Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Scheer, Rowlett & Associates Investment Management Ltd. reported 37 stock positions worth $1.3 billion. Its top holding was Royal Bank of Canada (RY) at 10.7% of the portfolio, followed by Toronto-Dominion Bank (TD, 9.1%) and Brookfield (BN, 6.0%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 26 and reduced 7. The biggest buy was Bank of Montreal (BMO, shares +58%) and the biggest sale Can Imperial BK of Commerce (CM, shares −56%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001426327-25-000007 ↗ filed May 12, 2025
Holdings Value
Holdings 37 stocks · $1.3B
| RY Royal Bank of Canada | 10.71% | 1,283,071 | $144.6M | Add +3.2% |
| TD Toronto-Dominion Bank | 9.13% | 2,056,970 | $123.3M | Add +2.8% |
| BN Brookfield Corp. | 6.01% | 1,550,275 | $81.1M | Add +2.5% |
| TRP TC Energy Corp. | 5.94% | 1,697,266 | $80.2M | Reduce -8.3% |
| CNI Canadian Natl Railway Co. | 5.27% | 730,893 | $71.1M | Add +2.8% |
| SU Suncor Energy Inc. | 5.18% | 1,804,212 | $69.9M | Add +2.8% |
| B Barrick Gold Corp. | 4.22% | 2,934,340 | $57.0M | Add +13.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.06% | 1,154,576 | $54.8M | Reduce -17.3% |
| CVE Cenovus Energy Inc. | 4.01% | 3,895,976 | $54.2M | Add +2.9% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.98% | 563,083 | $53.8M | Add +57.8% |
| GIB Cgi Inc. | 3.74% | 505,237 | $50.4M | Add +3.0% |
| TU Telus Corp. | 3.72% | 3,501,231 | $50.2M | Add +2.9% |
| RCI Rogers Communications Inc. Class B | 3.50% | 1,768,948 | $47.2M | Add +22.5% |
| CP Canadian Pacific Kansas City | 3.30% | 634,083 | $44.5M | Add +3.0% |
| MFC Manulife Financial Corp. | 3.12% | 1,351,667 | $42.1M | Add +3.0% |
| QSR Restaurant Brands Intern | 3.07% | 621,300 | $41.4M | Reduce -3.7% |
| ENB Enbridge Inc. | 2.90% | 883,680 | $39.1M | Add +3.0% |
| MGA Magna International Inc. | 2.48% | 983,905 | $33.4M | Reduce -0.1% |
| NTR Nutrien Ltd. | 2.20% | 598,217 | $29.7M | Reduce -11.0% |
| CNQ Canadian Natural Resources | 2.09% | 917,170 | $28.2M | Add +3.0% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.69% | 404,539 | $22.8M | Reduce -55.8% |
| OR Osisko Gold Royalties Ltd. | 1.64% | 1,050,599 | $22.2M | Add +7.2% |
| NEM Newmont Corp. | 1.34% | 374,441 | $18.1M | Add +36.8% |
| MEOH Methanex Corp. | 1.18% | 452,943 | $15.9M | Add +3.2% |
| ASTL Algoma Steel Group Inc. | 1.17% | 2,908,572 | $15.8M | Add +33.5% |
| ATS Ats Corp. | 1.17% | 632,491 | $15.8M | Add +324.5% |
| SOBO South Bow Corp. | 0.76% | 402,934 | $10.3M | Add +2.9% |
| TIXT Telus International Cda Inc. | 0.71% | 3,579,740 | $9.6M | Add +12.2% |
| GOOS Canada Goose Holdings Inc. | 0.60% | 1,020,801 | $8.1M | Reduce -16.2% |
| OTEX Open Text Corp. | 0.51% | 273,038 | $6.9M | Add +3.4% |
| TECK Teck Resources Ltd.-CLS B | 0.48% | 178,803 | $6.5M | Add +2.4% |
| AEM Agnico Eagle Mines Ltd. | 0.05% | 5,746 | $623K | Add +15.5% |
| LBRDA Liberty Broadband-A | 0.02% | 3,290 | $280K | No change |
| WTW Willis Towers Watson PLC | 0.02% | 693 | $234K | No change |
| CNH CNH Industrial NV | 0.02% | 17,970 | $221K | Add +17.9% |
| TSN Tyson Foods Inc. Class A | 0.02% | 3,350 | $214K | New |
| WBD Warner Bros Discovery Inc. | 0.01% | 12,785 | $137K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| CM Can Imperial BK of Commerce | Reduce -55.8% | 1.69% | −2.54 |
| BNS Bank of Nova Scotia | Reduce -17.3% | 4.06% | −1.41 |
| BBU Brookfield Business PT-Unit | Sold out | 0.00% | −0.79 |
| MGA Magna International Inc. | Reduce -0.1% | 2.48% | −0.52 |
| TRP TC Energy Corp. | Reduce -8.3% | 5.94% | −0.35 |
| GOOS Canada Goose Holdings Inc. | Reduce -16.2% | 0.60% | −0.29 |
| QSR Restaurant Brands Intern | Reduce -3.7% | 3.07% | +0.00 |
| NTR Nutrien Ltd. | Reduce -11.0% | 2.20% | +0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BMO Bank of Montreal | Add +57.8% | 3.98% | +1.46 |
| TD Toronto-Dominion Bank | Add +2.8% | 9.13% | +1.37 |
| B Barrick Gold Corp. | Add +13.2% | 4.22% | +1.29 |
| ATS Ats Corp. | Add +324.5% | 1.17% | +0.84 |
| SU Suncor Energy Inc. | Add +2.8% | 5.18% | +0.61 |
| NEM Newmont Corp. | Add +36.8% | 1.34% | +0.60 |
| TU Telus Corp. | Add +2.9% | 3.72% | +0.36 |
| OR Osisko Gold Royalties Ltd. | Add +7.2% | 1.64% | +0.35 |
| RCI Rogers Communications Inc. Class B | Add +22.5% | 3.50% | +0.27 |
| ENB Enbridge Inc. | Add +3.0% | 2.90% | +0.24 |
| MFC Manulife Financial Corp. | Add +3.0% | 3.12% | +0.18 |
| SOBO South Bow Corp. | Add +2.9% | 0.76% | +0.09 |
| CNQ Canadian Natural Resources | Add +3.0% | 2.09% | +0.09 |
| CP Canadian Pacific Kansas City | Add +3.0% | 3.30% | +0.05 |
| AEM Agnico Eagle Mines Ltd. | Add +15.5% | 0.05% | +0.02 |
| TSN Tyson Foods Inc. Class A | New | 0.02% | +0.02 |
| CNI Canadian Natl Railway Co. | Add +2.8% | 5.27% | +0.01 |
| CNH CNH Industrial NV | Add +17.9% | 0.02% | +0.00 |
| TECK Teck Resources Ltd.-CLS B | Add +2.4% | 0.48% | −0.03 |
| OTEX Open Text Corp. | Add +3.4% | 0.51% | −0.03 |
| CVE Cenovus Energy Inc. | Add +2.9% | 4.01% | −0.17 |
| GIB Cgi Inc. | Add +3.0% | 3.74% | −0.18 |
| TIXT Telus International Cda Inc. | Add +12.2% | 0.71% | −0.20 |
| RY Royal Bank of Canada | Add +3.2% | 10.71% | −0.21 |
| BN Brookfield Corp. | Add +2.5% | 6.01% | −0.32 |
| ASTL Algoma Steel Group Inc. | Add +33.5% | 1.17% | −0.39 |
| MEOH Methanex Corp. | Add +3.2% | 1.18% | −0.42 |
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 |