Mackenzie Financial Corp.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Mackenzie Financial Corp. reported 1,686 stock positions worth $77.2 billion. Its top holding was Royal Bank of Canada (RY) at 3.8% of the portfolio, followed by Microsoft (MSFT, 3.6%) and Toronto-Dominion Bank (TD, 2.7%). Compared with Q1 2025, it opened 146 new positions, sold out of 120, added to 764 and reduced 543. The biggest buy was Nvidia (NVDA, shares +29%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO ONTARIO, A6
- CIK
- 0000919859
- Portfolio Value
- $77.2B (Q2 2025)
- SEC Filing
- 0001062993-25-014242 ↗ filed Aug 13, 2025
Holdings Value
Holdings 1,686 stocks · $77.2B
| RY Royal Bank of Canada | 3.82% | 22,385,915 | $3.0B | Reduce -3.5% |
| MSFT Microsoft Corp. | 3.65% | 5,661,415 | $2.8B | Add +4.4% |
| TD Toronto-Dominion Bank | 2.65% | 27,831,745 | $2.0B | Reduce -4.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 2.57% | 3,212,981 | $2.0B | Add +0.3% |
| AAPL Apple Inc. | 2.31% | 8,690,470 | $1.8B | Reduce -0.5% |
| NVDA Nvidia Corp. | 2.13% | 10,418,590 | $1.6B | Add +29.4% |
| AMZN Amazon.com Inc. | 1.82% | 6,415,852 | $1.4B | Add +16.3% |
| CP Canadian Pacific Kansas City | 1.70% | 16,498,767 | $1.3B | Add +0.9% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.44% | 10,051,692 | $1.1B | Reduce -1.2% |
| SHOP Shopify Inc. Class A | 1.39% | 9,291,485 | $1.1B | Add +7.4% |
| GOOGL Alphabet Inc. Class A | 1.38% | 6,043,314 | $1.1B | Add +6.2% |
| AEM Agnico Eagle Mines Ltd. | 1.36% | 8,778,276 | $1.0B | Add +1.9% |
| BN Brookfield Corp. | 1.31% | 16,319,256 | $1.0B | Add +1.6% |
| CNQ Canadian Natural Resources | 1.30% | 31,802,712 | $1.0B | Reduce -3.9% |
| WCN Waste Connections Inc. | 1.26% | 5,217,973 | $975.2M | Add +14.0% |
| CNI Canadian Natl Railway Co. | 1.16% | 8,590,209 | $895.6M | Add +0.2% |
| META Meta Platforms Inc. Class A | 1.16% | 1,212,325 | $894.8M | Add +4.1% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.09% | 15,143,129 | $837.9M | Reduce -0.1% |
| ENB Enbridge Inc. | 1.03% | 17,494,433 | $793.8M | Reduce -4.4% |
| JPM JPMorgan Chase & Co. | 0.95% | 2,535,489 | $735.1M | Reduce -2.5% |
| SLF Sun Life Financial Inc. | 0.95% | 10,957,260 | $729.5M | Reduce -9.5% |
| MFC Manulife Financial Corp. | 0.92% | 22,150,661 | $708.7M | Reduce -10.2% |
| STN Stantec Inc. | 0.87% | 6,166,496 | $671.4M | Reduce -11.1% |
| PM Philip Morris International | 0.85% | 3,585,002 | $652.9M | Add +0.0% |
| AVGO Broadcom Inc. | 0.84% | 2,351,794 | $648.3M | Add +3.7% |
| TRI Thomson Reuters Corp. | 0.82% | 3,159,302 | $635.7M | Reduce -3.2% |
| BAM Brookfield Asset Mgmt-A | 0.82% | 11,400,930 | $631.4M | Add +2.5% |
| TRP TC Energy Corp. | 0.81% | 12,794,068 | $625.0M | Reduce -3.4% |
| ROP Roper Technologies Inc. | 0.81% | 1,102,032 | $624.7M | Reduce -4.8% |
| SPGI S&P Global Inc. | 0.80% | 1,170,813 | $617.4M | Add +1.4% |
| V Visa Inc. Class A | 0.74% | 1,607,656 | $570.8M | Reduce -2.2% |
| GIB Cgi Inc. | 0.73% | 5,365,833 | $563.9M | Add +12.8% |
| JNJ Johnson & Johnson | 0.72% | 3,650,440 | $557.6M | Add +7.9% |
| ADP Automatic Data Processing | 0.71% | 1,784,778 | $550.4M | Add +12.6% |
| SU Suncor Energy Inc. | 0.70% | 14,324,290 | $536.9M | Reduce -6.8% |
| SYK Stryker Corp. | 0.68% | 1,320,980 | $522.6M | Reduce -5.4% |
| TU Telus Corp. | 0.68% | 32,489,760 | $522.1M | Reduce -1.6% |
| LIN Linde PLC | 0.67% | 1,109,411 | $520.5M | Add +19.8% |
| MRSH Marsh & McLennan Cos | 0.65% | 2,285,194 | $499.6M | Add +212.6% |
| MA Mastercard Inc. Class A | 0.64% | 876,163 | $492.4M | Reduce -1.4% |
| PBA Pembina Pipeline Corp. | 0.62% | 12,787,309 | $480.4M | Reduce -4.0% |
| AGG iShares Core U.S. Aggregate | 0.61% | 4,778,600 | $474.0M | Add +1.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 0.58% | 6,312,900 | $448.4M | Reduce -4.3% |
| ABBV Abbvie Inc. | 0.56% | 2,337,701 | $433.9M | Reduce -6.5% |
| CAE Cae Inc. | 0.55% | 14,452,999 | $423.9M | Reduce -9.9% |
| NTR Nutrien Ltd. | 0.54% | 7,129,452 | $415.7M | Reduce -9.2% |
| MSI Motorola Solutions Inc. | 0.53% | 978,248 | $411.3M | Add +7.7% |
| DSGX The Descartes Systems Grp | 0.52% | 3,944,757 | $401.0M | Add +2.1% |
| WMB Williams Cos Inc. | 0.50% | 6,129,539 | $385.0M | Reduce -10.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.50% | 1,300,058 | $383.2M | Add +25.2% |
| CME Cme Group Inc. | 0.49% | 1,379,851 | $380.3M | Add +18.0% |
| XOM Exxon Mobil Corp. | 0.48% | 3,402,038 | $366.7M | Add +12.9% |
| CL Colgate-Palmolive Co. | 0.45% | 3,819,973 | $347.2M | Reduce -1.9% |
| HD Home Depot Inc. | 0.43% | 914,455 | $335.3M | Add +5.5% |
| APH Amphenol Corp. Class A | 0.43% | 3,390,540 | $334.8M | Reduce -8.8% |
| ALC Alcon Inc. filed as ALCON AG | 0.43% | 3,726,036 | $329.0M | Add +6.8% |
| TLT iShares 20+ Year Treasury BD | 0.42% | 3,683,500 | $325.1M | Reduce -1.3% |
| NFLX Netflix Inc. | 0.42% | 242,740 | $325.1M | Add +24.5% |
| TECK Teck Resources Ltd.-CLS B | 0.42% | 7,989,715 | $323.3M | Add +32.7% |
| WPM Wheaton Precious Metals Corp. | 0.42% | 3,571,271 | $321.4M | Add +19.7% |
| DUK Duke Energy Corp. | 0.41% | 2,681,628 | $316.4M | Add +19.1% |
| IT Gartner Inc. | 0.40% | 772,620 | $312.3M | Add +6.1% |
| CSCO Cisco Systems Inc. | 0.39% | 4,285,084 | $297.3M | Add +63.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 607,176 | $294.9M | Reduce -5.3% |
| T AT&T Inc. | 0.37% | 9,952,407 | $288.0M | Add +7.3% |
| UNP Union Pacific Corp. | 0.37% | 1,246,724 | $286.8M | Reduce -3.2% |
| CVE Cenovus Energy Inc. | 0.37% | 20,890,672 | $284.4M | Add +7.2% |
| ZTS Zoetis Inc. | 0.36% | 1,804,781 | $281.5M | Reduce -1.1% |
| GILD Gilead Sciences Inc. | 0.36% | 2,528,049 | $280.3M | Add +1.1% |
| WMT Walmart Inc. | 0.36% | 2,853,743 | $279.0M | Reduce -10.9% |
| PG The Procter & Gamble Co. | 0.34% | 1,670,053 | $266.1M | Reduce -7.3% |
| FSV Firstservice Corp. | 0.33% | 1,475,463 | $257.6M | Add +100.8% |
| ORCL Oracle Corp. | 0.33% | 1,175,199 | $256.9M | Reduce -39.9% |
| MCK McKesson Corp. | 0.33% | 350,357 | $256.7M | Reduce -2.2% |
| VRSK Verisk Analytics Inc. | 0.33% | 806,170 | $251.1M | Add +27.6% |
| UNH Unitedhealth Group Inc. | 0.32% | 799,673 | $249.5M | Add +27.2% |
| B Barrick Mining Corp. | 0.32% | 11,827,704 | $246.4M | Reduce -24.3% |
| AON Aon PLC Class A | 0.32% | 683,556 | $243.9M | Reduce -48.9% |
| AGI Alamos Gold Inc. Class A | 0.31% | 8,979,615 | $239.0M | Add +32.3% |
| EMA Emera Inc. | 0.31% | 5,154,300 | $236.3M | New |
| MSCI MSCI Inc. | 0.30% | 405,235 | $233.7M | Add +1.1% |
| BIP Brookfield Infrastructure Pa | 0.30% | 6,858,976 | $229.9M | Reduce -12.1% |
| MCD McDonald's Corp. | 0.29% | 777,798 | $227.2M | Reduce -13.1% |
| RCI Rogers Communications Inc. Class B | 0.29% | 7,624,909 | $226.3M | Reduce -8.9% |
| FNV Franco-Nevada Corp. | 0.29% | 1,342,815 | $220.6M | Reduce -23.5% |
| GIL Gildan Activewear Inc. | 0.28% | 4,434,020 | $218.6M | Add +61.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.28% | 1,764,778 | $217.9M | Reduce -8.7% |
| FTS Fortis Inc. | 0.28% | 4,558,135 | $217.8M | Reduce -24.5% |
| KO The Coca-Cola Co. | 0.28% | 3,074,279 | $217.5M | Reduce -15.3% |
| ACN Accenture PLC Class A | 0.28% | 725,656 | $216.9M | Reduce -38.2% |
| NOW ServiceNow Inc. | 0.27% | 200,016 | $205.6M | Add +29.2% |
| TT Trane Technologies PLC | 0.27% | 468,667 | $205.0M | Reduce -1.3% |
| ABT Abbott Laboratories | 0.26% | 1,478,169 | $201.0M | Reduce -0.4% |
| EFA iShares MSCI Eafe ETF | 0.26% | 2,238,117 | $200.1M | Add +0.3% |
| C Citigroup Inc. | 0.26% | 2,312,253 | $196.8M | Add +12.6% |
| CRH CRH PLC | 0.25% | 2,141,758 | $196.6M | Reduce -4.0% |
| DHR Danaher Corp. | 0.25% | 980,631 | $193.7M | Add +0.5% |
| AKAM Akamai Technologies Inc. | 0.24% | 2,356,071 | $187.9M | Reduce -5.2% |
| KGC Kinross Gold Corp. | 0.24% | 12,008,405 | $187.8M | Reduce -10.2% |
| PH Parker Hannifin Corp. | 0.24% | 260,906 | $182.2M | Reduce -6.0% |
Options reported separately and not counted above: HYG puts ($75K), COP puts ($25K), BMY puts ($16K), SBUX puts ($15K), BBY puts ($8K), CVS puts ($7K), TGT puts ($7K), WFC puts ($6K), C puts ($4K), GILD puts ($3K), KO puts ($3K), T puts ($2K), and 1 more.
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.5% | 2.31% | −0.45 |
| TMO Thermo Fisher Scientific Inc. | Reduce -72.8% | 0.11% | −0.44 |
| AON Aon PLC Class A | Reduce -48.9% | 0.32% | −0.44 |
| QSR Restaurant Brands Intern | Reduce -60.8% | 0.17% | −0.30 |
| ACN Accenture PLC Class A | Reduce -38.2% | 0.28% | −0.24 |
| ABBV Abbvie Inc. | Reduce -6.5% | 0.56% | −0.18 |
| MFC Manulife Financial Corp. | Reduce -10.2% | 0.92% | −0.17 |
| ROP Roper Technologies Inc. | Reduce -4.8% | 0.81% | −0.16 |
| CNQ Canadian Natural Resources | Reduce -3.9% | 1.30% | −0.15 |
| SU Suncor Energy Inc. | Reduce -6.8% | 0.70% | −0.15 |
| MS Morgan Stanley | Reduce -69.5% | 0.08% | −0.15 |
| CVX Chevron Corp. | Reduce -47.1% | 0.10% | −0.14 |
| PBA Pembina Pipeline Corp. | Reduce -4.0% | 0.62% | −0.13 |
| KEYS Keysight Technologies Inc. | Reduce -35.8% | 0.22% | −0.13 |
| ENB Enbridge Inc. | Reduce -4.4% | 1.03% | −0.12 |
| B Barrick Mining Corp. | Reduce -24.3% | 0.32% | −0.11 |
| FTS Fortis Inc. | Reduce -24.5% | 0.28% | −0.11 |
| FNV Franco-Nevada Corp. | Reduce -23.5% | 0.29% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.3% | 0.38% | −0.10 |
| MCD McDonald's Corp. | Reduce -13.1% | 0.29% | −0.10 |
| OTEX Open Text Corp. | Reduce -49.4% | 0.11% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -7.3% | 0.34% | −0.09 |
| KO The Coca-Cola Co. | Reduce -15.3% | 0.28% | −0.09 |
| PGR Progressive Corp. | Reduce -18.2% | 0.21% | −0.09 |
| CSGP Costar Group Inc. | Reduce -24.3% | 0.19% | −0.08 |
| MDT Medtronic PLC | Reduce -17.3% | 0.23% | −0.08 |
| WMB Williams Cos Inc. | Reduce -10.1% | 0.50% | −0.08 |
| V Visa Inc. Class A | Reduce -2.2% | 0.74% | −0.08 |
| TRP TC Energy Corp. | Reduce -3.4% | 0.81% | −0.08 |
| FISV Fiserv Inc. | Reduce -73.9% | 0.02% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -11.3% | 0.23% | −0.07 |
| CL Colgate-Palmolive Co. | Reduce -1.9% | 0.45% | −0.07 |
| TENB Tenable Holdings Inc. | Reduce -28.2% | 0.12% | −0.07 |
| CPRT Copart Inc. | Reduce -12.5% | 0.15% | −0.07 |
| WAB Wabtec Corp. | Reduce -33.0% | 0.15% | −0.06 |
| ZTS Zoetis Inc. | Reduce -1.1% | 0.36% | −0.06 |
| TLT iShares 20+ Year Treasury BD | Reduce -1.3% | 0.42% | −0.06 |
| SYK Stryker Corp. | Reduce -5.4% | 0.68% | −0.06 |
| A Agilent Technologies Inc. | Reduce -34.4% | 0.09% | −0.06 |
| UNP Union Pacific Corp. | Reduce -3.2% | 0.37% | −0.06 |
| VRSN Verisign Inc. | Reduce -32.0% | 0.14% | −0.06 |
| BDX Becton Dickinson and Co. | Reduce -72.6% | 0.01% | −0.06 |
| MGA Magna International Inc. | Reduce -37.9% | 0.10% | −0.06 |
| ORCL Oracle Corp. | Reduce -39.9% | 0.33% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -1.4% | 0.64% | −0.05 |
| TJX TJX Companies Inc. | Reduce -8.7% | 0.28% | −0.05 |
| EQX Equinox Gold Corp. | Reduce -60.7% | 0.02% | −0.05 |
| EXLS Exlservice Holdings Inc. | Reduce -12.4% | 0.13% | −0.05 |
| CRUS Cirrus Logic Inc. | Reduce -13.6% | 0.21% | −0.05 |
| MMS Maximus Inc. | Reduce -10.2% | 0.23% | −0.04 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +29.4% | 2.13% | +0.89 |
| MSFT Microsoft Corp. | Add +4.4% | 3.65% | +0.75 |
| MRSH Marsh & McLennan Cos | Add +212.6% | 0.65% | +0.39 |
| AMZN Amazon.com Inc. | Add +16.3% | 1.82% | +0.33 |
| EMA Emera Inc. | New | 0.31% | +0.31 |
| AVGO Broadcom Inc. | Add +3.7% | 0.84% | +0.30 |
| SHOP Shopify Inc. Class A | Add +7.4% | 1.39% | +0.22 |
| META Meta Platforms Inc. Class A | Add +4.1% | 1.16% | +0.20 |
| NFLX Netflix Inc. | Add +24.5% | 0.42% | +0.16 |
| FSV Firstservice Corp. | Add +100.8% | 0.33% | +0.16 |
| CSCO Cisco Systems Inc. | Add +63.7% | 0.39% | +0.16 |
| IBM Intl Business Machines Corp. | Add +25.2% | 0.50% | +0.13 |
| GOOGL Alphabet Inc. Class A | Add +6.2% | 1.38% | +0.13 |
| BN Brookfield Corp. | Add +1.6% | 1.31% | +0.11 |
| BSX Boston Scientific Corp. | Add +107.9% | 0.22% | +0.11 |
| GIL Gildan Activewear Inc. | Add +61.9% | 0.28% | +0.11 |
| TECK Teck Resources Ltd.-CLS B | Add +32.7% | 0.42% | +0.11 |
| QCOM Qualcomm Inc. | Add +122.1% | 0.18% | +0.09 |
| NOW ServiceNow Inc. | Add +29.2% | 0.27% | +0.09 |
| SBUX Starbucks Corp. | Add +713.7% | 0.11% | +0.09 |
| UBER Uber Technologies Inc. | Add +126.1% | 0.15% | +0.09 |
| DOO BRP Inc./Ca- Sub Voting | Add +51.1% | 0.18% | +0.09 |
| WPM Wheaton Precious Metals Corp. | Add +19.7% | 0.42% | +0.09 |
| ELF Elf Beauty Inc. | Add +11.0% | 0.15% | +0.08 |
| GOOG Alphabet Inc. Class C | Add +72.0% | 0.17% | +0.07 |
| CP Canadian Pacific Kansas City | Add +0.9% | 1.70% | +0.07 |
| WFG West Fraser Timber Co. Ltd. | Add +407.6% | 0.09% | +0.07 |
| LIN Linde PLC | Add +19.8% | 0.67% | +0.06 |
| VRSK Verisk Analytics Inc. | Add +27.6% | 0.33% | +0.06 |
| LRCX Lam Research Corp. | Add +11.2% | 0.22% | +0.06 |
| GIB Cgi Inc. | Add +12.8% | 0.73% | +0.06 |
| PRCT Procept Biorobotics Corp. | New | 0.05% | +0.05 |
| BAM Brookfield Asset Mgmt-A | Add +2.5% | 0.82% | +0.05 |
| AGI Alamos Gold Inc. Class A | Add +32.3% | 0.31% | +0.05 |
| CME Cme Group Inc. | Add +18.0% | 0.49% | +0.05 |
| LOGI Logitech International-Reg | Add +2227.1% | 0.05% | +0.05 |
| IAG Iamgold Corp. | Add +183.5% | 0.07% | +0.05 |
| C Citigroup Inc. | Add +12.6% | 0.26% | +0.05 |
| RDDT Reddit Inc. Class A | New | 0.05% | +0.05 |
| PTC PTC Inc. | Add +1246.0% | 0.05% | +0.04 |
| PCG P G & E Corp. | Add +102.3% | 0.13% | +0.04 |
| KLAC KLA Corp. | Add +138.1% | 0.06% | +0.04 |
| ALGN Align Technology Inc. | Add +29.2% | 0.14% | +0.04 |
| INTU Intuit Inc. | Add +14.6% | 0.15% | +0.04 |
| ADI Analog Devices Inc. | Add +41.6% | 0.11% | +0.04 |
| PM Philip Morris International | Add +0.0% | 0.85% | +0.04 |
| IEFA iShares Core MSCI Eafe ETF | Add +165.7% | 0.06% | +0.04 |
| WAT Waters Corp. | Add +87.6% | 0.09% | +0.04 |
| JCI Johnson Controls Internation | Add +59.9% | 0.07% | +0.04 |
| RACE Ferrari NV | Add +21.3% | 0.17% | +0.04 |
Options Activity Q1 2025 → Q2 2025
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | put | Add +71.2% | 1,245,400 | $75K |
| COP Conocophillips | put | New | 10,700 | $25K |
| EL Estee Lauder Companies Class A | put | Sold out | 10,700 | $24Kbefore exit |
| CFG Citizens Financial Group | put | Sold out | 17,800 | $22Kbefore exit |
| BMY Bristol-Myers Squibb Co. | put | New | 21,600 | $16K |
| SBUX Starbucks Corp. | put | New | 10,900 | $15K |
| DVN Devon Energy Corp. | put | Sold out | 20,400 | $9Kbefore exit |
| BBY Best Buy Co. Inc. | put | New | 15,200 | $8K |
| CVS CVS Health Corp. | put | New | 15,000 | $7K |
| TGT Target Corp. | put | New | 10,500 | $7K |
| WFC Wells Fargo & Co. | put | Add +30.7% | 13,200 | $6K |
| C Citigroup Inc. | put | Add +26.7% | 12,800 | $4K |
| GILD Gilead Sciences Inc. | put | New | 12,600 | $3K |
| KO The Coca-Cola Co. | put | New | 11,100 | $3K |
| T AT&T Inc. | put | Reduce -55.6% | 13,400 | $2K |
| NKE Nike Inc. Class B | put | New | 16,700 | $1K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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 |