Institutional Manager · CIK 0001361974

Beutel, Goodman & Co Ltd.

TORONTO, A6 · File #028-11939

Latest AUM

$16.3M

Positions

174

Top-10 Concentration

32.5%

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	Toronto Dominion Bk	TORO	-4,721,028	-$445,531	+$183,299
NEW	Boyd Group Services	BGSI	+1,571,469	+$250,643	$0
EXITED	Interpublic Group of Companies	460690100	-8,104,203	-$226,188	$0
ADD	Canadian Natural Resources Ltd.	136385101	+6,242,381	+$211,714	+$373
ADD	Omnicom Group	OMC	+2,462,676	+$198,861	-$2,466
REDUCE	American Express Co	AXP	-462,011	-$170,921	+$46,374
REDUCE	Fortis Inc	FTRSF	-2,501,908	-$130,247	+$9,045
REDUCE	Qualcomm	QCOM	-756,653	-$129,425	+$12,462
REDUCE	Cdn Natl Railway	136375102	-1,218,404	-$120,662	+$18,128
REDUCE	Applied Materials	038222105	-387,258	-$99,521	+$56,883

Sector Allocation

11.4%$1.9M

10.4%$1.7M

10.2%$1.7M

6.0%$970,051

5.8%$940,283

Consumer Discretionary

4.8%$775,587

Materials

4.2%$690,571

Consumer Staples

3.1%$513,239

Communication Services

2.8%$458,686

Utilities

0.0%$632

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025174 pos · $16.3M
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 2025177 pos · $16.6M
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 2025176 pos · $17.6M
May 14, 202513F HOLDINGS REPORT (Amended)Q/E Mar 2025205 pos · $17.4M
May 12, 202513F HOLDINGS REPORTQ/E Mar 2025205 pos · $17.4M
Feb 12, 202513F HOLDINGS REPORTQ/E Dec 202486 pos · $18.4M
Nov 13, 202413F HOLDINGS REPORTQ/E Sep 202489 pos · $20.3M
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 202477 pos · $18.8M
May 14, 202413F HOLDINGS REPORT (Amended)Q/E Mar 202475 pos · $19.4M
May 13, 202413F HOLDINGS REPORTQ/E Mar 202475 pos · $18.8M
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 202375 pos · $16.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Toronto Dominion Bk	TORO	8,012,730	$756,174	4.84%
2	Royal Bank Cda	780087102	3,913,751	$668,085	4.28%
3	Bank of Montreal	063671101	4,990,717	$648,983	4.16%
4	Chubb Limited	CB	1,481,216	$462,317	2.96%
5	Medtronic PLC	MDT	4,731,611	$454,518	2.91%
6	Omnicom Group	OMC	5,624,143	$454,149	2.91%
7	Merck& Co Inc	MRK	4,062,393	$427,607	2.74%
8	PPG Industries	693506107	3,921,122	$401,758	2.57%
9	Manulife Fincl Corp	56501R106	11,024,527	$400,847	2.57%
10	Ebay Inc	EBAY	4,517,362	$393,462	2.52%
11	Rogers Communications	RCIAF	10,374,584	$392,126	2.51%
12	Amgen Inc	AMGN	1,182,453	$387,028	2.48%
13	Amdocs Ltd	DOX	4,734,354	$381,162	2.44%
14	Restaurant Brands International	76131D103	5,548,020	$379,082	2.43%
15	WABTEC CORP	929740108	1,742,919	$372,026	2.38%
16	CGI Group	GIB	4,009,805	$370,864	2.38%
17	Nutrien	NTR	5,997,348	$370,669	2.37%
18	NetApp	NTAP	3,351,445	$358,906	2.30%
19	Ameriprise Financial	03076C106	725,099	$355,545	2.28%
20	Gen Digital	GENVR	13,031,328	$354,321	2.27%