Louisbourg Investments Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 17, 2025), Louisbourg Investments Inc. reported 180 stock positions worth $368.0 million. Its top holding was Canadian Natl Railway (CNI) at 7.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 3.0%) and Shopify Class A (SHOP, 2.8%). Compared with Q4 2024, it opened 18 new positions, sold out of 6, added to 46 and reduced 57. The biggest buy was Pembina Pipeline (PBA, shares +1114%) and the biggest sale Invesco S&P 500 Equal Weight (RSP, shares −63%).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $368.0M (Q1 2025)
- SEC Filing
- 0002053050-25-000006 ↗ filed Apr 17, 2025
Holdings Value
Holdings 180 stocks · $368.0M
| CNI Canadian Natl Railway Co. | 7.65% | 289,119 | $28.2M | Add +0.7% |
| IVV iShares Core S&P 500 ETF | 2.95% | 19,320 | $10.9M | Add +6.6% |
| SHOP Shopify Inc. Class A | 2.84% | 109,727 | $10.4M | Reduce -0.5% |
| MSFT Microsoft Corp. | 2.53% | 31,220 | $9.3M | Add +5.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.34% | 181,753 | $8.6M | Reduce -14.2% |
| TD Toronto-Dominion Bank | 2.01% | 123,343 | $7.4M | Reduce -35.8% |
| BN Brookfield Corp. | 1.98% | 139,002 | $7.3M | Reduce -29.1% |
| GOOG Alphabet Inc. Class C | 1.97% | 58,578 | $7.2M | Add +8.7% |
| GIL Gildan Activewear Inc. | 1.96% | 162,692 | $7.2M | Reduce -30.5% |
| TSM Taiwan Semiconductor-SP ADR | 1.88% | 49,178 | $6.9M | Add +16.2% |
| RCI Rogers Communications Inc. Class B | 1.81% | 248,503 | $6.6M | Add +0.8% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.74% | 8 | $6.4M | No change |
| BDX Becton Dickinson and Co. | 1.73% | 36,510 | $6.4M | Add +5.0% |
| IEFA iShares Core MSCI Eafe ETF | 1.67% | 81,185 | $6.1M | Add +7.0% |
| LSPD Lightspeed Commerce Inc. | 1.63% | 684,509 | $6.0M | Add +36.2% |
| OR Osisko Gold Royalties Ltd. | 1.60% | 279,555 | $5.9M | Add +78.5% |
| VOO Vanguard S&P 500 ETF | 1.56% | 11,201 | $5.8M | Add +7.8% |
| CRM Salesforce Inc. | 1.51% | 26,357 | $5.5M | Add +13.7% |
| CNQ Canadian Natural Resources | 1.46% | 173,866 | $5.4M | Reduce -1.0% |
| JNJ Johnson & Johnson | 1.43% | 40,317 | $5.3M | Reduce -15.5% |
| NTR Nutrien Ltd. | 1.43% | 105,906 | $5.3M | Add +19.5% |
| WPM Wheaton Precious Metals Corp. | 1.41% | 66,994 | $5.2M | Reduce -15.7% |
| TMUS T-Mobile US Inc. | 1.41% | 24,294 | $5.2M | Reduce -15.5% |
| AMZN Amazon.com Inc. | 1.39% | 33,629 | $5.1M | Add +36.6% |
| META Meta Platforms Inc. Class A | 1.35% | 11,291 | $5.0M | Reduce -1.4% |
| STN Stantec Inc. | 1.34% | 59,365 | $4.9M | Add +35.5% |
| AVGO Broadcom Inc. | 1.27% | 35,080 | $4.7M | Add +34.5% |
| SAND Sandstorm Gold Ltd. | 1.23% | 599,282 | $4.5M | Reduce -17.7% |
| URI United Rentals Inc. | 1.22% | 9,158 | $4.5M | Add +58.3% |
| COP Conocophillips | 1.22% | 55,072 | $4.5M | Reduce -1.6% |
| QSR Restaurant Brands Intern | 1.21% | 66,669 | $4.4M | Reduce -6.5% |
| WTW Willis Towers Watson PLC | 1.21% | 17,671 | $4.4M | Add +14.1% |
| CTSH Cognizant Tech Solutions-A | 1.20% | 74,636 | $4.4M | Add +6.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.14% | 54,879 | $4.2M | Add +15.5% |
| J Jacobs Solutions Inc. | 1.13% | 44,328 | $4.2M | Add +39.5% |
| PBA Pembina Pipeline Corp. | 1.10% | 100,655 | $4.0M | Add +1113.6% |
| TECK Teck Resources Ltd.-CLS B | 1.05% | 106,124 | $3.9M | Reduce -19.4% |
| ABT Abbott Laboratories | 1.02% | 36,374 | $3.8M | Reduce -13.9% |
| CIGI Colliers Intl GR-Subord Vot | 1.01% | 30,795 | $3.7M | Reduce -4.1% |
| A Agilent Technologies Inc. | 1.01% | 40,740 | $3.7M | Add +28.8% |
| CBRE CBRE Group Inc. Class A | 0.95% | 32,555 | $3.5M | Add +9.7% |
| RY Royal Bank of Canada | 0.92% | 29,977 | $3.4M | Reduce -6.0% |
| KGC Kinross Gold Corp. | 0.88% | 256,900 | $3.2M | Reduce -9.1% |
| AGI Alamos Gold Inc. Class A | 0.88% | 120,500 | $3.2M | New |
| IAG Iamgold Corp. | 0.84% | 497,800 | $3.1M | New |
| SU Suncor Energy Inc. | 0.83% | 78,405 | $3.0M | Reduce -49.3% |
| V Visa Inc. Class A | 0.79% | 10,939 | $2.9M | Reduce -21.2% |
| OTEX Open Text Corp. | 0.77% | 112,465 | $2.8M | Reduce -3.2% |
| DLTR Dollar Tree Inc. | 0.76% | 49,130 | $2.8M | Reduce -1.3% |
| ACN Accenture PLC Class A | 0.76% | 10,985 | $2.8M | Add +24.1% |
| RSP Invesco S&P 500 Equal Weight | 0.75% | 22,750 | $2.8M | Reduce -63.0% |
| CAE Cae Inc. | 0.75% | 112,500 | $2.8M | New |
| ORCL Oracle Corp. | 0.75% | 22,259 | $2.8M | Add +12.2% |
| CNP Centerpoint Energy Inc. | 0.74% | 103,553 | $2.7M | Reduce -26.6% |
| VWO Vanguard Ftse Emerging Marke | 0.74% | 59,796 | $2.7M | Add +8.1% |
| MCD McDonald's Corp. | 0.73% | 10,287 | $2.7M | Add +1.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.71% | 43,523 | $2.6M | Reduce -1.3% |
| TAC Transalta Corp. | 0.68% | 267,100 | $2.5M | Add +9.8% |
| BAM Brookfield Asset Mgmt-A | 0.66% | 50,152 | $2.4M | Add +1.2% |
| UNP Union Pacific Corp. | 0.65% | 12,798 | $2.4M | Reduce -0.7% |
| CP Canadian Pacific Kansas City | 0.63% | 32,773 | $2.3M | Reduce -30.3% |
| FTS Fortis Inc. | 0.61% | 49,308 | $2.2M | Reduce -42.4% |
| DCBO Docebo Inc. | 0.60% | 76,672 | $2.2M | Add +110.3% |
| GFR Greenfire Resources Ltd. | 0.60% | 371,979 | $2.2M | Add +46.8% |
| ENTG Entegris Inc. | 0.60% | 31,640 | $2.2M | Add +45.4% |
| ULTA Ulta Beauty Inc. | 0.57% | 7,777 | $2.1M | Add +37.7% |
| OTIS Otis Worldwide Corp. | 0.57% | 23,891 | $2.1M | Reduce -25.7% |
| COST Costco Wholesale Corp. | 0.57% | 2,200 | $2.1M | No change |
| CLS Celestica Inc. | 0.56% | 26,000 | $2.1M | Reduce -19.0% |
| ROST Ross Stores Inc. | 0.53% | 19,610 | $1.9M | Add +19.1% |
| KKR KKR & Co. Inc. | 0.51% | 21,352 | $1.9M | Add +104.5% |
| DG Dollar General Corp. | 0.50% | 29,262 | $1.9M | Reduce -1.6% |
| DSGX The Descartes Systems Grp | 0.50% | 18,335 | $1.8M | Add +260.2% |
| GIB Cgi Inc. | 0.47% | 17,476 | $1.7M | Reduce -15.3% |
| HD Home Depot Inc. | 0.41% | 4,100 | $1.5M | No change |
| WMT Walmart Inc. | 0.41% | 17,045 | $1.5M | Reduce -0.6% |
| WFC Wells Fargo & Co. | 0.40% | 28,844 | $1.5M | Reduce -1.4% |
| MRSH Marsh & McLennan Cos | 0.38% | 8,179 | $1.4M | Reduce -0.4% |
| SHEL Shell PLC-ADR | 0.36% | 18,290 | $1.3M | No change |
| GS Goldman Sachs Group Inc. | 0.35% | 3,304 | $1.3M | Reduce -1.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.35% | 10,500 | $1.3M | No change |
| SAP Sap SE-Sponsored ADR | 0.30% | 4,180 | $1.1M | Add +35.7% |
| KLAC KLA Corp. | 0.28% | 2,186 | $1.0M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 0.26% | 6,185 | $956K | Reduce -2.8% |
| NFLX Netflix Inc. | 0.25% | 1,106 | $928K | Reduce -8.3% |
| TRI Thomson Reuters Corp. | 0.23% | 4,960 | $857K | Reduce -36.6% |
| IGF iShares Global Infrastructur | 0.23% | 15,657 | $856K | Add +7.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.22% | 8,428 | $806K | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.22% | 1,200 | $795K | Add +33.3% |
| ENB Enbridge Inc. | 0.19% | 15,761 | $698K | Reduce -1.9% |
| BP BP PLC-Spons ADR | 0.18% | 19,680 | $665K | No change |
| BSX Boston Scientific Corp. | 0.18% | 8,530 | $664K | Reduce -35.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.18% | 1,218 | $649K | Add +0.8% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.17% | 45,310 | $618K | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.16% | 9,680 | $582K | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.15% | 11,080 | $538K | No change |
| AMGN Amgen Inc. | 0.14% | 1,700 | $530K | No change |
| TRP TC Energy Corp. | 0.14% | 10,975 | $519K | No change |
| VEA Vanguard Ftse Developed ETF | 0.14% | 10,000 | $508K | No change |
| AAPL Apple Inc. | 0.13% | 2,640 | $485K | Reduce -10.2% |
Portfolio Sells Q4 2024 → Q1 2025
| RSP Invesco S&P 500 Equal Weight | Reduce -63.0% | 0.75% | −1.24 |
| BN Brookfield Corp. | Reduce -29.1% | 1.98% | −0.98 |
| GIL Gildan Activewear Inc. | Reduce -30.5% | 1.96% | −0.93 |
| LDOS Leidos Holdings Inc. | Reduce -93.8% | 0.06% | −0.73 |
| TD Toronto-Dominion Bank | Reduce -35.8% | 2.01% | −0.67 |
| AEM Agnico Eagle Mines Ltd. | Sold out | 0.00% | −0.67 |
| BNS Bank of Nova Scotia | Reduce -14.2% | 2.34% | −0.64 |
| SU Suncor Energy Inc. | Reduce -49.3% | 0.83% | −0.62 |
| DEO Diageo PLC-Sponsored ADR | Sold out | 0.00% | −0.36 |
| TECK Teck Resources Ltd.-CLS B | Reduce -19.4% | 1.05% | −0.35 |
| FTS Fortis Inc. | Reduce -42.4% | 0.61% | −0.32 |
| CP Canadian Pacific Kansas City | Reduce -30.3% | 0.63% | −0.27 |
| SHOP Shopify Inc. Class A | Reduce -0.5% | 2.84% | −0.24 |
| CLS Celestica Inc. | Reduce -19.0% | 0.56% | −0.22 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -4.1% | 1.01% | −0.13 |
| GIB Cgi Inc. | Reduce -15.3% | 0.47% | −0.12 |
| V Visa Inc. Class A | Reduce -21.2% | 0.79% | −0.11 |
| CNP Centerpoint Energy Inc. | Reduce -26.6% | 0.74% | −0.11 |
| TRI Thomson Reuters Corp. | Reduce -36.6% | 0.23% | −0.10 |
| RY Royal Bank of Canada | Reduce -6.0% | 0.92% | −0.09 |
| OTEX Open Text Corp. | Reduce -3.2% | 0.77% | −0.09 |
| OTIS Otis Worldwide Corp. | Reduce -25.7% | 0.57% | −0.07 |
| GOOGL Alphabet Inc. Class A | Reduce -2.8% | 0.26% | −0.06 |
| BSX Boston Scientific Corp. | Reduce -35.1% | 0.18% | −0.05 |
| AAPL Apple Inc. | Reduce -10.2% | 0.13% | −0.03 |
| NVDA Nvidia Corp. | Reduce -2.2% | 0.12% | −0.03 |
| ABBV Abbvie Inc. | Reduce -34.5% | 0.08% | −0.02 |
| BCE Bce Inc. | Reduce -57.3% | 0.01% | −0.01 |
| GS Goldman Sachs Group Inc. | Reduce -1.5% | 0.35% | −0.01 |
| QSR Restaurant Brands Intern | Reduce -6.5% | 1.21% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -3.7% | 0.11% | −0.01 |
| IBM Intl Business Machines Corp. | Reduce -32.9% | 0.02% | −0.01 |
| NFLX Netflix Inc. | Reduce -8.3% | 0.25% | −0.00 |
| NEE Nextera Energy Inc. | Reduce -45.5% | 0.00% | −0.00 |
| SLF Sun Life Financial Inc. | Reduce -14.8% | 0.02% | −0.00 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.00 |
| ORGANIGRAM HLDGS INC | Sold out | 0.00% | −0.00 |
| CM Can Imperial BK of Commerce | Sold out | 0.00% | −0.00 |
| CHKP Check Point Software Tech | Reduce -24.1% | 0.04% | −0.00 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.00 |
| BIP Brookfield Infrastructure Pa | Reduce -2.3% | 0.02% | −0.00 |
| ORLY O'reilly Automotive Inc. | Reduce -22.5% | 0.03% | −0.00 |
| WMT Walmart Inc. | Reduce -0.6% | 0.41% | −0.00 |
| VRSN Verisign Inc. | Reduce -18.0% | 0.01% | +0.00 |
| META Meta Platforms Inc. Class A | Reduce -1.4% | 1.35% | +0.00 |
| MFC Manulife Financial Corp. | Reduce -0.8% | 0.10% | +0.00 |
| TU Telus Corp. | Reduce -0.9% | 0.12% | +0.01 |
| ENB Enbridge Inc. | Reduce -1.9% | 0.19% | +0.01 |
| WFC Wells Fargo & Co. | Reduce -1.4% | 0.40% | +0.01 |
| DLTR Dollar Tree Inc. | Reduce -1.3% | 0.76% | +0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| PBA Pembina Pipeline Corp. | Add +1113.6% | 1.10% | +1.01 |
| AGI Alamos Gold Inc. Class A | New | 0.88% | +0.88 |
| OR Osisko Gold Royalties Ltd. | Add +78.5% | 1.60% | +0.86 |
| IAG Iamgold Corp. | New | 0.84% | +0.84 |
| CAE Cae Inc. | New | 0.75% | +0.75 |
| STN Stantec Inc. | Add +35.5% | 1.34% | +0.44 |
| NTR Nutrien Ltd. | Add +19.5% | 1.43% | +0.39 |
| URI United Rentals Inc. | Add +58.3% | 1.22% | +0.36 |
| DSGX The Descartes Systems Grp | Add +260.2% | 0.50% | +0.35 |
| IEFA iShares Core MSCI Eafe ETF | Add +7.0% | 1.67% | +0.27 |
| WTW Willis Towers Watson PLC | Add +14.1% | 1.21% | +0.25 |
| J Jacobs Solutions Inc. | Add +39.5% | 1.13% | +0.23 |
| AMZN Amazon.com Inc. | Add +36.6% | 1.39% | +0.21 |
| KKR KKR & Co. Inc. | Add +104.5% | 0.51% | +0.18 |
| DCBO Docebo Inc. | Add +110.3% | 0.60% | +0.17 |
| IVV iShares Core S&P 500 ETF | Add +6.6% | 2.95% | +0.15 |
| BDX Becton Dickinson and Co. | Add +5.0% | 1.73% | +0.14 |
| GFR Greenfire Resources Ltd. | Add +46.8% | 0.60% | +0.13 |
| ENTG Entegris Inc. | Add +45.4% | 0.60% | +0.12 |
| A Agilent Technologies Inc. | Add +28.8% | 1.01% | +0.11 |
| SAP Sap SE-Sponsored ADR | Add +35.7% | 0.30% | +0.11 |
| VWO Vanguard Ftse Emerging Marke | Add +8.1% | 0.74% | +0.10 |
| CTSH Cognizant Tech Solutions-A | Add +6.6% | 1.20% | +0.10 |
| VOO Vanguard S&P 500 ETF | Add +7.8% | 1.56% | +0.09 |
| CBRE CBRE Group Inc. Class A | Add +9.7% | 0.95% | +0.09 |
| ULTA Ulta Beauty Inc. | Add +37.7% | 0.57% | +0.08 |
| MCD McDonald's Corp. | Add +1.1% | 0.73% | +0.08 |
| ACN Accenture PLC Class A | Add +24.1% | 0.76% | +0.07 |
| ASML ASML Holding NV-NY Reg SHS | Add +33.3% | 0.22% | +0.05 |
| DIS The Walt Disney Co. | Add +15.5% | 1.14% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.8% | 0.18% | +0.03 |
| IGF iShares Global Infrastructur | Add +7.3% | 0.23% | +0.03 |
| GRTUF Granite Real Estate Investme | New | 0.03% | +0.03 |
| COR Cencora Inc. | Add +22.9% | 0.05% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +16.2% | 1.88% | +0.01 |
| ROST Ross Stores Inc. | Add +19.1% | 0.53% | +0.01 |
| SOBO South Bow Corp. | New | 0.01% | +0.01 |
| WCN Waste Connections Inc. | Add +128.6% | 0.01% | +0.01 |
| RPRX Royalty Pharma PLC Class A | New | 0.01% | +0.01 |
| VRSK Verisk Analytics Inc. | New | 0.01% | +0.01 |
| MA Mastercard Inc. Class A | New | 0.01% | +0.01 |
| ITW Illinois Tool Works | New | 0.01% | +0.01 |
| GIS General Mills Inc. | New | 0.01% | +0.01 |
| CNI Canadian Natl Railway Co. | Add +0.7% | 7.65% | +0.01 |
| LMT Lockheed Martin Corp. | Add +30.6% | 0.02% | +0.00 |
| B Barrick Gold Corp. | Add +15.9% | 0.01% | +0.00 |
| FOXA Fox Corp. Class A | New | 0.00% | +0.00 |
| OGI Organigram Global Inc. | New | 0.00% | +0.00 |
| ANET Arista Networks Inc. | New | 0.00% | +0.00 |
| HPQ HP Inc. | New | 0.00% | +0.00 |
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 |