Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 7, 2025), Scheer, Rowlett & Associates Investment Management Ltd. reported 37 stock positions worth $1.4 billion. Its top holding was Royal Bank of Canada (RY) at 10.9% of the portfolio, followed by Toronto-Dominion Bank (TD, 7.8%) and Brookfield (BN, 6.3%). Compared with Q3 2024, it opened 1 new position, sold out of 3, added to 26 and reduced 7. The biggest buy was Canadian Natl Railway (CNI, shares +44%) and the biggest sale an exit from Gildan Activewear (GIL).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.4B (Q4 2024)
- SEC Filing
- 0001426327-25-000002 ↗ filed Feb 7, 2025
Holdings Value
Holdings 37 stocks · $1.4B
| RY Royal Bank of Canada | 10.92% | 1,242,836 | $149.7M | Add +1.1% |
| TD Toronto-Dominion Bank | 7.76% | 2,000,901 | $106.4M | Add +5.5% |
| BN Brookfield Corp. | 6.33% | 1,511,750 | $86.8M | Add +1.1% |
| TRP TC Energy Corp. | 6.29% | 1,851,112 | $86.2M | Reduce -8.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 5.46% | 1,396,185 | $74.9M | Reduce -4.9% |
| CNI Canadian Natl Railway Co. | 5.26% | 710,796 | $72.1M | Add +43.7% |
| SU Suncor Energy Inc. | 4.56% | 1,754,555 | $62.5M | Reduce -5.2% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 4.22% | 916,026 | $57.9M | Reduce -21.6% |
| CVE Cenovus Energy Inc. | 4.18% | 3,786,011 | $57.3M | Add +19.7% |
| GIB Cgi Inc. | 3.91% | 490,663 | $53.6M | Add +26.1% |
| TU Telus Corp. | 3.36% | 3,403,521 | $46.1M | Add +5.2% |
| CP Canadian Pacific Kansas City | 3.25% | 615,873 | $44.5M | Add +11.7% |
| RCI Rogers Communications Inc. Class B | 3.23% | 1,443,877 | $44.3M | Add +24.1% |
| QSR Restaurant Brands Intern | 3.06% | 645,072 | $42.0M | Add +5.7% |
| MGA Magna International Inc. | 3.00% | 984,755 | $41.1M | Add +6.3% |
| MFC Manulife Financial Corp. | 2.94% | 1,312,537 | $40.3M | Reduce -5.0% |
| B Barrick Gold Corp. | 2.93% | 2,592,213 | $40.1M | Add +1.2% |
| ENB Enbridge Inc. | 2.65% | 857,666 | $36.4M | Add +2.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 2.53% | 356,924 | $34.6M | Add +66.7% |
| NTR Nutrien Ltd. | 2.19% | 671,989 | $30.0M | Add +11.5% |
| CNQ Canadian Natural Resources | 2.00% | 890,610 | $27.5M | Add +1.4% |
| MEOH Methanex Corp. | 1.60% | 439,069 | $21.9M | Add +1.4% |
| ASTL Algoma Steel Group Inc. | 1.56% | 2,179,362 | $21.3M | Add +1.0% |
| OR Osisko Gold Royalties Ltd. | 1.29% | 980,133 | $17.7M | Add +1.5% |
| TIXT Telus International Cda Inc. | 0.91% | 3,189,850 | $12.5M | Add +1.2% |
| GOOS Canada Goose Holdings Inc. | 0.89% | 1,218,326 | $12.2M | Add +1.2% |
| BBU Brookfield Business PT-Unit | 0.79% | 460,629 | $10.8M | Reduce -28.2% |
| NEM Newmont Corp. | 0.74% | 273,653 | $10.2M | Add +2.1% |
| SOBO South Bow Corp. | 0.67% | 391,457 | $9.2M | Reduce -3.0% |
| OTEX Open Text Corp. | 0.54% | 264,108 | $7.5M | Add +34.1% |
| TECK Teck Resources Ltd.-CLS B | 0.52% | 174,703 | $7.1M | Add +2.0% |
| ATS Ats Corp. | 0.33% | 148,984 | $4.5M | New |
| AEM Agnico Eagle Mines Ltd. | 0.03% | 4,976 | $389K | Add +3.6% |
| LBRDA Liberty Broadband-A | 0.02% | 3,290 | $245K | No change |
| WTW Willis Towers Watson PLC | 0.02% | 693 | $217K | No change |
| CNH CNH Industrial NV | 0.01% | 15,240 | $173K | Add +22.7% |
| WBD Warner Bros Discovery Inc. | 0.01% | 12,785 | $135K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −2.22 |
| CM Can Imperial BK of Commerce | Reduce -21.6% | 4.22% | −0.77 |
| WFG West Fraser Timber Co. Ltd. | Sold out | 0.00% | −0.49 |
| EFXT Enerflex Ltd. | Sold out | 0.00% | −0.43 |
| TRP TC Energy Corp. | Reduce -8.3% | 6.29% | −0.40 |
| BBU Brookfield Business PT-Unit | Reduce -28.2% | 0.79% | −0.26 |
| SU Suncor Energy Inc. | Reduce -5.2% | 4.56% | −0.20 |
| BNS Bank of Nova Scotia | Reduce -4.9% | 5.46% | −0.12 |
| SOBO South Bow Corp. | Reduce -3.0% | 0.67% | +0.01 |
| MFC Manulife Financial Corp. | Reduce -5.0% | 2.94% | +0.09 |
Portfolio Buys Q3 2024 → Q4 2024
| CNI Canadian Natl Railway Co. | Add +43.7% | 5.26% | +1.22 |
| BMO Bank of Montreal | Add +66.7% | 2.53% | +1.18 |
| BN Brookfield Corp. | Add +1.1% | 6.33% | +0.79 |
| GIB Cgi Inc. | Add +26.1% | 3.91% | +0.79 |
| CVE Cenovus Energy Inc. | Add +19.7% | 4.18% | +0.49 |
| MEOH Methanex Corp. | Add +1.4% | 1.60% | +0.35 |
| MGA Magna International Inc. | Add +6.3% | 3.00% | +0.35 |
| ATS Ats Corp. | New | 0.33% | +0.33 |
| ENB Enbridge Inc. | Add +2.3% | 2.65% | +0.28 |
| RY Royal Bank of Canada | Add +1.1% | 10.92% | +0.23 |
| NTR Nutrien Ltd. | Add +11.5% | 2.19% | +0.17 |
| OTEX Open Text Corp. | Add +34.1% | 0.54% | +0.09 |
| TIXT Telus International Cda Inc. | Add +1.2% | 0.91% | +0.06 |
| OR Osisko Gold Royalties Ltd. | Add +1.5% | 1.29% | +0.05 |
| ASTL Algoma Steel Group Inc. | Add +1.0% | 1.56% | +0.01 |
| CNH CNH Industrial NV | Add +22.7% | 0.01% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | Add +3.6% | 0.03% | +0.00 |
| QSR Restaurant Brands Intern | Add +5.7% | 3.06% | −0.01 |
| RCI Rogers Communications Inc. Class B | Add +24.1% | 3.23% | −0.03 |
| CNQ Canadian Natural Resources | Add +1.4% | 2.00% | −0.03 |
| CP Canadian Pacific Kansas City | Add +11.7% | 3.25% | −0.04 |
| TECK Teck Resources Ltd.-CLS B | Add +2.0% | 0.52% | −0.11 |
| GOOS Canada Goose Holdings Inc. | Add +1.2% | 0.89% | −0.16 |
| NEM Newmont Corp. | Add +2.1% | 0.74% | −0.26 |
| TU Telus Corp. | Add +5.2% | 3.36% | −0.42 |
| TD Toronto-Dominion Bank | Add +5.5% | 7.76% | −0.60 |
| B Barrick Gold Corp. | Add +1.2% | 2.93% | −0.62 |
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 |