Louisbourg Investments Inc.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed January 29, 2025), Louisbourg Investments Inc. reported 164 stock positions worth $359.7 million. Its top holding was Canadian Natl Railway (CNI) at 8.0% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 4.1%) and Microsoft (MSFT, 2.7%). Compared with Q4 2023, it opened 9 new positions, sold out of 10, added to 46 and reduced 53. The biggest buy was Gildan Activewear (GIL, shares +236672%) and the biggest sale Royal Bank of Canada (RY, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $359.7M (Q1 2024)
- SEC Filing
- 0002053050-25-000002 ↗ filed Jan 29, 2025
Holdings Value
Holdings 164 stocks · $359.7M
| CNI Canadian Natl Railway Co. | 8.04% | 219,337 | $28.9M | Reduce -4.9% |
| IVV iShares Core S&P 500 ETF | 4.09% | 30,678 | $14.7M | Add +0.9% |
| MSFT Microsoft Corp. | 2.72% | 27,504 | $9.8M | Reduce -5.0% |
| TD Toronto-Dominion Bank | 2.70% | 160,986 | $9.7M | Add +10.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.47% | 171,858 | $8.9M | Reduce -4.5% |
| LSPD Lightspeed Commerce Inc. | 2.26% | 576,918 | $8.1M | Add +51.0% |
| CNQ Canadian Natural Resources | 2.14% | 100,711 | $7.7M | Add +34.2% |
| BN Brookfield Corp. | 2.12% | 182,071 | $7.6M | Add +4.9% |
| GOOG Alphabet Inc. Class C | 2.04% | 58,098 | $7.3M | Add +0.8% |
| SHOP Shopify Inc. Class A | 1.98% | 92,377 | $7.1M | Reduce -12.4% |
| RY Royal Bank of Canada | 1.93% | 68,818 | $6.9M | Reduce -31.4% |
| NVEI Nuvei Corp.-Subordinate VTG | 1.84% | 209,367 | $6.6M | Add +47.1% |
| GIL Gildan Activewear Inc. | 1.83% | 177,579 | $6.6M | Add +236672.0% |
| SU Suncor Energy Inc. | 1.67% | 162,451 | $6.0M | Add +29.0% |
| FTS Fortis Inc. | 1.65% | 150,387 | $5.9M | Add +261.0% |
| RCI Rogers Communications Inc. Class B | 1.65% | 144,829 | $5.9M | Add +60.6% |
| STN Stantec Inc. | 1.63% | 70,343 | $5.8M | Add +30.7% |
| DLTR Dollar Tree Inc. | 1.59% | 51,175 | $5.7M | Add +23.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.59% | 9 | $5.7M | No change |
| WPM Wheaton Precious Metals Corp. | 1.58% | 120,334 | $5.7M | Add +61.8% |
| OTEX Open Text Corp. | 1.56% | 144,075 | $5.6M | Add +31.7% |
| TSM Taiwan Semiconductor-SP ADR | 1.54% | 46,775 | $5.6M | Reduce -0.1% |
| BDX Becton Dickinson and Co. | 1.54% | 27,710 | $5.5M | Add +9.3% |
| CIGI Colliers Intl GR-Subord Vot | 1.53% | 45,057 | $5.5M | Reduce -7.9% |
| META Meta Platforms Inc. Class A | 1.51% | 13,539 | $5.4M | Reduce -12.1% |
| TECK Teck Resources Ltd.-CLS B | 1.50% | 117,508 | $5.4M | Reduce -6.2% |
| JNJ Johnson & Johnson | 1.49% | 41,607 | $5.4M | Add +14.0% |
| J Jacobs Solutions Inc. | 1.47% | 42,255 | $5.3M | Reduce -0.2% |
| TMUS T-Mobile US Inc. | 1.43% | 39,028 | $5.1M | Add +5.6% |
| CRM Salesforce Inc. | 1.36% | 19,802 | $4.9M | Reduce -8.8% |
| NTR Nutrien Ltd. | 1.33% | 88,204 | $4.8M | Add +13.7% |
| LDOS Leidos Holdings Inc. | 1.31% | 44,305 | $4.7M | Reduce -0.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.18% | 41,699 | $4.3M | Add +0.0% |
| COP Conocophillips | 1.17% | 40,572 | $4.2M | Add +9.3% |
| WTW Willis Towers Watson PLC | 1.16% | 19,592 | $4.2M | Reduce -0.6% |
| ABT Abbott Laboratories | 1.13% | 44,699 | $4.1M | Add +19.4% |
| IEFA iShares Core MSCI Eafe ETF | 1.10% | 53,194 | $3.9M | Add +10.3% |
| VOO Vanguard S&P 500 ETF | 1.07% | 8,037 | $3.9M | Add +5.3% |
| AMZN Amazon.com Inc. | 1.07% | 24,324 | $3.8M | Reduce -0.6% |
| A Agilent Technologies Inc. | 1.03% | 30,470 | $3.7M | Reduce -12.3% |
| AVGO Broadcom Inc. | 1.02% | 3,101 | $3.7M | Reduce -8.0% |
| SAND Sandstorm Gold Ltd. | 0.97% | 662,962 | $3.5M | Reduce -49.6% |
| CNP Centerpoint Energy Inc. | 0.96% | 158,888 | $3.4M | Add +11.8% |
| V Visa Inc. Class A | 0.89% | 14,089 | $3.2M | Reduce -0.2% |
| QSR Restaurant Brands Intern | 0.88% | 39,740 | $3.2M | Reduce -10.3% |
| CTSH Cognizant Tech Solutions-A | 0.84% | 49,081 | $3.0M | Reduce -10.8% |
| OTIS Otis Worldwide Corp. | 0.82% | 35,523 | $2.9M | Reduce -0.2% |
| ORCL Oracle Corp. | 0.81% | 25,749 | $2.9M | Reduce -9.9% |
| EGO Eldorado Gold Corp. | 0.73% | 187,800 | $2.6M | Add +8.7% |
| MFC Manulife Financial Corp. | 0.71% | 102,313 | $2.6M | Add +468.0% |
| CLS Celestica Inc. | 0.66% | 52,800 | $2.4M | Reduce -30.1% |
| UNP Union Pacific Corp. | 0.66% | 11,568 | $2.4M | Reduce -0.2% |
| OR Osisko Gold Royalties Ltd. | 0.65% | 142,738 | $2.3M | Reduce -35.6% |
| TFII Tfi International Inc. | 0.64% | 14,500 | $2.3M | New |
| NFLX Netflix Inc. | 0.61% | 3,961 | $2.2M | Reduce -28.6% |
| DG Dollar General Corp. | 0.60% | 17,997 | $2.2M | Reduce -20.4% |
| DEO Diageo PLC-Sponsored ADR | 0.58% | 14,026 | $2.1M | Add +11.6% |
| CP Canadian Pacific Kansas City | 0.56% | 22,980 | $2.0M | Reduce -40.4% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.54% | 44,263 | $1.9M | Reduce -0.3% |
| KKR KKR & Co. Inc. | 0.54% | 22,921 | $1.9M | Reduce -38.9% |
| TRI Thomson Reuters Corp. | 0.53% | 12,126 | $1.9M | Reduce -27.5% |
| HD Home Depot Inc. | 0.51% | 4,784 | $1.8M | No change |
| VWO Vanguard Ftse Emerging Marke | 0.50% | 43,479 | $1.8M | Add +17.6% |
| COST Costco Wholesale Corp. | 0.49% | 2,388 | $1.7M | No change |
| MCD McDonald's Corp. | 0.43% | 5,722 | $1.5M | Reduce -5.3% |
| BBJP JPMorgan Betabuilders Japan | 0.41% | 25,000 | $1.5M | Add +25.0% |
| WMT Walmart Inc. | 0.39% | 23,250 | $1.4M | No change |
| URI United Rentals Inc. | 0.38% | 2,449 | $1.4M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.37% | 13,200 | $1.3M | No change |
| WFC Wells Fargo & Co. | 0.36% | 29,244 | $1.3M | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 0.35% | 8,365 | $1.3M | No change |
| SHEL Shell PLC-ADR | 0.34% | 18,290 | $1.2M | No change |
| BSX Boston Scientific Corp. | 0.33% | 21,710 | $1.2M | Reduce -38.5% |
| ROST Ross Stores Inc. | 0.31% | 9,975 | $1.1M | Reduce -0.3% |
| SAP Sap SE-Sponsored ADR | 0.30% | 5,580 | $1.1M | Reduce -31.4% |
| GS Goldman Sachs Group Inc. | 0.29% | 3,354 | $1.1M | Reduce -0.3% |
| TSN Tyson Foods Inc. Class A | 0.28% | 23,222 | $1.0M | Add +2.8% |
| DCBO Docebo Inc. | 0.27% | 19,800 | $969K | Add +3.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.23% | 8,428 | $824K | No change |
| MRSH Marsh & McLennan Cos | 0.21% | 4,911 | $759K | Reduce -0.3% |
| BP BP PLC-Spons ADR | 0.21% | 19,680 | $742K | No change |
| AMGN Amgen Inc. | 0.20% | 2,500 | $711K | No change |
| HSBC HSBC Holdings PLC-Spons ADR filed as HSBC HLDGS PLC | 0.19% | 17,430 | $686K | No change |
| GIB Cgi Inc. | 0.19% | 6,189 | $683K | Reduce -35.9% |
| BHP BHP Group Ltd.-Spon ADR | 0.18% | 11,080 | $639K | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.17% | 9,680 | $617K | No change |
| AAPL Apple Inc. | 0.17% | 4,240 | $614K | Reduce -38.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 1,145 | $599K | Reduce -1.7% |
| ENB Enbridge Inc. | 0.17% | 16,431 | $594K | Add +32.7% |
| IGF iShares Global Infrastructur | 0.16% | 11,770 | $560K | Add +20.2% |
| TM Toyota Motor Corp. -Spon ADR | 0.15% | 2,140 | $539K | No change |
| NVDA Nvidia Corp. | 0.15% | 587 | $530K | Reduce -5.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.14% | 1,196 | $503K | Add +13.3% |
| VEA Vanguard Ftse Developed ETF | 0.14% | 10,000 | $502K | No change |
| TTE Totalenergies SE -Spon ADR | 0.14% | 7,240 | $498K | New |
| DSGX The Descartes Systems Grp | 0.13% | 5,199 | $476K | Reduce -1.1% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.13% | 45,310 | $464K | No change |
| BCE Bce Inc. | 0.13% | 13,617 | $463K | Add +0.3% |
| TRP TC Energy Corp. | 0.12% | 10,975 | $442K | No change |
| NKE Nike Inc. Class B | 0.12% | 4,500 | $423K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| RY Royal Bank of Canada | Reduce -31.4% | 1.93% | −1.15 |
| SAND Sandstorm Gold Ltd. | Reduce -49.6% | 0.97% | −1.04 |
| CNI Canadian Natl Railway Co. | Reduce -4.9% | 8.04% | −0.75 |
| NXE Nexgen Energy Ltd. | Sold out | 0.00% | −0.75 |
| KGC Kinross Gold Corp. | Sold out | 0.00% | −0.71 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.58 |
| SHOP Shopify Inc. Class A | Reduce -12.4% | 1.98% | −0.51 |
| CP Canadian Pacific Kansas City | Reduce -40.4% | 0.56% | −0.36 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -7.9% | 1.53% | −0.35 |
| OR Osisko Gold Royalties Ltd. | Reduce -35.6% | 0.65% | −0.31 |
| KKR KKR & Co. Inc. | Reduce -38.9% | 0.54% | −0.23 |
| CTSH Cognizant Tech Solutions-A | Reduce -10.8% | 0.84% | −0.22 |
| TRI Thomson Reuters Corp. | Reduce -27.5% | 0.53% | −0.22 |
| A Agilent Technologies Inc. | Reduce -12.3% | 1.03% | −0.19 |
| BNS Bank of Nova Scotia | Reduce -4.5% | 2.47% | −0.18 |
| QSR Restaurant Brands Intern | Reduce -10.3% | 0.88% | −0.17 |
| BSX Boston Scientific Corp. | Reduce -38.5% | 0.33% | −0.16 |
| AAPL Apple Inc. | Reduce -38.2% | 0.17% | −0.16 |
| DG Dollar General Corp. | Reduce -20.4% | 0.60% | −0.12 |
| GIB Cgi Inc. | Reduce -35.9% | 0.19% | −0.12 |
| NFLX Netflix Inc. | Reduce -28.6% | 0.61% | −0.12 |
| TECK Teck Resources Ltd.-CLS B | Reduce -6.2% | 1.50% | −0.11 |
| MCD McDonald's Corp. | Reduce -5.3% | 0.43% | −0.09 |
| MSFT Microsoft Corp. | Reduce -5.0% | 2.72% | −0.08 |
| SAP Sap SE-Sponsored ADR | Reduce -31.4% | 0.30% | −0.08 |
| CRM Salesforce Inc. | Reduce -8.8% | 1.36% | −0.07 |
| UNP Union Pacific Corp. | Reduce -0.2% | 0.66% | −0.07 |
| UPS United Parcel Service Class B | Reduce -88.6% | 0.00% | −0.03 |
| V Visa Inc. Class A | Reduce -0.2% | 0.89% | −0.03 |
| KO The Coca-Cola Co. | Sold out | 0.00% | −0.03 |
| ABBV Abbvie Inc. | Reduce -27.6% | 0.07% | −0.02 |
| ROST Ross Stores Inc. | Reduce -0.3% | 0.31% | −0.02 |
| KMB Kimberly-Clark Corp. | Reduce -59.5% | 0.01% | −0.01 |
| CLS Celestica Inc. | Reduce -30.1% | 0.66% | −0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -51.6% | 0.01% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -0.3% | 0.29% | −0.01 |
| GD General Dynamics Corp. | Sold out | 0.00% | −0.01 |
| PSA Public Storage | Sold out | 0.00% | −0.01 |
| WCN Waste Connections Inc. | Reduce -64.3% | 0.01% | −0.01 |
| JNPR Juniper Networks Inc. | Sold out | 0.00% | −0.01 |
| CM Can Imperial BK of Commerce | Reduce -49.1% | 0.01% | −0.01 |
| MRSH Marsh & McLennan Cos | Reduce -0.3% | 0.21% | −0.01 |
| ORLY O'reilly Automotive Inc. | Reduce -21.0% | 0.03% | −0.01 |
| ORCL Oracle Corp. | Reduce -9.9% | 0.81% | −0.00 |
| BNY Bank of New York Mellon Corp. | Reduce -0.3% | 0.54% | −0.00 |
| DSGX The Descartes Systems Grp | Reduce -1.1% | 0.13% | −0.00 |
| BLK BlackRock Finance Inc. | Sold out | 0.00% | −0.00 |
| BAM Brookfield Asset Mgmt-A | Reduce -0.8% | 0.02% | −0.00 |
| RSG Republic Services Inc. | Reduce -15.9% | 0.01% | −0.00 |
| AGCO Agco Corp. | Sold out | 0.00% | −0.00 |
Portfolio Buys Q4 2023 → Q1 2024
| GIL Gildan Activewear Inc. | Add +236672.0% | 1.83% | +1.83 |
| FTS Fortis Inc. | Add +261.0% | 1.65% | +1.13 |
| NVEI Nuvei Corp.-Subordinate VTG | Add +47.1% | 1.84% | +0.71 |
| CNQ Canadian Natural Resources | Add +34.2% | 2.14% | +0.65 |
| TFII Tfi International Inc. | New | 0.64% | +0.64 |
| MFC Manulife Financial Corp. | Add +468.0% | 0.71% | +0.59 |
| WPM Wheaton Precious Metals Corp. | Add +61.8% | 1.58% | +0.46 |
| SU Suncor Energy Inc. | Add +29.0% | 1.67% | +0.44 |
| URI United Rentals Inc. | New | 0.38% | +0.38 |
| RCI Rogers Communications Inc. Class B | Add +60.6% | 1.65% | +0.37 |
| STN Stantec Inc. | Add +30.7% | 1.63% | +0.31 |
| DIS The Walt Disney Co. | Add +0.0% | 1.18% | +0.22 |
| OTEX Open Text Corp. | Add +31.7% | 1.56% | +0.16 |
| TTE Totalenergies SE -Spon ADR | New | 0.14% | +0.14 |
| ABT Abbott Laboratories | Add +19.4% | 1.13% | +0.10 |
| BBJP JPMorgan Betabuilders Japan | Add +25.0% | 0.41% | +0.09 |
| COP Conocophillips | Add +9.3% | 1.17% | +0.09 |
| IEFA iShares Core MSCI Eafe ETF | Add +10.3% | 1.10% | +0.07 |
| VOO Vanguard S&P 500 ETF | Add +5.3% | 1.07% | +0.07 |
| EGO Eldorado Gold Corp. | Add +8.7% | 0.73% | +0.05 |
| JNJ Johnson & Johnson | Add +14.0% | 1.49% | +0.05 |
| VWO Vanguard Ftse Emerging Marke | Add +17.6% | 0.50% | +0.05 |
| DLTR Dollar Tree Inc. | Add +23.0% | 1.59% | +0.04 |
| ENB Enbridge Inc. | Add +32.7% | 0.17% | +0.03 |
| DEO Diageo PLC-Sponsored ADR | Add +11.6% | 0.58% | +0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +13.3% | 0.14% | +0.03 |
| MCK McKesson Corp. | Add +226.5% | 0.03% | +0.02 |
| RTX RTX Corp. | New | 0.02% | +0.02 |
| IGF iShares Global Infrastructur | Add +20.2% | 0.16% | +0.02 |
| SLF Sun Life Financial Inc. | Add +268.0% | 0.02% | +0.02 |
| COR Cencora Inc. | New | 0.01% | +0.01 |
| BN Brookfield Corp. | Add +4.9% | 2.12% | +0.01 |
| MSI Motorola Solutions Inc. | New | 0.01% | +0.01 |
| NEE Nextera Energy Inc. | New | 0.01% | +0.01 |
| LIN Linde PLC | New | 0.01% | +0.01 |
| NTR Nutrien Ltd. | Add +13.7% | 1.33% | +0.01 |
| IVV iShares Core S&P 500 ETF | Add +0.9% | 4.09% | +0.01 |
| CVS CVS Health Corp. | New | 0.00% | +0.00 |
| TSN Tyson Foods Inc. Class A | Add +2.8% | 0.28% | +0.00 |
| TSLA Tesla Inc. | Add +174.4% | 0.01% | +0.00 |
| LMT Lockheed Martin Corp. | Add +25.7% | 0.02% | +0.00 |
| AON Aon PLC Class A | Add +20.8% | 0.01% | +0.00 |
| BIP Brookfield Infrastructure Pa | Add +18.1% | 0.02% | +0.00 |
| CNP Centerpoint Energy Inc. | Add +11.8% | 0.96% | +0.00 |
| CHKP Check Point Software Tech | Add +3.5% | 0.03% | +0.00 |
| VRSN Verisign Inc. | Add +26.1% | 0.01% | +0.00 |
| BDX Becton Dickinson and Co. | Add +9.3% | 1.54% | −0.00 |
| PBA Pembina Pipeline Corp. | Add +0.3% | 0.09% | −0.01 |
| DCBO Docebo Inc. | Add +3.1% | 0.27% | −0.01 |
| NEM Newmont Corp. | Add +0.5% | 0.05% | −0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 210 | $542.1M | CNI, SHOP, TECK, GOOG, IVV |
| Q1 2026 | 216 | $528.8M | CNI, SHOP, MSFT, GOOG, IVV |
| Q4 2025 | 213 | $501.9M | CNI, MSFT, GOOG, IVV, WPM |
| Q3 2025 | 208 | $458.2M | CNI, SHOP, MSFT, WPM, IVV |
| Q2 2025 | 200 | $424.3M | CNI, MSFT, SHOP, IVV, WPM |
| Q1 2025 | 180 | $368.0M | CNI, IVV, SHOP, MSFT, BNS |
| Q4 2024 | 168 | $381.0M | CNI, SHOP, BNS, BN, GIL |
| Q3 2024 | 173 | $395.4M | CNI, BNS, IVV, LSPD, TD |
| Q2 2024 | 169 | $356.9M | CNI, IVV, MSFT, TD, BNS |
| Q1 2024 | 164 | $359.7M | CNI, IVV, MSFT, TD, BNS |