LETKO, BROSSEAU & ASSOCIATES INC
Long book
$6.20B
Q1 2026
Positions
101
Top-10 weight
36%
concentration
Last quarter
+10.7%
SPY +14.8%
Turnover
3%
of book per quarter
Strategy in plain words
auto-generated from filingsLETKO, BROSSEAU & ASSOCIATES INC is a diversified fundamental manager, running a $6.20B US long book across 101 positions.
The portfolio is moderately concentrated (top 10 ≈ 36% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ROGERS COMMUNICATIONS INC-B, BANK OF NOVA SCOTIA, ALPHABET INC-CL C, TORONTO-DOMINION BANK, ROYAL BANK OF CANADA.
Over the last 9 quarters its long book ran on average 0.5pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.8%
Q2 2024
+7.8%
Q3 2024
-2.5%
Q4 2024
-2.7%
Q1 2025
+9.3%
Q2 2025
+11.5%
Q3 2025
+7.9%
Q4 2025
+3.3%
Q1 2026
+10.7%
Sector allocation
Financials 32%
Technology 18%
Communications 14%
Industrials 9%
Healthcare 8%
Other 6%
Energy 6%
Materials 6%
Long book by quarter
What does LETKO, BROSSEAU own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 6.5M | $249.6M | 4.0% | -1.7% |
| BNS BANK OF NOVA SCOTIA | Financials | 3.5M | $242.7M | 3.9% | -5.8% |
| GOOG ALPHABET INC-CL C | Technology | 833.1K | $239.0M | 3.9% | -0.5% |
| TD TORONTO-DOMINION BANK | Financials | 2.5M | $234.2M | 3.8% | -8.3% |
| RY ROYAL BANK OF CANADA | Financials | 1.4M | $229.3M | 3.7% | -2.9% |
| MGA MAGNA INTERNATIONAL INC | Industrials | 3.9M | $219.8M | 3.5% | -2.9% |
| BMO BANK OF MONTREAL | Financials | 1.6M | $213.3M | 3.4% | -5.6% |
| NTR NUTRIEN LTD | Other | 2.8M | $207.4M | 3.3% | -5.3% |
| MFC MANULIFE FINANCIAL CORP | Financials | 6.0M | $207.3M | 3.3% | -1.8% |
| SLF SUN LIFE FINANCIAL INC | Financials | 3.3M | $203.9M | 3.3% | +1.8% |
| BCE BCE INC | Communications | 7.6M | $190.3M | 3.1% | +3.1% |
| OTEX OPEN TEXT CORP | Technology | 7.8M | $173.1M | 2.8% | +37.1% |
| B BARRICK MINING CORP | Materials | 3.9M | $158.2M | 2.6% | -15.3% |
| CVE CENOVUS ENERGY INC | Energy | 5.7M | $151.1M | 2.4% | -4.0% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 1.6M | $147.9M | 2.4% | -13.6% |
| T AT&T INC | Communications | 4.1M | $119.5M | 1.9% | -0.2% |
| PFE PFIZER INC | Healthcare | 4.1M | $114.8M | 1.9% | +5.5% |
| META META PLATFORMS INC-CLASS A | Technology | 200.6K | $114.8M | 1.9% | +1.1% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 1.1M | $107.9M | 1.7% | +36.0% |
| ILMN ILLUMINA INC | Healthcare | 852.9K | $105.1M | 1.7% | -0.7% |
| TTE TOTALENERGIES SE | Energy | 1.1M | $100.8M | 1.6% | -2.3% |
| TU TELUS CORP | Communications | 7.4M | $95.3M | 1.5% | +9.8% |
| ADBE ADOBE INC | Technology | 382.5K | $93.0M | 1.5% | +68.7% |
| WFG WEST FRASER TIMBER CO LTD | Other | 1.4M | $92.3M | 1.5% | +21.0% |
| EMN EASTMAN CHEMICAL CO | Materials | 1.2M | $91.1M | 1.5% | -0.1% |
| INTC INTEL CORP | Technology | 2.0M | $89.5M | 1.4% | -32.2% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 1.7M | $85.5M | 1.4% | -0.6% |
| CAE CAE INC | Technology | 3.1M | $81.0M | 1.3% | -3.0% |
| CVS CVS HEALTH CORP | Healthcare | 1.1M | $80.1M | 1.3% | +0.3% |
| FDX FEDEX CORP | Industrials | 217.5K | $77.5M | 1.2% | -2.7% |
| TFC TRUIST FINANCIAL CORP | Financials | 1.6M | $72.1M | 1.2% | -7.6% |
| C CITIGROUP INC | Financials | 631.5K | $71.6M | 1.2% | -22.1% |
| STT STATE STREET CORP | Financials | 544.5K | $68.9M | 1.1% | -18.5% |
| CRM SALESFORCE INC | Technology | 356.7K | $66.6M | 1.1% | +10391.5% |
| CMCSA COMCAST CORP-CLASS A | Communications | 2.3M | $65.6M | 1.1% | +0.9% |
| CRUS CIRRUS LOGIC INC | Technology | 449.5K | $65.0M | 1.0% | -0.2% |
| MSFT MICROSOFT CORP | Technology | 171.0K | $63.3M | 1.0% | +26662.6% |
| ABBV ABBVIE INC | Healthcare | 275.1K | $59.8M | 1.0% | -3.5% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 1.1M | $55.9M | 0.9% | -11.0% |
| COP CONOCOPHILLIPS | Energy | 420.6K | $55.5M | 0.9% | -2.3% |
| EFXT ENERFLEX LTD | Industrials | 2.6M | $53.8M | 0.9% | -8.4% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 669.6K | $49.4M | 0.8% | +10.8% |
| SWKS SKYWORKS SOLUTIONS INC | Technology | 912.7K | $48.9M | 0.8% | +35.9% |
| BAC BANK OF AMERICA CORP | Financials | 975.4K | $47.6M | 0.8% | -0.4% |
| WFC WELLS FARGO & CO | Financials | 573.8K | $45.7M | 0.7% | -0.6% |
| MRK MERCK & CO. INC. | Healthcare | 358.0K | $43.1M | 0.7% | -3.4% |
| MRNA MODERNA INC | Healthcare | 748.8K | $38.0M | 0.6% | +3.1% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 361.6K | $35.6M | 0.6% | +0.9% |
| GPK GRAPHIC PACKAGING HOLDING CO | Other | 3.5M | $34.5M | 0.6% | +0.6% |
| ADNT ADIENT PLC | Industrials | 1.6M | $32.7M | 0.5% | +2.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 101 | $6.20B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 11, 2026 | 100 | $6.11B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 98 | $5.82B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 93 | $5.23B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 89 | $4.70B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 100 | $5.17B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 101 | $5.51B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 6, 2024 | 104 | $5.27B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 8, 2024 | 102 | $5.75B | canonical | SEC ↗ |
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