NATIONAL BANK OF CANADA /FI/
Long book
$97.73B
Q1 2026
Positions
2634
Top-10 weight
33%
concentration
Last quarter
+17.0%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsNATIONAL BANK OF CANADA /FI/ is a mechanically diversified allocator, running a $97.73B US long book across 2634 positions.
The portfolio is moderately concentrated (top 10 ≈ 33% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, APPLE INC, MICROSOFT CORP, ALPHABET INC-CL A, ROYAL BANK OF CANADA.
Over the last 9 quarters its long book ran on average 1pp per quarter ahead of the S&P 500, beating the index in 7 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.9%
Q2 2024
+6.8%
Q3 2024
+0.6%
Q4 2024
-2.7%
Q1 2025
+13.8%
Q2 2025
+10.0%
Q3 2025
+3.6%
Q4 2025
-2.9%
Q1 2026
+17.0%
Sector allocation
Technology 39%
Financials 18%
Industrials 9%
Consumer discretionary 7%
Healthcare 5%
Energy 4%
Materials 4%
Services media 3%
Long book by quarter
What does NATIONAL BANK own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 39.9M | $6.96B | 7.1% | +48.2% |
| AAPL APPLE INC | Technology | 18.0M | $4.57B | 4.7% | +25.9% |
| MSFT MICROSOFT CORP | Technology | 11.9M | $4.41B | 4.5% | +20.1% |
| GOOGL ALPHABET INC-CL A | Technology | 10.7M | $3.09B | 3.2% | +10.2% |
| RY ROYAL BANK OF CANADA | Financials | 16.2M | $2.61B | 2.7% | -2.6% |
| TD TORONTO-DOMINION BANK | Financials | 27.4M | $2.56B | 2.6% | +7.0% |
| AMZN AMAZON.COM INC | Consumer discretionary | 11.7M | $2.44B | 2.5% | +8.6% |
| GOOG ALPHABET INC-CL C | Technology | 7.6M | $2.19B | 2.2% | +21.3% |
| TSLA TESLA INC | Industrials | 5.3M | $1.99B | 2.0% | +0.5% |
| AVGO BROADCOM INC | Technology | 6.0M | $1.86B | 1.9% | -19.0% |
| META META PLATFORMS INC-CLASS A | Technology | 3.0M | $1.70B | 1.7% | -28.7% |
| SHOP SHOPIFY INC - CLASS A | Technology | 12.8M | $1.52B | 1.6% | +36.0% |
| MU MICRON TECHNOLOGY INC | Technology | 4.3M | $1.46B | 1.5% | +26.3% |
| BMO BANK OF MONTREAL | Financials | 10.8M | $1.45B | 1.5% | -2.2% |
| CM CAN IMPERIAL BK OF COMMERCE | Financials | 13.0M | $1.23B | 1.3% | -4.7% |
| BNS BANK OF NOVA SCOTIA | Financials | 16.4M | $1.14B | 1.2% | -7.9% |
| JPM JPMORGAN CHASE & CO | Financials | 3.7M | $1.09B | 1.1% | +32.9% |
| ENB ENBRIDGE INC | Energy | 19.5M | $1.05B | 1.1% | -3.0% |
| UNH UNITEDHEALTH GROUP INC | Financials | 3.8M | $1.04B | 1.1% | +63.4% |
| BN BROOKFIELD CORP | Real estate | 24.2M | $979.4M | 1.0% | +5.1% |
| AMD ADVANCED MICRO DEVICES | Technology | 4.5M | $919.0M | 0.9% | +141.3% |
| MFC MANULIFE FINANCIAL CORP | Financials | 26.2M | $899.7M | 0.9% | +19.4% |
| WMT WALMART INC | Consumer discretionary | 6.4M | $790.2M | 0.8% | +42.5% |
| AEM AGNICO EAGLE MINES LTD | Materials | 3.7M | $739.4M | 0.8% | -3.3% |
| PLTR PALANTIR TECHNOLOGIES INC-A | Technology | 4.7M | $690.3M | 0.7% | +14.0% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 6.7M | $685.8M | 0.7% | -0.4% |
| SU SUNCOR ENERGY INC | Energy | 10.2M | $677.0M | 0.7% | -10.7% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 662.1K | $659.7M | 0.7% | -15.7% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 2.9M | $649.1M | 0.7% | +1.7% |
| TRP TC ENERGY CORP | Utilities | 10.3M | $641.0M | 0.7% | -7.6% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 12.0M | $579.6M | 0.6% | -35.3% |
| CSCO CISCO SYSTEMS INC | Technology | 7.4M | $572.8M | 0.6% | +11.0% |
| LLY ELI LILLY & CO | Healthcare | 620.2K | $570.5M | 0.6% | -0.7% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 1.2M | $568.5M | 0.6% | +3.7% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 7.1M | $554.9M | 0.6% | -0.3% |
| BCE BCE INC | Communications | 21.3M | $535.4M | 0.5% | -1.4% |
| LRCX LAM RESEARCH CORP | Industrials | 2.5M | $528.7M | 0.5% | +13.7% |
| NFLX NETFLIX INC | Services media | 5.3M | $511.3M | 0.5% | -8.3% |
| BAC BANK OF AMERICA CORP | Financials | 10.0M | $489.9M | 0.5% | +75.7% |
| ORCL ORACLE CORP | Technology | 3.0M | $434.0M | 0.4% | -16.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.7M | $423.1M | 0.4% | -7.1% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 11.0M | $419.8M | 0.4% | +11.7% |
| AZN ASTRAZENECA PLC | Healthcare | 2.1M | $417.6M | 0.4% | New |
| SLF SUN LIFE FINANCIAL INC | Financials | 6.7M | $417.1M | 0.4% | +5.7% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 3.2M | $415.6M | 0.4% | -3.8% |
| INTC INTEL CORP | Technology | 9.2M | $406.8M | 0.4% | +4.2% |
| AMAT APPLIED MATERIALS INC | Technology | 1.2M | $399.4M | 0.4% | +18.7% |
| MA MASTERCARD INC - A | Services media | 790.7K | $395.1M | 0.4% | +0.4% |
| HD HOME DEPOT INC | Consumer discretionary | 1.2M | $393.6M | 0.4% | +28.1% |
| FTS FORTIS INC | Utilities | 6.8M | $377.6M | 0.4% | -7.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 5484 | $111.52B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 5429 | $109.99B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 5314 | $100.44B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 18, 2025 | 5726 | $105.21B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 13, 2025 | 5709 | $106.76B | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 5709 | $106.76B | SEC ↗ | |
| Q1 2025 | 13F-HR | May 12, 2025 | 5420 | $95.50B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 5727 | $94.39B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Nov 15, 2024 | 4603 | $87.35B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 4603 | $87.35B | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 4731 | $73.37B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 4805 | $65.39B | canonical | SEC ↗ |
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