Louisbourg Investments Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 22, 2026), Louisbourg Investments Inc. reported 216 stock positions worth $528.8 million. Its top holding was Canadian Natl Railway (CNI) at 5.6% of the portfolio, followed by Shopify Class A (SHOP, 2.8%) and Microsoft (MSFT, 2.4%). Compared with Q4 2025, it opened 16 new positions, sold out of 13, added to 76 and reduced 56. The biggest buy was a new position in Franco-Nevada (FNV) and the biggest sale Rogers Communications Class B (RCI, shares −52%).
- Most Recent 13F
- Q2 2026
- Location
- DIEPPE, A3
- CIK
- 0002053050
- Portfolio Value
- $528.8M (Q1 2026)
- SEC Filing
- 0002053050-26-000002 ↗ filed Apr 22, 2026
Holdings Value
Holdings 216 stocks · $528.8M
| CNI Canadian Natl Railway Co. | 5.58% | 287,395 | $29.5M | Reduce -0.9% |
| SHOP Shopify Inc. Class A | 2.77% | 123,616 | $14.6M | Add +84.9% |
| MSFT Microsoft Corp. | 2.43% | 42,820 | $12.8M | Add +28.8% |
| GOOG Alphabet Inc. Class C | 2.31% | 51,083 | $12.2M | Add +2.8% |
| IVV iShares Core S&P 500 ETF | 2.28% | 18,440 | $12.0M | Add +3.1% |
| WPM Wheaton Precious Metals Corp. | 2.12% | 85,578 | $11.2M | Reduce -6.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.08% | 37,609 | $11.0M | Reduce -6.8% |
| BN Brookfield Corp. | 2.03% | 264,944 | $10.7M | Add +58.5% |
| TECK Teck Resources Ltd.-CLS B | 1.72% | 175,850 | $9.1M | Add +10.3% |
| GIL Gildan Activewear Inc. | 1.63% | 155,548 | $8.6M | Add +6.5% |
| IEFA iShares Core MSCI Eafe ETF | 1.63% | 95,189 | $8.6M | Add +4.5% |
| OR Or Royalties Inc. | 1.59% | 221,772 | $8.4M | Add +1.1% |
| AMZN Amazon.com Inc. | 1.57% | 49,421 | $8.3M | Add +14.1% |
| VOO Vanguard S&P 500 ETF | 1.57% | 13,866 | $8.3M | Add +4.8% |
| CIGI Colliers Intl GR-Subord Vot | 1.53% | 75,882 | $8.1M | Add +46.6% |
| CRM Salesforce Inc. | 1.51% | 54,137 | $8.0M | Add +38.1% |
| AVGO Broadcom Inc. | 1.44% | 29,346 | $7.6M | Add +27.3% |
| TMUS T-Mobile US Inc. | 1.40% | 44,318 | $7.4M | Add +5.7% |
| FNV Franco-Nevada Corp. | 1.39% | 29,832 | $7.4M | New |
| META Meta Platforms Inc. Class A | 1.28% | 14,892 | $6.8M | Add +9.9% |
| STN Stantec Inc. | 1.28% | 78,568 | $6.8M | Add +87.0% |
| SSRM SSR Mining Inc. | 1.25% | 225,400 | $6.6M | Add +8.5% |
| TRI Thomson Reuters Corp. | 1.24% | 72,832 | $6.6M | Add +430.9% |
| CNQ Canadian Natural Resources | 1.22% | 132,989 | $6.5M | Add +0.1% |
| BGSI Boyd Group Services Inc. | 1.21% | 51,234 | $6.4M | Add +10.3% |
| UUUU Energy Fuels Inc. | 1.17% | 339,500 | $6.2M | Add +11.6% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C | 1.17% | 89,518 | $6.2M | Add +15.9% |
| LSPD Lightspeed Commerce Inc. | 1.14% | 672,764 | $6.0M | Add +4.1% |
| KGC Kinross Gold Corp. | 1.13% | 196,100 | $6.0M | Add +14.2% |
| AG First Majestic Silver Corp. | 1.13% | 279,600 | $6.0M | New |
| HBM Hudbay Minerals Inc. | 1.13% | 285,900 | $6.0M | Add +8.3% |
| IAG Iamgold Corp. | 1.13% | 318,300 | $6.0M | Add +3.2% |
| CVE Cenovus Energy Inc. | 1.13% | 225,180 | $6.0M | Add +24.7% |
| PBA Pembina Pipeline Corp. | 1.09% | 129,498 | $5.8M | Reduce -43.0% |
| GIB Cgi Inc. | 1.09% | 78,812 | $5.8M | Add +27.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 1.09% | 8 | $5.7M | No change |
| BDX Becton Dickinson and Co. | 1.08% | 46,164 | $5.7M | Reduce -1.4% |
| DSGX The Descartes Systems Grp | 1.08% | 79,704 | $5.7M | Add +10.9% |
| CDE Coeur Mining Inc. | 1.04% | 292,481 | $5.5M | New |
| NTR Nutrien Ltd. | 1.03% | 72,059 | $5.4M | Reduce -14.4% |
| SU Suncor Energy Inc. | 1.03% | 82,220 | $5.4M | Reduce -14.9% |
| EQX Equinox Gold Corp. | 1.02% | 375,900 | $5.4M | Add +8.8% |
| CSGP Costar Group Inc. | 1.02% | 175,086 | $5.4M | Add +93.8% |
| OTIS Otis Worldwide Corp. | 0.98% | 83,707 | $5.2M | Add +9.7% |
| URI United Rentals Inc. | 0.97% | 8,706 | $5.1M | Add +22.4% |
| WTW Willis Towers Watson PLC | 0.96% | 22,466 | $5.1M | Add +20.2% |
| RCI Rogers Communications Inc. Class B | 0.92% | 126,901 | $4.9M | Reduce -51.5% |
| ABT Abbott Laboratories | 0.91% | 59,288 | $4.8M | Add +53.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.87% | 59,204 | $4.6M | Add +14.0% |
| COP Conocophillips | 0.86% | 44,113 | $4.5M | Reduce -12.0% |
| QSR Restaurant Brands Intern | 0.84% | 60,059 | $4.4M | Reduce -23.1% |
| JNJ Johnson & Johnson | 0.83% | 21,016 | $4.4M | Reduce -36.1% |
| TD Toronto-Dominion Bank | 0.83% | 47,254 | $4.4M | Reduce -2.4% |
| J Jacobs Solutions Inc. | 0.83% | 41,937 | $4.4M | Reduce -11.9% |
| A Agilent Technologies Inc. | 0.82% | 46,369 | $4.3M | Add +29.3% |
| RY Royal Bank of Canada | 0.80% | 26,227 | $4.2M | Reduce -6.4% |
| FSV Firstservice Corp. | 0.80% | 30,387 | $4.2M | Add +23.3% |
| KKR KKR & Co. Inc. | 0.78% | 56,845 | $4.1M | Add +80.0% |
| VWO Vanguard Ftse Emerging Marke | 0.76% | 74,682 | $4.0M | Add +4.8% |
| BSX Boston Scientific Corp. | 0.75% | 84,087 | $4.0M | Add +968.9% |
| CTSH Cognizant Tech Solutions-A | 0.74% | 78,029 | $3.9M | Reduce -16.7% |
| DLTR Dollar Tree Inc. | 0.70% | 41,631 | $3.7M | Add +6.5% |
| UNP Union Pacific Corp. | 0.68% | 18,022 | $3.6M | Reduce -5.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.66% | 38,497 | $3.5M | Add +4.5% |
| NFLX Netflix Inc. | 0.65% | 43,101 | $3.4M | Add +261.4% |
| MARSH & MCLENNAN COS INC (MRSH 4.35 01/30/47) | 0.64% | 25,445 | $3.4M | New |
| SAP Sap SE-Sponsored ADR | 0.57% | 17,680 | $3.0M | Add +108.5% |
| TTEK Tetra Tech Inc. | 0.57% | 119,970 | $3.0M | New |
| CBRE CBRE Group Inc. Class A | 0.57% | 26,241 | $3.0M | Add +23.0% |
| V Visa Inc. Class A | 0.56% | 12,724 | $3.0M | Add +22.6% |
| DHR Danaher Corp. | 0.55% | 19,094 | $2.9M | Add +5.7% |
| ALLE Allegion PLC | 0.54% | 24,139 | $2.9M | Add +23.0% |
| MCD McDonald's Corp. | 0.53% | 10,569 | $2.8M | Add +2.1% |
| DG Dollar General Corp. | 0.52% | 30,014 | $2.7M | Reduce -8.3% |
| GFR Greenfire Resources Ltd. | 0.49% | 411,980 | $2.6M | Reduce -31.0% |
| ENTG Entegris Inc. | 0.48% | 28,329 | $2.5M | Reduce -26.4% |
| ATS Ats Corp. | 0.45% | 84,855 | $2.4M | Reduce -59.0% |
| MTA Metalla Royalty & Streaming | 0.44% | 360,342 | $2.3M | New |
| ULTA Ulta Beauty Inc. | 0.42% | 5,455 | $2.2M | Reduce -3.4% |
| ELE Elemental Royalty Corp. | 0.42% | 117,375 | $2.2M | New |
| COST Costco Wholesale Corp. | 0.41% | 2,200 | $2.2M | No change |
| WMT Walmart Inc. | 0.40% | 17,000 | $2.1M | Reduce -0.3% |
| SUNB Sunbelt Rentals Holdings Inc. | 0.39% | 32,587 | $2.0M | New |
| ACN Accenture PLC Class A | 0.37% | 12,456 | $2.0M | Reduce -18.0% |
| WFC Wells Fargo & Co. | 0.36% | 31,843 | $1.9M | Add +3.4% |
| GOOGL Alphabet Inc. Class A | 0.34% | 6,330 | $1.8M | Add +15.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.32% | 10,647 | $1.7M | Reduce -0.4% |
| DCBO Docebo Inc. | 0.31% | 94,572 | $1.7M | Reduce -7.0% |
| CP Canadian Pacific Kansas City | 0.31% | 20,833 | $1.6M | Reduce -45.0% |
| CNP Centerpoint Energy Inc. | 0.30% | 46,713 | $1.6M | Reduce -37.1% |
| SHEL Shell PLC-ADR | 0.25% | 14,490 | $1.3M | Reduce -2.7% |
| HD Home Depot Inc. | 0.25% | 4,000 | $1.3M | No change |
| IGF iShares Global Infrastructur | 0.24% | 19,007 | $1.3M | Add +4.3% |
| ROST Ross Stores Inc. | 0.23% | 6,092 | $1.2M | Reduce -72.6% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 0.21% | 8,400 | $1.1M | No change |
| FTS Fortis Inc. | 0.20% | 19,054 | $1.1M | Reduce -57.8% |
| RIO Rio Tinto PLC-Spon ADR | 0.20% | 11,080 | $1.0M | Add +14.5% |
| ENB Enbridge Inc. | 0.18% | 17,958 | $972K | Reduce -1.9% |
| BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED | 0.17% | 12,680 | $922K | Add +14.4% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.17% | 52,032 | $883K | Add +14.0% |
Portfolio Sells Q4 2025 → Q1 2026
| RCI Rogers Communications Inc. Class B | Reduce -51.5% | 0.92% | −1.05 |
| NGD New Gold Inc. | Sold out | 0.00% | −0.98 |
| CLS Celestica Inc. | Sold out | 0.00% | −0.83 |
| RGLD Royal Gold Inc. | Reduce -99.7% | 0.00% | −0.78 |
| ATS Ats Corp. | Reduce -59.0% | 0.45% | −0.69 |
| RSP Invesco S&P 500 Equal Weight | Reduce -96.8% | 0.03% | −0.68 |
| PBA Pembina Pipeline Corp. | Reduce -43.0% | 1.09% | −0.63 |
| CTSH Cognizant Tech Solutions-A | Reduce -16.7% | 0.74% | −0.51 |
| ROST Ross Stores Inc. | Reduce -72.6% | 0.23% | −0.41 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.40 |
| BDX Becton Dickinson and Co. | Reduce -1.4% | 1.08% | −0.35 |
| JNJ Johnson & Johnson | Reduce -36.1% | 0.83% | −0.30 |
| FTS Fortis Inc. | Reduce -57.8% | 0.20% | −0.27 |
| ACN Accenture PLC Class A | Reduce -18.0% | 0.37% | −0.26 |
| CP Canadian Pacific Kansas City | Reduce -45.0% | 0.31% | −0.25 |
| QSR Restaurant Brands Intern | Reduce -23.1% | 0.84% | −0.22 |
| J Jacobs Solutions Inc. | Reduce -11.9% | 0.83% | −0.19 |
| RY Royal Bank of Canada | Reduce -6.4% | 0.80% | −0.15 |
| DG Dollar General Corp. | Reduce -8.3% | 0.52% | −0.15 |
| CNI Canadian Natl Railway Co. | Reduce -0.9% | 5.58% | −0.14 |
| CNP Centerpoint Energy Inc. | Reduce -37.1% | 0.30% | −0.14 |
| DCBO Docebo Inc. | Reduce -7.0% | 0.31% | −0.14 |
| ULTA Ulta Beauty Inc. | Reduce -3.4% | 0.42% | −0.12 |
| KLAC KLA Corp. | Reduce -66.1% | 0.07% | −0.12 |
| TD Toronto-Dominion Bank | Reduce -2.4% | 0.83% | −0.08 |
| GFR Greenfire Resources Ltd. | Reduce -31.0% | 0.49% | −0.07 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -53.9% | 0.07% | −0.06 |
| GS Goldman Sachs Group Inc. | Reduce -34.8% | 0.09% | −0.06 |
| UNP Union Pacific Corp. | Reduce -5.2% | 0.68% | −0.04 |
| WPM Wheaton Precious Metals Corp. | Reduce -6.8% | 2.12% | −0.03 |
| HPQ HP Inc. | Sold out | 0.00% | −0.03 |
| GRTUF Granite Real Estate Investme | Sold out | 0.00% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.8% | 2.08% | −0.02 |
| FOXA Fox Corp. Class A | Reduce -15.8% | 0.03% | −0.02 |
| AEM Agnico Eagle Mines Ltd. | Reduce -44.3% | 0.03% | −0.02 |
| ENTG Entegris Inc. | Reduce -26.4% | 0.48% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.0% | 0.12% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -9.0% | 0.05% | −0.01 |
| NTR Nutrien Ltd. | Reduce -14.4% | 1.03% | −0.01 |
| GEHC GE Healthcare Technology | Reduce -4.7% | 0.03% | −0.01 |
| B Barrick Mining Corp. | Reduce -0.4% | 0.07% | −0.01 |
| EFA iShares MSCI Eafe ETF | Reduce -32.8% | 0.02% | −0.01 |
| MO Altria Group Inc. | Reduce -37.6% | 0.02% | −0.01 |
| COR Cencora Inc. | Reduce -10.2% | 0.02% | −0.01 |
| BCE Bce Inc. | Reduce -93.4% | 0.00% | −0.01 |
| TJX TJX Companies Inc. | Reduce -0.4% | 0.32% | −0.01 |
| TAP Molson Coors Beverage Co. Class B | Reduce -3.4% | 0.03% | −0.01 |
| CL Colgate-Palmolive Co. | Reduce -48.6% | 0.00% | −0.00 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.00 |
| SDY SS SPDR S&P Dividend ETF | Reduce -21.3% | 0.01% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| FNV Franco-Nevada Corp. | New | 1.39% | +1.39 |
| AG First Majestic Silver Corp. | New | 1.13% | +1.13 |
| CDE Coeur Mining Inc. | New | 1.04% | +1.04 |
| TRI Thomson Reuters Corp. | Add +430.9% | 1.24% | +0.88 |
| MARSH & MCLENNAN COS INC (MRSH 4.35 01/30/47) | New | 0.64% | +0.64 |
| BSX Boston Scientific Corp. | Add +968.9% | 0.75% | +0.63 |
| SHOP Shopify Inc. Class A | Add +84.9% | 2.77% | +0.62 |
| TTEK Tetra Tech Inc. | New | 0.57% | +0.57 |
| CVE Cenovus Energy Inc. | Add +24.7% | 1.13% | +0.52 |
| BN Brookfield Corp. | Add +58.5% | 2.03% | +0.49 |
| STN Stantec Inc. | Add +87.0% | 1.28% | +0.49 |
| NFLX Netflix Inc. | Add +261.4% | 0.65% | +0.47 |
| MTA Metalla Royalty & Streaming | New | 0.44% | +0.44 |
| ELE Elemental Royalty Corp. | New | 0.42% | +0.42 |
| SUNB Sunbelt Rentals Holdings Inc. | New | 0.39% | +0.39 |
| SSRM SSR Mining Inc. | Add +8.5% | 1.25% | +0.34 |
| CNQ Canadian Natural Resources | Add +0.1% | 1.22% | +0.33 |
| UUUU Energy Fuels Inc. | Add +11.6% | 1.17% | +0.30 |
| TECK Teck Resources Ltd.-CLS B | Add +10.3% | 1.72% | +0.20 |
| KGC Kinross Gold Corp. | Add +14.2% | 1.13% | +0.17 |
| SAP Sap SE-Sponsored ADR | Add +108.5% | 0.57% | +0.16 |
| KKR KKR & Co. Inc. | Add +80.0% | 0.78% | +0.15 |
| ABT Abbott Laboratories | Add +53.7% | 0.91% | +0.14 |
| IAG Iamgold Corp. | Add +3.2% | 1.13% | +0.11 |
| HBM Hudbay Minerals Inc. | Add +8.3% | 1.13% | +0.08 |
| CSGP Costar Group Inc. | Add +93.8% | 1.02% | +0.07 |
| AVGO Broadcom Inc. | Add +27.3% | 1.44% | +0.07 |
| EQX Equinox Gold Corp. | Add +8.8% | 1.02% | +0.06 |
| TTE Totalenergies SE | Add +13.8% | 0.14% | +0.05 |
| TMUS T-Mobile US Inc. | Add +5.7% | 1.40% | +0.05 |
| OR Or Royalties Inc. | Add +1.1% | 1.59% | +0.04 |
| BHP BHP Group Ltd.-Spon ADR | Add +14.4% | 0.17% | +0.04 |
| RIO Rio Tinto PLC-Spon ADR | Add +14.5% | 0.20% | +0.04 |
| BNS Bank of Nova Scotia | Add +15.9% | 1.17% | +0.04 |
| FSV Firstservice Corp. | Add +23.3% | 0.80% | +0.03 |
| MDA Mda Space Ltd. | New | 0.03% | +0.03 |
| URI United Rentals Inc. | Add +22.4% | 0.97% | +0.03 |
| ALLE Allegion PLC | Add +23.0% | 0.54% | +0.02 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +14.0% | 0.17% | +0.02 |
| IMO Imperial Oil Ltd. | Add +0.4% | 0.06% | +0.02 |
| IGF iShares Global Infrastructur | Add +4.3% | 0.24% | +0.02 |
| SMFG Sumitomo Mitsui-Spons ADR | Add +14.1% | 0.17% | +0.02 |
| LMT Lockheed Martin Corp. | Add +189.4% | 0.02% | +0.02 |
| CIGI Colliers Intl GR-Subord Vot | Add +46.6% | 1.53% | +0.01 |
| BNY Bank of New York Mellon Corp. | Add +4.5% | 0.66% | +0.01 |
| CBOE Cboe Global Markets Inc. | Add +32.9% | 0.03% | +0.01 |
| IEFA iShares Core MSCI Eafe ETF | Add +4.5% | 1.63% | +0.01 |
| WAT Waters Corp. | New | 0.01% | +0.01 |
| KO The Coca-Cola Co. | New | 0.00% | +0.00 |
| ECL Ecolab 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 |