Scheer, Rowlett & Associates Investment Management Ltd.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Scheer, Rowlett & Associates Investment Management Ltd. reported 33 stock positions worth $1.4 billion. Its top holding was Royal Bank of Canada (RY) at 12.1% of the portfolio, followed by Toronto-Dominion Bank (TD, 9.2%) and Suncor Energy (SU, 6.4%). Compared with Q4 2025, it opened 2 new positions, sold out of 1, added to 4 and reduced 26. The biggest buy was Bank of Montreal (BMO, shares +28%) and the biggest sale an exit from Bank of Nova Scotia (BNS).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001426327
- Portfolio Value
- $1.4B (Q1 2026)
- SEC Filing
- 0001426327-26-000003 ↗ filed May 11, 2026
Holdings Value
Holdings 33 stocks · $1.4B
| RY Royal Bank of Canada | 12.10% | 1,040,618 | $168.3M | Add +2.2% |
| TD Toronto-Dominion Bank | 9.18% | 1,368,213 | $127.6M | Reduce -14.1% |
| SU Suncor Energy Inc. | 6.41% | 1,347,051 | $89.1M | Reduce -3.6% |
| B Barrick Mining Corp. | 6.02% | 2,046,425 | $83.6M | Reduce -12.8% |
| CVE Cenovus Energy Inc. | 5.88% | 3,088,546 | $81.7M | Reduce -10.4% |
| BMO Bank of Montreal filed as BANK MONTREAL MEDIUM | 5.81% | 596,325 | $80.8M | Add +28.3% |
| BN Brookfield Corp. | 5.70% | 1,956,028 | $79.3M | Reduce -3.7% |
| CNI Canadian Natl Railway Co. | 5.43% | 733,191 | $75.5M | Reduce -3.7% |
| TRP TC Energy Corp. | 3.61% | 803,654 | $50.2M | Reduce -14.0% |
| TU Telus Corp. | 2.98% | 3,224,096 | $41.5M | Reduce -3.8% |
| RCI Rogers Communications Inc. Class B | 2.88% | 1,042,339 | $40.1M | Reduce -15.2% |
| FNV Franco-Nevada Corp. | 2.85% | 160,054 | $39.6M | Add +11.7% |
| MFC Manulife Financial Corp. | 2.71% | 1,094,428 | $37.7M | Reduce -15.9% |
| CNQ Canadian Natural Resources | 2.67% | 762,030 | $37.2M | Reduce -3.8% |
| AGI Alamos Gold Inc. Class A | 2.42% | 756,989 | $33.7M | Add +73.3% |
| ENB Enbridge Inc. | 2.41% | 617,581 | $33.5M | Reduce -3.3% |
| CP Canadian Pacific Kansas City | 2.40% | 424,696 | $33.4M | Reduce -3.8% |
| ATS Ats Corp. | 2.40% | 1,181,937 | $33.3M | Reduce -3.6% |
| OR Or Royalties Inc. | 2.30% | 840,453 | $32.0M | Reduce -4.2% |
| GIB Cgi Inc. | 2.02% | 383,925 | $28.1M | Reduce -2.8% |
| QSR Restaurant Brands Intern | 1.91% | 359,229 | $26.6M | Reduce -3.8% |
| TFII Tfi International Inc. filed as TRANSFORCE INC | 1.90% | 242,180 | $26.4M | Reduce -10.4% |
| NTR Nutrien Ltd. | 1.56% | 287,859 | $21.7M | Reduce -37.2% |
| GIL Gildan Activewear Inc. | 1.03% | 258,258 | $14.4M | Reduce -3.8% |
| TECK Teck Resources Ltd.-CLS B | 1.03% | 277,200 | $14.3M | Reduce -3.8% |
| ASTL Algoma Steel Group Inc. | 0.95% | 3,207,480 | $13.2M | Reduce -3.9% |
| DSGX The Descartes Systems Grp | 0.82% | 158,694 | $11.4M | New |
| MGA Magna International Inc. | 0.75% | 185,467 | $10.4M | Reduce -54.8% |
| MEOH Methanex Corp. | 0.70% | 162,425 | $9.7M | Reduce -76.3% |
| TRI Thomson Reuters Corp. | 0.62% | 94,951 | $8.6M | New |
| OTEX Open Text Corp. | 0.41% | 256,800 | $5.7M | Reduce -8.1% |
| AEM Agnico Eagle Mines Ltd. | 0.13% | 8,587 | $1.7M | Reduce -5.8% |
| CNH CNH Industrial NV | 0.01% | 12,680 | $139K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| BNS Bank of Nova Scotia | Sold out | 0.00% | −4.76 |
| MEOH Methanex Corp. | Reduce -76.3% | 0.70% | −1.17 |
| TD Toronto-Dominion Bank | Reduce -14.1% | 9.18% | −1.12 |
| B Barrick Mining Corp. | Reduce -12.8% | 6.02% | −1.00 |
| MGA Magna International Inc. | Reduce -54.8% | 0.75% | −0.76 |
| BN Brookfield Corp. | Reduce -3.7% | 5.70% | −0.70 |
| MFC Manulife Financial Corp. | Reduce -15.9% | 2.71% | −0.53 |
| GIB Cgi Inc. | Reduce -2.8% | 2.02% | −0.48 |
| NTR Nutrien Ltd. | Reduce -37.2% | 1.56% | −0.38 |
| RCI Rogers Communications Inc. Class B | Reduce -15.2% | 2.88% | −0.30 |
| OTEX Open Text Corp. | Reduce -8.1% | 0.41% | −0.21 |
| GIL Gildan Activewear Inc. | Reduce -3.8% | 1.03% | −0.12 |
| TU Telus Corp. | Reduce -3.8% | 2.98% | −0.05 |
| TFII Tfi International Inc. | Reduce -10.4% | 1.90% | −0.02 |
| ASTL Algoma Steel Group Inc. | Reduce -3.9% | 0.95% | +0.01 |
| AEM Agnico Eagle Mines Ltd. | Reduce -5.8% | 0.13% | +0.02 |
| ATS Ats Corp. | Reduce -3.6% | 2.40% | +0.08 |
| TRP TC Energy Corp. | Reduce -14.0% | 3.61% | +0.08 |
| TECK Teck Resources Ltd.-CLS B | Reduce -3.8% | 1.03% | +0.09 |
| QSR Restaurant Brands Intern | Reduce -3.8% | 1.91% | +0.16 |
| OR Or Royalties Inc. | Reduce -4.2% | 2.30% | +0.17 |
| CP Canadian Pacific Kansas City | Reduce -3.8% | 2.40% | +0.18 |
| CNI Canadian Natl Railway Co. | Reduce -3.7% | 5.43% | +0.26 |
| ENB Enbridge Inc. | Reduce -3.3% | 2.41% | +0.31 |
| CNQ Canadian Natural Resources | Reduce -3.8% | 2.67% | +0.83 |
| CVE Cenovus Energy Inc. | Reduce -10.4% | 5.88% | +1.87 |
| SU Suncor Energy Inc. | Reduce -3.6% | 6.41% | +2.15 |
Portfolio Buys Q4 2025 → Q1 2026
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 |