Louisbourg Investments Inc.

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 29, 2025), Louisbourg Investments Inc. reported 168 stock positions worth $381.0 million. Its top holding was Canadian Natl Railway (CNI) at 7.6% of the portfolio, followed by Shopify Class A (SHOP, 3.1%) and Bank of Nova Scotia (BNS, 3.0%). Compared with Q3 2024, it opened 8 new positions, sold out of 13, added to 32 and reduced 62. The biggest buy was Invesco S&P 500 Equal Weight (RSP, shares +315%) and the biggest sale Colliers Intl GR-Subord Vot (CIGI, shares −44%).

Most Recent 13F
Q2 2026
Location
DIEPPE, A3
CIK
0002053050
Portfolio Value
$381.0M (Q4 2024)
SEC Filing
0002053050-25-000005 ↗ 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 Q3 2024 Q4 2024: $381.0M $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 168 stocks · $381.0M
CNI Canadian Natl Railway Co. 7.65% 287,069 $29.1M Add +17.3%
SHOP Shopify Inc. Class A 3.08% 110,219 $11.7M Reduce -13.0%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 2.98% 211,809 $11.4M Reduce -2.4%
BN Brookfield Corp. 2.96% 196,124 $11.3M Add +18.3%
GIL Gildan Activewear Inc. 2.89% 234,146 $11.0M Add +30.2%
IVV iShares Core S&P 500 ETF 2.80% 18,120 $10.7M Reduce -10.3%
TD Toronto-Dominion Bank 2.68% 192,027 $10.2M Add +12.8%
MSFT Microsoft Corp. 2.64% 29,712 $10.0M Add +12.5%
GOOG Alphabet Inc. Class C 2.16% 53,868 $8.2M Reduce -6.4%
LSPD Lightspeed Commerce Inc. 2.01% 502,618 $7.7M Reduce -26.9%
RSP Invesco S&P 500 Equal Weight 2.00% 61,400 $7.6M Add +314.9%
RCI Rogers Communications Inc. Class B 1.99% 246,470 $7.6M Add +18.9%
TSM Taiwan Semiconductor-SP ADR 1.87% 42,330 $7.1M Reduce -7.2%
CRM Salesforce Inc. 1.61% 23,187 $6.1M Reduce -22.7%
BDX Becton Dickinson and Co. 1.59% 34,765 $6.1M Add +12.5%
VOO Vanguard S&P 500 ETF 1.47% 10,389 $5.6M Add +8.9%
SU Suncor Energy Inc. 1.45% 154,521 $5.5M Reduce -1.3%
BRK.A Berkshire Hathaway Inc. Class A 1.43% 8 $5.4M No change
CNQ Canadian Natural Resources 1.42% 175,652 $5.4M Reduce -18.6%
JNJ Johnson & Johnson 1.41% 47,702 $5.4M Add +6.8%
TECK Teck Resources Ltd.-CLS B 1.40% 131,746 $5.3M Add +2.5%
IEFA iShares Core MSCI Eafe ETF 1.40% 75,842 $5.3M Add +7.8%
META Meta Platforms Inc. Class A 1.34% 11,446 $5.1M Reduce -3.4%
TMUS T-Mobile US Inc. 1.32% 28,758 $5.0M Reduce -1.4%
AVGO Broadcom Inc. 1.31% 26,090 $5.0M Reduce -13.6%
QSR Restaurant Brands Intern 1.22% 71,278 $4.6M Reduce -0.3%
AMZN Amazon.com Inc. 1.18% 24,609 $4.5M Reduce -18.6%
WPM Wheaton Precious Metals Corp. 1.17% 79,424 $4.5M Reduce -1.5%
CIGI Colliers Intl GR-Subord Vot 1.15% 32,112 $4.4M Reduce -44.0%
COP Conocophillips 1.13% 55,972 $4.3M Add +13.2%
CTSH Cognizant Tech Solutions-A 1.10% 70,031 $4.2M Add +18.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 1.10% 47,499 $4.2M Reduce -12.8%
SAND Sandstorm Gold Ltd. 1.07% 728,182 $4.1M Add +17.4%
NTR Nutrien Ltd. 1.04% 88,643 $4.0M Reduce -1.9%
RY Royal Bank of Canada 1.01% 31,897 $3.8M Reduce -11.6%
ABT Abbott Laboratories 0.97% 42,249 $3.7M Reduce -7.2%
WTW Willis Towers Watson PLC 0.96% 15,491 $3.7M Reduce -13.5%
FTS Fortis Inc. 0.93% 85,597 $3.6M Reduce -16.6%
TAC Transalta Corp. 0.90% 243,300 $3.4M New
J Jacobs Solutions Inc. 0.90% 31,768 $3.4M Reduce -17.2%
STN Stantec Inc. 0.90% 43,819 $3.4M Reduce -19.2%
V Visa Inc. Class A 0.90% 13,889 $3.4M Reduce -0.7%
A Agilent Technologies Inc. 0.90% 31,620 $3.4M Reduce -8.7%
CP Canadian Pacific Kansas City 0.89% 47,041 $3.4M Add +65.7%
URI United Rentals Inc. 0.86% 5,784 $3.3M Reduce -0.9%
OTEX Open Text Corp. 0.86% 116,174 $3.3M Add +2.9%
CBRE CBRE Group Inc. Class A 0.86% 29,685 $3.3M Reduce -18.9%
CNP Centerpoint Energy Inc. 0.85% 141,088 $3.2M Reduce -8.7%
ORCL Oracle Corp. 0.80% 19,839 $3.0M Reduce -1.2%
LDOS Leidos Holdings Inc. 0.79% 25,206 $3.0M Reduce -24.0%
CLS Celestica Inc. 0.78% 32,100 $3.0M Reduce -35.4%
OR Osisko Gold Royalties Ltd. 0.74% 156,637 $2.8M Reduce -46.8%
DLTR Dollar Tree Inc. 0.74% 49,750 $2.8M Reduce -15.5%
BAM Brookfield Asset Mgmt-A 0.71% 49,552 $2.7M Add +3312.7%
KGC Kinross Gold Corp. 0.69% 282,500 $2.6M Add +1.0%
ACN Accenture PLC Class A 0.69% 8,855 $2.6M Reduce -21.3%
AEM Agnico Eagle Mines Ltd. 0.67% 32,700 $2.6M Add +5.5%
MCD McDonald's Corp. 0.65% 10,177 $2.5M Reduce -16.9%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.64% 44,113 $2.5M Reduce -0.3%
OTIS Otis Worldwide Corp. 0.64% 32,164 $2.4M Reduce -10.2%
VWO Vanguard Ftse Emerging Marke 0.64% 55,312 $2.4M Add +9.4%
UNP Union Pacific Corp. 0.62% 12,893 $2.3M Add +0.2%
GIB Cgi Inc. 0.59% 20,627 $2.3M Reduce -0.9%
COST Costco Wholesale Corp. 0.53% 2,200 $2.0M No change
ROST Ross Stores Inc. 0.52% 16,465 $2.0M Add +44.8%
ULTA Ulta Beauty Inc. 0.49% 5,647 $1.9M Add +102.6%
ENTG Entegris Inc. 0.47% 21,765 $1.8M New
GFR Greenfire Resources Ltd. 0.47% 253,479 $1.8M New
DG Dollar General Corp. 0.43% 29,752 $1.6M Reduce -0.1%
DCBO Docebo Inc. 0.43% 36,465 $1.6M Reduce -8.6%
HD Home Depot Inc. 0.42% 4,100 $1.6M Reduce -2.0%
WMT Walmart Inc. 0.41% 17,150 $1.5M No change
WFC Wells Fargo & Co. 0.39% 29,244 $1.5M No change
DEO Diageo PLC-Sponsored ADR 0.36% 10,826 $1.4M No change
GS Goldman Sachs Group Inc. 0.36% 3,354 $1.4M No change
KKR KKR & Co. Inc. 0.33% 10,442 $1.3M Reduce -42.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.33% 10,500 $1.3M No change
TRI Thomson Reuters Corp. 0.33% 7,822 $1.3M Reduce -3.8%
MRSH Marsh & McLennan Cos 0.32% 8,211 $1.2M Add +67.2%
GOOGL Alphabet Inc. Class A 0.32% 6,365 $1.2M No change
SHEL Shell PLC-ADR 0.30% 18,290 $1.1M No change
KLAC KLA Corp. 0.26% 2,216 $988K New
NFLX Netflix Inc. 0.26% 1,206 $976K Reduce -2.4%
BSX Boston Scientific Corp. 0.23% 13,135 $887K No change
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.21% 8,428 $818K No change
IGF iShares Global Infrastructur 0.20% 14,596 $763K Add +8.1%
SAP Sap SE-Sponsored ADR 0.20% 3,080 $758K Reduce -20.6%
ENB Enbridge Inc. 0.18% 16,061 $681K Reduce -1.8%
ASML ASML Holding NV-NY Reg SHS 0.16% 900 $624K New
AAPL Apple Inc. 0.16% 2,940 $622K No change
BP BP PLC-Spons ADR 0.15% 19,680 $582K No change
DSGX The Descartes Systems Grp 0.15% 5,090 $578K Reduce -0.2%
NVDA Nvidia Corp. 0.15% 4,242 $570K Add +1.2%
RIO Rio Tinto PLC-Spon ADR 0.15% 9,680 $569K No change
BRK.B Berkshire Hathaway Inc. Class B 0.14% 1,208 $548K No change
BHP BHP Group Ltd.-Spon ADR 0.14% 11,080 $541K No change
MUFG Mitsubishi Ufj Finl-Spon ADR 0.14% 45,310 $531K No change
TRP TC Energy Corp. 0.13% 10,975 $511K No change
VEA Vanguard Ftse Developed ETF 0.13% 10,000 $478K No change
AMGN Amgen Inc. 0.12% 1,700 $443K No change
TU Telus Corp. 0.11% 31,610 $428K Add +121.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.11% 723 $424K Reduce -1.8%
TM Toyota Motor Corp. -Spon ADR 0.11% 2,140 $416K No change
TTE Totalenergies SE -Spon ADR 0.10% 7,240 $395K No change
SMFG Sumitomo Mitsui-Spons ADR 0.10% 26,652 $386K No change
MFC Manulife Financial Corp. 0.10% 12,493 $384K Reduce -0.9%
ABBV Abbvie Inc. 0.10% 2,129 $378K No change
NKE Nike Inc. Class B 0.09% 4,500 $341K No change
PBA Pembina Pipeline Corp. 0.08% 8,294 $306K Add +1.2%
PAYX Paychex Inc. 0.04% 1,200 $168K No change
CHKP Check Point Software Tech 0.04% 805 $150K No change
COR Cencora Inc. 0.03% 488 $110K Reduce -23.4%
ETR Entergy Corp. 0.03% 1,400 $106K No change
ORLY O'reilly Automotive Inc. 0.03% 89 $106K Reduce -18.4%
BCE Bce Inc. 0.03% 4,400 $102K Reduce -68.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.02% 432 $95K Add +74.9%
DUK Duke Energy Corp. 0.02% 800 $86K No change
SLF Sun Life Financial Inc. 0.02% 1,252 $74K Add +49.9%
RTX RTX Corp. 0.02% 635 $73K No change
CVX Chevron Corp. 0.02% 500 $72K No change
LMT Lockheed Martin Corp. 0.02% 134 $65K Add +44.1%
BIP Brookfield Infrastructure Pa 0.02% 2,004 $64K No change
PFE Pfizer Inc. 0.01% 1,700 $45K No change
MO Altria Group Inc. 0.01% 860 $45K No change
MRK Merck & Co. Inc. 0.01% 402 $40K New
NEE Nextera Energy Inc. 0.01% 440 $32K No change
MSI Motorola Solutions Inc. 0.01% 68 $31K No change
VRSN Verisign Inc. 0.01% 150 $31K No change
ADP Automatic Data Processing 0.01% 106 $31K No change
CSCO Cisco Systems Inc. 0.01% 515 $30K Reduce -3.7%
RSG Republic Services Inc. 0.01% 148 $30K No change
YUM Yum! Brands Inc. 0.01% 194 $26K No change
AZO AutoZone Inc. 0.01% 8 $26K No change
LIN Linde PLC 0.01% 60 $25K No change
WM Waste Management Inc. 0.01% 123 $25K No change
ROP Roper Technologies Inc. 0.01% 47 $24K No change
B Barrick Gold Corp. 0.01% 1,575 $24K No change
CL Colgate-Palmolive Co. 0.01% 264 $24K No change
KMB Kimberly-Clark Corp. 0.01% 170 $22K New
NEM Newmont Corp. 0.01% 541 $20K Reduce -14.3%
WCN Waste Connections Inc. 0.00% 105 $18K No change
OVV Ovintiv Inc. 0.00% 347 $14K Reduce -20.2%
IAU iShares Gold Trust 0.00% 200 $10K Reduce -11.1%
CVE Cenovus Energy Inc. 0.00% 600 $9K No change
LAC Lithium Americas Corp. 0.00% 2,690 $8K New
ORGANIGRAM HLDGS INC 0.00% 5,000 $8K Reduce -11.7%
SLV iShares Silver Trust 0.00% 300 $8K Reduce -25.0%
CVS CVS Health Corp. 0.00% 175 $8K Reduce -10.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.00% 120 $8K No change
EFA iShares MSCI Eafe ETF 0.00% 75 $6K No change
SNDL SNDL Inc. 0.00% 2,900 $5K No change
UPS United Parcel Service Class B 0.00% 40 $5K No change
HIVE Hive Digital Technologies LT 0.00% 1,673 $5K No change
MRNA Moderna Inc. 0.00% 62 $3K No change
GSSC Goldman Sachs Activebeta US 0.00% 30 $2K No change
XRAY Dentsply Sirona Inc. 0.00% 100 $2K Reduce -50.0%
AMAT Applied Materials Inc. 0.00% 10 $2K No change
INTC Intel Corp. 0.00% 60 $1K Reduce -20.0%
MEOH Methanex Corp. 0.00% 20 $999 No change
WAB Wabtec Corp. 0.00% 4 $758 No change
PYPL PayPal Holdings Inc. 0.00% 5 $427 No change
MIND MEDICINE MINDMED INC 0.00% 52 $362 No change
EMBC Embecta Corp. 0.00% 17 $351 No change
VTRS Viatris Inc. 0.00% 12 $149 No change
ZIMV Zimvie Inc. 0.00% 7 $98 No change
WYNN WYNN Resorts Ltd. 0.00% 1 $86 No change
MGM MGM Resorts International 0.00% 1 $35 No change
CGC Canopy Growth Corp. 0.00% 2 $5 No change

Portfolio Sells Q3 2024 → Q4 2024
CIGI Colliers Intl GR-Subord Vot Reduce -44.0% 1.15% −1.06
LSPD Lightspeed Commerce Inc. Reduce -26.9% 2.01% −0.86
HBM Hudbay Minerals Inc. Sold out 0.00% −0.73
AGI Alamos Gold Inc. Class A Sold out 0.00% −0.66
PAAS Pan American Silver Corp. Sold out 0.00% −0.66
EGO Eldorado Gold Corp. Sold out 0.00% −0.64
OR Osisko Gold Royalties Ltd. Reduce -46.8% 0.74% −0.64
CNQ Canadian Natural Resources Reduce -18.6% 1.42% −0.39
LDOS Leidos Holdings Inc. Reduce -24.0% 0.79% −0.35
AMTM Amentum Holdings Inc. Sold out 0.00% −0.26
FTS Fortis Inc. Reduce -16.6% 0.93% −0.25
STN Stantec Inc. Reduce -19.2% 0.90% −0.20
A Agilent Technologies Inc. Reduce -8.7% 0.90% −0.18
KKR KKR & Co. Inc. Reduce -42.9% 0.33% −0.17
MCD McDonald's Corp. Reduce -16.9% 0.65% −0.16
ACN Accenture PLC Class A Reduce -21.3% 0.69% −0.16
IVV iShares Core S&P 500 ETF Reduce -10.3% 2.80% −0.15
OTIS Otis Worldwide Corp. Reduce -10.2% 0.64% −0.15
J Jacobs Solutions Inc. Reduce -17.2% 0.90% −0.14
URI United Rentals Inc. Reduce -0.9% 0.86% −0.14
DLTR Dollar Tree Inc. Reduce -15.5% 0.74% −0.13
RY Royal Bank of Canada Reduce -11.6% 1.01% −0.13
CBRE CBRE Group Inc. Class A Reduce -18.9% 0.86% −0.12
BCE Bce Inc. Reduce -68.3% 0.03% −0.10
WTW Willis Towers Watson PLC Reduce -13.5% 0.96% −0.09
QSR Restaurant Brands Intern Reduce -0.3% 1.22% −0.09
ABT Abbott Laboratories Reduce -7.2% 0.97% −0.08
CRM Salesforce Inc. Reduce -22.7% 1.61% −0.08
WPM Wheaton Precious Metals Corp. Reduce -1.5% 1.17% −0.07
NTR Nutrien Ltd. Reduce -1.9% 1.04% −0.06
DG Dollar General Corp. Reduce -0.1% 0.43% −0.06
CNP Centerpoint Energy Inc. Reduce -8.7% 0.85% −0.03
SAP Sap SE-Sponsored ADR Reduce -20.6% 0.20% −0.03
META Meta Platforms Inc. Class A Reduce -3.4% 1.34% −0.02
TRI Thomson Reuters Corp. Reduce -3.8% 0.33% −0.02
DCBO Docebo Inc. Reduce -8.6% 0.43% −0.02
SU Suncor Energy Inc. Reduce -1.3% 1.45% −0.02
AMZN Amazon.com Inc. Reduce -18.6% 1.18% −0.02
GIB Cgi Inc. Reduce -0.9% 0.59% −0.01
BNS Bank of Nova Scotia Reduce -2.4% 2.98% −0.01
VRN Veren Inc. Sold out 0.00% −0.01
HD Home Depot Inc. Reduce -2.0% 0.42% −0.01
ORCL Oracle Corp. Reduce -1.2% 0.80% −0.01
AON Aon PLC Class A Sold out 0.00% −0.01
GLPI Gaming and Leisure Propertie Sold out 0.00% −0.01
COR Cencora Inc. Reduce -23.4% 0.03% −0.01
BMY Bristol-Myers Squibb Co. Sold out 0.00% −0.01
VRSK Verisk Analytics Inc. Sold out 0.00% −0.01
ORLY O'reilly Automotive Inc. Reduce -18.4% 0.03% −0.00
NEM Newmont Corp. Reduce -14.3% 0.01% −0.00

Portfolio Buys Q3 2024 → Q4 2024
RSP Invesco S&P 500 Equal Weight Add +314.9% 2.00% +1.49
TAC Transalta Corp. New 0.90% +0.90
GIL Gildan Activewear Inc. Add +30.2% 2.89% +0.75
BN Brookfield Corp. Add +18.3% 2.96% +0.73
BAM Brookfield Asset Mgmt-A Add +3312.7% 0.71% +0.69
ENTG Entegris Inc. New 0.47% +0.47
GFR Greenfire Resources Ltd. New 0.47% +0.47
CNI Canadian Natl Railway Co. Add +17.3% 7.65% +0.39
CP Canadian Pacific Kansas City Add +65.7% 0.89% +0.28
ULTA Ulta Beauty Inc. Add +102.6% 0.49% +0.28
KLAC KLA Corp. New 0.26% +0.26
MSFT Microsoft Corp. Add +12.5% 2.64% +0.22
VOO Vanguard S&P 500 ETF Add +8.9% 1.47% +0.20
ROST Ross Stores Inc. Add +44.8% 0.52% +0.17
ASML ASML Holding NV-NY Reg SHS New 0.16% +0.16
CTSH Cognizant Tech Solutions-A Add +18.6% 1.10% +0.16
SAND Sandstorm Gold Ltd. Add +17.4% 1.07% +0.13
MRSH Marsh & McLennan Cos Add +67.2% 0.32% +0.12
BDX Becton Dickinson and Co. Add +12.5% 1.59% +0.07
COP Conocophillips Add +13.2% 1.13% +0.06
TU Telus Corp. Add +121.2% 0.11% +0.05
AEM Agnico Eagle Mines Ltd. Add +5.5% 0.67% +0.04
VWO Vanguard Ftse Emerging Marke Add +9.4% 0.64% +0.03
KGC Kinross Gold Corp. Add +1.0% 0.69% +0.02
NVDA Nvidia Corp. Add +1.2% 0.15% +0.02
IGF iShares Global Infrastructur Add +8.1% 0.20% +0.01
IBM Intl Business Machines Corp. Add +74.9% 0.02% +0.01
IEFA iShares Core MSCI Eafe ETF Add +7.8% 1.40% +0.01
MRK Merck & Co. Inc. New 0.01% +0.01
SLF Sun Life Financial Inc. Add +49.9% 0.02% +0.01
KMB Kimberly-Clark Corp. New 0.01% +0.01
LMT Lockheed Martin Corp. Add +44.1% 0.02% +0.00
LAC Lithium Americas Corp. New 0.00% +0.00
PBA Pembina Pipeline Corp. Add +1.2% 0.08% −0.01
TD Toronto-Dominion Bank Add +12.8% 2.68% −0.04
UNP Union Pacific Corp. Add +0.2% 0.62% −0.05
JNJ Johnson & Johnson Add +6.8% 1.41% −0.08
OTEX Open Text Corp. Add +2.9% 0.86% −0.09
RCI Rogers Communications Inc. Class B Add +18.9% 1.99% −0.12
TECK Teck Resources Ltd.-CLS B Add +2.5% 1.40% −0.30

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