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

0$200.0M$400.0M$600.0M Q1 2024: $359.7M Q1 2024 Q2 2024: $356.9M $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 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
SMFG Sumitomo Mitsui-Spons ADR 0.10% 26,652 $357K No change
NKE Nike Inc. Class B 0.10% 4,500 $339K No change
PBA Pembina Pipeline Corp. 0.09% 8,194 $304K Reduce -10.4%
ABBV Abbvie Inc. 0.07% 1,395 $239K No change
TU Telus Corp. 0.06% 14,290 $216K Add +1.0%
PAYX Paychex Inc. 0.04% 1,200 $142K No change
MCK McKesson Corp. 0.04% 222 $130K No change
ORLY O'reilly Automotive Inc. 0.03% 109 $115K No change
CHKP Check Point Software Tech 0.03% 618 $102K No change
DUK Duke Energy Corp. 0.02% 800 $80K No change
CVX Chevron Corp. 0.02% 500 $78K No change
ETR Entergy Corp. 0.02% 700 $75K No change
SLF Sun Life Financial Inc. 0.02% 1,380 $68K No change
RTX RTX Corp. 0.02% 635 $64K Reduce -5.9%
LMT Lockheed Martin Corp. 0.02% 127 $59K No change
BAM Brookfield Asset Mgmt-A 0.02% 1,489 $57K Add +2.5%
BIP Brookfield Infrastructure Pa 0.02% 1,958 $54K No change
VRN Veren Inc. 0.01% 6,760 $53K No change
PFE Pfizer Inc. 0.01% 1,700 $48K No change
NEM Newmont Corp. 0.01% 981 $41K Reduce -82.4%
MO Altria Group Inc. 0.01% 860 $39K No change
WM Waste Management Inc. 0.01% 155 $33K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 188 $33K No change
CL Colgate-Palmolive Co. 0.01% 327 $32K No change
ROP Roper Technologies Inc. 0.01% 56 $32K No change
MSI Motorola Solutions Inc. 0.01% 81 $31K No change
NEE Nextera Energy Inc. 0.01% 440 $31K No change
KMB Kimberly-Clark Corp. 0.01% 225 $31K No change
KMI Kinder Morgan Inc. 0.01% 1,545 $31K No change
AZO AutoZone Inc. 0.01% 10 $30K No change
COR Cencora Inc. 0.01% 131 $30K No change
RSG Republic Services Inc. 0.01% 148 $29K No change
AON Aon PLC Class A 0.01% 93 $27K No change
VRSN Verisign Inc. 0.01% 150 $27K No change
LIN Linde PLC 0.01% 60 $26K No change
B Barrick Gold Corp. 0.01% 1,575 $26K No change
YUM Yum! Brands Inc. 0.01% 194 $26K No change
CSCO Cisco Systems Inc. 0.01% 535 $25K Add +3.9%
TSLA Tesla Inc. 0.01% 118 $23K No change
BMY Bristol-Myers Squibb Co. 0.01% 529 $22K No change
OVV Ovintiv Inc. 0.01% 435 $20K No change
WCN Waste Connections Inc. 0.01% 105 $18K No change
UPS United Parcel Service Class B 0.00% 90 $12K No change
CVE Cenovus Energy Inc. 0.00% 600 $12K No change
CVS CVS Health Corp. 0.00% 195 $12K Add +11.4%
SLV iShares Silver Trust 0.00% 400 $11K No change
IAU iShares Gold Trust 0.00% 225 $10K No change
ORGANIGRAM HLDGS INC 0.00% 5,663 $9K No change
EFA iShares MSCI Eafe ETF 0.00% 75 $6K Reduce -80.0%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 0.00% 120 $6K Reduce -76.9%
SNDL SNDL Inc. 0.00% 2,900 $6K No change
HIVE Hive Digital Technologies LT 0.00% 1,673 $5K No change
XRAY Dentsply Sirona Inc. 0.00% 200 $5K No change
VTV Vanguard Mrngstr Val ETF-Aui 0.00% 20 $3K New
MRNA Moderna Inc. 0.00% 22 $3K No change
AMAT Applied Materials Inc. 0.00% 10 $2K New
INTC Intel Corp. 0.00% 75 $2K New
GSSC Goldman Sachs Activebeta US 0.00% 30 $2K New
VHT Vanguard Health Care ETF 0.00% 7 $2K New
MEOH Methanex Corp. 0.00% 20 $965 No change
WAB Wabtec Corp. 0.00% 4 $632 No change
MIND MEDICINE MINDMED INC 0.00% 52 $375 New
PYPL PayPal Holdings Inc. 0.00% 5 $290 Reduce -50.0%
EMBC Embecta Corp. 0.00% 17 $213 Reduce -37.0%
VTRS Viatris Inc. 0.00% 12 $128 No change
ZIMV Zimvie Inc. 0.00% 7 $128 No change
WYNN WYNN Resorts Ltd. 0.00% 1 $90 No change
MGM MGM Resorts International 0.00% 1 $44 No change
CGC Canopy Growth Corp. 0.00% 2 $13 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

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