Mackenzie Financial Corp.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Mackenzie Financial Corp. reported 1,682 stock positions worth $82.6 billion. Its top holding was Royal Bank of Canada (RY) at 3.9% of the portfolio, followed by Microsoft (MSFT, 3.7%) and Nvidia (NVDA, 3.0%). Compared with Q2 2025, it opened 161 new positions, sold out of 165, added to 758 and reduced 653. The biggest buy was Nvidia (NVDA, shares +25%) and the biggest sale Alcon (ALC, shares −85%).

Most Recent 13F
Q2 2026
Location
TORONTO ONTARIO, A6
CIK
0000919859
Portfolio Value
$82.6B (Q3 2025)
SEC Filing
0001062993-25-016707 ↗ filed Nov 13, 2025

Holdings Value

0$20.0B$40.0B$60.0B$80.0B$100.0B Q1 2024: $69.1B Q1 2024 Q2 2024: $67.3B Q2 2024 Q3 2024: $71.9B Q3 2024 Q4 2024: $73.4B Q4 2024 Q1 2025: $70.3B Q1 2025 Q2 2025: $77.2B Q2 2025 Q3 2025: $82.6B $82.6B Q3 2025 Q4 2025: $84.4B Q4 2025 Q1 2026: $83.3B Q1 2026 Q2 2026: $100.0B Q2 2026

Holdings 1,682 stocks · $82.6B

RY Royal Bank of Canada 3.86% 21,618,422 $3.2B Reduce -3.4%
MSFT Microsoft Corp. 3.72% 5,933,741 $3.1B Add +4.8%
NVDA Nvidia Corp. 2.95% 13,060,671 $2.4B Add +25.4%
AAPL Apple Inc. 2.79% 9,060,674 $2.3B Add +4.3%
SPY SS SPDR S&P 500 ETF Trust-US 2.49% 3,088,911 $2.1B Reduce -3.9%
TD Toronto-Dominion Bank 2.48% 25,577,746 $2.0B Reduce -8.1%
GOOGL Alphabet Inc. Class A 1.95% 6,619,523 $1.6B Add +9.5%
AMZN Amazon.com Inc. 1.93% 7,255,989 $1.6B Add +13.1%
AEM Agnico Eagle Mines Ltd. 1.70% 8,354,827 $1.4B Reduce -4.8%
SHOP Shopify Inc. Class A 1.64% 9,133,454 $1.4B Reduce -1.7%
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.50% 9,516,315 $1.2B Reduce -5.3%
CP Canadian Pacific Kansas City 1.47% 16,342,402 $1.2B Reduce -0.9%
BN Brookfield Corp. 1.34% 16,129,049 $1.1B Reduce -1.2%
WCN Waste Connections Inc. 1.31% 6,136,218 $1.1B Add +17.6%
META Meta Platforms Inc. Class A 1.22% 1,372,276 $1.0B Add +13.2%
CNQ Canadian Natural Resources 1.20% 31,019,189 $991.6M Reduce -2.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.15% 14,698,686 $950.2M Reduce -2.9%
ENB Enbridge Inc. 1.06% 17,318,673 $873.5M Reduce -1.0%
MFC Manulife Financial Corp. 1.05% 27,822,300 $866.6M Add +25.6%
AVGO Broadcom Inc. 1.03% 2,577,275 $850.3M Add +9.6%
CNI Canadian Natl Railway Co. 0.99% 8,626,147 $813.3M Add +0.4%
JPM JPMorgan Chase & Co. 0.98% 2,566,099 $809.4M Add +1.2%
TRP TC Energy Corp. 0.88% 13,351,862 $725.8M Add +4.4%
JNJ Johnson & Johnson 0.82% 3,641,918 $675.3M Reduce -0.2%
STN Stantec Inc. 0.75% 5,774,911 $622.7M Reduce -6.3%
BAM Brookfield Asset Mgmt-A 0.73% 10,536,185 $599.5M Reduce -7.6%
SPGI S&P Global Inc. 0.67% 1,136,606 $553.2M Reduce -2.9%
AGG iShares Core U.S. Aggregate 0.67% 5,514,800 $552.9M Add +15.4%
SLF Sun Life Financial Inc. 0.66% 9,075,223 $544.8M Reduce -17.2%
V Visa Inc. Class A 0.64% 1,557,975 $531.9M Reduce -3.1%
FNV Franco-Nevada Corp. 0.64% 2,363,324 $525.9M Add +76.0%
CVE Cenovus Energy Inc. 0.63% 30,643,806 $520.2M Add +46.7%
ABBV Abbvie Inc. 0.63% 2,238,097 $518.2M Reduce -4.3%
ROP Roper Technologies Inc. 0.63% 1,035,424 $516.4M Reduce -6.0%
GIB Cgi Inc. 0.62% 5,741,467 $511.3M Add +7.0%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 0.62% 6,380,638 $509.8M Add +1.1%
TU Telus Corp. 0.62% 32,362,619 $509.6M Reduce -0.4%
LIN Linde PLC 0.61% 1,067,517 $507.1M Reduce -3.8%
MA Mastercard Inc. Class A 0.61% 883,349 $502.5M Add +0.8%
SU Suncor Energy Inc. 0.60% 11,880,317 $497.1M Reduce -17.1%
PBA Pembina Pipeline Corp. 0.58% 11,799,323 $477.0M Reduce -7.7%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.56% 3,198,579 $462.3M Add +81.3%
SYK Stryker Corp. 0.56% 1,243,545 $459.7M Reduce -5.9%
PM Philip Morris International 0.55% 2,819,943 $457.4M Reduce -21.3%
ADP Automatic Data Processing 0.53% 1,495,929 $439.1M Reduce -16.2%
MRSH Marsh & McLennan Cos 0.51% 2,102,286 $423.7M Reduce -8.0%
B Barrick Mining Corp. 0.51% 12,721,334 $417.7M Add +7.6%
MSI Motorola Solutions Inc. 0.50% 907,309 $414.9M Reduce -7.3%
WPM Wheaton Precious Metals Corp. 0.49% 3,648,753 $408.2M Add +2.2%
NTR Nutrien Ltd. 0.49% 6,914,275 $406.0M Reduce -3.0%
CAE Cae Inc. 0.48% 13,448,881 $398.2M Reduce -7.0%
HD Home Depot Inc. 0.47% 954,984 $386.9M Add +4.4%
XOM Exxon Mobil Corp. 0.45% 3,322,820 $374.6M Reduce -2.3%
TRI Thomson Reuters Corp. 0.45% 2,378,416 $369.2M Reduce -24.7%
CME Cme Group Inc. 0.42% 1,298,652 $350.9M Reduce -5.9%
TECK Teck Resources Ltd.-CLS B 0.41% 7,721,854 $338.7M Reduce -3.4%
AGI Alamos Gold Inc. Class A 0.40% 9,547,541 $332.7M Add +6.3%
WMB Williams Cos Inc. 0.40% 5,215,789 $330.4M Reduce -14.9%
TLT iShares 20+ Year Treasury BD 0.39% 3,627,200 $324.2M Reduce -1.5%
DSGX The Descartes Systems Grp 0.38% 3,315,493 $312.1M Reduce -15.9%
BRK.B Berkshire Hathaway Inc. Class B 0.37% 612,606 $308.0M Add +0.9%
CL Colgate-Palmolive Co. 0.37% 3,799,626 $303.7M Reduce -0.5%
BSX Boston Scientific Corp. 0.37% 3,103,508 $303.0M Add +93.5%
WMT Walmart Inc. 0.37% 2,934,519 $302.4M Add +2.8%
DUK Duke Energy Corp. 0.37% 2,437,566 $301.6M Reduce -9.1%
FSV Firstservice Corp. 0.36% 1,551,175 $295.5M Add +5.1%
UNP Union Pacific Corp. 0.36% 1,249,265 $295.3M Add +0.2%
ORCL Oracle Corp. 0.36% 1,049,530 $295.2M Reduce -10.7%
KGC Kinross Gold Corp. 0.35% 11,711,238 $290.6M Reduce -2.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.35% 1,018,410 $287.4M Reduce -21.7%
RCI Rogers Communications Inc. Class B 0.34% 8,161,532 $280.9M Add +7.0%
GIL Gildan Activewear Inc. 0.34% 4,858,829 $280.6M Add +9.6%
PG The Procter & Gamble Co. 0.33% 1,775,483 $272.8M Add +6.3%
UNH Unitedhealth Group Inc. 0.32% 761,856 $263.1M Reduce -4.7%
CSCO Cisco Systems Inc. 0.31% 3,732,847 $255.4M Reduce -12.9%
CRH CRH PLC 0.30% 2,072,785 $248.5M Reduce -3.2%
EMA Emera Inc. 0.30% 5,180,437 $248.5M Add +0.5%
APH Amphenol Corp. Class A 0.29% 1,963,420 $243.0M Reduce -42.1%
C Citigroup Inc. 0.29% 2,377,488 $241.3M Add +2.8%
MCD McDonald's Corp. 0.29% 793,281 $241.1M Add +2.0%
GILD Gilead Sciences Inc. 0.28% 2,063,924 $229.1M Reduce -18.4%
MCK McKesson Corp. 0.27% 292,975 $226.3M Reduce -16.4%
NFLX Netflix Inc. 0.27% 182,480 $218.8M Reduce -24.8%
LRCX Lam Research Corp. 0.26% 1,631,993 $218.5M Reduce -6.2%
KO The Coca-Cola Co. 0.26% 3,239,371 $214.8M Add +5.4%
ACN Accenture PLC Class A 0.25% 833,957 $205.7M Add +14.9%
MMS Maximus Inc. 0.25% 2,249,086 $205.5M Reduce -10.1%
ABT Abbott Laboratories 0.24% 1,507,609 $201.9M Add +2.0%
EFA iShares MSCI Eafe ETF 0.24% 2,146,831 $200.4M Reduce -4.1%
LLY Eli Lilly & Co. 0.24% 261,298 $199.4M Add +16.7%
AU Anglogold Ashanti PLC 0.24% 2,782,320 $195.7M Add +60.1%
DHR Danaher Corp. 0.23% 963,670 $191.1M Reduce -1.7%
GS Goldman Sachs Group Inc. 0.23% 237,163 $188.9M Add +17.6%
TT Trane Technologies PLC 0.23% 440,514 $185.9M Reduce -6.0%
ZTS Zoetis Inc. 0.23% 1,270,308 $185.9M Reduce -29.6%
DOO BRP Inc./Ca- Sub Voting 0.23% 3,057,000 $185.8M Add +7.4%
MDT Medtronic PLC 0.22% 1,949,700 $185.7M Reduce -2.3%
GOOG Alphabet Inc. Class C 0.22% 758,537 $184.7M Add +5.6%
RACE Ferrari NV 0.22% 376,824 $182.8M Add +44.9%
PH Parker Hannifin Corp. 0.22% 238,607 $180.9M Reduce -8.6%

Show all 1,682 holdings

Options reported separately and not counted above: HYG puts ($488K), HPE puts ($34K), LQD puts ($27K), MRK puts ($26K), DOW puts ($25K), WFC puts ($14K), UPS puts ($11K), CVS puts ($10K), TGT puts ($9K), SBUX puts ($9K), SLB puts ($8K), BBY puts ($7K), and 5 more.

Portfolio Sells Q2 2025 → Q3 2025

ALC Alcon Inc. Reduce -85.4% 0.05% −0.38
TRI Thomson Reuters Corp. Reduce -24.7% 0.45% −0.38
IT Gartner Inc. Reduce -75.3% 0.06% −0.34
PM Philip Morris International Reduce -21.3% 0.55% −0.29
SLF Sun Life Financial Inc. Reduce -17.2% 0.66% −0.29
MSCI MSCI Inc. Reduce -85.8% 0.04% −0.26
CP Canadian Pacific Kansas City Reduce -0.9% 1.47% −0.23
T AT&T Inc. Reduce -44.7% 0.19% −0.18
ROP Roper Technologies Inc. Reduce -6.0% 0.63% −0.18
ADP Automatic Data Processing Reduce -16.2% 0.53% −0.18
TD Toronto-Dominion Bank Reduce -8.1% 2.48% −0.18
NFLX Netflix Inc. Reduce -24.8% 0.27% −0.16
IBM Intl Business Machines Corp. Reduce -21.7% 0.35% −0.15
DSGX The Descartes Systems Grp Reduce -15.9% 0.38% −0.14
APH Amphenol Corp. Class A Reduce -42.1% 0.29% −0.14
ZTS Zoetis Inc. Reduce -29.6% 0.23% −0.14
MRSH Marsh & McLennan Cos Reduce -8.0% 0.51% −0.13
MO Altria Group Inc. Reduce -78.5% 0.04% −0.13
SPGI S&P Global Inc. Reduce -2.9% 0.67% −0.13
SYK Stryker Corp. Reduce -5.9% 0.56% −0.12
AON Aon PLC Class A Reduce -32.5% 0.20% −0.12
STN Stantec Inc. Reduce -6.3% 0.75% −0.12
CDNS Cadence Design SYS Inc. Reduce -53.0% 0.11% −0.11
VRSK Verisk Analytics Inc. Reduce -11.7% 0.22% −0.11
WMB Williams Cos Inc. Reduce -14.9% 0.40% −0.10
V Visa Inc. Class A Reduce -3.1% 0.64% −0.10
CNQ Canadian Natural Resources Reduce -2.5% 1.20% −0.09
SU Suncor Energy Inc. Reduce -17.1% 0.60% −0.09
BAM Brookfield Asset Mgmt-A Reduce -7.6% 0.73% −0.09
BIP Brookfield Infrastructure Pa Reduce -22.8% 0.21% −0.09
FTS Fortis Inc. Reduce -29.8% 0.20% −0.09
GILD Gilead Sciences Inc. Reduce -18.4% 0.28% −0.09
CL Colgate-Palmolive Co. Reduce -0.5% 0.37% −0.08
SPY SS SPDR S&P 500 ETF Trust-US Reduce -3.9% 2.49% −0.08
WAB Wabtec Corp. Reduce -44.5% 0.08% −0.08
CSCO Cisco Systems Inc. Reduce -12.9% 0.31% −0.08
VRSN Verisign Inc. Reduce -43.4% 0.07% −0.07
CME Cme Group Inc. Reduce -5.9% 0.42% −0.07
CAE Cae Inc. Reduce -7.0% 0.48% −0.07
LIN Linde PLC Reduce -3.8% 0.61% −0.06
CRM Salesforce Inc. Reduce -18.7% 0.12% −0.06
TU Telus Corp. Reduce -0.4% 0.62% −0.06
MCK McKesson Corp. Reduce -16.4% 0.27% −0.06
PGR Progressive Corp. Reduce -16.0% 0.15% −0.06
AMT American Tower Corp. Reduce -15.0% 0.13% −0.06
NOW ServiceNow Inc. Reduce -4.2% 0.21% −0.05
IRTC Irhythm Holdings Inc. Reduce -37.6% 0.09% −0.05
CPRT Copart Inc. Reduce -21.8% 0.10% −0.05
MGA Magna International Inc. Reduce -54.1% 0.05% −0.05
TCOM Trip.com Group Ltd.-ADR Reduce -82.5% 0.01% −0.05

Portfolio Buys Q2 2025 → Q3 2025

NVDA Nvidia Corp. Add +25.4% 2.95% +0.82
GOOGL Alphabet Inc. Class A Add +9.5% 1.95% +0.57
AAPL Apple Inc. Add +4.3% 2.79% +0.48
FNV Franco-Nevada Corp. Add +76.0% 0.64% +0.35
TJX TJX Companies Inc. Add +81.3% 0.56% +0.28
CVE Cenovus Energy Inc. Add +46.7% 0.63% +0.26
AVGO Broadcom Inc. Add +9.6% 1.03% +0.19
B Barrick Mining Corp. Add +7.6% 0.51% +0.19
BSX Boston Scientific Corp. Add +93.5% 0.37% +0.14
AU Anglogold Ashanti PLC Add +60.1% 0.24% +0.13
MFC Manulife Financial Corp. Add +25.6% 1.05% +0.13
ANET Arista Networks Inc. Add +193.5% 0.15% +0.11
AMZN Amazon.com Inc. Add +13.1% 1.93% +0.11
IAG Iamgold Corp. Add +46.9% 0.17% +0.10
NEM Newmont Corp. Add +201.7% 0.13% +0.10
CAT Caterpillar Inc. Add +84.2% 0.18% +0.09
AGI Alamos Gold Inc. Class A Add +6.3% 0.40% +0.09
MU Micron Technology Inc. Add +228.0% 0.12% +0.09
WPM Wheaton Precious Metals Corp. Add +2.2% 0.49% +0.08
MSFT Microsoft Corp. Add +4.8% 3.72% +0.07
APP AppLovin Corp. Class A Add +262.4% 0.09% +0.07
TRP TC Energy Corp. Add +4.4% 0.88% +0.07
BLK BlackRock Inc. Add +39.0% 0.22% +0.07
META Meta Platforms Inc. Class A Add +13.2% 1.22% +0.06
TSLA Tesla Inc. Add +11.1% 0.19% +0.06
PRIM Primoris Services Corp. Add +1093.2% 0.06% +0.06
GOOG Alphabet Inc. Class C Add +5.6% 0.22% +0.06
GIL Gildan Activewear Inc. Add +9.6% 0.34% +0.06
PLTR Palantir Technologies Inc. Class A Add +75.3% 0.10% +0.06
RACE Ferrari NV Add +44.9% 0.22% +0.06
AGG iShares Core U.S. Aggregate Add +15.4% 0.67% +0.06
WFG West Fraser Timber Co. Ltd. Add +89.5% 0.14% +0.06
AMD Advanced Micro Devices Add +136.1% 0.09% +0.05
IMO Imperial Oil Ltd. Add +56.0% 0.13% +0.05
WFC Wells Fargo & Co. Add +67.3% 0.13% +0.05
A Agilent Technologies Inc. Add +52.8% 0.15% +0.05
PFE Pfizer Inc. Add +119.6% 0.10% +0.05
TMO Thermo Fisher Scientific Inc. Add +29.4% 0.16% +0.05
RCI Rogers Communications Inc. Class B Add +7.0% 0.34% +0.05
DOO BRP Inc./Ca- Sub Voting Add +7.4% 0.23% +0.05
DG Dollar General Corp. Add +514.4% 0.05% +0.04
GS Goldman Sachs Group Inc. Add +17.6% 0.23% +0.04
WCN Waste Connections Inc. Add +17.6% 1.31% +0.04
BA The Boeing Co. Add +227.8% 0.06% +0.04
PAAS Pan American Silver Corp. Add +46.4% 0.09% +0.04
COF Capital One Financial Corp. Add +44.0% 0.16% +0.04
RTX RTX Corp. Add +20.8% 0.18% +0.04
ROL Rollins Inc. Add +62.3% 0.11% +0.04
INTC Intel Corp. Add +18.3% 0.10% +0.04
EQX Equinox Gold Corp. Add +61.7% 0.06% +0.04

Options Activity Q2 2025 → Q3 2025

HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Add +459.9% 6,973,300 $488K
HPE Hewlett Packard Enterprise put New 42,000 $34K
LQD Ishr Ibx Usd Invgd CB ETF-Ui put New 304,100 $27K
MRK Merck & Co. Inc. put New 12,300 $26K
DOW Dow Inc. put New 45,700 $25K
BMY Bristol-Myers Squibb Co. put Sold out 21,600 $16Kbefore exit
WFC Wells Fargo & Co. put Reduce -9.8% 11,900 $14K
UPS United Parcel Service Class B put New 12,700 $11K
CVS CVS Health Corp. put Reduce -6.0% 14,100 $10K
TGT Target Corp. put Add +9.5% 11,500 $9K
SBUX Starbucks Corp. put Add +14.7% 12,500 $9K
SLB SLB Ltd. put New 29,700 $8K
BBY Best Buy Co. Inc. put Reduce -9.9% 13,700 $7K
CSCO Cisco Systems Inc. put New 11,100 $7K
COP Conocophillips put Add +1.9% 10,900 $5K
OXY Occidental Petroleum Corp. put New 21,800 $5K
C Citigroup Inc. put Sold out 12,800 $4Kbefore exit
DVN Devon Energy Corp. put New 29,600 $4K
GILD Gilead Sciences Inc. put Sold out 12,600 $3Kbefore exit
KO The Coca-Cola Co. put Sold out 11,100 $3Kbefore exit
NEE Nextera Energy Inc. put New 13,900 $3K
T AT&T Inc. put Sold out 13,400 $2Kbefore exit
NKE Nike Inc. Class B put Sold out 16,700 $1Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,534$100.0BRY, TD, NVDA, SPY, AAPL
Q1 2026 1,406$83.3BRY, NVDA, AAPL, TD, SPY
Q4 2025 1,650$84.4BRY, MSFT, AAPL, NVDA, TD
Q3 2025 1,682$82.6BRY, MSFT, NVDA, AAPL, SPY
Q2 2025 1,686$77.2BRY, MSFT, TD, SPY, AAPL
Q1 2025 1,659$70.3BRY, MSFT, AAPL, SPY, TD
Q4 2024Amended 1,688$73.4BRY, MSFT, AAPL, SPY, TD
Q3 2024 1,573$71.9BRY, MSFT, SPY, AAPL, TD
Q2 2024 1,533$67.3BRY, MSFT, SPY, TD, AAPL
Q1 2024 1,518$69.1BRY, MSFT, SPY, TD, BMO