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

0$200.0M$400.0M$600.0M Q1 2024: $359.7M Q1 2024 Q2 2024: $356.9M Q2 2024 Q3 2024: $395.4M $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 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
MUFG Mitsubishi Ufj Finl-Spon ADR 0.12% 45,310 $461K No change
SPY SS SPDR S&P 500 ETF Trust-US 0.11% 736 $422K Reduce -34.7%
ABBV Abbvie Inc. 0.11% 2,129 $420K Add +52.6%
NKE Nike Inc. Class B 0.10% 4,500 $398K No change
TM Toyota Motor Corp. -Spon ADR 0.10% 2,140 $382K No change
MFC Manulife Financial Corp. 0.09% 12,613 $373K Reduce -88.1%
PBA Pembina Pipeline Corp. 0.09% 8,194 $338K No change
SMFG Sumitomo Mitsui-Spons ADR 0.09% 26,652 $337K No change
TU Telus Corp. 0.06% 14,290 $240K No change
PAYX Paychex Inc. 0.04% 1,200 $161K No change
CHKP Check Point Software Tech 0.04% 805 $155K Add +30.3%
COR Cencora Inc. 0.04% 637 $143K Add +386.3%
ORLY O'reilly Automotive Inc. 0.03% 109 $126K No change
DUK Duke Energy Corp. 0.02% 800 $92K No change
ETR Entergy Corp. 0.02% 700 $92K No change
RTX RTX Corp. 0.02% 635 $77K No change
CVX Chevron Corp. 0.02% 500 $74K No change
BIP Brookfield Infrastructure Pa 0.02% 2,004 $70K Add +2.4%
BAM Brookfield Asset Mgmt-A 0.02% 1,452 $69K Reduce -2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 247 $55K Add +31.4%
LMT Lockheed Martin Corp. 0.01% 93 $54K Reduce -26.8%
PFE Pfizer Inc. 0.01% 1,700 $49K No change
SLF Sun Life Financial Inc. 0.01% 835 $48K Reduce -39.5%
MO Altria Group Inc. 0.01% 860 $44K No change
VRN Veren Inc. 0.01% 6,760 $42K No change
NEE Nextera Energy Inc. 0.01% 440 $37K No change
NEM Newmont Corp. 0.01% 631 $34K Reduce -35.7%
AON Aon PLC Class A 0.01% 93 $32K No change
B Barrick Gold Corp. 0.01% 1,575 $31K No change
MSI Motorola Solutions Inc. 0.01% 68 $31K Reduce -16.1%
GLPI Gaming and Leisure Propertie 0.01% 587 $30K New
RSG Republic Services Inc. 0.01% 148 $30K No change
ADP Automatic Data Processing 0.01% 106 $29K New
LIN Linde PLC 0.01% 60 $29K No change
VRSN Verisign Inc. 0.01% 150 $28K No change
CSCO Cisco Systems Inc. 0.01% 535 $28K No change
CL Colgate-Palmolive Co. 0.01% 264 $27K Reduce -19.3%
BMY Bristol-Myers Squibb Co. 0.01% 529 $27K No change
YUM Yum! Brands Inc. 0.01% 194 $27K No change
ROP Roper Technologies Inc. 0.01% 47 $26K Reduce -16.1%
VRSK Verisk Analytics Inc. 0.01% 96 $26K New
WM Waste Management Inc. 0.01% 123 $26K Reduce -20.6%
AZO AutoZone Inc. 0.01% 8 $25K Reduce -20.0%
WCN Waste Connections Inc. 0.00% 105 $19K No change
OVV Ovintiv Inc. 0.00% 435 $17K No change
CVS CVS Health Corp. 0.00% 195 $12K No change
SLV iShares Silver Trust 0.00% 400 $11K No change
IAU iShares Gold Trust 0.00% 225 $11K No change
TSLA Tesla Inc. 0.00% 40 $10K Reduce -66.1%
ORGANIGRAM HLDGS INC 0.00% 5,663 $10K No change
CVE Cenovus Energy Inc. 0.00% 600 $10K No change
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.00% 120 $7K No change
EFA iShares MSCI Eafe ETF 0.00% 75 $6K No change
SNDL SNDL Inc. 0.00% 2,900 $6K No change
UPS United Parcel Service Class B 0.00% 40 $5K Reduce -55.6%
XRAY Dentsply Sirona Inc. 0.00% 200 $5K No change
HIVE Hive Digital Technologies LT 0.00% 1,673 $5K No change
MRNA Moderna Inc. 0.00% 62 $4K Add +181.8%
VTV Vanguard Mrngstr Val ETF-Aui 0.00% 20 $3K No change
GSSC Goldman Sachs Activebeta US 0.00% 30 $2K No change
AMAT Applied Materials Inc. 0.00% 10 $2K No change
VHT Vanguard Health Care ETF 0.00% 7 $2K No change
INTC Intel Corp. 0.00% 75 $2K No change
MEOH Methanex Corp. 0.00% 20 $827 No change
WAB Wabtec Corp. 0.00% 4 $727 No change
PYPL PayPal Holdings Inc. 0.00% 5 $390 No change
MIND MEDICINE MINDMED INC 0.00% 52 $296 No change
EMBC Embecta Corp. 0.00% 17 $240 No change
VTRS Viatris Inc. 0.00% 12 $139 No change
ZIMV Zimvie Inc. 0.00% 7 $111 No change
WYNN WYNN Resorts Ltd. 0.00% 1 $96 No change
MGM MGM Resorts International 0.00% 1 $39 No change
CGC Canopy Growth Corp. 0.00% 2 $10 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

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