Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Scheer, Rowlett & Associates Investment Management Ltd. reported 32 stock positions worth $1.7 billion. Its top holding was Royal Bank of Canada (RY) at 11.2% of the portfolio, followed by Toronto-Dominion Bank (TD, 9.4%) and Brookfield (BN, 6.4%). Compared with Q2 2025, it opened 4 new positions, sold out of 3, added to 7 and reduced 21. The biggest buy was a new position in Franco-Nevada (FNV) and the biggest sale an exit from Newmont (NEM).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.7B (Q3 2025)
- SEC Filing
- 0001426327-25-000012 ↗ filed Nov 13, 2025
Holdings Value
Holdings 32 stocks · $1.7B
| RY Royal Bank of Canada | 11.23% | 1,278,474 | $188.4M | Reduce -3.0% |
| TD Toronto-Dominion Bank | 9.36% | 1,963,233 | $156.9M | Reduce -7.1% |
| BN Brookfield Corp. | 6.40% | 1,564,730 | $107.3M | Reduce -1.8% |
| B Barrick Mining Corp. | 5.79% | 2,955,763 | $97.1M | Reduce -1.6% |
| CNI Canadian Natl Railway Co. | 4.95% | 880,187 | $83.0M | Add +9.7% |
| TRP TC Energy Corp. | 4.83% | 1,488,624 | $80.9M | Reduce -9.4% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.62% | 594,303 | $77.4M | Reduce -2.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.50% | 1,166,583 | $75.4M | Reduce -1.8% |
| RCI Rogers Communications Inc. Class B | 4.03% | 1,965,762 | $67.7M | Reduce -1.9% |
| CVE Cenovus Energy Inc. | 3.99% | 3,941,852 | $66.9M | Reduce -1.3% |
| SU Suncor Energy Inc. | 3.98% | 1,594,490 | $66.7M | Reduce -6.9% |
| TU Telus Corp. | 3.02% | 3,217,494 | $50.7M | Reduce -1.8% |
| MFC Manulife Financial Corp. | 2.79% | 1,504,581 | $46.9M | Add +8.6% |
| CP Canadian Pacific Kansas City | 2.58% | 581,004 | $43.3M | Reduce -10.4% |
| ENB Enbridge Inc. | 2.57% | 855,493 | $43.1M | Reduce -5.1% |
| GIB Cgi Inc. | 2.42% | 456,651 | $40.7M | Reduce -11.7% |
| OR Or Royalties Inc. | 2.41% | 1,010,109 | $40.5M | Reduce -1.7% |
| MGA Magna International Inc. | 2.25% | 795,681 | $37.7M | Reduce -21.2% |
| NTR Nutrien Ltd. | 2.11% | 603,738 | $35.4M | Reduce -1.8% |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BANK OF CO | 1.96% | 411,706 | $32.9M | Reduce -1.5% |
| FNV Franco-Nevada Corp. | 1.92% | 144,405 | $32.1M | New |
| ATS Ats Corp. | 1.90% | 1,217,184 | $31.8M | Add +53.6% |
| MEOH Methanex Corp. | 1.85% | 779,424 | $31.0M | Reduce -1.9% |
| CNQ Canadian Natural Resources | 1.82% | 956,117 | $30.6M | Add +1.9% |
| QSR Restaurant Brands Intern | 1.64% | 430,062 | $27.6M | Reduce -9.5% |
| GIL Gildan Activewear Inc. | 1.06% | 307,371 | $17.8M | New |
| OTEX Open Text Corp. | 0.98% | 441,051 | $16.5M | Add +59.3% |
| TECK Teck Resources Ltd.-CLS B | 0.87% | 332,230 | $14.6M | Add +80.7% |
| TFII Tfi International Inc. | 0.87% | 165,482 | $14.6M | New |
| ASTL Algoma Steel Group Inc. | 0.81% | 3,828,929 | $13.6M | Reduce -1.8% |
| IAG Iamgold Corp. | 0.40% | 513,516 | $6.6M | New |
| AEM Agnico Eagle Mines Ltd. | 0.09% | 8,912 | $1.5M | Add +91.8% |
Portfolio Sells Q2 2025 → Q3 2025
| NEM Newmont Corp. | Sold out | 0.00% | −1.52 |
| GIB Cgi Inc. | Reduce -11.7% | 2.42% | −1.09 |
| ASTL Algoma Steel Group Inc. | Reduce -1.8% | 0.81% | −0.94 |
| TIXT Telus International Cda Inc. | Sold out | 0.00% | −0.87 |
| GOOS Canada Goose Holdings Inc. | Sold out | 0.00% | −0.76 |
| CP Canadian Pacific Kansas City | Reduce -10.4% | 2.58% | −0.75 |
| TD Toronto-Dominion Bank | Reduce -7.1% | 9.36% | −0.71 |
| QSR Restaurant Brands Intern | Reduce -9.5% | 1.64% | −0.40 |
| TU Telus Corp. | Reduce -1.8% | 3.02% | −0.39 |
| TRP TC Energy Corp. | Reduce -9.4% | 4.83% | −0.37 |
| MGA Magna International Inc. | Reduce -21.2% | 2.25% | −0.28 |
| NTR Nutrien Ltd. | Reduce -1.8% | 2.11% | −0.21 |
| SU Suncor Energy Inc. | Reduce -6.9% | 3.98% | −0.18 |
| ENB Enbridge Inc. | Reduce -5.1% | 2.57% | −0.08 |
| RY Royal Bank of Canada | Reduce -3.0% | 11.23% | −0.02 |
| BN Brookfield Corp. | Reduce -1.8% | 6.40% | +0.01 |
| CM Can Imperial BK of Commerce | Reduce -1.5% | 1.96% | +0.04 |
| MEOH Methanex Corp. | Reduce -1.9% | 1.85% | +0.14 |
| RCI Rogers Communications Inc. Class B | Reduce -1.9% | 4.03% | +0.18 |
| BNS Bank of Nova Scotia | Reduce -1.8% | 4.50% | +0.24 |
| BMO Bank of Montreal | Reduce -2.2% | 4.62% | +0.25 |
| CVE Cenovus Energy Inc. | Reduce -1.3% | 3.99% | +0.47 |
| OR Or Royalties Inc. | Reduce -1.7% | 2.41% | +0.70 |
| B Barrick Mining Corp. | Reduce -1.6% | 5.79% | +1.74 |
Portfolio Buys Q2 2025 → Q3 2025
| FNV Franco-Nevada Corp. | New | 1.92% | +1.92 |
| GIL Gildan Activewear Inc. | New | 1.06% | +1.06 |
| TFII Tfi International Inc. | New | 0.87% | +0.87 |
| OTEX Open Text Corp. | Add +59.3% | 0.98% | +0.46 |
| IAG Iamgold Corp. | New | 0.40% | +0.40 |
| TECK Teck Resources Ltd.-CLS B | Add +80.7% | 0.87% | +0.39 |
| ATS Ats Corp. | Add +53.6% | 1.90% | +0.26 |
| AEM Agnico Eagle Mines Ltd. | Add +91.8% | 0.09% | +0.05 |
| MFC Manulife Financial Corp. | Add +8.6% | 2.79% | −0.07 |
| CNQ Canadian Natural Resources | Add +1.9% | 1.82% | −0.09 |
| CNI Canadian Natl Railway Co. | Add +9.7% | 4.95% | −0.47 |
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 |