Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Scheer, Rowlett & Associates Investment Management Ltd. reported 38 stock positions worth $1.4 billion. Its top holding was Royal Bank of Canada (RY) at 10.7% of the portfolio, followed by Toronto-Dominion Bank (TD, 8.4%) and TC Energy (TRP, 6.7%). Compared with Q2 2024, it opened 3 new positions, added to 15 and reduced 19. The biggest buy was Osisko Gold Royalties (OR, shares +54%) and the biggest sale Suncor Energy (SU, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.4B (Q3 2024)
- SEC Filing
- 0001426327-24-000007 ↗ filed Nov 8, 2024
Holdings Value
Holdings 38 stocks · $1.4B
| RY Royal Bank of Canada | 10.70% | 1,229,055 | $153.4M | Reduce -1.3% |
| TD Toronto-Dominion Bank | 8.36% | 1,896,008 | $119.9M | Reduce -0.1% |
| TRP TC Energy Corp. | 6.69% | 2,018,506 | $95.9M | Reduce -0.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.58% | 1,468,670 | $80.0M | Reduce -1.6% |
| BN Brookfield Corp. | 5.54% | 1,495,654 | $79.4M | Reduce -2.1% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 4.99% | 1,167,732 | $71.6M | Reduce -7.3% |
| SU Suncor Energy Inc. | 4.76% | 1,850,781 | $68.3M | Reduce -19.0% |
| CNI Canadian Natl Railway Co. | 4.04% | 494,511 | $57.9M | Add +17.7% |
| TU Telus Corp. | 3.78% | 3,233,944 | $54.2M | Add +8.9% |
| CVE Cenovus Energy Inc. | 3.69% | 3,163,034 | $52.9M | Add +33.3% |
| B Barrick Gold Corp. | 3.55% | 2,561,865 | $50.9M | Reduce -1.2% |
| CP Canadian Pacific Kansas City | 3.29% | 551,626 | $47.2M | Reduce -17.3% |
| RCI Rogers Communications Inc. Class B | 3.26% | 1,163,098 | $46.8M | Add +3.1% |
| GIB Cgi Inc. | 3.12% | 389,188 | $44.8M | Reduce -1.1% |
| QSR Restaurant Brands Intern | 3.07% | 610,343 | $44.0M | Add +10.4% |
| MFC Manulife Financial Corp. | 2.85% | 1,382,077 | $40.8M | Add +1.1% |
| MGA Magna International Inc. | 2.65% | 926,411 | $38.0M | Add +37.0% |
| ENB Enbridge Inc. | 2.37% | 838,313 | $34.1M | Reduce -0.9% |
| GIL Gildan Activewear Inc. | 2.22% | 677,833 | $31.9M | Reduce -38.2% |
| CNQ Canadian Natural Resources | 2.03% | 878,345 | $29.2M | Reduce -1.3% |
| NTR Nutrien Ltd. | 2.02% | 602,723 | $29.0M | Reduce -1.0% |
| ASTL Algoma Steel Group Inc. | 1.54% | 2,157,313 | $22.1M | Reduce -1.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 1.35% | 214,070 | $19.3M | Add +4.1% |
| MEOH Methanex Corp. | 1.25% | 433,122 | $17.9M | Reduce -0.8% |
| OR Osisko Gold Royalties Ltd. | 1.25% | 965,801 | $17.9M | Add +53.9% |
| GOOS Canada Goose Holdings Inc. | 1.05% | 1,203,985 | $15.1M | Reduce -1.7% |
| BBU Brookfield Business PT-Unit | 1.05% | 641,835 | $15.0M | Add +14.7% |
| NEM Newmont Corp. | 1.00% | 268,080 | $14.3M | Add +0.0% |
| TIXT Telus International Cda Inc. | 0.86% | 3,151,263 | $12.3M | Add +5.8% |
| TECK Teck Resources Ltd.-CLS B | 0.62% | 171,333 | $8.9M | Reduce -50.4% |
| WFG West Fraser Timber Co. Ltd. | 0.49% | 72,785 | $7.1M | Reduce -48.3% |
| OTEX Open Text Corp. | 0.46% | 196,899 | $6.6M | Add +1.1% |
| EFXT Enerflex Ltd. | 0.43% | 1,036,274 | $6.2M | Add +3.0% |
| AEM Agnico Eagle Mines Ltd. | 0.03% | 4,805 | $387K | Add +4.3% |
| LBRDA Liberty Broadband-A | 0.02% | 3,290 | $253K | New |
| WTW Willis Towers Watson PLC | 0.01% | 693 | $204K | New |
| CNH CNH Industrial NV | 0.01% | 12,420 | $138K | New |
| WBD Warner Bros Discovery Inc. | 0.01% | 12,785 | $105K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| SU Suncor Energy Inc. | Reduce -19.0% | 4.76% | −1.91 |
| GIL Gildan Activewear Inc. | Reduce -38.2% | 2.22% | −0.96 |
| CP Canadian Pacific Kansas City | Reduce -17.3% | 3.29% | −0.73 |
| TECK Teck Resources Ltd.-CLS B | Reduce -50.4% | 0.62% | −0.64 |
| CNQ Canadian Natural Resources | Reduce -1.3% | 2.03% | −0.39 |
| MEOH Methanex Corp. | Reduce -0.8% | 1.25% | −0.37 |
| NTR Nutrien Ltd. | Reduce -1.0% | 2.02% | −0.35 |
| WFG West Fraser Timber Co. Ltd. | Reduce -48.3% | 0.49% | −0.33 |
| GOOS Canada Goose Holdings Inc. | Reduce -1.7% | 1.05% | −0.16 |
| ENB Enbridge Inc. | Reduce -0.9% | 2.37% | +0.07 |
| GIB Cgi Inc. | Reduce -1.1% | 3.12% | +0.11 |
| B Barrick Gold Corp. | Reduce -1.2% | 3.55% | +0.24 |
| BNS Bank of Nova Scotia | Reduce -1.6% | 5.58% | +0.35 |
| TD Toronto-Dominion Bank | Reduce -0.1% | 8.36% | +0.37 |
| ASTL Algoma Steel Group Inc. | Reduce -1.1% | 1.54% | +0.38 |
| CM Can Imperial BK of Commerce | Reduce -7.3% | 4.99% | +0.41 |
| RY Royal Bank of Canada | Reduce -1.3% | 10.70% | +0.55 |
| BN Brookfield Corp. | Reduce -2.1% | 5.54% | +0.67 |
| TRP TC Energy Corp. | Reduce -0.7% | 6.69% | +0.79 |
Portfolio Buys Q2 2024 → Q3 2024
| OR Osisko Gold Royalties Ltd. | Add +53.9% | 1.25% | +0.50 |
| MGA Magna International Inc. | Add +37.0% | 2.65% | +0.48 |
| TU Telus Corp. | Add +8.9% | 3.78% | +0.34 |
| BBU Brookfield Business PT-Unit | Add +14.7% | 1.05% | +0.24 |
| CNI Canadian Natl Railway Co. | Add +17.7% | 4.04% | +0.24 |
| NEM Newmont Corp. | Add +0.0% | 1.00% | +0.14 |
| CVE Cenovus Energy Inc. | Add +33.3% | 3.69% | +0.12 |
| QSR Restaurant Brands Intern | Add +10.4% | 3.07% | +0.09 |
| RCI Rogers Communications Inc. Class B | Add +3.1% | 3.26% | +0.07 |
| MFC Manulife Financial Corp. | Add +1.1% | 2.85% | +0.06 |
| BMO Bank of Montreal | Add +4.1% | 1.35% | +0.03 |
| LBRDA Liberty Broadband-A | New | 0.02% | +0.02 |
| EFXT Enerflex Ltd. | Add +3.0% | 0.43% | +0.01 |
| WTW Willis Towers Watson PLC | New | 0.01% | +0.01 |
| CNH CNH Industrial NV | New | 0.01% | +0.01 |
| OTEX Open Text Corp. | Add +1.1% | 0.46% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | Add +4.3% | 0.03% | +0.00 |
| TIXT Telus International Cda Inc. | Add +5.8% | 0.86% | −0.46 |
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 |