Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Scheer, Rowlett & Associates Investment Management Ltd. reported 32 stock positions worth $1.5 billion. Its top holding was Royal Bank of Canada (RY) at 11.9% of the portfolio, followed by Toronto-Dominion Bank (TD, 10.3%) and Barrick Mining (B, 7.0%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 4 and reduced 26. The biggest buy was a new position in Alamos Gold Class A (AGI) and the biggest sale an exit from Can Imperial BK of Commerce (CM).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001426327-26-000001 ↗ filed Feb 10, 2026
Holdings Value
Holdings 32 stocks · $1.5B
| RY Royal Bank of Canada | 11.91% | 1,018,409 | $173.6M | Reduce -20.3% |
| TD Toronto-Dominion Bank | 10.30% | 1,593,176 | $150.2M | Reduce -18.9% |
| B Barrick Mining Corp. | 7.02% | 2,347,731 | $102.3M | Reduce -20.6% |
| BN Brookfield Corp. | 6.40% | 2,031,480 | $93.3M | Reduce -13.4% |
| CNI Canadian Natl Railway Co. | 5.17% | 761,487 | $75.3M | Reduce -13.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 4.76% | 940,485 | $69.4M | Reduce -19.4% |
| SU Suncor Energy Inc. | 4.26% | 1,398,002 | $62.1M | Reduce -12.3% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.14% | 464,627 | $60.3M | Reduce -21.8% |
| CVE Cenovus Energy Inc. | 4.00% | 3,448,636 | $58.3M | Reduce -12.5% |
| TRP TC Energy Corp. | 3.53% | 934,851 | $51.5M | Reduce -37.2% |
| MFC Manulife Financial Corp. | 3.24% | 1,302,110 | $47.3M | Reduce -13.5% |
| RCI Rogers Communications Inc. Class B | 3.18% | 1,229,758 | $46.4M | Reduce -37.4% |
| TU Telus Corp. | 3.03% | 3,350,460 | $44.2M | Add +4.1% |
| GIB Cgi Inc. | 2.50% | 395,129 | $36.5M | Reduce -13.5% |
| ATS Ats Corp. | 2.32% | 1,226,450 | $33.8M | Add +0.8% |
| CP Canadian Pacific Kansas City | 2.23% | 441,304 | $32.5M | Reduce -24.0% |
| OR Or Royalties Inc. | 2.13% | 877,209 | $31.1M | Reduce -13.2% |
| ENB Enbridge Inc. | 2.10% | 638,571 | $30.6M | Reduce -25.4% |
| FNV Franco-Nevada Corp. | 2.04% | 143,350 | $29.7M | Reduce -0.7% |
| NTR Nutrien Ltd. | 1.94% | 458,531 | $28.3M | Reduce -24.1% |
| TFII Tfi International Inc. | 1.92% | 270,163 | $27.9M | Add +63.3% |
| MEOH Methanex Corp. | 1.87% | 685,524 | $27.2M | Reduce -12.1% |
| CNQ Canadian Natural Resources | 1.84% | 791,781 | $26.8M | Reduce -17.2% |
| QSR Restaurant Brands Intern | 1.75% | 373,562 | $25.5M | Reduce -13.1% |
| MGA Magna International Inc. | 1.50% | 410,369 | $21.9M | Reduce -48.4% |
| AGI Alamos Gold Inc. Class A | 1.16% | 436,945 | $16.9M | New |
| GIL Gildan Activewear Inc. | 1.15% | 268,471 | $16.8M | Reduce -12.7% |
| TECK Teck Resources Ltd.-CLS B | 0.95% | 288,130 | $13.8M | Reduce -13.3% |
| ASTL Algoma Steel Group Inc. | 0.94% | 3,336,525 | $13.7M | Reduce -12.9% |
| OTEX Open Text Corp. | 0.62% | 279,352 | $9.1M | Reduce -36.7% |
| AEM Agnico Eagle Mines Ltd. | 0.11% | 9,112 | $1.5M | Add +2.2% |
| CNH CNH Industrial NV | 0.01% | 12,680 | $117K | New |
Portfolio Sells Q3 2025 → Q4 2025
| CM Can Imperial BK of Commerce | Sold out | 0.00% | −1.96 |
| TRP TC Energy Corp. | Reduce -37.2% | 3.53% | −1.29 |
| RCI Rogers Communications Inc. Class B | Reduce -37.4% | 3.18% | −0.85 |
| MGA Magna International Inc. | Reduce -48.4% | 1.50% | −0.75 |
| BMO Bank of Montreal | Reduce -21.8% | 4.14% | −0.48 |
| ENB Enbridge Inc. | Reduce -25.4% | 2.10% | −0.48 |
| IAG Iamgold Corp. | Sold out | 0.00% | −0.40 |
| OTEX Open Text Corp. | Reduce -36.7% | 0.62% | −0.36 |
| CP Canadian Pacific Kansas City | Reduce -24.0% | 2.23% | −0.35 |
| OR Or Royalties Inc. | Reduce -13.2% | 2.13% | −0.28 |
| NTR Nutrien Ltd. | Reduce -24.1% | 1.94% | −0.17 |
| BN Brookfield Corp. | Reduce -13.4% | 6.40% | −0.00 |
| CVE Cenovus Energy Inc. | Reduce -12.5% | 4.00% | +0.01 |
| CNQ Canadian Natural Resources | Reduce -17.2% | 1.84% | +0.02 |
| MEOH Methanex Corp. | Reduce -12.1% | 1.87% | +0.02 |
| TECK Teck Resources Ltd.-CLS B | Reduce -13.3% | 0.95% | +0.08 |
| GIB Cgi Inc. | Reduce -13.5% | 2.50% | +0.08 |
| GIL Gildan Activewear Inc. | Reduce -12.7% | 1.15% | +0.09 |
| QSR Restaurant Brands Intern | Reduce -13.1% | 1.75% | +0.10 |
| FNV Franco-Nevada Corp. | Reduce -0.7% | 2.04% | +0.12 |
| ASTL Algoma Steel Group Inc. | Reduce -12.9% | 0.94% | +0.13 |
| CNI Canadian Natl Railway Co. | Reduce -13.5% | 5.17% | +0.22 |
| BNS Bank of Nova Scotia | Reduce -19.4% | 4.76% | +0.26 |
| SU Suncor Energy Inc. | Reduce -12.3% | 4.26% | +0.28 |
| MFC Manulife Financial Corp. | Reduce -13.5% | 3.24% | +0.45 |
| RY Royal Bank of Canada | Reduce -20.3% | 11.91% | +0.68 |
| TD Toronto-Dominion Bank | Reduce -18.9% | 10.30% | +0.94 |
| B Barrick Mining Corp. | Reduce -20.6% | 7.02% | +1.23 |
Portfolio Buys Q3 2025 → Q4 2025
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 |