QV Investors Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 9, 2025), QV Investors Inc. reported 65 stock positions worth $990.4 million. Its top holding was Sun Life Financial (SLF) at 7.7% of the portfolio, followed by Enbridge (ENB, 6.8%) and Cgi (GIB, 6.1%). Compared with Q4 2024, it opened 6 new positions, sold out of 4, added to 18 and reduced 38. The biggest buy was a new position in Royal Bank of Canada (RY) and the biggest sale an exit from Imperial Oil (IMO).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001570253
- Portfolio Value
- $990.4M (Q1 2025)
- SEC Filing
- 0001570253-25-000003 ↗ filed Apr 9, 2025
Holdings Value
Holdings 65 stocks · $990.4M
| SLF Sun Life Financial Inc. | 7.68% | 1,328,840 | $76.0M | Reduce -1.8% |
| ENB Enbridge Inc. | 6.84% | 1,531,333 | $67.8M | Reduce -1.7% |
| GIB Cgi Inc. | 6.10% | 605,053 | $60.4M | Add +12.5% |
| RY Royal Bank of Canada | 5.17% | 454,273 | $51.2M | New |
| CNI Canadian Natl Railway Co. | 4.97% | 505,605 | $49.2M | Add +15.0% |
| FTS Fortis Inc. | 4.86% | 1,055,879 | $48.1M | Reduce -1.8% |
| RBA RB Global Inc. | 4.16% | 410,813 | $41.2M | Reduce -1.7% |
| FNV Franco-Nevada Corp. | 3.88% | 244,669 | $38.5M | Reduce -1.7% |
| TD Toronto-Dominion Bank | 3.43% | 566,284 | $33.9M | Reduce -1.7% |
| CP Canadian Pacific Kansas City | 3.14% | 442,987 | $31.1M | Add +28.0% |
| TFII Tfi International Inc. | 2.74% | 350,096 | $27.1M | Add +60.6% |
| MGA Magna International Inc. | 2.22% | 647,465 | $22.0M | Reduce -1.7% |
| BAM Brookfield Asset Mgmt-A | 1.99% | 407,616 | $19.7M | Reduce -1.7% |
| BN Brookfield Corp. | 1.98% | 374,397 | $19.6M | Reduce -1.7% |
| CNQ Canadian Natural Resources | 1.94% | 623,868 | $19.2M | New |
| PEP Pepsico Inc. | 1.77% | 116,785 | $17.5M | Add +22.3% |
| JNJ Johnson & Johnson | 1.69% | 100,660 | $16.7M | Reduce -4.1% |
| TIXT Telus International Cda Inc. | 1.64% | 6,052,635 | $16.2M | Add +0.7% |
| SOLV Solventum Corp. | 1.61% | 209,792 | $16.0M | Add +15.1% |
| UNH Unitedhealth Group Inc. | 1.61% | 30,444 | $15.9M | Reduce -8.6% |
| CNC Centene Corp. | 1.61% | 262,162 | $15.9M | Reduce -31.6% |
| AMZN Amazon.com Inc. | 1.57% | 81,780 | $15.6M | Add +15.8% |
| STN Stantec Inc. | 1.57% | 187,035 | $15.5M | Reduce -9.1% |
| NTR Nutrien Ltd. | 1.56% | 312,046 | $15.5M | Reduce -35.3% |
| DOO BRP Inc./Ca- Sub Voting | 1.47% | 429,969 | $14.5M | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 1.42% | 90,690 | $14.0M | Add +6.3% |
| MMM 3M Co. | 1.38% | 93,390 | $13.7M | Reduce -4.3% |
| UNP Union Pacific Corp. | 1.28% | 53,651 | $12.7M | Add +6.4% |
| UL Unilever PLC | 1.27% | 211,914 | $12.6M | Reduce -8.2% |
| DG Dollar General Corp. | 1.27% | 142,760 | $12.6M | New |
| AZO AutoZone Inc. | 1.12% | 2,910 | $11.1M | Reduce -0.5% |
| DRI Darden Restaurants Inc. | 1.10% | 52,482 | $10.9M | Reduce -40.2% |
| BABA Alibaba Group Holding-SP ADR | 1.07% | 80,117 | $10.6M | Reduce -6.6% |
| EOG EOG Resources Inc. | 1.03% | 79,495 | $10.2M | Reduce -7.8% |
| MRK Merck & Co. Inc. | 0.94% | 103,827 | $9.3M | Reduce -2.3% |
| SBUX Starbucks Corp. | 0.86% | 86,350 | $8.5M | Reduce -8.1% |
| OZK Bank Ozk | 0.81% | 185,650 | $8.1M | Add +13.5% |
| HRL Hormel Foods Corp. | 0.75% | 240,450 | $7.4M | Reduce -8.8% |
| AMAT Applied Materials Inc. | 0.74% | 50,730 | $7.4M | New |
| THO Thor Industries Inc. | 0.67% | 87,036 | $6.6M | Add +222.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.60% | 11,241 | $6.0M | Add +6.3% |
| JPM JPMorgan Chase & Co. | 0.51% | 20,695 | $5.1M | Reduce -19.7% |
| PCAR Paccar Inc. | 0.48% | 48,690 | $4.7M | Add +7.0% |
| NRC NRC Health filed as NATIONAL RESH CORP | 0.46% | 354,360 | $4.5M | No change |
| XOM Exxon Mobil Corp. | 0.46% | 37,901 | $4.5M | Reduce -7.0% |
| CMI Cummins Inc. | 0.45% | 14,215 | $4.5M | Reduce -7.0% |
| CVX Chevron Corp. | 0.42% | 24,737 | $4.1M | Add +10.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.40% | 39,740 | $3.9M | Reduce -44.5% |
| ROST Ross Stores Inc. | 0.39% | 30,480 | $3.9M | Reduce -60.0% |
| HD Home Depot Inc. | 0.36% | 9,717 | $3.6M | Reduce -7.1% |
| NFLX Netflix Inc. | 0.30% | 3,160 | $2.9M | Add +11.3% |
| LII Lennox International Inc. | 0.29% | 5,059 | $2.8M | Reduce -7.0% |
| AXP American Express Co. | 0.28% | 10,430 | $2.8M | Reduce -7.0% |
| WFC Wells Fargo & Co. | 0.25% | 34,267 | $2.5M | Reduce -7.0% |
| ORCL Oracle Corp. | 0.25% | 17,515 | $2.4M | Reduce -29.3% |
| AFL Aflac Inc. | 0.22% | 19,920 | $2.2M | Reduce -6.6% |
| MCK McKesson Corp. | 0.22% | 3,209 | $2.2M | Reduce -6.7% |
| MU Micron Technology Inc. | 0.16% | 18,335 | $1.6M | Add +41.6% |
| NVEE NV5 Global Inc. | 0.11% | 57,700 | $1.1M | Add +18.8% |
| OGS One Gas Inc. | 0.11% | 14,030 | $1.1M | No change |
| STR Sitio Royalties Corp. Class A | 0.10% | 47,386 | $942K | No change |
| XPEL Xpel Inc. | 0.09% | 31,650 | $930K | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.09% | 20,580 | $859K | Reduce -85.6% |
| HAE Haemonetics Corp. | 0.07% | 11,240 | $714K | New |
| NVO Novo-Nordisk A/S-Spons ADR | 0.05% | 7,694 | $534K | Reduce -7.0% |
Portfolio Sells Q4 2024 → Q1 2025
| IMO Imperial Oil Ltd. | Sold out | 0.00% | −2.85 |
| RCI Rogers Communications Inc. Class B | Sold out | 0.00% | −1.30 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -1.7% | 1.47% | −0.83 |
| ROST Ross Stores Inc. | Reduce -60.0% | 0.39% | −0.80 |
| CNC Centene Corp. | Reduce -31.6% | 1.61% | −0.79 |
| NTR Nutrien Ltd. | Reduce -35.3% | 1.56% | −0.66 |
| MGA Magna International Inc. | Reduce -1.7% | 2.22% | −0.62 |
| SLF Sun Life Financial Inc. | Reduce -1.8% | 7.68% | −0.60 |
| DRI Darden Restaurants Inc. | Reduce -40.2% | 1.10% | −0.59 |
| BAC Bank of America Corp. | Reduce -85.6% | 0.09% | −0.56 |
| SAM Boston Beer Company Inc. Class A | Sold out | 0.00% | −0.52 |
| DIS The Walt Disney Co. | Reduce -44.5% | 0.40% | −0.43 |
| BAM Brookfield Asset Mgmt-A | Reduce -1.7% | 1.99% | −0.33 |
| BN Brookfield Corp. | Reduce -1.7% | 1.98% | −0.28 |
| ORCL Oracle Corp. | Reduce -29.3% | 0.25% | −0.18 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −0.17 |
| MRK Merck & Co. Inc. | Reduce -2.3% | 0.94% | −0.15 |
| UNH Unitedhealth Group Inc. | Reduce -8.6% | 1.61% | −0.13 |
| JPM JPMorgan Chase & Co. | Reduce -19.7% | 0.51% | −0.12 |
| HRL Hormel Foods Corp. | Reduce -8.8% | 0.75% | −0.10 |
| CMI Cummins Inc. | Reduce -7.0% | 0.45% | −0.10 |
| STN Stantec Inc. | Reduce -9.1% | 1.57% | −0.10 |
| UL Unilever PLC | Reduce -8.2% | 1.27% | −0.08 |
| AXP American Express Co. | Reduce -7.0% | 0.28% | −0.06 |
| HD Home Depot Inc. | Reduce -7.1% | 0.36% | −0.06 |
| EOG EOG Resources Inc. | Reduce -7.8% | 1.03% | −0.06 |
| LII Lennox International Inc. | Reduce -7.0% | 0.29% | −0.06 |
| SBUX Starbucks Corp. | Reduce -8.1% | 0.86% | −0.03 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -7.0% | 0.05% | −0.02 |
| WFC Wells Fargo & Co. | Reduce -7.0% | 0.25% | −0.02 |
| AFL Aflac Inc. | Reduce -6.6% | 0.22% | −0.00 |
| XOM Exxon Mobil Corp. | Reduce -7.0% | 0.46% | +0.00 |
| MCK McKesson Corp. | Reduce -6.7% | 0.22% | +0.02 |
| ENB Enbridge Inc. | Reduce -1.7% | 6.84% | +0.03 |
| MMM 3M Co. | Reduce -4.3% | 1.38% | +0.09 |
| JNJ Johnson & Johnson | Reduce -4.1% | 1.69% | +0.12 |
| AZO AutoZone Inc. | Reduce -0.5% | 1.12% | +0.15 |
| FTS Fortis Inc. | Reduce -1.8% | 4.86% | +0.25 |
| TD Toronto-Dominion Bank | Reduce -1.7% | 3.43% | +0.26 |
| RBA RB Global Inc. | Reduce -1.7% | 4.16% | +0.28 |
| BABA Alibaba Group Holding-SP ADR | Reduce -6.6% | 1.07% | +0.32 |
| FNV Franco-Nevada Corp. | Reduce -1.7% | 3.88% | +0.87 |
Portfolio Buys Q4 2024 → Q1 2025
| RY Royal Bank of Canada | New | 5.17% | +5.17 |
| CNQ Canadian Natural Resources | New | 1.94% | +1.94 |
| DG Dollar General Corp. | New | 1.27% | +1.27 |
| AMAT Applied Materials Inc. | New | 0.74% | +0.74 |
| CP Canadian Pacific Kansas City | Add +28.0% | 3.14% | +0.56 |
| THO Thor Industries Inc. | Add +222.5% | 0.67% | +0.40 |
| SOLV Solventum Corp. | Add +15.1% | 1.61% | +0.37 |
| CNI Canadian Natl Railway Co. | Add +15.0% | 4.97% | +0.37 |
| PEP Pepsico Inc. | Add +22.3% | 1.77% | +0.27 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +6.3% | 0.60% | +0.11 |
| XPEL Xpel Inc. | New | 0.09% | +0.09 |
| UNP Union Pacific Corp. | Add +6.4% | 1.28% | +0.09 |
| CVX Chevron Corp. | Add +10.3% | 0.42% | +0.08 |
| HAE Haemonetics Corp. | New | 0.07% | +0.07 |
| OZK Bank Ozk | Add +13.5% | 0.81% | +0.06 |
| MU Micron Technology Inc. | Add +41.6% | 0.16% | +0.05 |
| NFLX Netflix Inc. | Add +11.3% | 0.30% | +0.04 |
| GIB Cgi Inc. | Add +12.5% | 6.10% | +0.03 |
| NVEE NV5 Global Inc. | Add +18.8% | 0.11% | +0.02 |
| PCAR Paccar Inc. | Add +7.0% | 0.48% | −0.01 |
| AMZN Amazon.com Inc. | Add +15.8% | 1.57% | −0.03 |
| GOOGL Alphabet Inc. Class A | Add +6.3% | 1.42% | −0.25 |
| TFII Tfi International Inc. | Add +60.6% | 2.74% | −0.30 |
| TIXT Telus International Cda Inc. | Add +0.7% | 1.64% | −0.80 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 68 | $1.3B | SUNC, CNI, RY, CP, GIB |
| Q1 2026 | 65 | $1.2B | SUNC, RY, CNI, CP, FNV |
| Q4 2025 | 64 | $1.2B | RY, GIB, CNI, SUNC, CP |
| Q3 2025 | 63 | $1.2B | GIB, RY, SLF, ENB, CNI |
| Q2 2025 | 63 | $1.0B | SLF, GIB, CNI, RY, FTS |
| Q1 2025 | 65 | $990.4M | SLF, ENB, GIB, RY, CNI |
| Q4 2024 | 63 | $969.9M | SLF, ENB, GIB, FTS, CNI |
| Q3 2024 | 65 | $1.1B | SLF, RY, ENB, GIB, TD |
| Q2 2024 | 64 | $1.1B | RY, GIB, SLF, ENB, TD |
| Q1 2024 | 65 | $1.2B | GIB, RY, SLF, ENB, TD |