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

0$200.0M$400.0M$600.0M Q1 2024: $359.7M $359.7M Q1 2024 Q2 2024: $356.9M Q2 2024 Q3 2024: $395.4M Q3 2024 Q4 2024: $381.0M Q4 2024 Q1 2025: $368.0M Q1 2025 Q2 2025: $424.3M Q2 2025 Q3 2025: $458.2M Q3 2025 Q4 2025: $501.9M Q4 2025 Q1 2026: $528.8M Q1 2026 Q2 2026: $542.1M Q2 2026

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
PBA Pembina Pipeline Corp. 0.09% 9,144 $323K Add +0.3%
SMFG Sumitomo Mitsui-Spons ADR 0.09% 26,652 $314K No change
ABBV Abbvie Inc. 0.07% 1,395 $254K Reduce -27.6%
TU Telus Corp. 0.06% 14,150 $227K No change
NEM Newmont Corp. 0.05% 5,580 $163K Add +0.5%
PAYX Paychex Inc. 0.04% 1,200 $147K No change
ORLY O'reilly Automotive Inc. 0.03% 109 $123K Reduce -21.0%
MCK McKesson Corp. 0.03% 222 $119K Add +226.5%
CHKP Check Point Software Tech 0.03% 618 $101K Add +3.5%
CVX Chevron Corp. 0.02% 500 $79K No change
DUK Duke Energy Corp. 0.02% 800 $77K No change
SLF Sun Life Financial Inc. 0.02% 1,380 $75K Add +268.0%
ETR Entergy Corp. 0.02% 700 $74K No change
IMO Imperial Oil Ltd. 0.02% 1,000 $69K No change
RTX RTX Corp. 0.02% 675 $66K New
BIP Brookfield Infrastructure Pa 0.02% 1,958 $61K Add +18.1%
BAM Brookfield Asset Mgmt-A 0.02% 1,452 $61K Reduce -0.8%
LMT Lockheed Martin Corp. 0.02% 127 $58K Add +25.7%
VRN Veren Inc. 0.02% 6,760 $55K No change
PFE Pfizer Inc. 0.01% 1,700 $47K No change
MO Altria Group Inc. 0.01% 860 $38K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 188 $36K No change
WM Waste Management Inc. 0.01% 155 $33K No change
COR Cencora Inc. 0.01% 131 $32K New
AZO AutoZone Inc. 0.01% 10 $32K No change
ROP Roper Technologies Inc. 0.01% 56 $31K No change
AON Aon PLC Class A 0.01% 93 $31K Add +20.8%
EFA iShares MSCI Eafe ETF 0.01% 375 $30K No change
CL Colgate-Palmolive Co. 0.01% 327 $29K No change
KMB Kimberly-Clark Corp. 0.01% 225 $29K Reduce -59.5%
MSI Motorola Solutions Inc. 0.01% 81 $29K New
BMY Bristol-Myers Squibb Co. 0.01% 529 $29K Reduce -51.6%
VRSN Verisign Inc. 0.01% 150 $28K Add +26.1%
KMI Kinder Morgan Inc. 0.01% 1,545 $28K No change
RSG Republic Services Inc. 0.01% 148 $28K Reduce -15.9%
NEE Nextera Energy Inc. 0.01% 440 $28K New
LIN Linde PLC 0.01% 60 $28K New
YUM Yum! Brands Inc. 0.01% 194 $27K No change
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 0.01% 520 $26K Reduce -49.1%
B Barrick Gold Corp. 0.01% 1,575 $26K No change
CSCO Cisco Systems Inc. 0.01% 515 $26K No change
OVV Ovintiv Inc. 0.01% 435 $23K No change
TSLA Tesla Inc. 0.01% 118 $21K Add +174.4%
WCN Waste Connections Inc. 0.01% 105 $18K Reduce -64.3%
CVS CVS Health Corp. 0.00% 175 $14K New
UPS United Parcel Service Class B 0.00% 90 $13K Reduce -88.6%
ORGANIGRAM HLDGS INC 0.00% 5,663 $12K No change
CVE Cenovus Energy Inc. 0.00% 600 $12K No change
IAU iShares Gold Trust 0.00% 225 $9K No change
SLV iShares Silver Trust 0.00% 400 $9K No change
XRAY Dentsply Sirona Inc. 0.00% 200 $7K No change
SNDL SNDL Inc. 0.00% 2,900 $6K No change
HIVE Hive Digital Technologies LT 0.00% 1,673 $6K No change
MRNA Moderna Inc. 0.00% 22 $2K Reduce -48.8%
MEOH Methanex Corp. 0.00% 20 $892 No change
PYPL PayPal Holdings Inc. 0.00% 10 $670 No change
WAB Wabtec Corp. 0.00% 4 $583 No change
MIND MEDICINE MINDMED INC 0.00% 52 $492 No change
EMBC Embecta Corp. 0.00% 27 $358 No change
VTRS Viatris Inc. 0.00% 12 $143 No change
ZIMV Zimvie Inc. 0.00% 7 $115 No change
WYNN WYNN Resorts Ltd. 0.00% 1 $102 No change
MGM MGM Resorts International 0.00% 1 $47 No change
CGC Canopy Growth Corp. 0.00% 2 $17 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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 210$542.1MCNI, SHOP, TECK, GOOG, IVV
Q1 2026 216$528.8MCNI, SHOP, MSFT, GOOG, IVV
Q4 2025 213$501.9MCNI, MSFT, GOOG, IVV, WPM
Q3 2025 208$458.2MCNI, SHOP, MSFT, WPM, IVV
Q2 2025 200$424.3MCNI, MSFT, SHOP, IVV, WPM
Q1 2025 180$368.0MCNI, IVV, SHOP, MSFT, BNS
Q4 2024 168$381.0MCNI, SHOP, BNS, BN, GIL
Q3 2024 173$395.4MCNI, BNS, IVV, LSPD, TD
Q2 2024 169$356.9MCNI, IVV, MSFT, TD, BNS
Q1 2024 164$359.7MCNI, IVV, MSFT, TD, BNS