Mackenzie Financial Corp.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Mackenzie Financial Corp. reported 1,659 stock positions worth $70.3 billion. Its top holding was Royal Bank of Canada (RY) at 3.7% of the portfolio, followed by Microsoft (MSFT, 2.9%) and Apple (AAPL, 2.8%). Compared with Q4 2024, it opened 137 new positions, sold out of 168, added to 818 and reduced 558. The biggest buy was Toronto-Dominion Bank (TD, shares +5%) and the biggest sale Nvidia (NVDA, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO ONTARIO, A6
- CIK
- 0000919859
- Portfolio Value
- $70.3B (Q1 2025)
- SEC Filing
- 0001062993-25-008740 ↗ filed May 7, 2025
Holdings Value
Holdings 1,659 stocks · $70.3B
| RY Royal Bank of Canada | 3.72% | 23,198,680 | $2.6B | Reduce -0.3% |
| MSFT Microsoft Corp. | 2.90% | 5,424,255 | $2.0B | Reduce -4.5% |
| AAPL Apple Inc. | 2.76% | 8,738,019 | $1.9B | Reduce -2.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.55% | 3,204,654 | $1.8B | Reduce -4.9% |
| TD Toronto-Dominion Bank | 2.49% | 29,252,736 | $1.8B | Add +4.5% |
| CP Canadian Pacific Kansas City | 1.63% | 16,347,804 | $1.1B | Add +6.5% |
| AMZN Amazon.com Inc. | 1.49% | 5,519,084 | $1.1B | Reduce -12.5% |
| CNQ Canadian Natural Resources | 1.45% | 33,100,240 | $1.0B | Add +4.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.38% | 10,169,333 | $971.1M | Reduce -16.8% |
| AEM Agnico Eagle Mines Ltd. | 1.33% | 8,617,626 | $933.6M | Reduce -0.5% |
| WCN Waste Connections Inc. | 1.27% | 4,575,547 | $892.0M | Add +5.8% |
| GOOGL Alphabet Inc. Class A | 1.25% | 5,693,327 | $880.4M | Reduce -0.8% |
| NVDA Nvidia Corp. | 1.24% | 8,052,365 | $872.7M | Reduce -12.1% |
| BN Brookfield Corp. | 1.20% | 16,069,343 | $841.0M | Reduce -4.0% |
| CNI Canadian Natl Railway Co. | 1.19% | 8,571,806 | $834.1M | Add +6.3% |
| SHOP Shopify Inc. Class A | 1.17% | 8,648,734 | $822.7M | Add +19.8% |
| ENB Enbridge Inc. | 1.15% | 18,301,835 | $810.0M | Reduce -3.1% |
| MFC Manulife Financial Corp. | 1.09% | 24,669,585 | $768.7M | Add +0.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.02% | 15,158,112 | $718.7M | Add +2.5% |
| SLF Sun Life Financial Inc. | 0.98% | 12,102,412 | $692.6M | Reduce -6.5% |
| ROP Roper Technologies Inc. | 0.97% | 1,158,230 | $682.9M | Reduce -0.6% |
| META Meta Platforms Inc. Class A | 0.95% | 1,164,674 | $671.3M | Reduce -11.9% |
| JPM JPMorgan Chase & Co. | 0.91% | 2,600,651 | $637.9M | Reduce -1.8% |
| TRP TC Energy Corp. | 0.89% | 13,239,669 | $625.2M | Add +7.7% |
| SU Suncor Energy Inc. | 0.85% | 15,377,546 | $595.4M | Add +18.6% |
| SPGI S&P Global Inc. | 0.83% | 1,154,315 | $586.5M | Reduce -0.9% |
| V Visa Inc. Class A | 0.82% | 1,644,002 | $576.2M | Reduce -4.7% |
| STN Stantec Inc. | 0.82% | 6,936,608 | $574.9M | Reduce -2.8% |
| PM Philip Morris International | 0.81% | 3,583,903 | $568.9M | Add +7.3% |
| TRI Thomson Reuters Corp. | 0.80% | 3,263,471 | $563.1M | Reduce -9.7% |
| JNJ Johnson & Johnson | 0.80% | 3,383,687 | $561.2M | Add +8.9% |
| BAM Brookfield Asset Mgmt-A | 0.77% | 11,118,077 | $538.2M | Reduce -6.0% |
| AON Aon PLC Class A | 0.76% | 1,336,295 | $533.3M | Reduce -10.8% |
| PBA Pembina Pipeline Corp. | 0.76% | 13,316,934 | $532.6M | Reduce -4.4% |
| ABBV Abbvie Inc. | 0.74% | 2,499,736 | $523.7M | Add +2.6% |
| SYK Stryker Corp. | 0.74% | 1,396,109 | $519.7M | Reduce -1.5% |
| MA Mastercard Inc. Class A | 0.69% | 888,682 | $487.1M | Reduce -15.4% |
| ADP Automatic Data Processing | 0.69% | 1,585,704 | $484.5M | Add +128.1% |
| GIB Cgi Inc. | 0.68% | 4,755,285 | $474.7M | Add +0.9% |
| TU Telus Corp. | 0.67% | 33,018,909 | $473.6M | Reduce -32.9% |
| AGG iShares Core U.S. Aggregate | 0.66% | 4,722,900 | $467.2M | Add +0.2% |
| LIN Linde PLC | 0.61% | 926,131 | $431.2M | Reduce -12.6% |
| WMB Williams Cos Inc. | 0.58% | 6,820,721 | $407.6M | Reduce -7.1% |
| MSI Motorola Solutions Inc. | 0.57% | 908,732 | $397.9M | Reduce -10.2% |
| CAE Cae Inc. | 0.56% | 16,042,746 | $394.4M | Reduce -0.6% |
| TMO Thermo Fisher Scientific Inc. | 0.56% | 785,388 | $390.8M | Reduce -13.1% |
| NTR Nutrien Ltd. | 0.55% | 7,855,609 | $389.9M | Add +0.7% |
| DSGX The Descartes Systems Grp | 0.55% | 3,864,448 | $389.0M | Reduce -21.9% |
| AVGO Broadcom Inc. | 0.54% | 2,267,976 | $379.7M | Reduce -15.9% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.53% | 6,597,947 | $371.1M | Reduce -3.5% |
| ACN Accenture PLC Class A | 0.52% | 1,173,652 | $366.2M | Reduce -34.6% |
| CL Colgate-Palmolive Co. | 0.52% | 3,892,865 | $364.8M | Add +1.5% |
| XOM Exxon Mobil Corp. | 0.51% | 3,013,948 | $358.4M | Reduce -1.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.49% | 641,298 | $341.5M | Reduce -12.1% |
| TLT iShares 20+ Year Treasury BD | 0.48% | 3,731,800 | $339.7M | Reduce -4.6% |
| ALC Alcon Inc. filed as ALCON AG | 0.47% | 3,488,458 | $331.0M | Reduce -9.3% |
| UNH Unitedhealth Group Inc. | 0.47% | 628,768 | $329.3M | Reduce -9.7% |
| QSR Restaurant Brands Intern | 0.47% | 4,912,807 | $327.5M | Add +17.1% |
| HD Home Depot Inc. | 0.45% | 866,902 | $317.7M | Add +34.8% |
| CME Cme Group Inc. | 0.44% | 1,169,209 | $310.2M | Add +1.5% |
| PG The Procter & Gamble Co. | 0.44% | 1,802,509 | $307.2M | Add +5.5% |
| IT Gartner Inc. | 0.43% | 728,398 | $305.7M | Reduce -4.2% |
| UNP Union Pacific Corp. | 0.43% | 1,287,672 | $304.2M | Reduce -3.0% |
| B Barrick Gold Corp. | 0.43% | 15,614,848 | $303.2M | Add +1.9% |
| ZTS Zoetis Inc. | 0.43% | 1,824,967 | $300.5M | Add +4158.3% |
| WMT Walmart Inc. | 0.40% | 3,204,440 | $281.3M | Reduce -14.5% |
| GILD Gilead Sciences Inc. | 0.40% | 2,500,209 | $280.1M | Add +345.7% |
| MCD McDonald's Corp. | 0.40% | 894,943 | $279.6M | Reduce -7.4% |
| FNV Franco-Nevada Corp. | 0.39% | 1,756,344 | $276.2M | Add +16.0% |
| FTS Fortis Inc. | 0.39% | 6,036,617 | $275.0M | Reduce -1.5% |
| DUK Duke Energy Corp. | 0.39% | 2,251,170 | $274.6M | Reduce -2.4% |
| ORCL Oracle Corp. | 0.39% | 1,954,652 | $273.3M | Reduce -32.2% |
| CVE Cenovus Energy Inc. | 0.39% | 19,481,233 | $270.7M | Add +56.5% |
| T AT&T Inc. | 0.37% | 9,273,707 | $262.3M | Add +27.8% |
| KO The Coca-Cola Co. | 0.37% | 3,631,115 | $260.1M | Add +26.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.37% | 1,038,427 | $258.2M | Add +134.3% |
| KEYS Keysight Technologies Inc. | 0.35% | 1,643,175 | $246.1M | Reduce -6.4% |
| APH Amphenol Corp. Class A | 0.35% | 3,717,141 | $243.8M | Reduce -33.2% |
| MCK McKesson Corp. | 0.34% | 358,258 | $241.1M | Reduce -5.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.33% | 1,933,415 | $235.5M | Add +1.9% |
| BIP Brookfield Infrastructure Pa | 0.33% | 7,804,066 | $232.2M | Reduce -11.2% |
| WPM Wheaton Precious Metals Corp. | 0.33% | 2,983,416 | $231.5M | Reduce -7.4% |
| MSCI MSCI Inc. | 0.32% | 400,781 | $226.6M | Reduce -4.5% |
| RCI Rogers Communications Inc. Class B | 0.32% | 8,368,837 | $223.5M | Add +0.4% |
| TECK Teck Resources Ltd.-CLS B | 0.31% | 6,020,429 | $219.3M | Add +2.3% |
| MDT Medtronic PLC | 0.31% | 2,412,115 | $216.8M | Add +220.9% |
| LLY Eli Lilly & Co. | 0.30% | 252,434 | $208.5M | Reduce -8.0% |
| PGR Progressive Corp. | 0.29% | 732,586 | $207.3M | Reduce -12.6% |
| DHR Danaher Corp. | 0.28% | 975,609 | $200.0M | Reduce -41.5% |
| AKAM Akamai Technologies Inc. | 0.28% | 2,483,991 | $200.0M | Add +2.3% |
| ABT Abbott Laboratories | 0.28% | 1,484,457 | $196.9M | Reduce -33.4% |
| CRH CRH PLC | 0.28% | 2,231,187 | $196.3M | Reduce -13.3% |
| CSGP Costar Group Inc. | 0.28% | 2,463,354 | $195.2M | Reduce -16.1% |
| MMS Maximus Inc. | 0.27% | 2,787,398 | $190.1M | Add +0.2% |
| VRSK Verisk Analytics Inc. | 0.27% | 631,593 | $188.0M | Reduce -2.1% |
| EFA iShares MSCI Eafe ETF | 0.26% | 2,231,792 | $182.4M | Add +7.3% |
| NFLX Netflix Inc. | 0.26% | 195,023 | $181.9M | Reduce -32.9% |
| AGI Alamos Gold Inc. Class A | 0.26% | 6,787,022 | $181.3M | Reduce -7.9% |
| CRUS Cirrus Logic Inc. | 0.26% | 1,810,211 | $180.4M | Reduce -1.4% |
| MRSH Marsh & McLennan Cos | 0.25% | 731,080 | $178.4M | Reduce -5.0% |
Options reported separately and not counted above: HYG puts ($101K), C puts ($24K), EL puts ($24K), CFG puts ($22K), WFC puts ($22K), DVN puts ($9K), T puts ($8K).
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -12.1% | 1.24% | −0.44 |
| AMZN Amazon.com Inc. | Reduce -12.5% | 1.49% | −0.39 |
| MSFT Microsoft Corp. | Reduce -4.5% | 2.90% | −0.37 |
| ACN Accenture PLC Class A | Reduce -34.6% | 0.52% | −0.34 |
| CDNS Cadence Design SYS Inc. | Reduce -55.8% | 0.21% | −0.32 |
| AVGO Broadcom Inc. | Reduce -15.9% | 0.54% | −0.31 |
| AAPL Apple Inc. | Reduce -2.8% | 2.76% | −0.31 |
| ORCL Oracle Corp. | Reduce -32.2% | 0.39% | −0.27 |
| DHR Danaher Corp. | Reduce -41.5% | 0.28% | −0.24 |
| TU Telus Corp. | Reduce -32.9% | 0.67% | −0.24 |
| BMO Bank of Montreal | Reduce -16.8% | 1.38% | −0.23 |
| GOOGL Alphabet Inc. Class A | Reduce -0.8% | 1.25% | −0.23 |
| DSGX The Descartes Systems Grp | Reduce -21.9% | 0.55% | −0.21 |
| APH Amphenol Corp. Class A | Reduce -33.2% | 0.35% | −0.18 |
| TT Trane Technologies PLC | Reduce -40.3% | 0.23% | −0.17 |
| FERG Ferguson Enterprises Inc. | Reduce -95.2% | 0.01% | −0.16 |
| ADI Analog Devices Inc. | Reduce -66.5% | 0.07% | −0.14 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -4.9% | 2.55% | −0.14 |
| BDX Becton Dickinson and Co. | Reduce -68.4% | 0.07% | −0.14 |
| INTU Intuit Inc. | Reduce -53.3% | 0.11% | −0.12 |
| TSLA Tesla Inc. | Reduce -26.1% | 0.12% | −0.12 |
| BN Brookfield Corp. | Reduce -4.0% | 1.20% | −0.11 |
| BAM Brookfield Asset Mgmt-A | Reduce -6.0% | 0.77% | −0.11 |
| RYAAY Ryanair Holdings PLC-SP ADR | Sold out | 0.00% | −0.11 |
| RY Royal Bank of Canada | Reduce -0.3% | 3.72% | −0.11 |
| META Meta Platforms Inc. Class A | Reduce -11.9% | 0.95% | −0.10 |
| GOOG Alphabet Inc. Class C | Reduce -42.5% | 0.09% | −0.10 |
| NARI Inari Medical Inc. | Sold out | 0.00% | −0.09 |
| NFLX Netflix Inc. | Reduce -32.9% | 0.26% | −0.09 |
| MRK Merck & Co. Inc. | Reduce -33.9% | 0.15% | −0.09 |
| BX Blackstone Inc. | Reduce -17.1% | 0.21% | −0.09 |
| TMO Thermo Fisher Scientific Inc. | Reduce -13.1% | 0.56% | −0.09 |
| CLS Celestica Inc. | Reduce -79.1% | 0.02% | −0.08 |
| TFII Tfi International Inc. | Reduce -74.6% | 0.01% | −0.08 |
| NOW ServiceNow Inc. | Reduce -10.9% | 0.18% | −0.08 |
| MSI Motorola Solutions Inc. | Reduce -10.2% | 0.57% | −0.07 |
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −0.07 |
| LRCX Lam Research Corp. | Reduce -33.3% | 0.16% | −0.07 |
| IT Gartner Inc. | Reduce -4.2% | 0.43% | −0.07 |
| ISRG Intuitive Surgical Inc. | Reduce -26.8% | 0.18% | −0.07 |
| CRM Salesforce Inc. | Reduce -9.8% | 0.20% | −0.07 |
| ABT Abbott Laboratories | Reduce -33.4% | 0.28% | −0.06 |
| PEP Pepsico Inc. | Reduce -24.4% | 0.22% | −0.06 |
| SLF Sun Life Financial Inc. | Reduce -6.5% | 0.98% | −0.06 |
| WMT Walmart Inc. | Reduce -14.5% | 0.40% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -15.4% | 0.69% | −0.06 |
| CM Can Imperial BK of Commerce | Reduce -3.5% | 0.53% | −0.06 |
| EXLS Exlservice Holdings Inc. | Reduce -32.7% | 0.18% | −0.06 |
| TECH Bio-Techne Corp. | Reduce -7.7% | 0.21% | −0.06 |
| CPRT Copart Inc. | Reduce -22.3% | 0.22% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| TD Toronto-Dominion Bank | Add +4.5% | 2.49% | +0.46 |
| ZTS Zoetis Inc. | Add +4158.3% | 0.43% | +0.42 |
| ADP Automatic Data Processing | Add +128.1% | 0.69% | +0.41 |
| GILD Gilead Sciences Inc. | Add +345.7% | 0.40% | +0.33 |
| PM Philip Morris International | Add +7.3% | 0.81% | +0.26 |
| WCN Waste Connections Inc. | Add +5.8% | 1.27% | +0.26 |
| IBM Intl Business Machines Corp. | Add +134.3% | 0.37% | +0.23 |
| MDT Medtronic PLC | Add +220.9% | 0.31% | +0.23 |
| SU Suncor Energy Inc. | Add +18.6% | 0.85% | +0.22 |
| JNJ Johnson & Johnson | Add +8.9% | 0.80% | +0.19 |
| ABBV Abbvie Inc. | Add +2.6% | 0.74% | +0.15 |
| FNV Franco-Nevada Corp. | Add +16.0% | 0.39% | +0.15 |
| T AT&T Inc. | Add +27.8% | 0.37% | +0.15 |
| CVE Cenovus Energy Inc. | Add +56.5% | 0.39% | +0.13 |
| KO The Coca-Cola Co. | Add +26.2% | 0.37% | +0.13 |
| CSCO Cisco Systems Inc. | Add +99.1% | 0.23% | +0.12 |
| SHOP Shopify Inc. Class A | Add +19.8% | 1.17% | +0.12 |
| CNQ Canadian Natural Resources | Add +4.8% | 1.45% | +0.12 |
| CP Canadian Pacific Kansas City | Add +6.5% | 1.63% | +0.12 |
| EMR Emerson Electric Co. | Add +1053.8% | 0.12% | +0.11 |
| HD Home Depot Inc. | Add +34.8% | 0.45% | +0.11 |
| TRP TC Energy Corp. | Add +7.7% | 0.89% | +0.11 |
| B Barrick Gold Corp. | Add +1.9% | 0.43% | +0.11 |
| SYY Sysco Corp. | Add +1940.1% | 0.11% | +0.10 |
| CGNX Cognex Corp. | Add +126.2% | 0.20% | +0.10 |
| ALGN Align Technology Inc. | Add +4217.3% | 0.10% | +0.09 |
| QSR Restaurant Brands Intern | Add +17.1% | 0.47% | +0.09 |
| A Agilent Technologies Inc. | Add +141.5% | 0.16% | +0.08 |
| MS Morgan Stanley | Add +59.0% | 0.23% | +0.08 |
| NTR Nutrien Ltd. | Add +0.7% | 0.55% | +0.08 |
| CME Cme Group Inc. | Add +1.5% | 0.44% | +0.08 |
| VRSN Verisign Inc. | Add +23.5% | 0.20% | +0.07 |
| CVX Chevron Corp. | Add +17.7% | 0.25% | +0.07 |
| CNI Canadian Natl Railway Co. | Add +6.3% | 1.19% | +0.07 |
| OR Osisko Gold Royalties Ltd. | Add +52.2% | 0.15% | +0.07 |
| ROL Rollins Inc. | Add +3564.2% | 0.07% | +0.06 |
| MFC Manulife Financial Corp. | Add +0.2% | 1.09% | +0.06 |
| HEI Heico Corp. | New | 0.06% | +0.06 |
| MSM MSC Industrial Direct Co. Class A | Add +6108.1% | 0.06% | +0.06 |
| NFG National Fuel Gas Co. | Add +98.9% | 0.08% | +0.05 |
| ALL Allstate Corp. | Add +41.9% | 0.13% | +0.05 |
| AU Anglogold Ashanti PLC | Add +22.3% | 0.09% | +0.05 |
| RSG Republic Services Inc. | Add +25.6% | 0.13% | +0.05 |
| PG The Procter & Gamble Co. | Add +5.5% | 0.44% | +0.05 |
| MO Altria Group Inc. | Add +10.4% | 0.19% | +0.05 |
| EFA iShares MSCI Eafe ETF | Add +7.3% | 0.26% | +0.04 |
| CL Colgate-Palmolive Co. | Add +1.5% | 0.52% | +0.04 |
| LNTH Lantheus Holdings Inc. | Add +129.2% | 0.07% | +0.04 |
| YUM Yum! Brands Inc. | Add +254.8% | 0.05% | +0.04 |
| AGG iShares Core U.S. Aggregate | Add +0.2% | 0.66% | +0.04 |
Options Activity Q4 2024 → Q1 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | New | 727,600 | $101K |
| C Citigroup Inc. | put | New | 10,100 | $24K |
| EL Estee Lauder Companies Class A | put | New | 10,700 | $24K |
| CFG Citizens Financial Group | put | New | 17,800 | $22K |
| WFC Wells Fargo & Co. | put | New | 10,100 | $22K |
| DVN Devon Energy Corp. | put | New | 20,400 | $9K |
| T AT&T Inc. | put | New | 30,200 | $8K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | TR UNIT · principal | Sold out | 34,755 | $24.0Mbefore exit |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | IBOXX HI YD ETF · principal | Sold out | 27,199 | $640Kbefore exit |
| NEXTERA ENERGY INC (NEE 7.299 06/01/27) | UNIT 06/01/2027 | Sold out | 9,400 | $459Kbefore exit |
| BOEING CO/THE (BA 6 10/15/27) | DEP CONV PFD A | Sold out | 3,850 | $234Kbefore exit |
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 |