Louisbourg Investments Inc.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed January 29, 2025), Louisbourg Investments Inc. reported 169 stock positions worth $356.9 million. Its top holding was Canadian Natl Railway (CNI) at 7.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 3.1%) and Microsoft (MSFT, 2.9%). Compared with Q1 2024, it opened 11 new positions, sold out of 6, added to 43 and reduced 48. The biggest buy was a new position in CBRE Class A (CBRE) and the biggest sale an exit from Nuvei Corp.-Subordinate VTG (NVEI).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $356.9M (Q2 2024)
- SEC Filing
- 0002053050-25-000003 ↗ filed Jan 29, 2025
Holdings Value
Holdings 169 stocks · $356.9M
| CNI Canadian Natl Railway Co. | 7.48% | 226,095 | $26.7M | Add +3.1% |
| IVV iShares Core S&P 500 ETF | 3.11% | 20,598 | $11.1M | Reduce -32.9% |
| MSFT Microsoft Corp. | 2.89% | 27,404 | $10.3M | Reduce -0.4% |
| TD Toronto-Dominion Bank | 2.47% | 160,524 | $8.8M | Reduce -0.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.47% | 192,528 | $8.8M | Add +12.0% |
| GOOG Alphabet Inc. Class C | 2.28% | 53,848 | $8.1M | Reduce -7.3% |
| LSPD Lightspeed Commerce Inc. | 2.27% | 593,483 | $8.1M | Add +2.9% |
| SHOP Shopify Inc. Class A | 2.23% | 120,302 | $7.9M | Add +30.2% |
| GIL Gildan Activewear Inc. | 2.13% | 200,704 | $7.6M | Add +13.0% |
| CNQ Canadian Natural Resources | 2.11% | 211,042 | $7.5M | Add +4.8% |
| BN Brookfield Corp. | 2.04% | 175,387 | $7.3M | Reduce -3.7% |
| RCI Rogers Communications Inc. Class B | 1.96% | 189,534 | $7.0M | Add +30.9% |
| CIGI Colliers Intl GR-Subord Vot | 1.71% | 54,548 | $6.1M | Add +21.1% |
| CRM Salesforce Inc. | 1.66% | 28,467 | $5.9M | Add +43.8% |
| TSM Taiwan Semiconductor-SP ADR | 1.64% | 38,805 | $5.9M | Reduce -17.0% |
| BDX Becton Dickinson and Co. | 1.57% | 29,780 | $5.6M | Add +7.5% |
| QSR Restaurant Brands Intern | 1.56% | 79,006 | $5.6M | Add +98.8% |
| FTS Fortis Inc. | 1.55% | 142,125 | $5.5M | Reduce -5.5% |
| TMUS T-Mobile US Inc. | 1.54% | 38,978 | $5.5M | Reduce -0.1% |
| JNJ Johnson & Johnson | 1.48% | 44,707 | $5.3M | Add +7.5% |
| META Meta Platforms Inc. Class A | 1.47% | 13,196 | $5.2M | Reduce -2.5% |
| WPM Wheaton Precious Metals Corp. | 1.46% | 99,434 | $5.2M | Reduce -17.4% |
| SU Suncor Energy Inc. | 1.43% | 133,943 | $5.1M | Reduce -17.6% |
| TECK Teck Resources Ltd.-CLS B | 1.43% | 106,269 | $5.1M | Reduce -9.6% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.37% | 8 | $4.9M | Reduce -11.1% |
| J Jacobs Solutions Inc. | 1.36% | 42,758 | $4.8M | Add +1.2% |
| OTEX Open Text Corp. | 1.33% | 158,425 | $4.8M | Add +10.0% |
| LDOS Leidos Holdings Inc. | 1.32% | 39,805 | $4.7M | Reduce -10.2% |
| DLTR Dollar Tree Inc. | 1.32% | 52,732 | $4.7M | Add +3.0% |
| COP Conocophillips | 1.28% | 49,142 | $4.6M | Add +21.1% |
| IEFA iShares Core MSCI Eafe ETF | 1.26% | 62,033 | $4.5M | Add +16.6% |
| NTR Nutrien Ltd. | 1.26% | 88,104 | $4.5M | Reduce -0.1% |
| RY Royal Bank of Canada | 1.25% | 41,958 | $4.5M | Reduce -39.0% |
| VOO Vanguard S&P 500 ETF | 1.20% | 8,596 | $4.3M | Add +7.0% |
| CTSH Cognizant Tech Solutions-A | 1.15% | 75,821 | $4.1M | Add +54.5% |
| WTW Willis Towers Watson PLC | 1.15% | 20,132 | $4.1M | Add +2.8% |
| ABT Abbott Laboratories | 1.12% | 48,849 | $4.0M | Add +9.3% |
| OR Osisko Gold Royalties Ltd. | 1.05% | 241,678 | $3.8M | Add +69.3% |
| STN Stantec Inc. | 1.01% | 43,043 | $3.6M | Reduce -38.8% |
| A Agilent Technologies Inc. | 0.99% | 32,920 | $3.5M | Add +8.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.98% | 42,629 | $3.5M | Add +2.2% |
| AMZN Amazon.com Inc. | 0.96% | 20,324 | $3.4M | Reduce -16.4% |
| SAND Sandstorm Gold Ltd. | 0.93% | 611,182 | $3.3M | Reduce -7.8% |
| CNP Centerpoint Energy Inc. | 0.93% | 140,888 | $3.3M | Reduce -11.3% |
| URI United Rentals Inc. | 0.93% | 6,164 | $3.3M | Add +151.7% |
| AVGO Broadcom Inc. | 0.92% | 2,354 | $3.3M | Reduce -24.1% |
| CBRE CBRE Group Inc. Class A | 0.90% | 43,650 | $3.2M | New |
| V Visa Inc. Class A | 0.82% | 13,789 | $2.9M | Reduce -2.1% |
| ORCL Oracle Corp. | 0.80% | 22,104 | $2.9M | Reduce -14.2% |
| OTIS Otis Worldwide Corp. | 0.79% | 35,433 | $2.8M | Reduce -0.3% |
| MFC Manulife Financial Corp. | 0.79% | 105,773 | $2.8M | Add +3.4% |
| MCD McDonald's Corp. | 0.78% | 12,802 | $2.8M | Add +123.7% |
| GIB Cgi Inc. | 0.70% | 24,918 | $2.5M | Add +302.6% |
| KGC Kinross Gold Corp. | 0.70% | 298,200 | $2.5M | New |
| CLS Celestica Inc. | 0.69% | 43,300 | $2.5M | Reduce -18.0% |
| DG Dollar General Corp. | 0.68% | 23,747 | $2.4M | Add +31.9% |
| UNP Union Pacific Corp. | 0.67% | 12,868 | $2.4M | Add +11.2% |
| CP Canadian Pacific Kansas City | 0.65% | 29,600 | $2.3M | Add +28.8% |
| AEM Agnico Eagle Mines Ltd. | 0.65% | 35,500 | $2.3M | New |
| HBM Hudbay Minerals Inc. | 0.63% | 248,200 | $2.2M | New |
| EGO Eldorado Gold Corp. | 0.62% | 149,800 | $2.2M | Reduce -20.2% |
| PAAS Pan American Silver Corp. | 0.61% | 110,000 | $2.2M | New |
| VWO Vanguard Ftse Emerging Marke | 0.57% | 46,758 | $2.0M | Add +7.5% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.56% | 44,263 | $2.0M | No change |
| DEO Diageo PLC-Sponsored ADR | 0.54% | 15,426 | $1.9M | Add +10.0% |
| DCBO Docebo Inc. | 0.53% | 48,900 | $1.9M | Add +147.0% |
| COST Costco Wholesale Corp. | 0.53% | 2,209 | $1.9M | Reduce -7.5% |
| KKR KKR & Co. Inc. | 0.46% | 18,597 | $1.6M | Reduce -18.9% |
| HD Home Depot Inc. | 0.40% | 4,184 | $1.4M | Reduce -12.5% |
| TRI Thomson Reuters Corp. | 0.40% | 8,476 | $1.4M | Reduce -30.1% |
| SAP Sap SE-Sponsored ADR | 0.37% | 6,580 | $1.3M | Add +17.9% |
| SHEL Shell PLC-ADR | 0.37% | 18,290 | $1.3M | No change |
| ROST Ross Stores Inc. | 0.37% | 11,375 | $1.3M | Add +14.0% |
| WFC Wells Fargo & Co. | 0.37% | 29,244 | $1.3M | No change |
| NFLX Netflix Inc. | 0.34% | 1,921 | $1.2M | Reduce -51.5% |
| WMT Walmart Inc. | 0.33% | 17,150 | $1.2M | Reduce -26.2% |
| GOOGL Alphabet Inc. Class A | 0.32% | 6,365 | $1.2M | Reduce -23.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 10,500 | $1.2M | Reduce -20.4% |
| GS Goldman Sachs Group Inc. | 0.32% | 3,354 | $1.1M | No change |
| TSN Tyson Foods Inc. Class A | 0.28% | 23,222 | $987K | No change |
| BSX Boston Scientific Corp. | 0.22% | 13,135 | $794K | Reduce -39.5% |
| MRSH Marsh & McLennan Cos | 0.22% | 4,911 | $769K | No change |
| BP BP PLC-Spons ADR | 0.20% | 19,680 | $710K | No change |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.20% | 8,428 | $707K | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.18% | 9,680 | $638K | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.18% | 11,080 | $633K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 1,127 | $613K | Reduce -1.6% |
| IGF iShares Global Infrastructur | 0.17% | 12,623 | $605K | Add +7.3% |
| ENB Enbridge Inc. | 0.16% | 16,361 | $582K | Reduce -0.4% |
| AAPL Apple Inc. | 0.15% | 2,940 | $534K | Reduce -30.7% |
| AMGN Amgen Inc. | 0.15% | 1,700 | $531K | Reduce -32.0% |
| NVDA Nvidia Corp. | 0.14% | 4,100 | $507K | Reduce -30.1% |
| VEA Vanguard Ftse Developed ETF | 0.14% | 10,000 | $494K | No change |
| DSGX The Descartes Systems Grp | 0.14% | 5,099 | $494K | Reduce -1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.14% | 1,204 | $490K | Add +0.7% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.14% | 45,310 | $489K | No change |
| TTE Totalenergies SE -Spon ADR | 0.14% | 7,240 | $483K | No change |
| BCE Bce Inc. | 0.12% | 13,671 | $443K | Add +0.4% |
| TM Toyota Motor Corp. -Spon ADR | 0.12% | 2,140 | $439K | No change |
| TRP TC Energy Corp. | 0.12% | 10,975 | $416K | No change |
Portfolio Sells Q1 2024 → Q2 2024
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −1.84 |
| IVV iShares Core S&P 500 ETF | Reduce -32.9% | 3.11% | −0.98 |
| RY Royal Bank of Canada | Reduce -39.0% | 1.25% | −0.68 |
| TFII Tfi International Inc. | Sold out | 0.00% | −0.64 |
| STN Stantec Inc. | Reduce -38.8% | 1.01% | −0.62 |
| BBJP JPMorgan Betabuilders Japan | Sold out | 0.00% | −0.41 |
| NFLX Netflix Inc. | Reduce -51.5% | 0.34% | −0.27 |
| SU Suncor Energy Inc. | Reduce -17.6% | 1.43% | −0.24 |
| TD Toronto-Dominion Bank | Reduce -0.3% | 2.47% | −0.23 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -11.1% | 1.37% | −0.22 |
| HSBC HSBC Holdings PLC-Spons ADR | Sold out | 0.00% | −0.19 |
| TRI Thomson Reuters Corp. | Reduce -30.1% | 0.40% | −0.12 |
| WPM Wheaton Precious Metals Corp. | Reduce -17.4% | 1.46% | −0.12 |
| EGO Eldorado Gold Corp. | Reduce -20.2% | 0.62% | −0.11 |
| AMZN Amazon.com Inc. | Reduce -16.4% | 0.96% | −0.11 |
| HD Home Depot Inc. | Reduce -12.5% | 0.40% | −0.11 |
| FTS Fortis Inc. | Reduce -5.5% | 1.55% | −0.11 |
| BSX Boston Scientific Corp. | Reduce -39.5% | 0.22% | −0.10 |
| AVGO Broadcom Inc. | Reduce -24.1% | 0.92% | −0.10 |
| KKR KKR & Co. Inc. | Reduce -18.9% | 0.46% | −0.08 |
| NTR Nutrien Ltd. | Reduce -0.1% | 1.26% | −0.08 |
| BN Brookfield Corp. | Reduce -3.7% | 2.04% | −0.08 |
| V Visa Inc. Class A | Reduce -2.1% | 0.82% | −0.07 |
| TECK Teck Resources Ltd.-CLS B | Reduce -9.6% | 1.43% | −0.07 |
| WMT Walmart Inc. | Reduce -26.2% | 0.33% | −0.06 |
| AMGN Amgen Inc. | Reduce -32.0% | 0.15% | −0.05 |
| TJX TJX Companies Inc. | Reduce -20.4% | 0.32% | −0.05 |
| META Meta Platforms Inc. Class A | Reduce -2.5% | 1.47% | −0.04 |
| SAND Sandstorm Gold Ltd. | Reduce -7.8% | 0.93% | −0.04 |
| NEM Newmont Corp. | Reduce -82.4% | 0.01% | −0.03 |
| CNP Centerpoint Energy Inc. | Reduce -11.3% | 0.93% | −0.03 |
| GOOGL Alphabet Inc. Class A | Reduce -23.9% | 0.32% | −0.03 |
| OTIS Otis Worldwide Corp. | Reduce -0.3% | 0.79% | −0.03 |
| AAPL Apple Inc. | Reduce -30.7% | 0.15% | −0.02 |
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −0.02 |
| ORCL Oracle Corp. | Reduce -14.2% | 0.80% | −0.01 |
| EFA iShares MSCI Eafe ETF | Reduce -80.0% | 0.00% | −0.01 |
| CM Can Imperial BK of Commerce | Reduce -76.9% | 0.00% | −0.01 |
| NVDA Nvidia Corp. | Reduce -30.1% | 0.14% | −0.01 |
| PBA Pembina Pipeline Corp. | Reduce -10.4% | 0.09% | −0.00 |
| ENB Enbridge Inc. | Reduce -0.4% | 0.16% | −0.00 |
| RTX RTX Corp. | Reduce -5.9% | 0.02% | −0.00 |
| MIND MEDICINE MINDMED INC | Sold out | 0.00% | −0.00 |
| PYPL PayPal Holdings Inc. | Reduce -50.0% | 0.00% | −0.00 |
| EMBC Embecta Corp. | Reduce -37.0% | 0.00% | 0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.6% | 0.17% | +0.01 |
| DSGX The Descartes Systems Grp | Reduce -1.9% | 0.14% | +0.01 |
| LDOS Leidos Holdings Inc. | Reduce -10.2% | 1.32% | +0.01 |
| CLS Celestica Inc. | Reduce -18.0% | 0.69% | +0.03 |
| COST Costco Wholesale Corp. | Reduce -7.5% | 0.53% | +0.04 |
Portfolio Buys Q1 2024 → Q2 2024
| CBRE CBRE Group Inc. Class A | New | 0.90% | +0.90 |
| KGC Kinross Gold Corp. | New | 0.70% | +0.70 |
| QSR Restaurant Brands Intern | Add +98.8% | 1.56% | +0.68 |
| AEM Agnico Eagle Mines Ltd. | New | 0.65% | +0.65 |
| HBM Hudbay Minerals Inc. | New | 0.63% | +0.63 |
| PAAS Pan American Silver Corp. | New | 0.61% | +0.61 |
| URI United Rentals Inc. | Add +151.7% | 0.93% | +0.55 |
| GIB Cgi Inc. | Add +302.6% | 0.70% | +0.51 |
| OR Osisko Gold Royalties Ltd. | Add +69.3% | 1.05% | +0.40 |
| MCD McDonald's Corp. | Add +123.7% | 0.78% | +0.36 |
| CTSH Cognizant Tech Solutions-A | Add +54.5% | 1.15% | +0.32 |
| RCI Rogers Communications Inc. Class B | Add +30.9% | 1.96% | +0.31 |
| CRM Salesforce Inc. | Add +43.8% | 1.66% | +0.30 |
| GIL Gildan Activewear Inc. | Add +13.0% | 2.13% | +0.30 |
| DCBO Docebo Inc. | Add +147.0% | 0.53% | +0.26 |
| SHOP Shopify Inc. Class A | Add +30.2% | 2.23% | +0.24 |
| CIGI Colliers Intl GR-Subord Vot | Add +21.1% | 1.71% | +0.17 |
| IEFA iShares Core MSCI Eafe ETF | Add +16.6% | 1.26% | +0.16 |
| VOO Vanguard S&P 500 ETF | Add +7.0% | 1.20% | +0.13 |
| COP Conocophillips | Add +21.1% | 1.28% | +0.11 |
| CP Canadian Pacific Kansas City | Add +28.8% | 0.65% | +0.09 |
| MFC Manulife Financial Corp. | Add +3.4% | 0.79% | +0.08 |
| DG Dollar General Corp. | Add +31.9% | 0.68% | +0.08 |
| SAP Sap SE-Sponsored ADR | Add +17.9% | 0.37% | +0.07 |
| VWO Vanguard Ftse Emerging Marke | Add +7.5% | 0.57% | +0.07 |
| ROST Ross Stores Inc. | Add +14.0% | 0.37% | +0.06 |
| BDX Becton Dickinson and Co. | Add +7.5% | 1.57% | +0.02 |
| LSPD Lightspeed Commerce Inc. | Add +2.9% | 2.27% | +0.01 |
| IGF iShares Global Infrastructur | Add +7.3% | 0.17% | +0.01 |
| UNP Union Pacific Corp. | Add +11.2% | 0.67% | +0.01 |
| VTV Vanguard Mrngstr Val ETF-Aui | New | 0.00% | +0.00 |
| AMAT Applied Materials Inc. | New | 0.00% | +0.00 |
| INTC Intel Corp. | New | 0.00% | +0.00 |
| GSSC Goldman Sachs Activebeta US | New | 0.00% | +0.00 |
| VHT Vanguard Health Care ETF | New | 0.00% | +0.00 |
| MIND MEDICINE MINDMED INC | New | 0.00% | +0.00 |
| CSCO Cisco Systems Inc. | Add +3.9% | 0.01% | 0.00 |
| CVS CVS Health Corp. | Add +11.4% | 0.00% | −0.00 |
| BAM Brookfield Asset Mgmt-A | Add +2.5% | 0.02% | −0.00 |
| TU Telus Corp. | Add +1.0% | 0.06% | −0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.7% | 0.14% | −0.00 |
| BCE Bce Inc. | Add +0.4% | 0.12% | −0.00 |
| ABT Abbott Laboratories | Add +9.3% | 1.12% | −0.01 |
| BNS Bank of Nova Scotia | Add +12.0% | 2.47% | −0.01 |
| JNJ Johnson & Johnson | Add +7.5% | 1.48% | −0.01 |
| WTW Willis Towers Watson PLC | Add +2.8% | 1.15% | −0.02 |
| CNQ Canadian Natural Resources | Add +4.8% | 2.11% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Add +10.0% | 0.54% | −0.04 |
| A Agilent Technologies Inc. | Add +8.0% | 0.99% | −0.04 |
| J Jacobs Solutions Inc. | Add +1.2% | 1.36% | −0.12 |
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 |