Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Scheer, Rowlett & Associates Investment Management Ltd. reported 30 stock positions worth $1.4 billion. Its top holding was Royal Bank of Canada (RY) at 14.8% of the portfolio, followed by Toronto-Dominion Bank (TD, 11.4%) and Canadian Natl Railway (CNI, 6.2%). Compared with Q1 2026, it opened 1 new position, sold out of 4, added to 8 and reduced 20. The biggest buy was Agnico Eagle Mines (AEM, shares +2331%) and the biggest sale Alamos Gold Class A (AGI, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.4B (Q2 2026)
- SEC Filing
- 0001426327-26-000004 ↗ filed Aug 13, 2026
Holdings Value
Holdings 30 stocks · $1.4B
| RY Royal Bank of Canada | 14.83% | 997,064 | $206.3M | Reduce -4.2% |
| TD Toronto-Dominion Bank | 11.44% | 1,310,657 | $159.2M | Reduce -4.2% |
| CNI Canadian Natl Railway Co. | 6.24% | 727,812 | $86.8M | Reduce -0.7% |
| BN Brookfield Corp. | 5.95% | 1,942,657 | $82.8M | Reduce -0.7% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 5.67% | 447,594 | $78.9M | Reduce -24.9% |
| B Barrick Mining Corp. | 5.37% | 2,035,333 | $74.8M | Reduce -0.5% |
| SU Suncor Energy Inc. | 4.94% | 1,279,194 | $68.8M | Reduce -5.0% |
| CVE Cenovus Energy Inc. | 4.80% | 2,680,018 | $66.8M | Reduce -13.2% |
| MFC Manulife Financial Corp. | 3.18% | 1,093,093 | $44.3M | Reduce -0.1% |
| TU Telus Corp. | 3.07% | 3,993,829 | $42.8M | Add +23.9% |
| TRP TC Energy Corp. | 3.05% | 641,071 | $42.4M | Reduce -20.2% |
| CP Canadian Pacific Kansas City | 2.62% | 420,738 | $36.4M | Reduce -0.9% |
| FNV Franco-Nevada Corp. | 2.57% | 171,766 | $35.8M | Add +7.3% |
| ATS Ats Corp. | 2.43% | 1,175,268 | $33.8M | Reduce -0.6% |
| RCI Rogers Communications Inc. Class B | 2.41% | 1,033,603 | $33.6M | Reduce -0.8% |
| ENB Enbridge Inc. | 2.39% | 613,996 | $33.3M | Reduce -0.6% |
| AEM Agnico Eagle Mines Ltd. | 2.32% | 208,743 | $32.3M | Add +2330.9% |
| TFII Tfi International Inc. | 2.15% | 208,421 | $30.0M | Reduce -13.9% |
| OR Or Royalties Inc. | 1.89% | 832,658 | $26.3M | Reduce -0.9% |
| QSR Restaurant Brands Intern | 1.85% | 355,630 | $25.8M | Reduce -1.0% |
| CNQ Canadian Natural Resources | 1.83% | 643,233 | $25.4M | Reduce -15.6% |
| GIB Cgi Inc. | 1.76% | 378,430 | $24.4M | Reduce -1.4% |
| GIL Gildan Activewear Inc. | 1.72% | 464,399 | $23.9M | Add +79.8% |
| NTR Nutrien Ltd. | 1.48% | 328,425 | $20.6M | Add +14.1% |
| ASTL Algoma Steel Group Inc. | 1.13% | 3,846,390 | $15.7M | Add +19.9% |
| DSGX The Descartes Systems Grp | 1.09% | 218,527 | $15.1M | Add +37.7% |
| CAE Cae Inc. | 0.74% | 410,130 | $10.3M | New |
| TRI Thomson Reuters Corp. | 0.66% | 112,198 | $9.2M | Add +20.1% |
| AGI Alamos Gold Inc. Class A | 0.39% | 179,580 | $5.4M | Reduce -76.3% |
| CNH CNH Industrial NV | 0.01% | 12,680 | $142K | No change |
Portfolio Sells Q1 2026 → Q2 2026
| AGI Alamos Gold Inc. Class A | Reduce -76.3% | 0.39% | −2.03 |
| SU Suncor Energy Inc. | Reduce -5.0% | 4.94% | −1.47 |
| CVE Cenovus Energy Inc. | Reduce -13.2% | 4.80% | −1.08 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −1.03 |
| CNQ Canadian Natural Resources | Reduce -15.6% | 1.83% | −0.85 |
| MGA Magna International Inc. | Sold out | 0.00% | −0.75 |
| MEOH Methanex Corp. | Sold out | 0.00% | −0.70 |
| B Barrick Mining Corp. | Reduce -0.5% | 5.37% | −0.64 |
| TRP TC Energy Corp. | Reduce -20.2% | 3.05% | −0.57 |
| RCI Rogers Communications Inc. Class B | Reduce -0.8% | 2.41% | −0.47 |
| OTEX Open Text Corp. | Sold out | 0.00% | −0.41 |
| OR Or Royalties Inc. | Reduce -0.9% | 1.89% | −0.41 |
| GIB Cgi Inc. | Reduce -1.4% | 1.76% | −0.26 |
| BMO Bank of Montreal | Reduce -24.9% | 5.67% | −0.14 |
| QSR Restaurant Brands Intern | Reduce -1.0% | 1.85% | −0.06 |
| ENB Enbridge Inc. | Reduce -0.6% | 2.39% | −0.02 |
| ATS Ats Corp. | Reduce -0.6% | 2.43% | +0.04 |
| CP Canadian Pacific Kansas City | Reduce -0.9% | 2.62% | +0.22 |
| BN Brookfield Corp. | Reduce -0.7% | 5.95% | +0.25 |
| TFII Tfi International Inc. | Reduce -13.9% | 2.15% | +0.26 |
| MFC Manulife Financial Corp. | Reduce -0.1% | 3.18% | +0.47 |
| CNI Canadian Natl Railway Co. | Reduce -0.7% | 6.24% | +0.81 |
| TD Toronto-Dominion Bank | Reduce -4.2% | 11.44% | +2.26 |
| RY Royal Bank of Canada | Reduce -4.2% | 14.83% | +2.73 |
Portfolio Buys Q1 2026 → Q2 2026
| AEM Agnico Eagle Mines Ltd. | Add +2330.9% | 2.32% | +2.20 |
| CAE Cae Inc. | New | 0.74% | +0.74 |
| GIL Gildan Activewear Inc. | Add +79.8% | 1.72% | +0.68 |
| DSGX The Descartes Systems Grp | Add +37.7% | 1.09% | +0.27 |
| ASTL Algoma Steel Group Inc. | Add +19.9% | 1.13% | +0.17 |
| TU Telus Corp. | Add +23.9% | 3.07% | +0.09 |
| TRI Thomson Reuters Corp. | Add +20.1% | 0.66% | +0.04 |
| NTR Nutrien Ltd. | Add +14.1% | 1.48% | −0.08 |
| FNV Franco-Nevada Corp. | Add +7.3% | 2.57% | −0.28 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 30 | $1.4B | RY, TD, CNI, BN, BMO |
| Q1 2026 | 33 | $1.4B | RY, TD, SU, B, CVE |
| Q4 2025 | 32 | $1.5B | RY, TD, B, BN, CNI |
| Q3 2025 | 32 | $1.7B | RY, TD, BN, B, CNI |
| Q2 2025 | 31 | $1.5B | RY, TD, BN, CNI, TRP |
| Q1 2025 | 37 | $1.3B | RY, TD, BN, TRP, CNI |
| Q4 2024 | 37 | $1.4B | RY, TD, BN, TRP, BNS |
| Q3 2024 | 38 | $1.4B | RY, TD, TRP, BNS, BN |
| Q2 2024 | 35 | $1.3B | RY, TD, SU, TRP, BNS |
| Q1 2024 | 33 | $1.4B | RY, TD, SU, TRP, BNS |