Louisbourg Investments Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed January 29, 2025), Louisbourg Investments Inc. reported 173 stock positions worth $395.4 million. Its top holding was Canadian Natl Railway (CNI) at 7.3% of the portfolio, followed by Bank of Nova Scotia (BNS, 3.0%) and iShares Core S&P 500 ETF (IVV, 2.9%). Compared with Q2 2024, it opened 7 new positions, sold out of 4, added to 44 and reduced 47. The biggest buy was a new position in Accenture Class A (ACN) and the biggest sale Manulife Financial (MFC, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $395.4M (Q3 2024)
- SEC Filing
- 0002053050-25-000004 ↗ filed Jan 29, 2025
Holdings Value
Holdings 173 stocks · $395.4M
| CNI Canadian Natl Railway Co. | 7.26% | 244,830 | $28.7M | Add +8.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.00% | 217,113 | $11.8M | Add +12.8% |
| IVV iShares Core S&P 500 ETF | 2.95% | 20,200 | $11.7M | Reduce -1.9% |
| LSPD Lightspeed Commerce Inc. | 2.87% | 687,618 | $11.4M | Add +15.9% |
| TD Toronto-Dominion Bank | 2.73% | 170,213 | $10.8M | Add +6.0% |
| SHOP Shopify Inc. Class A | 2.57% | 126,632 | $10.2M | Add +5.3% |
| MSFT Microsoft Corp. | 2.42% | 26,404 | $9.6M | Reduce -3.6% |
| BN Brookfield Corp. | 2.23% | 165,837 | $8.8M | Reduce -5.5% |
| CIGI Colliers Intl GR-Subord Vot | 2.21% | 57,395 | $8.7M | Add +5.2% |
| GIL Gildan Activewear Inc. | 2.14% | 179,859 | $8.5M | Reduce -10.4% |
| RCI Rogers Communications Inc. Class B | 2.11% | 207,314 | $8.3M | Add +9.4% |
| GOOG Alphabet Inc. Class C | 2.01% | 57,548 | $7.9M | Add +6.9% |
| CNQ Canadian Natural Resources | 1.81% | 215,723 | $7.2M | Add +2.2% |
| TSM Taiwan Semiconductor-SP ADR | 1.75% | 45,605 | $6.9M | Add +17.5% |
| TECK Teck Resources Ltd.-CLS B | 1.70% | 128,468 | $6.7M | Add +20.9% |
| CRM Salesforce Inc. | 1.69% | 29,997 | $6.7M | Add +5.4% |
| BDX Becton Dickinson and Co. | 1.52% | 30,910 | $6.0M | Add +3.8% |
| JNJ Johnson & Johnson | 1.49% | 44,647 | $5.9M | Reduce -0.1% |
| SU Suncor Energy Inc. | 1.46% | 156,480 | $5.8M | Add +16.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.40% | 8 | $5.5M | No change |
| IEFA iShares Core MSCI Eafe ETF | 1.39% | 70,328 | $5.5M | Add +13.4% |
| OR Osisko Gold Royalties Ltd. | 1.38% | 294,508 | $5.5M | Add +21.9% |
| META Meta Platforms Inc. Class A | 1.37% | 11,846 | $5.4M | Reduce -10.2% |
| QSR Restaurant Brands Intern | 1.31% | 71,491 | $5.2M | Reduce -9.5% |
| VOO Vanguard S&P 500 ETF | 1.27% | 9,543 | $5.0M | Add +11.0% |
| TMUS T-Mobile US Inc. | 1.26% | 29,158 | $5.0M | Reduce -25.2% |
| WPM Wheaton Precious Metals Corp. | 1.25% | 80,649 | $4.9M | Reduce -18.9% |
| AMZN Amazon.com Inc. | 1.20% | 30,224 | $4.7M | Add +48.7% |
| FTS Fortis Inc. | 1.18% | 102,683 | $4.7M | Reduce -27.8% |
| LDOS Leidos Holdings Inc. | 1.14% | 33,180 | $4.5M | Reduce -16.6% |
| RY Royal Bank of Canada | 1.14% | 36,083 | $4.5M | Reduce -14.0% |
| AVGO Broadcom Inc. | 1.10% | 30,200 | $4.4M | Add +28.3% |
| STN Stantec Inc. | 1.10% | 54,238 | $4.4M | Add +26.0% |
| NTR Nutrien Ltd. | 1.10% | 90,374 | $4.3M | Add +2.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.08% | 54,459 | $4.3M | Add +27.8% |
| A Agilent Technologies Inc. | 1.08% | 34,620 | $4.3M | Add +5.2% |
| COP Conocophillips | 1.08% | 49,442 | $4.3M | Add +0.6% |
| ABT Abbott Laboratories | 1.05% | 45,549 | $4.2M | Reduce -6.8% |
| WTW Willis Towers Watson PLC | 1.05% | 17,911 | $4.2M | Reduce -11.0% |
| J Jacobs Solutions Inc. | 1.05% | 38,368 | $4.1M | Reduce -10.3% |
| URI United Rentals Inc. | 1.00% | 5,834 | $4.0M | Reduce -5.3% |
| CBRE CBRE Group Inc. Class A | 0.98% | 36,580 | $3.9M | Reduce -16.2% |
| OTEX Open Text Corp. | 0.95% | 112,935 | $3.8M | Reduce -28.7% |
| CTSH Cognizant Tech Solutions-A | 0.95% | 59,021 | $3.7M | Reduce -22.2% |
| SAND Sandstorm Gold Ltd. | 0.94% | 620,182 | $3.7M | Add +1.5% |
| CNP Centerpoint Energy Inc. | 0.88% | 154,588 | $3.5M | Add +9.7% |
| DLTR Dollar Tree Inc. | 0.88% | 58,875 | $3.5M | Add +11.7% |
| ACN Accenture PLC Class A | 0.85% | 11,255 | $3.3M | New |
| MCD McDonald's Corp. | 0.81% | 12,252 | $3.2M | Reduce -4.3% |
| ORCL Oracle Corp. | 0.81% | 20,089 | $3.2M | Reduce -9.1% |
| V Visa Inc. Class A | 0.79% | 13,989 | $3.1M | Add +1.4% |
| OTIS Otis Worldwide Corp. | 0.79% | 35,833 | $3.1M | Add +1.1% |
| HBM Hudbay Minerals Inc. | 0.73% | 312,500 | $2.9M | Add +25.9% |
| UNP Union Pacific Corp. | 0.66% | 12,868 | $2.6M | No change |
| KGC Kinross Gold Corp. | 0.66% | 279,800 | $2.6M | Reduce -6.2% |
| AGI Alamos Gold Inc. Class A | 0.66% | 131,200 | $2.6M | New |
| PAAS Pan American Silver Corp. | 0.66% | 125,200 | $2.6M | Add +13.8% |
| EGO Eldorado Gold Corp. | 0.64% | 146,500 | $2.5M | Reduce -2.2% |
| CLS Celestica Inc. | 0.64% | 49,700 | $2.5M | Add +14.8% |
| AEM Agnico Eagle Mines Ltd. | 0.63% | 31,000 | $2.5M | Reduce -12.7% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.62% | 44,263 | $2.4M | No change |
| CP Canadian Pacific Kansas City | 0.61% | 28,395 | $2.4M | Reduce -4.1% |
| VWO Vanguard Ftse Emerging Marke | 0.61% | 50,564 | $2.4M | Add +8.1% |
| GIB Cgi Inc. | 0.61% | 20,818 | $2.4M | Reduce -16.4% |
| KKR KKR & Co. Inc. | 0.51% | 18,297 | $2.0M | Reduce -1.6% |
| RSP Invesco S&P 500 Equal Weight | 0.50% | 14,800 | $2.0M | New |
| COST Costco Wholesale Corp. | 0.49% | 2,200 | $2.0M | Reduce -0.4% |
| DG Dollar General Corp. | 0.49% | 29,782 | $1.9M | Add +25.4% |
| DCBO Docebo Inc. | 0.45% | 39,900 | $1.8M | Reduce -18.4% |
| HD Home Depot Inc. | 0.43% | 4,184 | $1.7M | No change |
| DEO Diageo PLC-Sponsored ADR | 0.38% | 10,826 | $1.5M | Reduce -29.8% |
| TRI Thomson Reuters Corp. | 0.35% | 8,132 | $1.4M | Reduce -4.1% |
| WMT Walmart Inc. | 0.35% | 17,150 | $1.4M | No change |
| ROST Ross Stores Inc. | 0.35% | 11,375 | $1.4M | No change |
| GS Goldman Sachs Group Inc. | 0.32% | 3,354 | $1.3M | No change |
| WFC Wells Fargo & Co. | 0.32% | 29,244 | $1.3M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.31% | 10,500 | $1.2M | No change |
| SHEL Shell PLC-ADR | 0.31% | 18,290 | $1.2M | No change |
| GOOGL Alphabet Inc. Class A | 0.27% | 6,365 | $1.1M | No change |
| AMTM Amentum Holdings Inc. | 0.26% | 38,368 | $1.0M | Reduce -10.3% |
| SAP Sap SE-Sponsored ADR | 0.22% | 3,880 | $889K | Reduce -41.0% |
| BSX Boston Scientific Corp. | 0.22% | 13,135 | $872K | No change |
| ULTA Ulta Beauty Inc. | 0.21% | 2,787 | $841K | New |
| MRSH Marsh & McLennan Cos | 0.21% | 4,911 | $824K | No change |
| NFLX Netflix Inc. | 0.20% | 1,236 | $809K | Reduce -35.7% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.19% | 8,428 | $761K | No change |
| IGF iShares Global Infrastructur | 0.19% | 13,501 | $735K | Add +7.0% |
| RIO Rio Tinto PLC-Spon ADR | 0.17% | 9,680 | $689K | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.17% | 11,080 | $688K | No change |
| ENB Enbridge Inc. | 0.17% | 16,361 | $665K | No change |
| BP BP PLC-Spons ADR | 0.16% | 19,680 | $618K | No change |
| AAPL Apple Inc. | 0.15% | 2,940 | $594K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.14% | 1,208 | $556K | Add +0.3% |
| AMGN Amgen Inc. | 0.14% | 1,700 | $548K | No change |
| VEA Vanguard Ftse Developed ETF | 0.13% | 10,000 | $528K | No change |
| DSGX The Descartes Systems Grp | 0.13% | 5,099 | $525K | No change |
| TRP TC Energy Corp. | 0.13% | 10,975 | $522K | No change |
| NVDA Nvidia Corp. | 0.13% | 4,192 | $509K | Add +2.2% |
| BCE Bce Inc. | 0.12% | 13,901 | $484K | Add +1.7% |
| TTE Totalenergies SE -Spon ADR | 0.12% | 7,240 | $468K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| MFC Manulife Financial Corp. | Reduce -88.1% | 0.09% | −0.69 |
| MSFT Microsoft Corp. | Reduce -3.6% | 2.42% | −0.47 |
| OTEX Open Text Corp. | Reduce -28.7% | 0.95% | −0.38 |
| FTS Fortis Inc. | Reduce -27.8% | 1.18% | −0.37 |
| J Jacobs Solutions Inc. | Reduce -10.3% | 1.05% | −0.31 |
| TMUS T-Mobile US Inc. | Reduce -25.2% | 1.26% | −0.28 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.28 |
| QSR Restaurant Brands Intern | Reduce -9.5% | 1.31% | −0.25 |
| WPM Wheaton Precious Metals Corp. | Reduce -18.9% | 1.25% | −0.21 |
| CTSH Cognizant Tech Solutions-A | Reduce -22.2% | 0.95% | −0.21 |
| LDOS Leidos Holdings Inc. | Reduce -16.6% | 1.14% | −0.18 |
| IVV iShares Core S&P 500 ETF | Reduce -1.9% | 2.95% | −0.16 |
| DEO Diageo PLC-Sponsored ADR | Reduce -29.8% | 0.38% | −0.16 |
| SAP Sap SE-Sponsored ADR | Reduce -41.0% | 0.22% | −0.15 |
| NFLX Netflix Inc. | Reduce -35.7% | 0.20% | −0.14 |
| RY Royal Bank of Canada | Reduce -14.0% | 1.14% | −0.11 |
| META Meta Platforms Inc. Class A | Reduce -10.2% | 1.37% | −0.10 |
| WTW Willis Towers Watson PLC | Reduce -11.0% | 1.05% | −0.10 |
| GIB Cgi Inc. | Reduce -16.4% | 0.61% | −0.09 |
| DCBO Docebo Inc. | Reduce -18.4% | 0.45% | −0.08 |
| ABT Abbott Laboratories | Reduce -6.8% | 1.05% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -34.7% | 0.11% | −0.07 |
| AMTM Amentum Holdings Inc. | Reduce -10.3% | 0.26% | −0.06 |
| TRI Thomson Reuters Corp. | Reduce -4.1% | 0.35% | −0.05 |
| CP Canadian Pacific Kansas City | Reduce -4.1% | 0.61% | −0.04 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -0.4% | 0.49% | −0.03 |
| KGC Kinross Gold Corp. | Reduce -6.2% | 0.66% | −0.03 |
| AEM Agnico Eagle Mines Ltd. | Reduce -12.7% | 0.63% | −0.02 |
| KMB Kimberly-Clark Corp. | Sold out | 0.00% | −0.01 |
| KMI Kinder Morgan Inc. | Sold out | 0.00% | −0.01 |
| SLF Sun Life Financial Inc. | Reduce -39.5% | 0.01% | −0.01 |
| TSLA Tesla Inc. | Reduce -66.1% | 0.00% | −0.00 |
| NEM Newmont Corp. | Reduce -35.7% | 0.01% | −0.00 |
| LMT Lockheed Martin Corp. | Reduce -26.8% | 0.01% | −0.00 |
| WM Waste Management Inc. | Reduce -20.6% | 0.01% | −0.00 |
| ROP Roper Technologies Inc. | Reduce -16.1% | 0.01% | −0.00 |
| UPS United Parcel Service Class B | Reduce -55.6% | 0.00% | −0.00 |
| CL Colgate-Palmolive Co. | Reduce -19.3% | 0.01% | −0.00 |
| AZO AutoZone Inc. | Reduce -20.0% | 0.01% | −0.00 |
| MSI Motorola Solutions Inc. | Reduce -16.1% | 0.01% | −0.00 |
| BAM Brookfield Asset Mgmt-A | Reduce -2.5% | 0.02% | +0.00 |
| ORCL Oracle Corp. | Reduce -9.1% | 0.81% | +0.01 |
| GIL Gildan Activewear Inc. | Reduce -10.4% | 2.14% | +0.01 |
| JNJ Johnson & Johnson | Reduce -0.1% | 1.49% | +0.01 |
| EGO Eldorado Gold Corp. | Reduce -2.2% | 0.64% | +0.02 |
| MCD McDonald's Corp. | Reduce -4.3% | 0.81% | +0.03 |
| KKR KKR & Co. Inc. | Reduce -1.6% | 0.51% | +0.05 |
| URI United Rentals Inc. | Reduce -5.3% | 1.00% | +0.07 |
| CBRE CBRE Group Inc. Class A | Reduce -16.2% | 0.98% | +0.08 |
Portfolio Buys Q2 2024 → Q3 2024
| ACN Accenture PLC Class A | New | 0.85% | +0.85 |
| AGI Alamos Gold Inc. Class A | New | 0.66% | +0.66 |
| LSPD Lightspeed Commerce Inc. | Add +15.9% | 2.87% | +0.60 |
| BNS Bank of Nova Scotia | Add +12.8% | 3.00% | +0.53 |
| RSP Invesco S&P 500 Equal Weight | New | 0.50% | +0.50 |
| CIGI Colliers Intl GR-Subord Vot | Add +5.2% | 2.21% | +0.50 |
| SHOP Shopify Inc. Class A | Add +5.3% | 2.57% | +0.34 |
| OR Osisko Gold Royalties Ltd. | Add +21.9% | 1.38% | +0.33 |
| TECK Teck Resources Ltd.-CLS B | Add +20.9% | 1.70% | +0.27 |
| TD Toronto-Dominion Bank | Add +6.0% | 2.73% | +0.25 |
| AMZN Amazon.com Inc. | Add +48.7% | 1.20% | +0.24 |
| ULTA Ulta Beauty Inc. | New | 0.21% | +0.21 |
| AVGO Broadcom Inc. | Add +28.3% | 1.10% | +0.19 |
| RCI Rogers Communications Inc. Class B | Add +9.4% | 2.11% | +0.15 |
| IEFA iShares Core MSCI Eafe ETF | Add +13.4% | 1.39% | +0.13 |
| TSM Taiwan Semiconductor-SP ADR | Add +17.5% | 1.75% | +0.10 |
| HBM Hudbay Minerals Inc. | Add +25.9% | 0.73% | +0.10 |
| DIS The Walt Disney Co. | Add +27.8% | 1.08% | +0.10 |
| STN Stantec Inc. | Add +26.0% | 1.10% | +0.09 |
| A Agilent Technologies Inc. | Add +5.2% | 1.08% | +0.09 |
| VOO Vanguard S&P 500 ETF | Add +11.0% | 1.27% | +0.07 |
| PAAS Pan American Silver Corp. | Add +13.8% | 0.66% | +0.05 |
| ABBV Abbvie Inc. | Add +52.6% | 0.11% | +0.04 |
| VWO Vanguard Ftse Emerging Marke | Add +8.1% | 0.61% | +0.04 |
| SU Suncor Energy Inc. | Add +16.8% | 1.46% | +0.03 |
| CRM Salesforce Inc. | Add +5.4% | 1.69% | +0.03 |
| COR Cencora Inc. | Add +386.3% | 0.04% | +0.03 |
| IGF iShares Global Infrastructur | Add +7.0% | 0.19% | +0.02 |
| SAND Sandstorm Gold Ltd. | Add +1.5% | 0.94% | +0.01 |
| CHKP Check Point Software Tech | Add +30.3% | 0.04% | +0.01 |
| GLPI Gaming and Leisure Propertie | New | 0.01% | +0.01 |
| ADP Automatic Data Processing | New | 0.01% | +0.01 |
| VRSK Verisk Analytics Inc. | New | 0.01% | +0.01 |
| IBM Intl Business Machines Corp. | Add +31.4% | 0.01% | +0.00 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.3% | 0.14% | +0.00 |
| BIP Brookfield Infrastructure Pa | Add +2.4% | 0.02% | +0.00 |
| MRNA Moderna Inc. | Add +181.8% | 0.00% | +0.00 |
| BCE Bce Inc. | Add +1.7% | 0.12% | −0.00 |
| OTIS Otis Worldwide Corp. | Add +1.1% | 0.79% | −0.00 |
| NVDA Nvidia Corp. | Add +2.2% | 0.13% | −0.01 |
| V Visa Inc. Class A | Add +1.4% | 0.79% | −0.02 |
| BDX Becton Dickinson and Co. | Add +3.8% | 1.52% | −0.04 |
| CNP Centerpoint Energy Inc. | Add +9.7% | 0.88% | −0.05 |
| CLS Celestica Inc. | Add +14.8% | 0.64% | −0.05 |
| NTR Nutrien Ltd. | Add +2.6% | 1.10% | −0.16 |
| DG Dollar General Corp. | Add +25.4% | 0.49% | −0.19 |
| COP Conocophillips | Add +0.6% | 1.08% | −0.20 |
| CNI Canadian Natl Railway Co. | Add +8.3% | 7.26% | −0.23 |
| GOOG Alphabet Inc. Class C | Add +6.9% | 2.01% | −0.27 |
| CNQ Canadian Natural Resources | Add +2.2% | 1.81% | −0.29 |
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 |