Institutional Manager · CIK 0000926171

NATIONAL BANK OF CANADA /FI/

MONTREAL, A8 · File #028-21480

Latest AUM

$109.99B

Positions

5,429

Top-10 Concentration

44.3%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	NVIDIA CORPORATION	NVDA	-11,165,937	-$2.08B	-$4.2M
ADD	ALPHABET INC	GOOG	+3,251,607	+$1.02B	+$65.2M
ADD	BROOKFIELD CORP	11271J107	+16,810,930	+$771.7M	-$3.3M
ADD	APPLE INC	AAPL	+20,327	+$552.6M	+$43,075
ADD	HONEYWELL INTL INC	438516106	+2,164,035	+$422.2M	-$3,089
ADD	AGNICO EAGLE MINES LTD	AEM	+2,469,979	+$418.8M	+$66,419
REDUCE	BANK MONTREAL QUE	063671101	-3,094,072	-$401.8M	+$1.5M
ADD	UNITEDHEALTH GROUP INC	UNH	+1,059,323	+$349.7M	-$118,031
ADD	ALPHABET INC	GOOG	+1,096,423	+$344.1M	+$191.1M
ADD	ADVANCED MICRO DEVICES INC	AMD	+1,571,640	+$336.6M	+$2.9M

Sector Allocation

Technology

26.9%$29.65B

Consumer Discretionary

9.4%$10.32B

Healthcare

5.3%$5.89B

Communication Services

4.7%$5.18B

4.6%$5.03B

4.0%$4.43B

3.0%$3.25B

2.3%$2.53B

1.9%$2.07B

0.5%$569.3M

0.5%$543.7M

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 20255,429 pos · $109.99B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 20255,314 pos · $100.44B
Aug 18, 202513F HOLDINGS REPORT (Amended)Q/E Jun 20255,726 pos · $105.21B
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 20255,709 pos · $106.76B
Aug 13, 202513F HOLDINGS REPORT (Amended)Q/E Jun 20255,709 pos · $106.76B
May 12, 202513F HOLDINGS REPORTQ/E Mar 20255,420 pos · $95.50B
Feb 12, 202513F HOLDINGS REPORTQ/E Dec 20245,727 pos · $94.39B
Nov 15, 202413F HOLDINGS REPORT (Amended)Q/E Sep 20244,603 pos · $87.35B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 20244,603 pos · $87.35B
Aug 2, 202413F HOLDINGS REPORTQ/E Jun 20244,731 pos · $73.37B
May 13, 202413F HOLDINGS REPORTQ/E Mar 20244,805 pos · $65.39B
Oct 10, 202313F HOLDINGS REPORTQ/E Dec 20235,202 pos · $65.67B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORPORATION	NVDA	16,521,198	$3.08B	6.83%
2	MICROSOFT CORP	MSFT	6,133,117	$2.97B	6.57%
3	APPLE INC	AAPL	9,513,505	$2.59B	5.73%
4	AMAZON COM INC	AMZN	8,156,651	$1.88B	4.17%
5	TORONTO DOMINION BK ONT	TORO	18,426,742	$1.74B	3.85%
6	TESLA INC	TSLA	3,816,918	$1.72B	3.80%
7	ROYAL BK CDA	780087102	9,628,975	$1.64B	3.64%
8	NVIDIA CORPORATION	NVDA	8,378,780	$1.56B	3.46%
9	META PLATFORMS INC	META	2,318,996	$1.53B	3.39%
10	ALPHABET INC	GOOG	4,183,586	$1.31B	2.90%
11	BROADCOM INC	AVGO	3,625,779	$1.25B	2.78%
12	ALPHABET INC	GOOG	3,816,513	$1.20B	2.65%
13	ALPHABET INC	GOOG	3,785,569	$1.18B	2.63%
14	SHOPIFY INC	SHOP	7,167,153	$1.15B	2.56%
15	BROADCOM INC	AVGO	3,269,901	$1.13B	2.51%
16	ROYAL BK CDA	780087102	6,652,205	$1.13B	2.51%
17	MICROSOFT CORP	MSFT	2,283,705	$1.10B	2.45%
18	META PLATFORMS INC	META	1,485,775	$980.7M	2.17%
19	BANK MONTREAL QUE	063671101	7,310,300	$949.3M	2.10%
20	BANK NOVA SCOTIA HALIFAX	064149107	11,898,511	$877.5M	1.94%