Mackenzie Financial Corp.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Mackenzie Financial Corp. reported 1,650 stock positions worth $84.4 billion. Its top holding was Royal Bank of Canada (RY) at 4.3% of the portfolio, followed by Microsoft (MSFT, 3.2%) and Apple (AAPL, 3.0%). Compared with Q3 2025, it opened 128 new positions, sold out of 162, added to 801 and reduced 645. The biggest buy was Barrick Mining (B, shares +62%) and the biggest sale Microsoft (MSFT, shares −7%).

Most Recent 13F
Q2 2026
Location
TORONTO ONTARIO, A6
CIK
0000919859
Portfolio Value
$84.4B (Q4 2025)
SEC Filing
0001062993-26-001020 ↗ filed Feb 18, 2026

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 Q3 2025 Q4 2025: $84.4B $84.4B Q4 2025 Q1 2026: $83.3B Q1 2026 Q2 2026: $100.0B Q2 2026

Holdings 1,650 stocks · $84.4B

RY Royal Bank of Canada 4.26% 21,016,911 $3.6B Reduce -2.8%
MSFT Microsoft Corp. 3.19% 5,529,671 $2.7B Reduce -6.8%
AAPL Apple Inc. 2.97% 9,203,899 $2.5B Add +1.6%
NVDA Nvidia Corp. 2.95% 13,294,243 $2.5B Add +1.8%
TD Toronto-Dominion Bank 2.86% 25,536,772 $2.4B Reduce -0.2%
SPY SS SPDR S&P 500 ETF Trust-US 2.55% 3,139,015 $2.2B Add +1.6%
GOOGL Alphabet Inc. Class A 2.37% 6,386,637 $2.0B Reduce -3.5%
SHOP Shopify Inc. Class A 1.93% 9,961,097 $1.6B Add +9.1%
AMZN Amazon.com Inc. 1.84% 6,695,174 $1.6B Reduce -7.7%
AEM Agnico Eagle Mines Ltd. 1.76% 8,687,624 $1.5B Add +4.0%
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.43% 9,293,270 $1.2B Reduce -2.3%
CP Canadian Pacific Kansas City 1.41% 16,071,058 $1.2B Reduce -1.7%
BN Brookfield Corp. 1.30% 23,841,723 $1.1B Reduce -1.4%
CNQ Canadian Natural Resources 1.24% 30,927,340 $1.0B Reduce -0.3%
MFC Manulife Financial Corp. 1.23% 28,550,943 $1.0B Add +2.6%
WCN Waste Connections Inc. 1.18% 5,619,426 $999.6M Reduce -8.4%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO 1.17% 10,800,606 $986.2M Add +69.3%
META Meta Platforms Inc. Class A 1.13% 1,439,531 $956.8M Add +4.9%
JNJ Johnson & Johnson 1.09% 4,448,059 $918.5M Add +22.1%
B Barrick Mining Corp. 1.08% 20,591,745 $909.1M Add +61.9%
CNI Canadian Natl Railway Co. 1.04% 8,894,923 $882.0M Add +3.1%
ENB Enbridge Inc. 1.03% 18,163,267 $870.6M Add +4.9%
AVGO Broadcom Inc. 1.01% 2,453,194 $856.6M Reduce -4.8%
JPM JPMorgan Chase & Co. 0.97% 2,533,666 $817.8M Reduce -1.3%
TRP TC Energy Corp. 0.89% 13,418,206 $752.3M Add +0.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 0.85% 9,667,000 $713.8M Reduce -34.2%
AGG iShares Core U.S. Aggregate 0.69% 5,849,100 $584.5M Add +6.1%
GIB Cgi Inc. 0.64% 5,857,537 $543.7M Add +2.0%
SU Suncor Energy Inc. 0.63% 12,029,032 $534.4M Add +1.3%
LLY Eli Lilly & Co. 0.63% 491,313 $529.5M Add +88.0%
BAM Brookfield Asset Mgmt-A 0.61% 9,861,244 $518.3M Reduce -6.4%
V Visa Inc. Class A 0.60% 1,432,956 $505.7M Reduce -8.0%
CVE Cenovus Energy Inc. 0.58% 28,793,011 $489.9M Reduce -6.0%
MA Mastercard Inc. Class A 0.58% 843,011 $485.8M Reduce -4.6%
FNV Franco-Nevada Corp. 0.57% 2,305,983 $479.0M Reduce -2.4%
ABBV Abbvie Inc. 0.56% 2,076,162 $476.0M Reduce -7.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.56% 3,046,675 $472.4M Reduce -4.8%
SPGI S&P Global Inc. 0.56% 895,009 $471.4M Reduce -21.3%
WPM Wheaton Precious Metals Corp. 0.54% 3,844,967 $456.0M Add +5.4%
NTR Nutrien Ltd. 0.53% 7,219,733 $450.3M Add +4.4%
TU Telus Corp. 0.51% 33,318,398 $433.8M Add +3.0%
GIL Gildan Activewear Inc. 0.51% 6,860,108 $429.4M Add +41.2%
KGC Kinross Gold Corp. 0.49% 14,609,847 $417.1M Add +24.8%
PBA Pembina Pipeline Corp. 0.49% 10,913,565 $416.0M Reduce -7.5%
LIN Linde PLC 0.49% 964,918 $412.5M Reduce -9.6%
PM Philip Morris International 0.49% 2,534,865 $409.7M Reduce -10.1%
CAE Cae Inc. 0.49% 13,390,611 $409.7M Reduce -0.4%
WMT Walmart Inc. 0.48% 3,649,670 $407.7M Add +24.4%
STN Stantec Inc. 0.47% 4,174,379 $396.8M Reduce -27.7%
TECK Teck Resources Ltd.-CLS B 0.47% 8,258,250 $395.1M Add +7.0%
CME Cme Group Inc. 0.46% 1,421,493 $391.3M Add +9.5%
SLF Sun Life Financial Inc. 0.46% 6,208,589 $388.3M Reduce -31.6%
XOM Exxon Mobil Corp. 0.44% 3,081,012 $372.0M Reduce -7.3%
ROP Roper Technologies Inc. 0.43% 800,213 $359.5M Reduce -22.7%
CSCO Cisco Systems Inc. 0.39% 4,258,155 $329.0M Add +14.1%
BGSI Boyd Group Services Inc. 0.39% 2,050,220 $328.0M New
HD Home Depot Inc. 0.38% 925,090 $319.8M Reduce -3.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.38% 1,057,735 $318.9M Add +3.9%
TRI Thomson Reuters Corp. 0.37% 2,377,940 $315.2M Reduce -0.0%
LRCX Lam Research Corp. 0.37% 1,816,810 $315.1M Add +11.3%
KO The Coca-Cola Co. 0.37% 4,499,007 $314.6M Add +38.9%
TLT iShares 20+ Year Treasury BD 0.37% 3,542,900 $310.7M Reduce -2.3%
DUK Duke Energy Corp. 0.36% 2,604,736 $305.9M Add +6.9%
DSGX The Descartes Systems Grp 0.35% 3,371,562 $296.3M Add +1.7%
AGI Alamos Gold Inc. Class A 0.35% 7,502,887 $292.8M Reduce -21.4%
SYK Stryker Corp. 0.34% 819,994 $289.8M Reduce -34.1%
CL Colgate-Palmolive Co. 0.34% 3,651,653 $289.8M Reduce -3.9%
DHR Danaher Corp. 0.34% 1,256,234 $289.2M Add +30.4%
FSV Firstservice Corp. 0.33% 1,791,116 $278.2M Add +15.5%
MSI Motorola Solutions Inc. 0.33% 725,376 $278.0M Reduce -20.1%
WFC Wells Fargo & Co. 0.33% 2,948,717 $277.5M Add +123.1%
UNP Union Pacific Corp. 0.32% 1,171,221 $272.4M Reduce -6.3%
APH Amphenol Corp. Class A 0.32% 1,960,557 $266.5M Reduce -0.1%
MCD McDonald's Corp. 0.31% 850,435 $261.4M Add +7.2%
WMB Williams Cos Inc. 0.31% 4,348,815 $261.1M Reduce -16.6%
TTE Totalenergies SE 0.31% 3,936,879 $259.8M Add +176.0%
BRK.B Berkshire Hathaway Inc. Class B 0.30% 507,100 $254.9M Reduce -17.2%
RCI Rogers Communications Inc. Class B 0.29% 6,411,379 $242.1M Reduce -21.4%
CRH CRH PLC 0.29% 1,926,479 $241.9M Reduce -7.1%
AU Anglogold Ashanti PLC 0.28% 2,780,391 $239.7M Reduce -0.1%
GOOG Alphabet Inc. Class C 0.28% 757,376 $237.8M Reduce -0.1%
MDT Medtronic PLC 0.27% 2,348,465 $226.6M Add +20.4%
ACN Accenture PLC Class A 0.27% 834,951 $225.0M Add +0.1%
BLK BlackRock Inc. 0.26% 205,819 $222.5M Add +32.7%
UNH Unitedhealth Group Inc. 0.26% 665,243 $220.5M Reduce -12.7%
GILD Gilead Sciences Inc. 0.26% 1,778,545 $218.7M Reduce -13.8%
EMA Emera Inc. 0.25% 4,361,400 $214.6M Reduce -15.8%
EFA iShares MSCI Eafe ETF 0.25% 2,197,356 $211.5M Add +2.4%
PH Parker Hannifin Corp. 0.25% 237,511 $210.7M Reduce -0.5%
MCK McKesson Corp. 0.25% 251,595 $207.7M Reduce -14.1%
DOO BRP Inc./Ca- Sub Voting 0.25% 2,911,830 $207.7M Reduce -4.8%
PG The Procter & Gamble Co. 0.24% 1,433,647 $206.1M Reduce -19.3%
C Citigroup Inc. 0.24% 1,753,211 $205.1M Reduce -26.3%
HBM Hudbay Minerals Inc. 0.24% 10,178,626 $202.3M Add +116.1%
CAT Caterpillar Inc. 0.24% 345,505 $199.1M Add +11.4%
BSX Boston Scientific Corp. 0.23% 2,067,848 $198.1M Reduce -33.4%
NFLX Netflix Inc. 0.23% 2,103,041 $196.8M Add +15.3%
TSLA Tesla Inc. 0.23% 426,824 $193.6M Add +18.1%
COST Costco Wholesale Corp. 0.23% 223,248 $192.9M Add +29.6%
TMO Thermo Fisher Scientific Inc. 0.23% 329,666 $192.0M Add +19.2%

Show all 1,650 holdings

Options reported separately and not counted above: WFC puts ($24K), NEM puts ($22K), MCHP puts ($20K), SBUX puts ($19K), CCL puts ($15K), HPE puts ($9K), SLB puts ($8K), BMY puts ($8K), TGT puts ($8K), NFLX puts ($8K), DVN puts ($8K), HAL puts ($7K), and 4 more.

Portfolio Sells Q3 2025 → Q4 2025

MSFT Microsoft Corp. Reduce -6.8% 3.19% −0.54
MRSH Marsh & McLennan Cos Reduce -67.7% 0.15% −0.36
ADP Automatic Data Processing Reduce -58.8% 0.19% −0.34
BNS Bank of Nova Scotia Reduce -34.2% 0.85% −0.31
STN Stantec Inc. Reduce -27.7% 0.47% −0.28
ORCL Oracle Corp. Reduce -52.7% 0.12% −0.24
ZTS Zoetis Inc. Reduce -96.1% 0.01% −0.22
SYK Stryker Corp. Reduce -34.1% 0.34% −0.21
SLF Sun Life Financial Inc. Reduce -31.6% 0.46% −0.20
ROP Roper Technologies Inc. Reduce -22.7% 0.43% −0.20
VRSK Verisk Analytics Inc. Reduce -86.5% 0.03% −0.19
MSI Motorola Solutions Inc. Reduce -20.1% 0.33% −0.17
BSX Boston Scientific Corp. Reduce -33.4% 0.23% −0.13
LIN Linde PLC Reduce -9.6% 0.49% −0.13
WCN Waste Connections Inc. Reduce -8.4% 1.18% −0.12
SYY Sysco Corp. Reduce -82.8% 0.02% −0.12
RACE Ferrari NV Reduce -37.3% 0.10% −0.12
BAM Brookfield Asset Mgmt-A Reduce -6.4% 0.61% −0.11
SPGI S&P Global Inc. Reduce -21.3% 0.56% −0.11
AMT American Tower Corp. Reduce -84.0% 0.02% −0.11
QCOM Qualcomm Inc. Reduce -55.3% 0.08% −0.09
WMB Williams Cos Inc. Reduce -16.6% 0.31% −0.09
HD Home Depot Inc. Reduce -3.1% 0.38% −0.09
AMZN Amazon.com Inc. Reduce -7.7% 1.84% −0.09
PG The Procter & Gamble Co. Reduce -19.3% 0.24% −0.09
BIP Brookfield Infrastructure Pa Reduce -42.1% 0.13% −0.09
PBA Pembina Pipeline Corp. Reduce -7.5% 0.49% −0.09
EXAS Exact Sciences Corp. Reduce -70.4% 0.10% −0.08
SO The Southern Co. Reduce -77.2% 0.02% −0.08
CPRT Copart Inc. Reduce -71.9% 0.02% −0.08
PGR Progressive Corp. Reduce -45.5% 0.07% −0.08
TRI Thomson Reuters Corp. Reduce -0.0% 0.37% −0.07
ANET Arista Networks Inc. Reduce -41.0% 0.08% −0.07
BRK.B Berkshire Hathaway Inc. Class B Reduce -17.2% 0.30% −0.07
AZO AutoZone Inc. Reduce -51.3% 0.04% −0.07
FNV Franco-Nevada Corp. Reduce -2.4% 0.57% −0.07
PM Philip Morris International Reduce -10.1% 0.49% −0.07
BMO Bank of Montreal Reduce -2.3% 1.43% −0.07
ELF Elf Beauty Inc. Reduce -11.1% 0.07% −0.07
ABBV Abbvie Inc. Reduce -7.2% 0.56% −0.06
CP Canadian Pacific Kansas City Reduce -1.7% 1.41% −0.06
AON Aon PLC Class A Reduce -28.7% 0.14% −0.06
UNH Unitedhealth Group Inc. Reduce -12.7% 0.26% −0.06
NOW ServiceNow Inc. Reduce -10.4% 0.16% −0.06
AGI Alamos Gold Inc. Class A Reduce -21.4% 0.35% −0.06
MMS Maximus Inc. Reduce -16.4% 0.19% −0.06
RCI Rogers Communications Inc. Class B Reduce -21.4% 0.29% −0.05
VICI Vici Properties Inc. Reduce -30.2% 0.08% −0.05
CVE Cenovus Energy Inc. Reduce -6.0% 0.58% −0.05
C Citigroup Inc. Reduce -26.3% 0.24% −0.05

Portfolio Buys Q3 2025 → Q4 2025

B Barrick Mining Corp. Add +61.9% 1.08% +0.57
CM Can Imperial BK of Commerce Add +69.3% 1.17% +0.55
BGSI Boyd Group Services Inc. New 0.39% +0.39
LLY Eli Lilly & Co. Add +88.0% 0.63% +0.39
SHOP Shopify Inc. Class A Add +9.1% 1.93% +0.28
JNJ Johnson & Johnson Add +22.1% 1.09% +0.27
TTE Totalenergies SE Add +176.0% 0.31% +0.20
WFC Wells Fargo & Co. Add +123.1% 0.33% +0.19
MFC Manulife Financial Corp. Add +2.6% 1.23% +0.18
AAPL Apple Inc. Add +1.6% 2.97% +0.18
GIL Gildan Activewear Inc. Add +41.2% 0.51% +0.17
HBM Hudbay Minerals Inc. Add +116.1% 0.24% +0.15
KGC Kinross Gold Corp. Add +24.8% 0.49% +0.14
WMT Walmart Inc. Add +24.4% 0.48% +0.12
KO The Coca-Cola Co. Add +38.9% 0.37% +0.11
DHR Danaher Corp. Add +30.4% 0.34% +0.11
AZN Astrazeneca PLC-Spons ADR Add +161.1% 0.16% +0.11
LRCX Lam Research Corp. Add +11.3% 0.37% +0.11
NEE Nextera Energy Inc. Add +137.5% 0.17% +0.10
CLS Celestica Inc. Add +126.8% 0.16% +0.10
AMAT Applied Materials Inc. Add +89.6% 0.15% +0.08
AXP American Express Co. Add +291.8% 0.11% +0.08
CSCO Cisco Systems Inc. Add +14.1% 0.39% +0.08
DE Deere & Co. Add +298.5% 0.10% +0.07
CBOE Cboe Global Markets Inc. Add +80.2% 0.16% +0.07
EGO Eldorado Gold Corp. Add +904.1% 0.08% +0.07
PCAR Paccar Inc. Add +530.8% 0.08% +0.07
TMO Thermo Fisher Scientific Inc. Add +19.2% 0.23% +0.06
ROK Rockwell Automation Inc. Add +1091.3% 0.07% +0.06
MRK Merck & Co. Inc. Add +24.7% 0.18% +0.06
WDC Western Digital Corp. Add +63.6% 0.10% +0.06
AEM Agnico Eagle Mines Ltd. Add +4.0% 1.76% +0.06
CNI Canadian Natl Railway Co. Add +3.1% 1.04% +0.06
TECK Teck Resources Ltd.-CLS B Add +7.0% 0.47% +0.06
CAT Caterpillar Inc. Add +11.4% 0.24% +0.06
SPY SS SPDR S&P 500 ETF Trust-US Add +1.6% 2.55% +0.06
SLV iShares Silver Trust Add +57.3% 0.09% +0.05
MS Morgan Stanley Add +46.2% 0.13% +0.05
CCJ Cameco Corp. Add +42.8% 0.14% +0.05
MGA Magna International Inc. Add +70.4% 0.10% +0.05
WPM Wheaton Precious Metals Corp. Add +5.4% 0.54% +0.05
BLK BlackRock Inc. Add +32.7% 0.26% +0.04
SCCO Southern Copper Corp. Add +89.4% 0.08% +0.04
HYLB Xtrackers Usd High Yield Cor Add +3103.0% 0.05% +0.04
JKHY Jack Henry & Associates Inc. Add +4.0% 0.21% +0.04
MDT Medtronic PLC Add +20.4% 0.27% +0.04
NTR Nutrien Ltd. Add +4.4% 0.53% +0.04
ALGN Align Technology Inc. Add +18.4% 0.12% +0.04
CME Cme Group Inc. Add +9.5% 0.46% +0.04
NGD New Gold Inc. Add +71.3% 0.07% +0.04

Options Activity Q3 2025 → Q4 2025

HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 6,973,300 $488Kbefore exit
LQD Ishr Ibx Usd Invgd CB ETF-Ui put Sold out 304,100 $27Kbefore exit
MRK Merck & Co. Inc. put Sold out 12,300 $26Kbefore exit
DOW Dow Inc. put Sold out 45,700 $25Kbefore exit
WFC Wells Fargo & Co. put Add +158.0% 30,700 $24K
NEM Newmont Corp. put New 20,100 $22K
MCHP Microchip Technology Inc. put New 32,000 $20K
SBUX Starbucks Corp. put Reduce -8.8% 11,400 $19K
CCL Carnival Corp. put New 31,500 $15K
UPS United Parcel Service Class B put Sold out 12,700 $11Kbefore exit
CVS CVS Health Corp. put Sold out 14,100 $10Kbefore exit
HPE Hewlett Packard Enterprise put Reduce -2.4% 41,000 $9K
SLB SLB Ltd. put Reduce -11.8% 26,200 $8K
BMY Bristol-Myers Squibb Co. put New 18,500 $8K
TGT Target Corp. put Reduce -9.6% 10,400 $8K
NFLX Netflix Inc. put New 10,700 $8K
DVN Devon Energy Corp. put Reduce -7.1% 27,500 $8K
BBY Best Buy Co. Inc. put Sold out 13,700 $7Kbefore exit
CSCO Cisco Systems Inc. put Sold out 11,100 $7Kbefore exit
HAL Halliburton Co. put New 35,500 $7K
COP Conocophillips put Sold out 10,900 $5Kbefore exit
OXY Occidental Petroleum Corp. put Sold out 21,800 $5Kbefore exit
NEE Nextera Energy Inc. put Reduce -20.9% 11,000 $5K
SPY SS SPDR S&P 500 ETF Trust-US put New 304,900 $3K
NKE Nike Inc. Class B put New 17,300 $2K
HDB HDFC Bank Ltd.-ADR put New 13,000 $2K

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