Louisbourg Investments Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 16, 2026), Louisbourg Investments Inc. reported 213 stock positions worth $501.9 million. Its top holding was Canadian Natl Railway (CNI) at 5.7% of the portfolio, followed by Microsoft (MSFT, 2.6%) and Alphabet Class C (GOOG, 2.6%). Compared with Q3 2025, it opened 17 new positions, sold out of 12, added to 63 and reduced 61. The biggest buy was a new position in Boyd Group Services (BGSI) and the biggest sale Shopify Class A (SHOP, shares −34%).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $501.9M (Q4 2025)
- SEC Filing
- 0002053050-26-000001 ↗ filed Jan 16, 2026
Holdings Value
Holdings 213 stocks · $501.9M
| CNI Canadian Natl Railway Co. | 5.72% | 289,946 | $28.7M | Reduce -4.0% |
| MSFT Microsoft Corp. | 2.65% | 33,247 | $13.3M | Add +5.0% |
| GOOG Alphabet Inc. Class C | 2.60% | 49,683 | $13.1M | Add +4.0% |
| IVV iShares Core S&P 500 ETF | 2.44% | 17,880 | $12.2M | Reduce -2.8% |
| WPM Wheaton Precious Metals Corp. | 2.15% | 91,770 | $10.8M | Reduce -18.9% |
| SHOP Shopify Inc. Class A | 2.15% | 66,870 | $10.8M | Reduce -34.1% |
| TSM Taiwan Semiconductor-SP ADR | 2.10% | 40,369 | $10.5M | Add +11.5% |
| RCI Rogers Communications Inc. Class B | 1.97% | 261,833 | $9.9M | Reduce -7.0% |
| GIL Gildan Activewear Inc. | 1.82% | 145,996 | $9.1M | Reduce -18.5% |
| PBA Pembina Pipeline Corp. | 1.73% | 227,338 | $8.7M | Add +25.8% |
| VOO Vanguard S&P 500 ETF | 1.65% | 13,237 | $8.3M | Add +4.6% |
| CRM Salesforce Inc. | 1.65% | 39,198 | $8.3M | Add +6.5% |
| AMZN Amazon.com Inc. | 1.63% | 43,301 | $8.2M | Add +11.1% |
| IEFA iShares Core MSCI Eafe ETF | 1.62% | 91,057 | $8.1M | Add +2.8% |
| LSPD Lightspeed Commerce Inc. | 1.56% | 646,233 | $7.8M | Reduce -0.9% |
| OR Or Royalties Inc. | 1.55% | 219,271 | $7.8M | Reduce -25.1% |
| BN Brookfield Corp. | 1.53% | 167,148 | $7.7M | Reduce -2.9% |
| TECK Teck Resources Ltd.-CLS B | 1.52% | 159,462 | $7.6M | Add +14.0% |
| CIGI Colliers Intl GR-Subord Vot | 1.52% | 51,772 | $7.6M | Add +10.5% |
| BGSI Boyd Group Services Inc. | 1.45% | 46,456 | $7.3M | New |
| BDX Becton Dickinson and Co. | 1.44% | 46,814 | $7.2M | Add +0.1% |
| META Meta Platforms Inc. Class A | 1.43% | 13,555 | $7.2M | Add +24.2% |
| AVGO Broadcom Inc. | 1.37% | 23,051 | $6.9M | Reduce -2.4% |
| TMUS T-Mobile US Inc. | 1.36% | 41,923 | $6.8M | Add +53.5% |
| DSGX The Descartes Systems Grp | 1.26% | 71,863 | $6.3M | Add +92.4% |
| CTSH Cognizant Tech Solutions-A | 1.25% | 93,718 | $6.3M | Add +1.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.20% | 8 | $6.0M | No change |
| GIB Cgi Inc. | 1.14% | 61,824 | $5.7M | Add +10.4% |
| ATS Ats Corp. | 1.14% | 207,130 | $5.7M | Reduce -3.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.14% | 77,235 | $5.7M | Reduce -25.1% |
| JNJ Johnson & Johnson | 1.13% | 32,912 | $5.7M | Reduce -16.8% |
| OTIS Otis Worldwide Corp. | 1.08% | 76,277 | $5.4M | Add +29.0% |
| QSR Restaurant Brands Intern | 1.06% | 78,097 | $5.3M | Reduce -29.8% |
| HBM Hudbay Minerals Inc. | 1.05% | 263,900 | $5.2M | New |
| NTR Nutrien Ltd. | 1.04% | 84,193 | $5.2M | Reduce -23.1% |
| J Jacobs Solutions Inc. | 1.02% | 47,612 | $5.1M | Add +7.4% |
| IAG Iamgold Corp. | 1.02% | 308,400 | $5.1M | New |
| NGD New Gold Inc. | 0.98% | 563,400 | $4.9M | Reduce -8.3% |
| EQX Equinox Gold Corp. | 0.97% | 345,600 | $4.9M | New |
| KGC Kinross Gold Corp. | 0.96% | 171,700 | $4.8M | Reduce -1.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.96% | 51,939 | $4.8M | Add +5.0% |
| WTW Willis Towers Watson PLC | 0.96% | 18,693 | $4.8M | Add +5.8% |
| RY Royal Bank of Canada | 0.95% | 28,015 | $4.8M | Add +0.4% |
| URI United Rentals Inc. | 0.95% | 7,111 | $4.7M | Add +15.5% |
| CSGP Costar Group Inc. | 0.95% | 90,322 | $4.7M | Add +475.9% |
| TD Toronto-Dominion Bank | 0.91% | 48,419 | $4.6M | Reduce -16.4% |
| SSRM SSR Mining Inc. | 0.91% | 207,800 | $4.6M | Add +10.4% |
| CNQ Canadian Natural Resources | 0.90% | 132,837 | $4.5M | Reduce -25.4% |
| UUUU Energy Fuels Inc. | 0.88% | 304,200 | $4.4M | New |
| SU Suncor Energy Inc. | 0.86% | 96,579 | $4.3M | Add +51.1% |
| CLS Celestica Inc. | 0.83% | 14,100 | $4.2M | Reduce -13.5% |
| A Agilent Technologies Inc. | 0.82% | 35,874 | $4.1M | Reduce -26.5% |
| STN Stantec Inc. | 0.79% | 42,005 | $4.0M | Add +97.3% |
| RGLD Royal Gold Inc. | 0.78% | 17,717 | $3.9M | New |
| DLTR Dollar Tree Inc. | 0.78% | 39,091 | $3.9M | Reduce -13.7% |
| ABT Abbott Laboratories | 0.77% | 38,563 | $3.9M | Add +22.3% |
| FSV Firstservice Corp. | 0.76% | 24,640 | $3.8M | New |
| VWO Vanguard Ftse Emerging Marke | 0.76% | 71,236 | $3.8M | Add +2.3% |
| COP Conocophillips | 0.73% | 50,143 | $3.7M | Add +3.1% |
| UNP Union Pacific Corp. | 0.72% | 19,012 | $3.6M | Add +5.0% |
| RSP Invesco S&P 500 Equal Weight | 0.70% | 24,300 | $3.5M | Add +58.3% |
| DG Dollar General Corp. | 0.66% | 32,739 | $3.3M | Reduce -7.3% |
| DHR Danaher Corp. | 0.66% | 18,064 | $3.3M | Reduce -15.9% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.65% | 36,827 | $3.2M | Reduce -12.5% |
| ROST Ross Stores Inc. | 0.64% | 22,267 | $3.2M | Reduce -9.6% |
| KKR KKR & Co. Inc. | 0.63% | 31,575 | $3.2M | Add +24.5% |
| ACN Accenture PLC Class A | 0.63% | 15,196 | $3.2M | Reduce -1.1% |
| CVE Cenovus Energy Inc. | 0.61% | 180,588 | $3.1M | Add +23201.7% |
| CBRE CBRE Group Inc. Class A | 0.59% | 21,341 | $3.0M | Reduce -7.0% |
| GFR Greenfire Resources Ltd. | 0.57% | 597,344 | $2.9M | Add +12.0% |
| V Visa Inc. Class A | 0.56% | 10,376 | $2.8M | Add +6.8% |
| CP Canadian Pacific Kansas City | 0.56% | 37,890 | $2.8M | Add +3.2% |
| MCD McDonald's Corp. | 0.54% | 10,349 | $2.7M | Add +3.6% |
| ULTA Ulta Beauty Inc. | 0.54% | 5,644 | $2.7M | Reduce -22.5% |
| ALLE Allegion PLC | 0.52% | 19,619 | $2.6M | Add +4.8% |
| ENTG Entegris Inc. | 0.49% | 38,519 | $2.5M | Add +27.0% |
| FTS Fortis Inc. | 0.47% | 45,127 | $2.3M | Reduce -42.9% |
| DCBO Docebo Inc. | 0.45% | 101,672 | $2.3M | Reduce -8.9% |
| CNP Centerpoint Energy Inc. | 0.44% | 74,258 | $2.2M | Add +6.8% |
| WFC Wells Fargo & Co. | 0.44% | 30,783 | $2.2M | Add +7.1% |
| SAP Sap SE-Sponsored ADR | 0.41% | 8,480 | $2.1M | Add +11.9% |
| ORCL Oracle Corp. | 0.40% | 10,225 | $2.0M | Reduce -19.3% |
| WMT Walmart Inc. | 0.38% | 17,045 | $1.9M | No change |
| COST Costco Wholesale Corp. | 0.38% | 2,200 | $1.9M | No change |
| TRI Thomson Reuters Corp. | 0.36% | 13,720 | $1.8M | Add +222.4% |
| GOOGL Alphabet Inc. Class A | 0.34% | 5,500 | $1.7M | Reduce -6.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 10,688 | $1.6M | No change |
| HD Home Depot Inc. | 0.27% | 4,000 | $1.4M | No change |
| IGF iShares Global Infrastructur | 0.22% | 18,216 | $1.1M | Add +4.6% |
| SHEL Shell PLC-ADR | 0.22% | 14,890 | $1.1M | Reduce -18.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 0.22% | 8,400 | $1.1M | Reduce -0.3% |
| KLAC KLA Corp. | 0.19% | 856 | $935K | Reduce -49.2% |
| NFLX Netflix Inc. | 0.18% | 11,926 | $903K | Add +121.7% |
| ENB Enbridge Inc. | 0.17% | 18,308 | $877K | Reduce -1.1% |
| NVDA Nvidia Corp. | 0.16% | 4,305 | $803K | No change |
| GS Goldman Sachs Group Inc. | 0.15% | 1,163 | $776K | Add +7.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.15% | 9,680 | $775K | No change |
| SMFG Sumitomo Mitsui-Spons ADR | 0.15% | 39,152 | $757K | Add +46.9% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.14% | 45,632 | $724K | Add +0.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.14% | 650 | $695K | Reduce -23.5% |
Portfolio Sells Q3 2025 → Q4 2025
| SHOP Shopify Inc. Class A | Reduce -34.1% | 2.15% | −1.14 |
| OR Or Royalties Inc. | Reduce -25.1% | 1.55% | −1.01 |
| AEM Agnico Eagle Mines Ltd. | Reduce -94.6% | 0.05% | −0.93 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.92 |
| WPM Wheaton Precious Metals Corp. | Reduce -18.9% | 2.15% | −0.61 |
| CNI Canadian Natl Railway Co. | Reduce -4.0% | 5.72% | −0.49 |
| QSR Restaurant Brands Intern | Reduce -29.8% | 1.06% | −0.49 |
| MRSH Marsh & McLennan Cos | Sold out | 0.00% | −0.47 |
| GIL Gildan Activewear Inc. | Reduce -18.5% | 1.82% | −0.44 |
| FTS Fortis Inc. | Reduce -42.9% | 0.47% | −0.41 |
| NTR Nutrien Ltd. | Reduce -23.1% | 1.04% | −0.37 |
| ORCL Oracle Corp. | Reduce -19.3% | 0.40% | −0.36 |
| CNQ Canadian Natural Resources | Reduce -25.4% | 0.90% | −0.34 |
| BNS Bank of Nova Scotia | Reduce -25.1% | 1.14% | −0.32 |
| A Agilent Technologies Inc. | Reduce -26.5% | 0.82% | −0.27 |
| IVV iShares Core S&P 500 ETF | Reduce -2.8% | 2.44% | −0.25 |
| DCBO Docebo Inc. | Reduce -8.9% | 0.45% | −0.21 |
| BN Brookfield Corp. | Reduce -2.9% | 1.53% | −0.19 |
| JNJ Johnson & Johnson | Reduce -16.8% | 1.13% | −0.16 |
| RCI Rogers Communications Inc. Class B | Reduce -7.0% | 1.97% | −0.14 |
| KLAC KLA Corp. | Reduce -49.2% | 0.19% | −0.13 |
| ULTA Ulta Beauty Inc. | Reduce -22.5% | 0.54% | −0.12 |
| TD Toronto-Dominion Bank | Reduce -16.4% | 0.91% | −0.10 |
| TU Telus Corp. | Reduce -86.5% | 0.01% | −0.10 |
| CBRE CBRE Group Inc. Class A | Reduce -7.0% | 0.59% | −0.09 |
| ATS Ats Corp. | Reduce -3.8% | 1.14% | −0.09 |
| LSPD Lightspeed Commerce Inc. | Reduce -0.9% | 1.56% | −0.09 |
| BNY Bank of New York Mellon Corp. | Reduce -12.5% | 0.65% | −0.08 |
| SHEL Shell PLC-ADR | Reduce -18.6% | 0.22% | −0.07 |
| AVGO Broadcom Inc. | Reduce -2.4% | 1.37% | −0.06 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.05 |
| DHR Danaher Corp. | Reduce -15.9% | 0.66% | −0.05 |
| CLS Celestica Inc. | Reduce -13.5% | 0.83% | −0.04 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -23.5% | 0.14% | −0.04 |
| BP BP PLC-Spons ADR | Reduce -20.3% | 0.11% | −0.04 |
| ENB Enbridge Inc. | Reduce -1.1% | 0.17% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -25.9% | 0.06% | −0.03 |
| ANET Arista Networks Inc. | Reduce -33.4% | 0.03% | −0.03 |
| BMO Bank of Montreal | Reduce -0.3% | 0.22% | −0.02 |
| MRK Merck & Co. Inc. | Sold out | 0.00% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.0% | 0.14% | −0.02 |
| WDC Western Digital Corp. | Reduce -41.6% | 0.04% | −0.01 |
| HPQ HP Inc. | Reduce -3.4% | 0.03% | −0.01 |
| LDOS Leidos Holdings Inc. | Reduce -12.1% | 0.03% | −0.01 |
| IMO Imperial Oil Ltd. | Reduce -5.2% | 0.04% | −0.01 |
| MCK McKesson Corp. | Reduce -24.7% | 0.02% | −0.01 |
| BCE Bce Inc. | Reduce -54.3% | 0.01% | −0.01 |
| CHKP Check Point Software Tech | Sold out | 0.00% | −0.01 |
| GD General Dynamics Corp. | Sold out | 0.00% | −0.01 |
| ACN Accenture PLC Class A | Reduce -1.1% | 0.63% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| BGSI Boyd Group Services Inc. | New | 1.45% | +1.45 |
| HBM Hudbay Minerals Inc. | New | 1.05% | +1.05 |
| IAG Iamgold Corp. | New | 1.02% | +1.02 |
| EQX Equinox Gold Corp. | New | 0.97% | +0.97 |
| UUUU Energy Fuels Inc. | New | 0.88% | +0.88 |
| RGLD Royal Gold Inc. | New | 0.78% | +0.78 |
| FSV Firstservice Corp. | New | 0.76% | +0.76 |
| CSGP Costar Group Inc. | Add +475.9% | 0.95% | +0.72 |
| CVE Cenovus Energy Inc. | Add +23201.7% | 0.61% | +0.61 |
| GOOG Alphabet Inc. Class C | Add +4.0% | 2.60% | +0.51 |
| DSGX The Descartes Systems Grp | Add +92.4% | 1.26% | +0.49 |
| STN Stantec Inc. | Add +97.3% | 0.79% | +0.29 |
| SU Suncor Energy Inc. | Add +51.1% | 0.86% | +0.27 |
| RSP Invesco S&P 500 Equal Weight | Add +58.3% | 0.70% | +0.24 |
| TSM Taiwan Semiconductor-SP ADR | Add +11.5% | 2.10% | +0.22 |
| TRI Thomson Reuters Corp. | Add +222.4% | 0.36% | +0.22 |
| TMUS T-Mobile US Inc. | Add +53.5% | 1.36% | +0.21 |
| CTSH Cognizant Tech Solutions-A | Add +1.9% | 1.25% | +0.20 |
| TECK Teck Resources Ltd.-CLS B | Add +14.0% | 1.52% | +0.18 |
| CRM Salesforce Inc. | Add +6.5% | 1.65% | +0.17 |
| OTIS Otis Worldwide Corp. | Add +29.0% | 1.08% | +0.13 |
| PBA Pembina Pipeline Corp. | Add +25.8% | 1.73% | +0.13 |
| AMZN Amazon.com Inc. | Add +11.1% | 1.63% | +0.12 |
| KKR KKR & Co. Inc. | Add +24.5% | 0.63% | +0.08 |
| NFLX Netflix Inc. | Add +121.7% | 0.18% | +0.07 |
| META Meta Platforms Inc. Class A | Add +24.2% | 1.43% | +0.06 |
| RY Royal Bank of Canada | Add +0.4% | 0.95% | +0.06 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +46.9% | 0.15% | +0.05 |
| GIB Cgi Inc. | Add +10.4% | 1.14% | +0.05 |
| WFC Wells Fargo & Co. | Add +7.1% | 0.44% | +0.05 |
| ABT Abbott Laboratories | Add +22.3% | 0.77% | +0.05 |
| ENTG Entegris Inc. | Add +27.0% | 0.49% | +0.04 |
| IVZ Invesco Ltd. | New | 0.04% | +0.04 |
| GFR Greenfire Resources Ltd. | Add +12.0% | 0.57% | +0.03 |
| COR Cencora Inc. | Add +451.3% | 0.03% | +0.02 |
| V Visa Inc. Class A | Add +6.8% | 0.56% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +7.3% | 0.15% | +0.02 |
| CSCO Cisco Systems Inc. | Add +1.6% | 0.05% | +0.00 |
| SOUN Soundhound AI Inc. Class A | New | 0.00% | +0.00 |
| MO Altria Group Inc. | Add +34.7% | 0.03% | +0.00 |
| CCJ Cameco Corp. | New | 0.00% | +0.00 |
| COF Capital One Financial Corp. | Add +0.6% | 0.04% | +0.00 |
| COIN Coinbase Global Inc. Class A | New | 0.00% | +0.00 |
| LMT Lockheed Martin Corp. | Add +34.7% | 0.01% | +0.00 |
| PACB Pacific Biosciences of Calif | New | 0.00% | +0.00 |
| ACHR Archer Aviation Inc. Class A | Add +181.1% | 0.00% | +0.00 |
| TWST Twist Bioscience Corp. | New | 0.00% | +0.00 |
| GEHC GE Healthcare Technology | Add +1.5% | 0.04% | +0.00 |
| NTLA Intellia Therapeutics Inc. | New | 0.00% | +0.00 |
| NVTS Navitas Semiconductor Corp. | 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 |