Louisbourg Investments Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 24, 2025), Louisbourg Investments Inc. reported 200 stock positions worth $424.3 million. Its top holding was Canadian Natl Railway (CNI) at 7.2% of the portfolio, followed by Microsoft (MSFT, 3.0%) and Shopify Class A (SHOP, 2.9%). Compared with Q1 2025, it opened 30 new positions, sold out of 10, added to 44 and reduced 57. The biggest buy was Wheaton Precious Metals (WPM, shares +73%) and the biggest sale an exit from Alamos Gold Class A (AGI).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $424.3M (Q2 2025)
- SEC Filing
- 0002053050-25-000009 ↗ filed Jul 24, 2025
Holdings Value
Holdings 200 stocks · $424.3M
| CNI Canadian Natl Railway Co. | 7.17% | 292,414 | $30.4M | Add +1.1% |
| MSFT Microsoft Corp. | 3.00% | 31,270 | $12.7M | Add +0.2% |
| SHOP Shopify Inc. Class A | 2.94% | 108,287 | $12.5M | Reduce -1.3% |
| IVV iShares Core S&P 500 ETF | 2.83% | 19,360 | $12.0M | Add +0.2% |
| WPM Wheaton Precious Metals Corp. | 2.45% | 115,846 | $10.4M | Add +72.9% |
| RCI Rogers Communications Inc. Class B | 2.16% | 309,985 | $9.2M | Add +24.7% |
| OR Or Royalties Inc. | 2.11% | 348,831 | $8.9M | Add +24.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.09% | 45,213 | $8.8M | Reduce -8.1% |
| CIGI Colliers Intl GR-Subord Vot | 1.86% | 60,543 | $7.9M | Add +96.6% |
| BN Brookfield Corp. | 1.79% | 122,846 | $7.6M | Reduce -11.6% |
| GOOG Alphabet Inc. Class C | 1.75% | 50,428 | $7.4M | Reduce -13.9% |
| GIL Gildan Activewear Inc. | 1.68% | 145,316 | $7.1M | Reduce -10.7% |
| IEFA iShares Core MSCI Eafe ETF | 1.66% | 84,484 | $7.1M | Add +4.1% |
| AMZN Amazon.com Inc. | 1.65% | 39,024 | $7.0M | Add +16.0% |
| NTR Nutrien Ltd. | 1.62% | 117,973 | $6.9M | Add +11.4% |
| VOO Vanguard S&P 500 ETF | 1.58% | 11,785 | $6.7M | Add +5.2% |
| BDX Becton Dickinson and Co. | 1.55% | 49,590 | $6.6M | Add +35.8% |
| LSPD Lightspeed Commerce Inc. | 1.53% | 552,705 | $6.5M | Reduce -19.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.53% | 117,292 | $6.5M | Reduce -35.5% |
| PBA Pembina Pipeline Corp. | 1.51% | 171,325 | $6.4M | Add +70.2% |
| META Meta Platforms Inc. Class A | 1.51% | 10,914 | $6.4M | Reduce -3.3% |
| CRM Salesforce Inc. | 1.50% | 29,157 | $6.4M | Add +10.6% |
| AVGO Broadcom Inc. | 1.46% | 26,670 | $6.2M | Reduce -24.0% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.37% | 8 | $5.8M | No change |
| CNQ Canadian Natural Resources | 1.34% | 181,202 | $5.7M | Add +4.2% |
| TD Toronto-Dominion Bank | 1.28% | 73,974 | $5.4M | Reduce -40.0% |
| TMUS T-Mobile US Inc. | 1.25% | 27,319 | $5.3M | Add +12.4% |
| JNJ Johnson & Johnson | 1.23% | 42,112 | $5.2M | Add +4.5% |
| URI United Rentals Inc. | 1.20% | 8,308 | $5.1M | Reduce -9.3% |
| CTSH Cognizant Tech Solutions-A | 1.17% | 80,236 | $5.0M | Add +7.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.17% | 49,430 | $5.0M | Reduce -9.9% |
| QSR Restaurant Brands Intern | 1.16% | 74,109 | $4.9M | Add +11.2% |
| J Jacobs Solutions Inc. | 1.11% | 44,328 | $4.7M | No change |
| A Agilent Technologies Inc. | 1.05% | 47,220 | $4.5M | Add +15.9% |
| GIB Cgi Inc. | 1.05% | 42,340 | $4.4M | Add +142.3% |
| WTW Willis Towers Watson PLC | 0.99% | 17,671 | $4.2M | No change |
| CLS Celestica Inc. | 0.99% | 26,900 | $4.2M | Add +3.5% |
| TECK Teck Resources Ltd.-CLS B | 0.93% | 98,173 | $4.0M | Reduce -7.5% |
| SAND Sandstorm Gold Ltd. | 0.93% | 421,282 | $4.0M | Reduce -29.7% |
| CBRE CBRE Group Inc. Class A | 0.91% | 32,555 | $3.9M | No change |
| RY Royal Bank of Canada | 0.88% | 28,233 | $3.7M | Reduce -5.8% |
| DLTR Dollar Tree Inc. | 0.83% | 45,160 | $3.5M | Reduce -8.1% |
| ACN Accenture PLC Class A | 0.82% | 14,085 | $3.5M | Add +28.2% |
| FTS Fortis Inc. | 0.81% | 72,562 | $3.5M | Add +47.2% |
| ABT Abbott Laboratories | 0.81% | 31,544 | $3.4M | Reduce -13.3% |
| NGD New Gold Inc. | 0.80% | 685,700 | $3.4M | New |
| COP Conocophillips | 0.80% | 48,672 | $3.4M | Reduce -11.6% |
| DSGX The Descartes Systems Grp | 0.79% | 33,166 | $3.4M | Add +80.9% |
| IAG Iamgold Corp. | 0.79% | 454,200 | $3.3M | Reduce -8.8% |
| KGC Kinross Gold Corp. | 0.78% | 211,200 | $3.3M | Reduce -17.8% |
| ATS Ats Corp. | 0.76% | 101,522 | $3.2M | New |
| DCBO Docebo Inc. | 0.76% | 111,672 | $3.2M | Add +45.6% |
| RSP Invesco S&P 500 Equal Weight | 0.75% | 23,650 | $3.2M | Add +4.0% |
| AEM Agnico Eagle Mines Ltd. | 0.74% | 26,550 | $3.2M | New |
| VWO Vanguard Ftse Emerging Marke | 0.73% | 62,794 | $3.1M | Add +5.0% |
| ORCL Oracle Corp. | 0.72% | 14,709 | $3.1M | Reduce -33.9% |
| FNV Franco-Nevada Corp. | 0.71% | 18,500 | $3.0M | New |
| ROST Ross Stores Inc. | 0.71% | 30,235 | $3.0M | Add +54.2% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.70% | 294,900 | $3.0M | New |
| SU Suncor Energy Inc. | 0.69% | 78,394 | $2.9M | Reduce -0.0% |
| KKR KKR & Co. Inc. | 0.69% | 28,232 | $2.9M | Add +32.2% |
| OTEX Open Text Corp. | 0.68% | 98,571 | $2.9M | Reduce -12.3% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.68% | 42,173 | $2.9M | Reduce -3.1% |
| STN Stantec Inc. | 0.66% | 25,826 | $2.8M | Reduce -56.5% |
| V Visa Inc. Class A | 0.62% | 9,719 | $2.6M | Reduce -11.2% |
| ALLE Allegion PLC | 0.60% | 21,945 | $2.6M | New |
| MCD McDonald's Corp. | 0.59% | 9,992 | $2.5M | Reduce -2.9% |
| UNP Union Pacific Corp. | 0.56% | 12,598 | $2.4M | Reduce -1.6% |
| ULTA Ulta Beauty Inc. | 0.54% | 6,270 | $2.3M | Reduce -19.4% |
| CP Canadian Pacific Kansas City | 0.54% | 28,709 | $2.3M | Reduce -12.4% |
| DG Dollar General Corp. | 0.53% | 26,102 | $2.3M | Reduce -10.8% |
| COST Costco Wholesale Corp. | 0.51% | 2,200 | $2.2M | No change |
| GFR Greenfire Resources Ltd. | 0.51% | 483,379 | $2.1M | Add +29.9% |
| ENTG Entegris Inc. | 0.50% | 34,825 | $2.1M | Add +10.1% |
| CNP Centerpoint Energy Inc. | 0.47% | 71,518 | $2.0M | Reduce -30.9% |
| OTIS Otis Worldwide Corp. | 0.44% | 21,541 | $1.9M | Reduce -9.8% |
| WFC Wells Fargo & Co. | 0.41% | 28,844 | $1.7M | No change |
| WMT Walmart Inc. | 0.39% | 17,045 | $1.7M | No change |
| CSGP Costar Group Inc. | 0.39% | 26,530 | $1.7M | New |
| KLAC KLA Corp. | 0.37% | 2,186 | $1.6M | No change |
| HD Home Depot Inc. | 0.35% | 4,100 | $1.5M | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 11,309 | $1.4M | Add +7.7% |
| SHEL Shell PLC-ADR | 0.30% | 18,290 | $1.3M | No change |
| SAP Sap SE-Sponsored ADR | 0.30% | 4,180 | $1.3M | No change |
| GOOGL Alphabet Inc. Class A | 0.24% | 5,865 | $1.0M | Reduce -5.2% |
| IGF iShares Global Infrastructur | 0.23% | 16,677 | $987K | Add +6.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.23% | 1,200 | $962K | No change |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.22% | 8,428 | $932K | No change |
| TRI Thomson Reuters Corp. | 0.21% | 4,537 | $911K | Reduce -8.5% |
| MRSH Marsh & McLennan Cos | 0.21% | 5,479 | $894K | Reduce -33.0% |
| ENB Enbridge Inc. | 0.16% | 15,208 | $688K | Reduce -3.5% |
| NVDA Nvidia Corp. | 0.16% | 4,255 | $672K | Add +2.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 1,329 | $646K | Add +9.1% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.15% | 45,310 | $622K | No change |
| BSX Boston Scientific Corp. | 0.14% | 7,280 | $599K | Reduce -14.7% |
| BP BP PLC-Spons ADR | 0.14% | 19,680 | $589K | No change |
| NFLX Netflix Inc. | 0.14% | 528 | $577K | Reduce -52.3% |
| GS Goldman Sachs Group Inc. | 0.13% | 1,084 | $571K | Reduce -67.2% |
| VEA Vanguard Ftse Developed ETF | 0.13% | 10,000 | $570K | No change |
| RIO Rio Tinto PLC-Spon ADR | 0.13% | 9,680 | $565K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.88 |
| BNS Bank of Nova Scotia | Reduce -35.5% | 1.53% | −0.82 |
| CAE Cae Inc. | Sold out | 0.00% | −0.75 |
| TD Toronto-Dominion Bank | Reduce -40.0% | 1.28% | −0.73 |
| TAC Transalta Corp. | Sold out | 0.00% | −0.68 |
| STN Stantec Inc. | Reduce -56.5% | 0.66% | −0.68 |
| BAM Brookfield Asset Mgmt-A | Reduce -97.2% | 0.02% | −0.64 |
| COP Conocophillips | Reduce -11.6% | 0.80% | −0.42 |
| SAND Sandstorm Gold Ltd. | Reduce -29.7% | 0.93% | −0.30 |
| GIL Gildan Activewear Inc. | Reduce -10.7% | 1.68% | −0.27 |
| CNP Centerpoint Energy Inc. | Reduce -30.9% | 0.47% | −0.27 |
| GOOG Alphabet Inc. Class C | Reduce -13.9% | 1.75% | −0.22 |
| GS Goldman Sachs Group Inc. | Reduce -67.2% | 0.13% | −0.21 |
| ABT Abbott Laboratories | Reduce -13.3% | 0.81% | −0.21 |
| BN Brookfield Corp. | Reduce -11.6% | 1.79% | −0.19 |
| MRSH Marsh & McLennan Cos | Reduce -33.0% | 0.21% | −0.17 |
| V Visa Inc. Class A | Reduce -11.2% | 0.62% | −0.17 |
| MCD McDonald's Corp. | Reduce -2.9% | 0.59% | −0.14 |
| SU Suncor Energy Inc. | Reduce -0.0% | 0.69% | −0.14 |
| OTIS Otis Worldwide Corp. | Reduce -9.8% | 0.44% | −0.13 |
| TECK Teck Resources Ltd.-CLS B | Reduce -7.5% | 0.93% | −0.12 |
| NFLX Netflix Inc. | Reduce -52.3% | 0.14% | −0.12 |
| KGC Kinross Gold Corp. | Reduce -17.8% | 0.78% | −0.10 |
| LSPD Lightspeed Commerce Inc. | Reduce -19.3% | 1.53% | −0.10 |
| TM Toyota Motor Corp. -Spon ADR | Sold out | 0.00% | −0.10 |
| UNP Union Pacific Corp. | Reduce -1.6% | 0.56% | −0.10 |
| OTEX Open Text Corp. | Reduce -12.3% | 0.68% | −0.09 |
| CP Canadian Pacific Kansas City | Reduce -12.4% | 0.54% | −0.09 |
| IAG Iamgold Corp. | Reduce -8.8% | 0.79% | −0.06 |
| LDOS Leidos Holdings Inc. | Sold out | 0.00% | −0.06 |
| RY Royal Bank of Canada | Reduce -5.8% | 0.88% | −0.04 |
| BSX Boston Scientific Corp. | Reduce -14.7% | 0.14% | −0.04 |
| BNY Bank of New York Mellon Corp. | Reduce -3.1% | 0.68% | −0.04 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −0.04 |
| ULTA Ulta Beauty Inc. | Reduce -19.4% | 0.54% | −0.03 |
| ORCL Oracle Corp. | Reduce -33.9% | 0.72% | −0.03 |
| ENB Enbridge Inc. | Reduce -3.5% | 0.16% | −0.03 |
| TRI Thomson Reuters Corp. | Reduce -8.5% | 0.21% | −0.02 |
| URI United Rentals Inc. | Reduce -9.3% | 1.20% | −0.02 |
| GOOGL Alphabet Inc. Class A | Reduce -5.2% | 0.24% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -72.0% | 0.01% | −0.02 |
| COR Cencora Inc. | Reduce -21.2% | 0.03% | −0.01 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.01 |
| RPRX Royalty Pharma PLC Class A | Sold out | 0.00% | −0.01 |
| SLF Sun Life Financial Inc. | Reduce -39.1% | 0.01% | −0.01 |
| ITW Illinois Tool Works | Sold out | 0.00% | −0.01 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -1.1% | 0.10% | −0.01 |
| RSG Republic Services Inc. | Reduce -37.2% | 0.01% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -11.2% | 0.01% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| WPM Wheaton Precious Metals Corp. | Add +72.9% | 2.45% | +1.04 |
| CIGI Colliers Intl GR-Subord Vot | Add +96.6% | 1.86% | +0.85 |
| NGD New Gold Inc. | New | 0.80% | +0.80 |
| ATS Ats Corp. | New | 0.76% | +0.76 |
| AEM Agnico Eagle Mines Ltd. | New | 0.74% | +0.74 |
| FNV Franco-Nevada Corp. | New | 0.71% | +0.71 |
| ORLA Orla Mining Ltd. | New | 0.70% | +0.70 |
| ALLE Allegion PLC | New | 0.60% | +0.60 |
| GIB Cgi Inc. | Add +142.3% | 1.05% | +0.57 |
| OR Or Royalties Inc. | Add +24.8% | 2.11% | +0.50 |
| MSFT Microsoft Corp. | Add +0.2% | 3.00% | +0.47 |
| CLS Celestica Inc. | Add +3.5% | 0.99% | +0.43 |
| PBA Pembina Pipeline Corp. | Add +70.2% | 1.51% | +0.42 |
| CSGP Costar Group Inc. | New | 0.39% | +0.39 |
| RCI Rogers Communications Inc. Class B | Add +24.7% | 2.16% | +0.36 |
| DSGX The Descartes Systems Grp | Add +80.9% | 0.79% | +0.29 |
| AMZN Amazon.com Inc. | Add +16.0% | 1.65% | +0.26 |
| FTS Fortis Inc. | Add +47.2% | 0.81% | +0.20 |
| NTR Nutrien Ltd. | Add +11.4% | 1.62% | +0.19 |
| ROST Ross Stores Inc. | Add +54.2% | 0.71% | +0.18 |
| KKR KKR & Co. Inc. | Add +32.2% | 0.69% | +0.18 |
| DCBO Docebo Inc. | Add +45.6% | 0.76% | +0.16 |
| EMA Emera Inc. | New | 0.07% | +0.07 |
| ACN Accenture PLC Class A | Add +28.2% | 0.82% | +0.06 |
| A Agilent Technologies Inc. | Add +15.9% | 1.05% | +0.04 |
| NVDA Nvidia Corp. | Add +2.5% | 0.16% | +0.04 |
| QGEN Qiagen N.V. | New | 0.04% | +0.04 |
| CBOE Cboe Global Markets Inc. | New | 0.03% | +0.03 |
| CME Cme Group Inc. | New | 0.03% | +0.03 |
| IBM Intl Business Machines Corp. | Add +78.6% | 0.04% | +0.02 |
| VOO Vanguard S&P 500 ETF | Add +5.2% | 1.58% | +0.01 |
| JNPR Juniper Networks Inc. | New | 0.01% | +0.01 |
| DGX Quest Diagnostics Inc. | New | 0.01% | +0.01 |
| GLPI Gaming and Leisure Propertie | New | 0.01% | +0.01 |
| PG The Procter & Gamble Co. | New | 0.01% | +0.01 |
| MO Altria Group Inc. | Add +58.1% | 0.02% | +0.00 |
| ORLY O'reilly Automotive Inc. | Add +39.1% | 0.03% | +0.00 |
| IMO Imperial Oil Ltd. | New | 0.00% | +0.00 |
| AFL Aflac Inc. | New | 0.00% | +0.00 |
| ANET Arista Networks Inc. | Add +166.7% | 0.00% | +0.00 |
| GEHC GE Healthcare Technology | New | 0.00% | +0.00 |
| COF Capital One Financial Corp. | New | 0.00% | +0.00 |
| TSLA Tesla Inc. | New | 0.00% | +0.00 |
| TAP Molson Coors Beverage Co. Class B | New | 0.00% | +0.00 |
| SNA Snap-on Inc. | New | 0.00% | +0.00 |
| WDC Western Digital Corp. | New | 0.00% | +0.00 |
| KR Kroger Co. | New | 0.00% | +0.00 |
| UHS Universal Health Services-B | Add +140.0% | 0.00% | +0.00 |
| FOXA Fox Corp. Class A | Add +111.1% | 0.00% | +0.00 |
| PLTR Palantir Technologies Inc. Class A | 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 |