Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Scheer, Rowlett & Associates Investment Management Ltd. reported 31 stock positions worth $1.5 billion. Its top holding was Royal Bank of Canada (RY) at 11.3% of the portfolio, followed by Toronto-Dominion Bank (TD, 10.1%) and Brookfield (BN, 6.4%). Compared with Q1 2025, it sold out of 6, added to 25 and reduced 6. The biggest buy was Toronto-Dominion Bank (TD, shares +3%) and the biggest sale Restaurant Brands Intern (QSR, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.5B (Q2 2025)
- SEC Filing
- 0001426327-25-000008 ↗ filed Aug 7, 2025
Holdings Value
Holdings 31 stocks · $1.5B
| RY Royal Bank of Canada | 11.26% | 1,318,261 | $173.8M | Add +2.7% |
| TD Toronto-Dominion Bank | 10.07% | 2,113,730 | $155.6M | Add +2.8% |
| BN Brookfield Corp. | 6.39% | 1,592,795 | $98.6M | Add +2.7% |
| CNI Canadian Natl Railway Co. | 5.42% | 802,257 | $83.6M | Add +9.8% |
| TRP TC Energy Corp. | 5.19% | 1,643,567 | $80.2M | Reduce -3.2% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.36% | 607,701 | $67.4M | Add +7.9% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.26% | 1,188,376 | $65.8M | Add +2.9% |
| SU Suncor Energy Inc. | 4.16% | 1,712,566 | $64.2M | Reduce -5.1% |
| B Barrick Mining Corp. | 4.05% | 3,003,438 | $62.6M | Add +2.4% |
| RCI Rogers Communications Inc. Class B | 3.85% | 2,003,712 | $59.5M | Add +13.3% |
| GIB Cgi Inc. | 3.52% | 517,087 | $54.3M | Add +2.4% |
| CVE Cenovus Energy Inc. | 3.52% | 3,993,810 | $54.3M | Add +2.5% |
| TU Telus Corp. | 3.41% | 3,274,703 | $52.7M | Reduce -6.5% |
| CP Canadian Pacific Kansas City | 3.33% | 648,343 | $51.4M | Add +2.3% |
| MFC Manulife Financial Corp. | 2.87% | 1,385,074 | $44.3M | Add +2.5% |
| ENB Enbridge Inc. | 2.65% | 901,510 | $40.9M | Add +2.0% |
| MGA Magna International Inc. | 2.53% | 1,009,748 | $39.1M | Add +2.6% |
| NTR Nutrien Ltd. | 2.32% | 614,526 | $35.8M | Add +2.7% |
| QSR Restaurant Brands Intern | 2.04% | 475,142 | $31.5M | Reduce -23.5% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.92% | 418,123 | $29.7M | Add +3.4% |
| CNQ Canadian Natural Resources | 1.91% | 938,400 | $29.5M | Add +2.3% |
| ASTL Algoma Steel Group Inc. | 1.75% | 3,898,205 | $27.0M | Add +34.0% |
| OR Or Royalties Inc. | 1.71% | 1,027,209 | $26.4M | Reduce -2.2% |
| MEOH Methanex Corp. | 1.71% | 794,279 | $26.4M | Add +75.4% |
| ATS Ats Corp. | 1.64% | 792,305 | $25.3M | Add +25.3% |
| NEM Newmont Corp. | 1.52% | 401,777 | $23.4M | Add +7.3% |
| TIXT Telus International Cda Inc. | 0.87% | 3,667,490 | $13.4M | Add +2.5% |
| GOOS Canada Goose Holdings Inc. | 0.76% | 1,047,971 | $11.7M | Add +2.7% |
| OTEX Open Text Corp. | 0.52% | 276,928 | $8.1M | Add +1.4% |
| TECK Teck Resources Ltd.-CLS B | 0.48% | 183,843 | $7.4M | Add +2.8% |
| AEM Agnico Eagle Mines Ltd. | 0.04% | 4,646 | $554K | Reduce -19.1% |
Portfolio Sells Q1 2025 → Q2 2025
| QSR Restaurant Brands Intern | Reduce -23.5% | 2.04% | −1.03 |
| SU Suncor Energy Inc. | Reduce -5.1% | 4.16% | −1.02 |
| SOBO South Bow Corp. | Sold out | 0.00% | −0.76 |
| TRP TC Energy Corp. | Reduce -3.2% | 5.19% | −0.75 |
| TU Telus Corp. | Reduce -6.5% | 3.41% | −0.31 |
| LBRDA Liberty Broadband-A | Sold out | 0.00% | −0.02 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.02 |
| CNH CNH Industrial NV | Sold out | 0.00% | −0.02 |
| TSN Tyson Foods Inc. Class A | Sold out | 0.00% | −0.02 |
| AEM Agnico Eagle Mines Ltd. | Reduce -19.1% | 0.04% | −0.01 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.01 |
| OR Or Royalties Inc. | Reduce -2.2% | 1.71% | +0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| TD Toronto-Dominion Bank | Add +2.8% | 10.07% | +0.94 |
| ASTL Algoma Steel Group Inc. | Add +34.0% | 1.75% | +0.58 |
| RY Royal Bank of Canada | Add +2.7% | 11.26% | +0.55 |
| MEOH Methanex Corp. | Add +75.4% | 1.71% | +0.53 |
| ATS Ats Corp. | Add +25.3% | 1.64% | +0.47 |
| BMO Bank of Montreal | Add +7.9% | 4.36% | +0.38 |
| BN Brookfield Corp. | Add +2.7% | 6.39% | +0.38 |
| RCI Rogers Communications Inc. Class B | Add +13.3% | 3.85% | +0.35 |
| CM Can Imperial BK of Commerce | Add +3.4% | 1.92% | +0.24 |
| BNS Bank of Nova Scotia | Add +2.9% | 4.26% | +0.20 |
| NEM Newmont Corp. | Add +7.3% | 1.52% | +0.18 |
| GOOS Canada Goose Holdings Inc. | Add +2.7% | 0.76% | +0.16 |
| TIXT Telus International Cda Inc. | Add +2.5% | 0.87% | +0.16 |
| CNI Canadian Natl Railway Co. | Add +9.8% | 5.42% | +0.15 |
| NTR Nutrien Ltd. | Add +2.7% | 2.32% | +0.12 |
| MGA Magna International Inc. | Add +2.6% | 2.53% | +0.05 |
| CP Canadian Pacific Kansas City | Add +2.3% | 3.33% | +0.03 |
| OTEX Open Text Corp. | Add +1.4% | 0.52% | +0.01 |
| TECK Teck Resources Ltd.-CLS B | Add +2.8% | 0.48% | −0.00 |
| B Barrick Mining Corp. | Add +2.4% | 4.05% | −0.17 |
| CNQ Canadian Natural Resources | Add +2.3% | 1.91% | −0.18 |
| GIB Cgi Inc. | Add +2.4% | 3.52% | −0.22 |
| ENB Enbridge Inc. | Add +2.0% | 2.65% | −0.25 |
| MFC Manulife Financial Corp. | Add +2.5% | 2.87% | −0.25 |
| CVE Cenovus Energy Inc. | Add +2.5% | 3.52% | −0.49 |
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 |