Mackenzie Financial Corp.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed May 2, 2025), Mackenzie Financial Corp. reported 1,688 stock positions worth $73.4 billion. Its top holding was Royal Bank of Canada (RY) at 3.8% of the portfolio, followed by Microsoft (MSFT, 3.3%) and Apple (AAPL, 3.1%). Compared with Q3 2024, it opened 238 new positions, sold out of 124, added to 757 and reduced 534. The biggest buy was Amazon.com (AMZN, shares +28%) and the biggest sale Royal Bank of Canada (RY, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO ONTARIO, A6
- CIK
- 0000919859
- Portfolio Value
- $73.4B (Q4 2024)
- SEC Filing
- 0001062993-25-008369 ↗ filed May 2, 2025
Holdings Value
Holdings 1,688 stocks · $73.4B
| RY Royal Bank of Canada | 3.82% | 23,274,594 | $2.8B | Reduce -5.4% |
| MSFT Microsoft Corp. | 3.26% | 5,680,071 | $2.4B | Add +9.9% |
| AAPL Apple Inc. | 3.07% | 8,989,756 | $2.3B | Add +18.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.69% | 3,368,985 | $2.0B | Add +8.6% |
| TD Toronto-Dominion Bank | 2.03% | 27,990,674 | $1.5B | Add +5.6% |
| AMZN Amazon.com Inc. | 1.89% | 6,310,367 | $1.4B | Add +28.1% |
| NVDA Nvidia Corp. | 1.68% | 9,157,041 | $1.2B | Add +14.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.61% | 12,215,628 | $1.2B | Add +15.4% |
| CP Canadian Pacific Kansas City | 1.51% | 15,348,282 | $1.1B | Add +1.8% |
| GOOGL Alphabet Inc. Class A | 1.48% | 5,740,792 | $1.1B | Reduce -5.4% |
| CNQ Canadian Natural Resources | 1.33% | 31,580,717 | $974.0M | Add +4.9% |
| BN Brookfield Corp. | 1.31% | 16,739,530 | $961.1M | Reduce -3.8% |
| CNI Canadian Natl Railway Co. | 1.12% | 8,066,218 | $818.2M | Reduce -9.8% |
| ENB Enbridge Inc. | 1.09% | 18,880,985 | $800.5M | Add +1.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.08% | 14,783,625 | $793.0M | Reduce -3.1% |
| META Meta Platforms Inc. Class A | 1.06% | 1,321,997 | $774.0M | Add +32.5% |
| SLF Sun Life Financial Inc. | 1.05% | 12,947,937 | $768.0M | Reduce -2.5% |
| SHOP Shopify Inc. Class A | 1.05% | 7,222,328 | $767.9M | Reduce -2.5% |
| MFC Manulife Financial Corp. | 1.03% | 24,614,416 | $755.4M | Add +0.9% |
| WCN Waste Connections Inc. | 1.01% | 4,324,863 | $741.1M | Add +3.6% |
| AEM Agnico Eagle Mines Ltd. | 0.92% | 8,658,605 | $676.7M | Reduce -0.4% |
| TU Telus Corp. | 0.91% | 49,232,693 | $667.8M | Add +22.6% |
| BAM Brookfield Asset Mgmt-A | 0.87% | 11,832,181 | $641.0M | Reduce -10.1% |
| JPM JPMorgan Chase & Co. | 0.86% | 2,646,963 | $634.5M | Reduce -6.4% |
| ACN Accenture PLC Class A | 0.86% | 1,795,344 | $631.6M | Add +0.2% |
| AVGO Broadcom Inc. | 0.85% | 2,695,694 | $625.0M | Add +7.3% |
| ROP Roper Technologies Inc. | 0.83% | 1,165,053 | $605.7M | Add +1.7% |
| SPGI S&P Global Inc. | 0.79% | 1,164,726 | $580.1M | Reduce -20.1% |
| TRI Thomson Reuters Corp. | 0.79% | 3,614,087 | $579.7M | Add +1.3% |
| TRP TC Energy Corp. | 0.78% | 12,293,961 | $572.3M | Reduce -14.7% |
| DSGX The Descartes Systems Grp | 0.77% | 4,947,789 | $561.8M | Add +130.4% |
| STN Stantec Inc. | 0.76% | 7,139,408 | $559.5M | Reduce -14.8% |
| MA Mastercard Inc. Class A | 0.75% | 1,050,291 | $553.1M | Add +26.3% |
| V Visa Inc. Class A | 0.74% | 1,724,642 | $545.1M | Reduce -3.1% |
| AON Aon PLC Class A | 0.73% | 1,498,753 | $538.3M | Reduce -7.1% |
| GIB Cgi Inc. | 0.70% | 4,713,654 | $515.2M | Reduce -3.7% |
| PBA Pembina Pipeline Corp. | 0.70% | 13,930,847 | $514.2M | Add +10.6% |
| SYK Stryker Corp. | 0.70% | 1,416,994 | $510.2M | Add +18.3% |
| ORCL Oracle Corp. | 0.65% | 2,883,060 | $480.4M | Add +13.1% |
| TMO Thermo Fisher Scientific Inc. | 0.64% | 903,938 | $470.3M | Reduce -2.0% |
| MSI Motorola Solutions Inc. | 0.64% | 1,012,266 | $467.9M | Add +1.9% |
| SU Suncor Energy Inc. | 0.63% | 12,966,689 | $462.3M | Reduce -5.8% |
| AGG iShares Core U.S. Aggregate | 0.62% | 4,713,300 | $456.7M | Add +9.3% |
| JNJ Johnson & Johnson | 0.61% | 3,105,606 | $449.1M | Reduce -7.3% |
| LIN Linde PLC | 0.60% | 1,060,008 | $443.8M | Reduce -17.9% |
| ABBV Abbvie Inc. | 0.59% | 2,437,299 | $433.1M | Add +4.7% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.59% | 6,835,795 | $432.0M | Add +41.1% |
| CAE Cae Inc. | 0.56% | 16,142,391 | $409.1M | Reduce -36.4% |
| PM Philip Morris International | 0.55% | 3,341,104 | $402.1M | Add +5.9% |
| WMB Williams Cos Inc. | 0.54% | 7,339,794 | $397.2M | Add +3.7% |
| CDNS Cadence Design SYS Inc. | 0.53% | 1,286,331 | $386.5M | Add +1.0% |
| APH Amphenol Corp. Class A | 0.53% | 5,564,252 | $386.4M | Add +108.8% |
| DHR Danaher Corp. | 0.52% | 1,666,144 | $382.5M | Add +47.2% |
| IT Gartner Inc. | 0.50% | 760,592 | $368.5M | Reduce -7.6% |
| UNH Unitedhealth Group Inc. | 0.48% | 695,945 | $352.1M | Add +3.2% |
| CL Colgate-Palmolive Co. | 0.48% | 3,836,582 | $348.8M | Add +4.1% |
| NTR Nutrien Ltd. | 0.48% | 7,800,691 | $348.7M | Reduce -5.5% |
| TLT iShares 20+ Year Treasury BD | 0.47% | 3,911,300 | $341.6M | Add +0.9% |
| WMT Walmart Inc. | 0.46% | 3,746,410 | $338.5M | Reduce -14.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.45% | 729,779 | $330.8M | Reduce -6.7% |
| XOM Exxon Mobil Corp. | 0.45% | 3,054,976 | $328.6M | Add +2.5% |
| ALC Alcon Inc. filed as ALCON AG | 0.45% | 3,847,835 | $326.6M | Reduce -1.7% |
| UNP Union Pacific Corp. | 0.41% | 1,326,920 | $302.6M | Add +1.7% |
| TT Trane Technologies PLC | 0.40% | 795,660 | $293.9M | Reduce -32.9% |
| PG The Procter & Gamble Co. | 0.39% | 1,708,975 | $286.5M | Add +1.0% |
| KEYS Keysight Technologies Inc. | 0.38% | 1,755,315 | $282.0M | Add +1.6% |
| MCD McDonald's Corp. | 0.38% | 966,580 | $280.2M | Add +21.6% |
| BIP Brookfield Infrastructure Pa | 0.38% | 8,784,509 | $278.9M | Add +8.0% |
| QSR Restaurant Brands Intern | 0.37% | 4,194,940 | $273.1M | Reduce -9.7% |
| CME Cme Group Inc. | 0.36% | 1,151,866 | $267.5M | Reduce -6.2% |
| NFLX Netflix Inc. | 0.35% | 290,776 | $259.2M | Add +28.3% |
| RCI Rogers Communications Inc. Class B | 0.35% | 8,331,824 | $255.9M | Reduce -16.0% |
| FTS Fortis Inc. | 0.35% | 6,130,453 | $254.5M | Reduce -0.6% |
| ABT Abbott Laboratories | 0.34% | 2,227,681 | $252.0M | Add +38.4% |
| MSCI MSCI Inc. | 0.34% | 419,429 | $251.7M | Add +3881.3% |
| HD Home Depot Inc. | 0.34% | 643,284 | $250.2M | Add +5.3% |
| DUK Duke Energy Corp. | 0.34% | 2,306,297 | $248.5M | Reduce -9.4% |
| TECK Teck Resources Ltd.-CLS B | 0.32% | 5,882,543 | $238.2M | Add +7.4% |
| CRH CRH PLC | 0.32% | 2,574,566 | $238.2M | Reduce -2.4% |
| B Barrick Gold Corp. | 0.32% | 15,318,376 | $237.3M | Add +1.9% |
| AKAM Akamai Technologies Inc. | 0.32% | 2,427,580 | $232.2M | Add +3.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.31% | 1,897,673 | $229.3M | Add +3.9% |
| BX Blackstone Inc. | 0.29% | 1,255,292 | $216.4M | Add +6.0% |
| MCK McKesson Corp. | 0.29% | 379,322 | $216.2M | Reduce -4.9% |
| LLY Eli Lilly & Co. | 0.29% | 274,481 | $211.9M | Add +2.1% |
| CSGP Costar Group Inc. | 0.29% | 2,935,559 | $210.2M | Add +4.6% |
| MMS Maximus Inc. | 0.28% | 2,782,150 | $207.7M | Add +2.0% |
| PEP Pepsico Inc. | 0.28% | 1,355,869 | $206.2M | Add +2.4% |
| ADP Automatic Data Processing | 0.28% | 695,264 | $203.5M | Reduce -2.9% |
| CPRT Copart Inc. | 0.28% | 3,514,874 | $201.7M | Add +19.8% |
| PGR Progressive Corp. | 0.27% | 837,917 | $200.8M | Add +2.7% |
| TECH Bio-Techne Corp. | 0.27% | 2,758,070 | $198.7M | Reduce -3.4% |
| CRM Salesforce Inc. | 0.27% | 585,861 | $195.9M | Add +100.3% |
| CVE Cenovus Energy Inc. | 0.26% | 12,446,229 | $188.5M | Add +0.9% |
| HQY Healthequity Inc. | 0.25% | 1,935,154 | $185.7M | Reduce -17.9% |
| NOW ServiceNow Inc. | 0.25% | 173,896 | $184.4M | Add +30.9% |
| CRUS Cirrus Logic Inc. | 0.25% | 1,835,186 | $182.7M | Add +12.0% |
| WPM Wheaton Precious Metals Corp. | 0.25% | 3,223,154 | $181.2M | Add +54.4% |
| CRL Charles River Laboratories | 0.25% | 977,073 | $180.4M | Add +0.6% |
| KO The Coca-Cola Co. | 0.24% | 2,877,410 | $179.1M | Reduce -28.9% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $25.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SPY SS SPDR S&P 500 ETF Trust-US | TR UNIT · principal | 34,755 | $24.0M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | IBOXX HI YD ETF · principal | 27,199 | $640K | New |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | 9,400 | $459K | New |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | 3,850 | $234K | New |
Total filed on the 13F, all lines: $73.4B.
Portfolio Sells Q3 2024 → Q4 2024
| RY Royal Bank of Canada | Reduce -5.4% | 3.82% | −0.45 |
| CNI Canadian Natl Railway Co. | Reduce -9.8% | 1.12% | −0.34 |
| BDX Becton Dickinson and Co. | Reduce -56.4% | 0.21% | −0.31 |
| SPGI S&P Global Inc. | Reduce -20.1% | 0.79% | −0.26 |
| LIN Linde PLC | Reduce -17.9% | 0.60% | −0.25 |
| TT Trane Technologies PLC | Reduce -32.9% | 0.40% | −0.24 |
| RCI Rogers Communications Inc. Class B | Reduce -16.0% | 0.35% | −0.21 |
| STN Stantec Inc. | Reduce -14.8% | 0.76% | −0.18 |
| TRP TC Energy Corp. | Reduce -14.7% | 0.78% | −0.17 |
| KO The Coca-Cola Co. | Reduce -28.9% | 0.24% | −0.16 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.0% | 0.64% | −0.15 |
| JNJ Johnson & Johnson | Reduce -7.3% | 0.61% | −0.14 |
| EXLS Exlservice Holdings Inc. | Reduce -43.7% | 0.24% | −0.13 |
| COP Conocophillips | Reduce -74.8% | 0.04% | −0.13 |
| AMT American Tower Corp. | Reduce -33.3% | 0.14% | −0.13 |
| AXONICS INC | Sold out | 0.00% | −0.12 |
| MRK Merck & Co. Inc. | Reduce -22.4% | 0.24% | −0.12 |
| CAE Cae Inc. | Reduce -36.4% | 0.56% | −0.11 |
| AGR Avangrid Inc. | Sold out | 0.00% | −0.10 |
| ALC Alcon Inc. | Reduce -1.7% | 0.45% | −0.10 |
| CVLT Commvault Systems Inc. | Reduce -65.0% | 0.05% | −0.10 |
| QSR Restaurant Brands Intern | Reduce -9.7% | 0.37% | −0.09 |
| FSV Firstservice Corp. | Reduce -27.7% | 0.20% | −0.08 |
| GIB Cgi Inc. | Reduce -3.7% | 0.70% | −0.08 |
| IT Gartner Inc. | Reduce -7.6% | 0.50% | −0.08 |
| SU Suncor Energy Inc. | Reduce -5.8% | 0.63% | −0.08 |
| NTR Nutrien Ltd. | Reduce -5.5% | 0.48% | −0.08 |
| BNS Bank of Nova Scotia | Reduce -3.1% | 1.08% | −0.08 |
| GWW WW Grainger Inc. | Reduce -38.6% | 0.12% | −0.07 |
| DUK Duke Energy Corp. | Reduce -9.4% | 0.34% | −0.07 |
| OTEX Open Text Corp. | Reduce -9.2% | 0.21% | −0.07 |
| PSN Parsons Corp. | Reduce -31.2% | 0.09% | −0.06 |
| SOBO South Bow Corp. | Reduce -60.5% | 0.04% | −0.06 |
| PAAS Pan American Silver Corp. | Reduce -58.8% | 0.04% | −0.06 |
| AEM Agnico Eagle Mines Ltd. | Reduce -0.4% | 0.92% | −0.05 |
| NOC Northrop Grumman Corp. | Reduce -19.8% | 0.12% | −0.05 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.7% | 0.45% | −0.05 |
| TECH Bio-Techne Corp. | Reduce -3.4% | 0.27% | −0.05 |
| PHM Pultegroup Inc. | Reduce -28.2% | 0.05% | −0.05 |
| DHI D.R. Horton Inc. | Reduce -47.0% | 0.03% | −0.04 |
| RACE Ferrari NV | Reduce -15.5% | 0.13% | −0.04 |
| BCE Bce Inc. | Reduce -7.8% | 0.07% | −0.04 |
| FTS Fortis Inc. | Reduce -0.6% | 0.35% | −0.04 |
| AON Aon PLC Class A | Reduce -7.1% | 0.73% | −0.04 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -17.1% | 0.11% | −0.04 |
| QCOM Qualcomm Inc. | Reduce -24.7% | 0.08% | −0.04 |
| DE Deere & Co. | Reduce -70.0% | 0.02% | −0.04 |
| AMED Amedisys Inc. | Reduce -37.0% | 0.05% | −0.04 |
| NEE Nextera Energy Inc. | Reduce -24.2% | 0.06% | −0.04 |
| WAT Waters Corp. | Reduce -34.2% | 0.07% | −0.04 |
Portfolio Buys Q3 2024 → Q4 2024
| AMZN Amazon.com Inc. | Add +28.1% | 1.89% | +0.61 |
| AAPL Apple Inc. | Add +18.4% | 3.07% | +0.61 |
| DSGX The Descartes Systems Grp | Add +130.4% | 0.77% | +0.46 |
| MSCI MSCI Inc. | Add +3881.3% | 0.34% | +0.33 |
| NVDA Nvidia Corp. | Add +14.3% | 1.68% | +0.32 |
| BMO Bank of Montreal | Add +15.4% | 1.61% | +0.29 |
| APH Amphenol Corp. Class A | Add +108.8% | 0.53% | +0.29 |
| META Meta Platforms Inc. Class A | Add +32.5% | 1.06% | +0.26 |
| AVGO Broadcom Inc. | Add +7.3% | 0.85% | +0.25 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +8.6% | 2.69% | +0.21 |
| MA Mastercard Inc. Class A | Add +26.3% | 0.75% | +0.18 |
| CM Can Imperial BK of Commerce | Add +41.1% | 0.59% | +0.18 |
| MSFT Microsoft Corp. | Add +9.9% | 3.26% | +0.17 |
| CRM Salesforce Inc. | Add +100.3% | 0.27% | +0.16 |
| TSLA Tesla Inc. | Add +53.8% | 0.24% | +0.13 |
| NFLX Netflix Inc. | Add +28.3% | 0.35% | +0.13 |
| VICI Vici Properties Inc. | Add +2437.5% | 0.13% | +0.13 |
| GS Goldman Sachs Group Inc. | Add +94.5% | 0.21% | +0.11 |
| T AT&T Inc. | Add +83.3% | 0.23% | +0.10 |
| MS Morgan Stanley | Add +180.5% | 0.15% | +0.10 |
| SYK Stryker Corp. | Add +18.3% | 0.70% | +0.09 |
| WMB Williams Cos Inc. | Add +3.7% | 0.54% | +0.09 |
| EXAS Exact Sciences Corp. | Add +107.7% | 0.22% | +0.09 |
| ABT Abbott Laboratories | Add +38.4% | 0.34% | +0.09 |
| NOW ServiceNow Inc. | Add +30.9% | 0.25% | +0.09 |
| DHR Danaher Corp. | Add +47.2% | 0.52% | +0.08 |
| WPM Wheaton Precious Metals Corp. | Add +54.4% | 0.25% | +0.07 |
| CPRT Copart Inc. | Add +19.8% | 0.28% | +0.06 |
| CLS Celestica Inc. | Add +39.3% | 0.10% | +0.06 |
| IDXX Idexx Laboratories Inc. | Add +236.5% | 0.09% | +0.06 |
| C Citigroup Inc. | Add +30.1% | 0.18% | +0.05 |
| ORCL Oracle Corp. | Add +13.1% | 0.65% | +0.05 |
| ELF Elf Beauty Inc. | Add +107.0% | 0.09% | +0.05 |
| MRSH Marsh & McLennan Cos | Add +36.1% | 0.22% | +0.05 |
| CDNS Cadence Design SYS Inc. | Add +1.0% | 0.53% | +0.05 |
| ISRG Intuitive Surgical Inc. | Add +19.0% | 0.24% | +0.05 |
| NARI Inari Medical Inc. | Add +59.7% | 0.09% | +0.05 |
| BKNG Booking Holdings Inc. | Add +24.1% | 0.15% | +0.05 |
| MCD McDonald's Corp. | Add +21.6% | 0.38% | +0.04 |
| BX Blackstone Inc. | Add +6.0% | 0.29% | +0.04 |
| ENB Enbridge Inc. | Add +1.7% | 1.09% | +0.04 |
| HON Honeywell International Inc. | Add +31.3% | 0.14% | +0.04 |
| WDAY Workday Inc. Class A | Add +78.5% | 0.09% | +0.04 |
| VRSK Verisk Analytics Inc. | Add +18.1% | 0.24% | +0.04 |
| FROG Jfrog Ltd. | Add +93.8% | 0.08% | +0.04 |
| SHW The Sherwin-Williams Co. | Add +44.7% | 0.18% | +0.04 |
| DV Doubleverify Holdings Inc. | Add +20.1% | 0.15% | +0.04 |
| CMA Comerica Inc. | New | 0.04% | +0.04 |
| DOO BRP Inc./Ca- Sub Voting | Add +71.7% | 0.11% | +0.03 |
| EQIX Equinix Inc. | Add +80.6% | 0.07% | +0.03 |
Options Activity Q3 2024 → Q4 2024
| MPLX MPLX LP | call | Sold out | 30,000 | $99Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | TR UNIT · principal | New | 34,755 | $24.0M |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | IBOXX HI YD ETF · principal | New | 27,199 | $640K |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | New | 9,400 | $459K |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | New | 3,850 | $234K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,534 | $100.0B | RY, TD, NVDA, SPY, AAPL |
| Q1 2026 | 1,406 | $83.3B | RY, NVDA, AAPL, TD, SPY |
| Q4 2025 | 1,650 | $84.4B | RY, MSFT, AAPL, NVDA, TD |
| Q3 2025 | 1,682 | $82.6B | RY, MSFT, NVDA, AAPL, SPY |
| Q2 2025 | 1,686 | $77.2B | RY, MSFT, TD, SPY, AAPL |
| Q1 2025 | 1,659 | $70.3B | RY, MSFT, AAPL, SPY, TD |
| Q4 2024Amended | 1,688 | $73.4B | RY, MSFT, AAPL, SPY, TD |
| Q3 2024 | 1,573 | $71.9B | RY, MSFT, SPY, AAPL, TD |
| Q2 2024 | 1,533 | $67.3B | RY, MSFT, SPY, TD, AAPL |
| Q1 2024 | 1,518 | $69.1B | RY, MSFT, SPY, TD, BMO |