QV Investors Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 20, 2026), QV Investors Inc. reported 64 stock positions worth $1.2 billion. Its top holding was Royal Bank of Canada (RY) at 5.9% of the portfolio, followed by Cgi (GIB, 5.4%) and Canadian Natl Railway (CNI, 5.1%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 11 and reduced 46. The biggest buy was a new position in Sunococorp (SUNC) and the biggest sale an exit from Telus International Cda (TIXT).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001570253
- Portfolio Value
- $1.2B (Q4 2025)
- SEC Filing
- 0001570253-26-000001 ↗ filed Jan 20, 2026
Holdings Value
Holdings 64 stocks · $1.2B
| RY Royal Bank of Canada | 5.88% | 421,019 | $71.9M | Reduce -7.2% |
| GIB Cgi Inc. | 5.35% | 707,210 | $65.4M | Reduce -7.2% |
| CNI Canadian Natl Railway Co. | 5.10% | 629,069 | $62.3M | Add +7.4% |
| SUNC Sunococorp LLC | 4.79% | 1,187,664 | $58.5M | New |
| CP Canadian Pacific Kansas City | 4.39% | 727,991 | $53.7M | New |
| ENB Enbridge Inc. | 4.29% | 1,094,686 | $52.5M | Reduce -7.2% |
| SLF Sun Life Financial Inc. | 4.08% | 798,515 | $49.9M | Reduce -20.4% |
| FNV Franco-Nevada Corp. | 3.85% | 226,560 | $47.0M | Reduce -7.2% |
| FTS Fortis Inc. | 3.83% | 899,708 | $46.8M | Reduce -7.2% |
| TD Toronto-Dominion Bank | 3.64% | 471,076 | $44.5M | Reduce -7.2% |
| TFII Tfi International Inc. | 3.47% | 409,736 | $42.4M | Reduce -7.2% |
| EMA Emera Inc. | 3.23% | 799,381 | $39.4M | Reduce -7.2% |
| RCI Rogers Communications Inc. Class B | 2.69% | 868,767 | $32.8M | Reduce -7.2% |
| RBA RB Global Inc. | 2.64% | 313,567 | $32.3M | Reduce -7.2% |
| MGA Magna International Inc. | 2.61% | 598,556 | $32.0M | Reduce -7.3% |
| DOO BRP Inc./Ca- Sub Voting | 2.59% | 447,754 | $31.7M | Reduce -7.2% |
| PEP Pepsico Inc. | 1.77% | 151,035 | $21.7M | Reduce -1.3% |
| ODFL Old Dominion Freight Line | 1.62% | 125,910 | $19.7M | New |
| BN Brookfield Corp. | 1.60% | 425,837 | $19.6M | Reduce -7.0% |
| CNQ Canadian Natural Resources | 1.60% | 576,725 | $19.6M | Reduce -7.3% |
| CNC Centene Corp. | 1.59% | 471,952 | $19.4M | Add +30.5% |
| SOLV Solventum Corp. | 1.55% | 239,252 | $19.0M | Add +1.8% |
| DG Dollar General Corp. | 1.54% | 141,490 | $18.8M | Add +14.4% |
| IMO Imperial Oil Ltd. | 1.44% | 203,607 | $17.6M | Reduce -7.2% |
| JNJ Johnson & Johnson | 1.43% | 84,410 | $17.5M | Reduce -39.9% |
| UNH Unitedhealth Group Inc. | 1.31% | 48,374 | $16.0M | Reduce -6.6% |
| UNP Union Pacific Corp. | 1.30% | 68,551 | $15.9M | Reduce -6.4% |
| AMZN Amazon.com Inc. | 1.23% | 64,980 | $15.0M | Reduce -13.2% |
| GOOGL Alphabet Inc. Class A | 1.23% | 47,870 | $15.0M | Reduce -45.8% |
| SBUX Starbucks Corp. | 1.21% | 175,810 | $14.8M | Add +106.9% |
| UL Unilever PLC-Sponsored ADR | 1.19% | 222,783 | $14.6M | Reduce -14.1% |
| MRK Merck & Co. Inc. | 1.18% | 136,687 | $14.4M | Reduce -2.9% |
| HCC Warrior Met Coal Inc. | 1.12% | 154,850 | $13.7M | Reduce -6.6% |
| BAM Brookfield Asset Mgmt-A | 1.07% | 249,744 | $13.1M | Reduce -7.2% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.93% | 108,620 | $11.4M | Add +29.0% |
| THO Thor Industries Inc. | 0.92% | 109,816 | $11.3M | Reduce -17.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.87% | 208,268 | $10.6M | Reduce -6.7% |
| DRI Darden Restaurants Inc. | 0.81% | 53,872 | $9.9M | Add +64.8% |
| AMAT Applied Materials Inc. | 0.72% | 34,170 | $8.8M | Reduce -42.1% |
| EOG EOG Resources Inc. | 0.62% | 71,865 | $7.5M | Reduce -6.9% |
| AZO AutoZone Inc. | 0.62% | 2,222 | $7.5M | Reduce -22.9% |
| OZK Bank Ozk | 0.60% | 159,550 | $7.3M | Reduce -13.2% |
| BABA Alibaba Group Holding-SP ADR | 0.59% | 49,347 | $7.2M | Reduce -19.7% |
| NRC NRC Health filed as NATIONAL RESH CORP | 0.59% | 381,310 | $7.2M | No change |
| CMI Cummins Inc. | 0.55% | 13,265 | $6.8M | Reduce -7.3% |
| PCAR Paccar Inc. | 0.50% | 56,030 | $6.1M | Add +14.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.43% | 10,481 | $5.3M | Reduce -7.3% |
| XOM Exxon Mobil Corp. | 0.35% | 35,351 | $4.3M | Reduce -7.4% |
| JPM JPMorgan Chase & Co. | 0.34% | 12,895 | $4.2M | Reduce -7.7% |
| MMM 3M Co. | 0.33% | 25,010 | $4.0M | Reduce -7.4% |
| LII Lennox International Inc. | 0.31% | 7,784 | $3.8M | Add +53.0% |
| AXP American Express Co. | 0.29% | 9,720 | $3.6M | Reduce -7.4% |
| CVX Chevron Corp. | 0.29% | 23,077 | $3.5M | Reduce -7.3% |
| ROST Ross Stores Inc. | 0.28% | 18,820 | $3.4M | Reduce -38.7% |
| HAL Halliburton Co. | 0.26% | 113,060 | $3.2M | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.26% | 27,760 | $3.2M | Reduce -7.7% |
| HD Home Depot Inc. | 0.26% | 9,057 | $3.1M | Reduce -7.4% |
| XPEL Xpel Inc. | 0.21% | 51,650 | $2.6M | Add +63.2% |
| MCK McKesson Corp. | 0.20% | 2,989 | $2.5M | Reduce -7.4% |
| HAE Haemonetics Corp. | 0.14% | 21,870 | $1.8M | No change |
| VNOM Viper Energy Inc. Class A | 0.09% | 28,925 | $1.1M | Add +25.7% |
| OGS One Gas Inc. | 0.09% | 14,030 | $1.1M | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.09% | 19,200 | $1.1M | Reduce -7.3% |
| MICC The Magnum Ice Cream Co. NV | 0.07% | 50,126 | $794K | Reduce -14.1% |
Portfolio Sells Q3 2025 → Q4 2025
| TIXT Telus International Cda Inc. | Sold out | 0.00% | −2.35 |
| STN Stantec Inc. | Sold out | 0.00% | −1.50 |
| SLF Sun Life Financial Inc. | Reduce -20.4% | 4.08% | −1.13 |
| ENB Enbridge Inc. | Reduce -7.2% | 4.29% | −0.86 |
| FNV Franco-Nevada Corp. | Reduce -7.2% | 3.85% | −0.86 |
| JNJ Johnson & Johnson | Reduce -39.9% | 1.43% | −0.82 |
| GOOGL Alphabet Inc. Class A | Reduce -45.8% | 1.23% | −0.63 |
| RBA RB Global Inc. | Reduce -7.2% | 2.64% | −0.52 |
| GIB Cgi Inc. | Reduce -7.2% | 5.35% | −0.52 |
| AZO AutoZone Inc. | Reduce -22.9% | 0.62% | −0.45 |
| FTS Fortis Inc. | Reduce -7.2% | 3.83% | −0.43 |
| BABA Alibaba Group Holding-SP ADR | Reduce -19.7% | 0.59% | −0.36 |
| EMA Emera Inc. | Reduce -7.2% | 3.23% | −0.35 |
| AMAT Applied Materials Inc. | Reduce -42.1% | 0.72% | −0.33 |
| UL Unilever PLC-Sponsored ADR | Reduce -14.1% | 1.19% | −0.30 |
| IMO Imperial Oil Ltd. | Reduce -7.2% | 1.44% | −0.28 |
| THO Thor Industries Inc. | Reduce -17.8% | 0.92% | −0.28 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.27 |
| BAM Brookfield Asset Mgmt-A | Reduce -7.2% | 1.07% | −0.25 |
| UNH Unitedhealth Group Inc. | Reduce -6.6% | 1.31% | −0.24 |
| BN Brookfield Corp. | Reduce -7.0% | 1.60% | −0.21 |
| OZK Bank Ozk | Reduce -13.2% | 0.60% | −0.21 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -6.7% | 0.87% | −0.20 |
| UNP Union Pacific Corp. | Reduce -6.4% | 1.30% | −0.20 |
| AMZN Amazon.com Inc. | Reduce -13.2% | 1.23% | −0.20 |
| EOG EOG Resources Inc. | Reduce -6.9% | 0.62% | −0.13 |
| ROST Ross Stores Inc. | Reduce -38.7% | 0.28% | −0.13 |
| CNQ Canadian Natural Resources | Reduce -7.3% | 1.60% | −0.12 |
| RCI Rogers Communications Inc. Class B | Reduce -7.2% | 2.69% | −0.10 |
| AFL Aflac Inc. | Sold out | 0.00% | −0.10 |
| HD Home Depot Inc. | Reduce -7.4% | 0.26% | −0.09 |
| PEP Pepsico Inc. | Reduce -1.3% | 1.77% | −0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -7.3% | 0.43% | −0.06 |
| CVX Chevron Corp. | Reduce -7.3% | 0.29% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -7.7% | 0.34% | −0.04 |
| DIS The Walt Disney Co. | Reduce -7.7% | 0.26% | −0.04 |
| MMM 3M Co. | Reduce -7.4% | 0.33% | −0.04 |
| MGA Magna International Inc. | Reduce -7.3% | 2.61% | −0.03 |
| XOM Exxon Mobil Corp. | Reduce -7.4% | 0.35% | −0.02 |
| MCK McKesson Corp. | Reduce -7.4% | 0.20% | −0.02 |
| MICC The Magnum Ice Cream Co. NV | Reduce -14.1% | 0.07% | −0.01 |
| AXP American Express Co. | Reduce -7.4% | 0.29% | −0.01 |
| BAC Bank of America Corp. | Reduce -7.3% | 0.09% | −0.01 |
| CMI Cummins Inc. | Reduce -7.3% | 0.55% | +0.03 |
| DOO BRP Inc./Ca- Sub Voting | Reduce -7.2% | 2.59% | +0.05 |
| RY Royal Bank of Canada | Reduce -7.2% | 5.88% | +0.09 |
| TFII Tfi International Inc. | Reduce -7.2% | 3.47% | +0.11 |
| TD Toronto-Dominion Bank | Reduce -7.2% | 3.64% | +0.12 |
| MRK Merck & Co. Inc. | Reduce -2.9% | 1.18% | +0.15 |
| HCC Warrior Met Coal Inc. | Reduce -6.6% | 1.12% | +0.20 |
Portfolio Buys Q3 2025 → Q4 2025
| SUNC Sunococorp LLC | New | 4.79% | +4.79 |
| CP Canadian Pacific Kansas City | New | 4.39% | +4.39 |
| ODFL Old Dominion Freight Line | New | 1.62% | +1.62 |
| SBUX Starbucks Corp. | Add +106.9% | 1.21% | +0.59 |
| CNC Centene Corp. | Add +30.5% | 1.59% | +0.47 |
| DG Dollar General Corp. | Add +14.4% | 1.54% | +0.43 |
| CNI Canadian Natl Railway Co. | Add +7.4% | 5.10% | +0.32 |
| EL Estee Lauder Companies Class A | Add +29.0% | 0.93% | +0.29 |
| DRI Darden Restaurants Inc. | Add +64.8% | 0.81% | +0.27 |
| HAL Halliburton Co. | New | 0.26% | +0.26 |
| XPEL Xpel Inc. | Add +63.2% | 0.21% | +0.12 |
| PCAR Paccar Inc. | Add +14.3% | 0.50% | +0.08 |
| LII Lennox International Inc. | Add +53.0% | 0.31% | +0.08 |
| SOLV Solventum Corp. | Add +1.8% | 1.55% | +0.07 |
| VNOM Viper Energy Inc. Class A | Add +25.7% | 0.09% | +0.02 |
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 |