Scheer, Rowlett & Associates Investment Management Ltd.
Long book
$1.39B
Q1 2026
Positions
33
Top-10 weight
63%
concentration
Last quarter
+5.7%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsScheer, Rowlett & Associates Investment Management Ltd. is a concentrated fundamental stock-picker, running a $1.39B US long book across 33 positions.
The portfolio is concentrated: the top 10 names carry 63% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: ROYAL BANK OF CANADA, TORONTO-DOMINION BANK, SUNCOR ENERGY INC, BARRICK MINING CORP, CENOVUS ENERGY INC.
Over the last 9 quarters its long book ran on average 0.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-4.4%
Q2 2024
+13.0%
Q3 2024
-5.2%
Q4 2024
-2.8%
Q1 2025
+10.5%
Q2 2025
+11.0%
Q3 2025
+7.8%
Q4 2025
+6.3%
Q1 2026
+5.7%
Sector allocation
Financials 30%
Energy 17%
Materials 15%
Industrials 14%
Communications 6%
Real estate 6%
Other 4%
Utilities 4%
Long book by quarter
What does Scheer, Rowlett own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| RY ROYAL BANK OF CANADA | Financials | 1.0M | $168.3M | 12.1% | +2.2% |
| TD TORONTO-DOMINION BANK | Financials | 1.4M | $127.6M | 9.2% | -14.1% |
| SU SUNCOR ENERGY INC | Energy | 1.3M | $89.1M | 6.4% | -3.6% |
| B BARRICK MINING CORP | Materials | 2.0M | $83.6M | 6.0% | -12.8% |
| CVE CENOVUS ENERGY INC | Energy | 3.1M | $81.7M | 5.9% | -10.4% |
| BMO BANK OF MONTREAL | Financials | 596.3K | $80.8M | 5.8% | +28.3% |
| BN BROOKFIELD CORP | Real estate | 2.0M | $79.3M | 5.7% | -3.7% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 733.2K | $75.5M | 5.4% | -3.7% |
| TRP TC ENERGY CORP | Utilities | 803.7K | $50.2M | 3.6% | -14.0% |
| TU TELUS CORP | Communications | 3.2M | $41.5M | 3.0% | -3.8% |
| RCI ROGERS COMMUNICATIONS INC-B | Communications | 1.0M | $40.1M | 2.9% | -15.2% |
| FNV FRANCO-NEVADA CORP | Materials | 160.1K | $39.6M | 2.9% | +11.7% |
| MFC MANULIFE FINANCIAL CORP | Financials | 1.1M | $37.7M | 2.7% | -15.9% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 762.0K | $37.2M | 2.7% | -3.8% |
| AGI ALAMOS GOLD INC-CLASS A | Materials | 757.0K | $33.7M | 2.4% | +73.2% |
| ENB ENBRIDGE INC | Energy | 617.6K | $33.5M | 2.4% | -3.3% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 424.7K | $33.4M | 2.4% | -3.8% |
| ATS ATS CORP | Industrials | 1.2M | $33.3M | 2.4% | -3.6% |
| OR OR ROYALTIES INC | Materials | 840.5K | $32.0M | 2.3% | -4.2% |
| GIB CGI INC | Services media | 383.9K | $28.1M | 2.0% | -2.8% |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 359.2K | $26.6M | 1.9% | -3.8% |
| TFII TFI INTERNATIONAL INC | Industrials | 242.2K | $26.4M | 1.9% | -10.4% |
| NTR NUTRIEN LTD | Other | 287.9K | $21.7M | 1.6% | -37.2% |
| GIL GILDAN ACTIVEWEAR INC | Other | 258.3K | $14.4M | 1.0% | -3.8% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 277.2K | $14.3M | 1.0% | -3.8% |
| ASTL ALGOMA STEEL GROUP INC | Industrials | 3.2M | $13.2M | 1.0% | -3.9% |
| DSGX DESCARTES SYSTEMS GRP/THE | Technology | 158.7K | $11.4M | 0.8% | New |
| MGA MAGNA INTERNATIONAL INC | Industrials | 185.5K | $10.4M | 0.7% | -54.8% |
| MEOH METHANEX CORP | Other | 162.4K | $9.7M | 0.7% | -76.3% |
| TRI4EUR THOMSON REUTERS CORP | — | 95.0K | $8.6M | 0.6% | New |
| OTEX OPEN TEXT CORP | Technology | 256.8K | $5.7M | 0.4% | -8.1% |
| AEM AGNICO EAGLE MINES LTD | Materials | 8.6K | $1.7M | 0.1% | -5.8% |
| CNH CNH INDUSTRIAL NV | Industrials | 12.7K | $139K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 33 | $1.39B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 10, 2026 | 32 | $1.46B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 32 | $1.68B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 31 | $1.54B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 37 | $1.35B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 37 | $1.37B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 8, 2024 | 38 | $1.43B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 35 | $1.31B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 9, 2024 | 33 | $1.35B | canonical | SEC ↗ |
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