,850 $202K New
AURA Aura Biosciences Inc. 0.00% 28,300 $201K No change
IAG Iamgold Corp. 0.00% 12,500 $198K New
TENX Tenax Therapeutics Inc. 0.00% 10,650 $155K No change
AQST Aquestive Therapeutics Inc. 0.00% 35,325 $147K No change
TCRX Tscan Therapeutics Inc. 0.00% 95,875 $94K No change
ALDX Aldeyra Therapeutics Inc. 0.00% 17,300 $37K No change
HUMA Humacyte Inc. 0.00% 45,950 $36K No change
PROK Prokidney Corp. 0.00% 15,900 $32K No change

Portfolio Sells Q1 2026 → Q2 2026
INTC Intel Corp. Reduce -90.5% 0.40% −1.04
RCI Rogers Communications Inc. Class B Reduce -1.4% 3.09% −0.94
NTR Nutrien Ltd. Reduce -3.5% 2.48% −0.87
B Barrick Mining Corp. Reduce -4.7% 2.01% −0.54
CVE Cenovus Energy Inc. Reduce -6.7% 1.95% −0.48
TTE Totalenergies SE Reduce -2.3% 1.21% −0.41
SU Suncor Energy Inc. Reduce -96.9% 0.01% −0.28
COP Conocophillips Reduce -2.8% 0.63% −0.27
ELPC Cia Paranaense DE Ener-ADR Reduce -7.3% 1.26% −0.26
FDX FedEx Corp. Reduce -0.9% 1.00% −0.25
GSK GSK PLC-Spon ADR Reduce -1.2% 1.26% −0.20
EFXT Enerflex Ltd. Reduce -22.6% 0.72% −0.14
TECK Teck Resources Ltd.-CLS B Reduce -19.2% 0.77% −0.13
CVX Chevron Corp. Reduce -1.7% 0.32% −0.12
QSR Restaurant Brands Intern Reduce -3.9% 0.69% −0.11
HBM Hudbay Minerals Inc. Reduce -26.3% 0.28% −0.09
CRUS Cirrus Logic Inc. Reduce -1.6% 0.97% −0.08
WMT Walmart Inc. Reduce -2.2% 0.33% −0.07
CX Cemex Sab-Spons ADR Part Cer Reduce -6.5% 0.64% −0.07
WFC Wells Fargo & Co. Reduce -0.8% 0.70% −0.04
FDXF FedEx Freight Holding Co. Reduce -6.6% 0.23% −0.04
MRK Merck & Co. Inc. Reduce -2.9% 0.66% −0.03
CXM Sprinklr Inc. Class A Reduce -6.8% 0.09% −0.03
TFC Truist Financial Corp. Reduce -1.0% 1.14% −0.02
PROF Profound Medical Corp. Reduce -1.8% 0.08% −0.02
IVZ Invesco Ltd. Reduce -1.5% 0.46% −0.01
IBN Icici Bank Ltd.-Spon ADR Reduce -18.1% 0.04% −0.01
GOOGL Alphabet Inc. Class A Sold out 0.00% −0.01
PBA Pembina Pipeline Corp. Reduce -12.3% 0.02% −0.00
VALE Vale SA-SP ADR Reduce -8.2% 0.01% −0.00
REPL Replimune Group Inc. Sold out 0.00% −0.00
NAMS Newamsterdam Pharma Co. NV Reduce -19.5% 0.00% −0.00
GOSS Gossamer Bio Inc. Sold out 0.00% −0.00
ING ING Groep N.V.-Sponsored ADR Reduce -1.4% 0.02% +0.00
XBI SS SPDR S&P Biotech ETF Reduce -6.1% 0.07% +0.00
BIIB Biogen Inc. Reduce -2.9% 0.47% +0.02
ABBV Abbvie Inc. Reduce -1.9% 1.00% +0.04
BAC Bank of America Corp. Reduce -0.8% 0.81% +0.05
CNI Canadian Natl Railway Co. Reduce -2.3% 1.81% +0.07
MGA Magna International Inc. Reduce -5.6% 3.62% +0.08
C Citigroup Inc. Reduce -3.5% 1.26% +0.11
MAC The Macerich Co. Reduce -2.2% 0.69% +0.11
CM Can Imperial BK of Commerce Reduce -5.8% 2.51% +0.13
MRNA Moderna Inc. Reduce -3.2% 0.75% +0.14
STT State Street Corp. Reduce -3.5% 1.32% +0.21
MFC Manulife Financial Corp. Reduce -1.5% 3.56% +0.22
BMO Bank of Montreal Reduce -9.7% 3.73% +0.29
SLF Sun Life Financial Inc. Reduce -3.7% 3.65% +0.36
CVS CVS Health Corp. Reduce -1.8% 1.67% +0.38
GOOG Alphabet Inc. Class C Reduce -2.4% 4.24% +0.39

Portfolio Buys Q1 2026 → Q2 2026
GEHC GE Healthcare Technology New 0.83% +0.83
GIL Gildan Activewear Inc. New 0.72% +0.72
EXC Exelon Corp. New 0.61% +0.61
SWKS Skyworks Solutions Inc. Add +35.3% 1.24% +0.45
ACM Aecom New 0.40% +0.40
MSFT Microsoft Corp. Add +41.1% 1.33% +0.31
CMCSA Comcast Corp. Class A Add +51.5% 1.26% +0.20
CAE Cae Inc. Add +27.5% 1.47% +0.17
GPK Graphic Packaging Holding Co. Add +28.3% 0.70% +0.14
CPA Copa Holdings SA Class A Add +2.5% 0.48% +0.11
OTEX Open Text Corp. Add +13.4% 2.89% +0.10
CRM Salesforce Inc. Add +41.5% 1.17% +0.10
SW Smurfit Westrock PLC Add +112.9% 0.14% +0.08
TU Telus Corp. Add +37.4% 1.60% +0.06
HDB HDFC Bank Ltd.-ADR Add +46.2% 0.20% +0.06
BAP Credicorp Ltd. Add +1.9% 0.57% +0.04
FLIN Franklin Ftse India ETF Add +90.5% 0.03% +0.01
META Meta Platforms Inc. Class A Add +11.4% 1.86% +0.01
UPS United Parcel Service Class B Add +1.3% 0.58% +0.01
GHRS GH Research PLC New 0.01% +0.01
LULU Lululemon Athletica Inc. Add +48.0% 0.46% +0.01
SNDX Syndax Pharmaceuticals Inc. New 0.00% +0.00
AMZN Amazon.com Inc. New 0.00% +0.00
CADL Candel Therapeutics Inc. New 0.00% +0.00
LQDA Liquidia Corp. New 0.00% +0.00
AAPL Apple Inc. New 0.00% +0.00
DNLI Denali Therapeutics Inc. New 0.00% +0.00
MA Mastercard Inc. Class A New 0.00% +0.00
IAG Iamgold Corp. New 0.00% +0.00
SPRY Ars Pharmaceuticals Inc. Add +62.1% 0.00% +0.00
WFG West Fraser Timber Co. Ltd. Add +0.1% 1.42% −0.07
ADNT Adient PLC Add +2.7% 0.45% −0.08
ADBE Adobe Inc. Add +20.2% 1.39% −0.10
SBS Cia Saneamento Basico DE-ADR Add +3.2% 1.03% −0.12
EMN Eastman Chemical Co. Add +0.5% 1.19% −0.28
VZ Verizon Communications Inc. Add +1.4% 1.08% −0.30
PFE Pfizer Inc. Add +0.8% 1.47% −0.38
BCE Bce Inc. Add +0.8% 2.43% −0.64
T AT&T Inc. Add +1.3% 1.28% −0.65

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