Manitou Investment Management Ltd.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), Manitou Investment Management Ltd. reported 66 stock positions worth $514.4 million. Its top holding was Berkshire Hathaway Class B (BRK.B) at 17.4% of the portfolio, followed by Alphabet Class A (GOOGL, 10.1%) and Amazon.com (AMZN, 7.9%). Compared with Q4 2024, it opened 12 new positions, sold out of 1, added to 22 and reduced 6. The biggest buy was Berkshire Hathaway Class B (BRK.B, shares +5%) and the biggest sale Apple (AAPL, shares −36%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001657428
Portfolio Value
$514.4M (Q1 2025)
SEC Filing
0001062993-25-007486 ↗ filed Apr 15, 2025

Holdings Value

0$200.0M$400.0M$600.0M Q1 2024: $499.4M Q1 2024 Q2 2024: $447.0M Q2 2024 Q3 2024: $525.7M Q3 2024 Q4 2024: $506.2M Q4 2024 Q1 2025: $514.4M $514.4M Q1 2025 Q2 2025: $525.8M Q2 2025 Q3 2025: $573.2M Q3 2025 Q4 2025: $570.7M Q4 2025 Q1 2026: $505.6M Q1 2026 Q2 2026: $537.9M Q2 2026

Holdings 66 stocks · $514.4M
BRK.B Berkshire Hathaway Inc. Class B 17.36% 167,652 $89.3M Add +4.5%
GOOGL Alphabet Inc. Class A 10.10% 336,127 $52.0M Add +15.5%
AMZN Amazon.com Inc. 7.85% 212,310 $40.4M Add +10.3%
ROP Roper Technologies Inc. 7.81% 68,160 $40.2M Add +4.3%
MSFT Microsoft Corp. 7.59% 104,043 $39.1M Reduce -8.6%
MA Mastercard Inc. Class A 7.51% 70,484 $38.6M Add +3.8%
JPM JPMorgan Chase & Co. 5.35% 112,236 $27.5M Add +0.8%
HD Home Depot Inc. 4.92% 69,048 $25.3M Reduce -6.6%
IDXX Idexx Laboratories Inc. 4.59% 56,254 $23.6M Add +7.8%
APH Amphenol Corp. Class A 4.24% 332,563 $21.8M Add +42.6%
AAPL Apple Inc. 3.91% 90,665 $20.1M Reduce -35.6%
DHR Danaher Corp. 3.86% 96,931 $19.9M Add +4.6%
SYK Stryker Corp. 3.61% 49,952 $18.6M Add +3.8%
EW Edwards Lifesciences Corp. 2.67% 189,656 $13.7M Add +5.7%
BF.B Brown-Forman Corp. Class B 2.53% 383,104 $13.0M Add +7.8%
NKE Nike Inc. Class B 1.85% 149,718 $9.5M Add +137.9%
DEO Diageo PLC-Sponsored ADR 1.73% 84,700 $8.9M No change
BRK.A Berkshire Hathaway Inc. Class A 0.62% 4 $3.2M No change
BN Brookfield Corp. 0.55% 54,006 $2.8M Add +61.9%
V Visa Inc. Class A 0.28% 4,094 $1.4M Add +25.0%
CRH CRH PLC 0.23% 13,704 $1.2M Add +22.3%
CME Cme Group Inc. 0.21% 4,098 $1.1M Add +29.7%
MKL Markel Group Inc. 0.14% 390 $729K New
WBA Walgreens Boots Alliance Inc. 0.09% 41,476 $463K Add +3.7%
COST Costco Wholesale Corp. 0.04% 245 $232K Add +104.2%
JNJ Johnson & Johnson 0.03% 969 $161K Add +76.5%
GOOG Alphabet Inc. Class C 0.02% 800 $125K Add +29.0%
FRMO Frmo Corp. 0.02% 11,500 $95K New
WFC Wells Fargo & Co. 0.02% 1,220 $88K New
NVO Novo-Nordisk A/S-Spons ADR 0.02% 1,159 $80K No change
LIN Linde PLC 0.01% 157 $73K Add +91.5%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.01% 1,725 $72K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.01% 280 $70K New
LULU Lululemon Athletica Inc. 0.01% 245 $69K No change
APA Apa Corp. 0.01% 3,130 $66K New
USB US Bancorp 0.01% 1,510 $64K New
SHW The Sherwin-Williams Co. 0.01% 181 $63K No change
META Meta Platforms Inc. Class A 0.01% 105 $61K New
WHR Whirlpool Corp. 0.01% 559 $50K New
ENB Enbridge Inc. 0.01% 1,000 $44K No change
SOBO South Bow Corp. 0.01% 1,700 $43K No change
MMM 3M Co. 0.01% 290 $43K New
WELL Welltower Inc. 0.01% 270 $41K No change
HON Honeywell International Inc. 0.01% 165 $35K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 278 $34K No change
LLY Eli Lilly & Co. 0.01% 40 $33K No change
SAABY Saab AB-Unspr ADR 0.01% 1,650 $32K Reduce -50.0%
FAST Fastenal Co. 0.01% 392 $30K No change
RNMBY Rheinmetall AG-Unsp ADR 0.01% 100 $29K Reduce -50.0%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.01% 424 $28K No change
WSO Watsco Inc. 0.00% 50 $25K New
WMT Walmart Inc. 0.00% 255 $22K New
XRAY Dentsply Sirona Inc. 0.00% 1,451 $22K New
CAT Caterpillar Inc. 0.00% 65 $21K No change
KBGGY Kongsberg Gruppen ASA 0.00% 292 $21K Reduce -50.1%
NSRGY Nestle SA-Spons ADR 0.00% 210 $21K No change
LRLCY L'oreal-Unsponsored ADR 0.00% 256 $19K No change
ADDYY Adidas AG-Sponsored ADR 0.00% 130 $15K No change
PSA Public Storage 0.00% 27 $8K No change
EA Electronic Arts Inc. 0.00% 19 $3K No change
PENN Penn Entertainment Inc. 0.00% 119 $2K No change
ENVX Enovix Corp. 0.00% 140 $1K No change
REZI Resideo Technologies Inc. 0.00% 27 $478 No change
WAB Wabtec Corp. 0.00% 1 $181 No change
GTX Garrett Motion Inc. 0.00% 16 $134 No change
TRANSTEL SA COMMON 0.00% 33 $0 No change

Portfolio Sells Q4 2024 → Q1 2025
AAPL Apple Inc. Reduce -35.6% 3.91% −3.05
MSFT Microsoft Corp. Reduce -8.6% 7.59% −1.89
HD Home Depot Inc. Reduce -6.6% 4.92% −0.76
COF Capital One Financial Corp. Sold out 0.00% −0.02
KBGGY Kongsberg Gruppen ASA Reduce -50.1% 0.00% −0.00
SAABY Saab AB-Unspr ADR Reduce -50.0% 0.01% −0.00
RNMBY Rheinmetall AG-Unsp ADR Reduce -50.0% 0.01% +0.00

Portfolio Buys Q4 2024 → Q1 2025
BRK.B Berkshire Hathaway Inc. Class B Add +4.5% 17.36% +2.99
ROP Roper Technologies Inc. Add +4.3% 7.81% +1.10
APH Amphenol Corp. Class A Add +42.6% 4.24% +1.04
NKE Nike Inc. Class B Add +137.9% 1.85% +0.91
MA Mastercard Inc. Class A Add +3.8% 7.51% +0.44
IDXX Idexx Laboratories Inc. Add +7.8% 4.59% +0.33
SYK Stryker Corp. Add +3.8% 3.61% +0.19
BN Brookfield Corp. Add +61.9% 0.55% +0.17
MKL Markel Group Inc. New 0.14% +0.14
JPM JPMorgan Chase & Co. Add +0.8% 5.35% +0.08
V Visa Inc. Class A Add +25.0% 0.28% +0.07
CME Cme Group Inc. Add +29.7% 0.21% +0.07
EW Edwards Lifesciences Corp. Add +5.7% 2.67% +0.05
CRH CRH PLC Add +22.3% 0.23% +0.03
COST Costco Wholesale Corp. Add +104.2% 0.04% +0.02
FRMO Frmo Corp. New 0.02% +0.02
WFC Wells Fargo & Co. New 0.02% +0.02
WBA Walgreens Boots Alliance Inc. Add +3.7% 0.09% +0.02
JNJ Johnson & Johnson Add +76.5% 0.03% +0.02
IBM Intl Business Machines Corp. New 0.01% +0.01
APA Apa Corp. New 0.01% +0.01
USB US Bancorp New 0.01% +0.01
META Meta Platforms Inc. Class A New 0.01% +0.01
WHR Whirlpool Corp. New 0.01% +0.01
MMM 3M Co. New 0.01% +0.01
LIN Linde PLC Add +91.5% 0.01% +0.01
WSO Watsco Inc. New 0.00% +0.00
WMT Walmart Inc. New 0.00% +0.00
XRAY Dentsply Sirona Inc. New 0.00% +0.00
GOOG Alphabet Inc. Class C Add +29.0% 0.02% +0.00
BF.B Brown-Forman Corp. Class B Add +7.8% 2.53% −0.14
DHR Danaher Corp. Add +4.6% 3.86% −0.34
AMZN Amazon.com Inc. Add +10.3% 7.85% −0.49
GOOGL Alphabet Inc. Class A Add +15.5% 10.10% −0.78

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 48$537.9MBRK.B, GOOGL, AMZN, MSFT, APH
Q1 2026 52$505.6MBRK.B, GOOGL, AMZN, MSFT, ROP
Q4 2025 56$570.7MGOOGL, BRK.B, AMZN, MSFT, IDXX
Q3 2025 57$573.2MBRK.B, GOOGL, IDXX, MSFT, AMZN
Q2 2025 61$525.8MBRK.B, GOOGL, MSFT, IDXX, AMZN
Q1 2025 66$514.4MBRK.B, GOOGL, AMZN, ROP, MSFT
Q4 2024 55$506.2MBRK.B, GOOGL, MSFT, AMZN, MA
Q3 2024 55$525.7MBRK.B, MSFT, GOOGL, AAPL, ROP
Q2 2024 55$447.0MBRK.B, GOOGL, MSFT, AAPL, JPM
Q1 2024 54$499.4MBRK.B, GOOGL, MSFT, JPM, MA