LETKO, BROSSEAU & ASSOCIATES INC
Sector Allocation
- Financials32.8%$2.2B
- Technology17.5%$1.2B
- Communication Services10.7%$725.5M
- Healthcare10.4%$705.2M
- Industrials10.3%$697.8M
- Materials8.2%$557.4M
- Energy4.1%$279.8M
- Utilities2.9%$197.9M
- Consumer Discretionary1.9%$126.8M
- Real Estate0.7%$46.4M
AUM History
13fpro.ai/research/fund/letko-brosseau-and-associates-inc-1297496
Conviction and streaks
Concentrating · top 10 = 37.6%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
BNS
$293.7MTD
$290.9MGOOG
$287.2MRY
$280.7MBMO
$252.1MSLF
$246.8MMGA
$245.1MMFC
$241.1MRCI
$208.8MOTEX
$195.5MCM
$169.9MNTR
$167.6MBCE
$164.2MILMN
$146.0MB
$136.1MCVE
$132.1MMETA
$125.9MCNI
$122.6MCVS
$113.3MTU
$108.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/letko-brosseau-and-associates-inc-1297496
LETKO, BROSSEAU & ASSOCIATES INC 13F holdings — Q2 2026
$6.8B portfolio (+9.1% QoQ) · 112 holdings · Q2 2026 13F · top 10 are 38% of the stock portfolio
$293.7M
4.3% of stocks
-4%This quarter+2.9%Since filed10+ qtrsHeldAIQuality71.1#173Est. buyEstimated buy price is Pro: unlock with a free trialTrimmed 4 qtrs in a row$290.9M
4.3% of stocks
-5%This quarter+1.8%Since filed10+ qtrsHeld$287.2M
4.2% of stocks
-2%This quarter-8.7%Since filed10+ qtrsHeld$280.7M
4.2% of stocks
-5%This quarter-5.8%Since filed10+ qtrsHeld$252.1M
3.7% of stocks
-10%This quarter-7.4%Since filed10+ qtrsHeld$246.8M
3.6% of stocks
-4%This quarter-1.7%Since filed10+ qtrsHeld$245.1M
3.6% of stocks
-6%This quarter-8.6%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$241.1M
3.6% of stocks
-2%This quarter+1.7%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$208.8M
3.1% of stocks
-1%This quarter-11.2%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$195.5M
2.9% of stocks
+13%This quarter+11.1%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 2 qtrs in a row
All holdings — LETKO, BROSSEAU & ASSOCIATES INC (Q2 2026)
112 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ | Financials | $169.9M | 2.5% | 1.48M | -6% | 10+ qtrsTrimmed 7 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Nutrien Ltd. | Materials | $167.6M | 2.5% | 2.66M | -3% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | BCE INC | Communication Services | $164.2M | 2.4% | 7.63M | +0.8% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | ILLUMINA, INC. | Healthcare | $146.0M | 2.2% | 830K | -3% | 8 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | BARRICK MINING CORP | Materials | $136.1M | 2.0% | 3.70M | -5% | 5 qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | CENOVUS ENERGY INC. | Energy | $132.1M | 1.9% | 5.33M | -7% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Meta Platforms, Inc. | Technology | $125.9M | 1.9% | 224K | +11% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | CANADIAN NATIONAL RAILWAY CO | Industrials | $122.6M | 1.8% | 1.03M | -2% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | CVS HEALTH Corp | Healthcare | $113.3M | 1.7% | 1.10M | -2% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | TELUS CORP | Communication Services | $108.1M | 1.6% | 10.22M | +37% | 10+ qtrsAdded 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | CAE INC | Technology | $99.7M | 1.5% | 3.98M | +28% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | PFIZER INC | Healthcare | $99.3M | 1.5% | 4.12M | +0.8% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | WEST FRASER TIMBER CO., LTD | Industrials | $96.0M | 1.4% | 1.42M | +0.1% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | ADOBE INC. | Technology | $94.3M | 1.4% | 460K | +20% | 6 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | MICROSOFT CORP | Technology | $90.0M | 1.3% | 241K | +41% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $STT | STATE STREET CORP | Financials | $89.1M | 1.3% | 526K | -3% | |||
| 27 | $T | AT&T INC. | Communication Services | $86.4M | 1.3% | 4.17M | +1% | |||
| 28 | $ELPC | ENERGY CO OF PARANA | Utilities | $85.4M | 1.3% | 7.33M | -7% | |||
| 29 | $C | CITIGROUP INC | Financials | $85.2M | 1.3% | 609K | -4% | |||
| 30 | $GSK | GSK plc | Healthcare | $85.2M | 1.3% | 1.62M | -1% | |||
| 31 | $CCZ | COMCAST CORP | Communication Services | $85.0M | 1.3% | 3.46M | +51% | |||
| 32 | $SWKS | SKYWORKS SOLUTIONS, INC. | Technology | $83.7M | 1.2% | 1.23M | +35% | |||
| 33 | $TTE | TotalEnergies SE | Energy | $82.2M | 1.2% | 1.06M | -2% | |||
| 34 | $EMN | EASTMAN CHEMICAL CO | Materials | $80.3M | 1.2% | 1.20M | +0.5% | |||
| 35 | $CRM | Salesforce, Inc. | Technology | $79.1M | 1.2% | 505K | +42% | |||
| 36 | $TFC | TRUIST FINANCIAL CORP | Financials | $77.3M | 1.1% | 1.55M | -1% | |||
| 37 | $VZ | VERIZON COMMUNICATIONS INC | Communication Services | $73.1M | 1.1% | 1.73M | +1% | |||
| 38 | $SBS | COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP | Utilities | $70.0M | 1.0% | 12.11M | +416% | |||
| 39 | $ABBV | AbbVie Inc. | Healthcare | $67.9M | 1.0% | 270K | -2% | |||
| 40 | $FDX | FEDEX CORP | Industrials | $67.5M | 1.0% | 216K | -0.9% | |||
| 41 | $CRUS | CIRRUS LOGIC, INC. | Technology | $65.7M | 1.0% | 442K | -2% | |||
| 42 | $GEHC | GE HealthCare Technologies Inc. | Healthcare | $56.2M | 0.8% | 879K | New | |||
| 43 | $BAC | BANK OF AMERICA CORP /DE/ | Financials | $55.1M | 0.8% | 967K | -0.8% | |||
| 44 | $TECK | TECK RESOURCES LTD | Materials | $52.1M | 0.8% | 875K | -19% | |||
| 45 | $MRNA | Moderna, Inc. | Healthcare | $50.8M | 0.8% | 725K | -3% | |||
| 46 | $EFXT | Enerflex Ltd. | Industrials | $49.0M | 0.7% | 2.00M | -23% | |||
| 47 | $GIL | Gildan Activewear Inc. | Consumer Discretionary | $48.8M | 0.7% | 947K | New | |||
| 48 | $GPK | GRAPHIC PACKAGING HOLDING CO | Materials | $47.1M | 0.7% | 4.45M | +28% | |||
| 49 | $WFC | WELLS FARGO & COMPANY/MN | Financials | $47.0M | 0.7% | 569K | -0.8% | |||
| 50 | $QSR | Restaurant Brands International Inc. | Consumer Discretionary | $46.6M | 0.7% | 643K | -4% | |||
| 51 | $MAC | MACERICH CO | Real Estate | $46.4M | 0.7% | 1.84M | -2% | |||
| 52 | $MRK | Merck & Co., Inc. | Healthcare | $44.7M | 0.7% | 347K | -3% | |||
| 53 | $CX | CEMEX SAB DE CV | Materials | $43.1M | 0.6% | 3.59M | -7% | |||
| 54 | $COP | CONOCOPHILLIPS | Energy | $42.5M | 0.6% | 409K | -3% | |||
| 55 | $EXC | EXELON CORP | Utilities | $41.5M | 0.6% | 891K | New | |||
| 56 | $UPS | UNITED PARCEL SERVICE INC | Industrials | $39.4M | 0.6% | 366K | +1% | |||
| 57 | $BAP | CREDICORP LTD | Financials | $38.2M | 0.6% | 98K | +2% | |||
| 58 | $CPA | Copa Holdings, S.A. | Industrials | $32.4M | 0.5% | 208K | +3% | |||
| 59 | $BIIB | BIOGEN INC. | Healthcare | $31.7M | 0.5% | 147K | -3% | |||
| 60 | $IVZ | Invesco Ltd. | Financials | $31.2M | 0.5% | 1.18M | -1% | |||
| 61 | $LULU | lululemon athletica inc. | Consumer Discretionary | $31.1M | 0.5% | 272K | +48% | |||
| 62 | $ADNT | Adient plc | Industrials | $30.5M | 0.5% | 1.66M | +3% | |||
| 63 | $ACM | AECOM | Technology | $27.2M | 0.4% | 390K | New | |||
| 64 | $INTC | INTEL CORP | Technology | $27.0M | 0.4% | 193K | -90% | |||
| 65 | $WMT | Walmart Inc. | Consumer Staples | $22.1M | 0.3% | 195K | -2% | |||
| 66 | $CVX | CHEVRON CORP | Energy | $21.5M | 0.3% | 129K | -2% | |||
| 67 | $HBM | Hudbay Minerals Inc. | Materials | $19.1M | 0.3% | 809K | -26% | |||
| 68 | $FDXF | FedEx Freight Holding Company, Inc. | Industrials | $15.3M | 0.2% | 102K | New | |||
| 69 | $HDB | HDFC BANK LTD | Financials | $13.5M | 0.2% | 521K | +46% | |||
| 70 | $SW | Smurfit Westrock plc | Materials | $9.4M | 0.1% | 204K | +113% | |||
| 71 | $CXM | Sprinklr, Inc. | Technology | $6.0M | 0.1% | 1.16M | -7% | |||
| 72 | $PROF | Profound Medical Corp. | Healthcare | $5.4M | 0.1% | 936K | -2% | |||
| 73 | — | SPDR SERIES TRUST - ST STR SP BIOT | — | $4.9M | 0.1% | 31K | -6% | |||
| 74 | $IBN | ICICI BANK LTD | Financials | $2.9M | 0.0% | 100K | -18% | |||
| 75 | — | FRANKLIN TEMPLETON ETF TR - FRANKLIN INDIA | — | $2.2M | 0.0% | 62K | +91% | |||
| 76 | $SCHW | SCHWAB CHARLES CORP | Financials | $1.6M | 0.0% | 18K | — | |||
| 77 | $ING | ING GROEP NV | Financials | $1.5M | 0.0% | 47K | -1% | |||
| 78 | $PBA | PEMBINA PIPELINE CORP | Energy | $1.1M | 0.0% | 23K | -12% | |||
| 79 | $FCX | FREEPORT-MCMORAN INC | Materials | $605K | 0.0% | 9,625 | — | |||
| 80 | $PVLA | PALVELLA THERAPEUTICS, INC. | Healthcare | $535K | 0.0% | 3,500 | — | |||
| 81 | $VALE | Vale S.A. | Materials | $506K | 0.0% | 34K | -8% | |||
| 82 | $NXPI | NXP Semiconductors N.V. | Technology | $499K | 0.0% | 1,775 | — | |||
| 83 | $ELVN | Enliven Therapeutics, Inc. | Healthcare | $487K | 0.0% | 9,600 | — | |||
| 84 | $FTS | Fortis Inc. | Utilities | $452K | 0.0% | 7,900 | — | |||
| 85 | $SU | SUNCOR ENERGY INC | Energy | $452K | 0.0% | 8,400 | -97% | |||
| 86 | $EMA | EMERA INC | Utilities | $450K | 0.0% | 8,485 | — | |||
| 87 | $MGTX | MeiraGTx Holdings plc | Healthcare | $432K | 0.0% | 32K | — | |||
| 88 | $GHRS | GH Research PLC | Healthcare | $415K | 0.0% | 15K | New | |||
| 89 | $ERO | Ero Copper Corp. | Materials | $392K | 0.0% | 15K | — | |||
| 90 | $ALB | ALBEMARLE CORP | Materials | $334K | 0.0% | 2,475 | — | |||
| 91 | $BCAX | Bicara Therapeutics Inc. | Healthcare | $332K | 0.0% | 11K | — | |||
| 92 | $NAMS | NewAmsterdam Pharma Co N.V. | Healthcare | $321K | 0.0% | 9,475 | -20% | |||
| 93 | $SPRY | ARS Pharmaceuticals, Inc. | Healthcare | $321K | 0.0% | 40K | +62% | |||
| 94 | $CABA | Cabaletta Bio, Inc. | Healthcare | $281K | 0.0% | 90K | — | |||
| 95 | $SNDX | Syndax Pharmaceuticals Inc | Healthcare | $272K | 0.0% | 12K | New | |||
| 96 | $AMRZ | Amrize Ltd | Materials | $262K | 0.0% | 4,941 | — | |||
| 97 | $AMZN | AMAZON COM INC | Consumer Discretionary | $262K | 0.0% | 1,100 | New | |||
| 98 | $CADL | Candel Therapeutics, Inc. | Healthcare | $258K | 0.0% | 25K | New | |||
| 99 | $KMB | KIMBERLY CLARK CORP | Materials | $246K | 0.0% | 2,240 | — | |||
| 100 | $LQDA | Liquidia Corp | Healthcare | $231K | 0.0% | 2,900 | New | |||
| 101 | $AAPL | Apple Inc. | Technology | $217K | 0.0% | 750 | New | |||
| 102 | $ORCL | ORACLE CORP | Technology | $208K | 0.0% | 1,420 | — | |||
| 103 | $MA | Mastercard Inc | Financials | $205K | 0.0% | 400 | New | |||
| 104 | $DNLI | Denali Therapeutics Inc. | Healthcare | $202K | 0.0% | 7,850 | New | |||
| 105 | $AURA | Aura Biosciences, Inc. | Healthcare | $201K | 0.0% | 28K | — | |||
| 106 | $IAG | IAMGOLD CORP | Materials | $198K | 0.0% | 13K | New | |||
| 107 | $TENX | TENAX THERAPEUTICS, INC. | Healthcare | $155K | 0.0% | 11K | — | |||
| 108 | $AQST | Aquestive Therapeutics, Inc. | Healthcare | $147K | 0.0% | 35K | — | |||
| 109 | $TCRX | TScan Therapeutics, Inc. | Healthcare | $94K | 0.0% | 96K | — | |||
| 110 | $ALDX | Aldeyra Therapeutics, Inc. | Healthcare | $37K | 0.0% | 17K | — | |||
| 111 | $HUMA | Humacyte, Inc. | Healthcare | $36K | 0.0% | 46K | — | |||
| 112 | $PROK | PROKIDNEY CORP. | Healthcare | $32K | 0.0% | 16K | — |
What changed in Q2 2026
Against the previous quarter's 13F: 14 new, 26 added to, 50 trimmed, 2 sold out. Share-count changes; largest moves by dollar size first.
New positions (14)
$GEHCGE HealthCare Technologies Inc.$56.2M
first bought this quarter
$GILGildan Activewear Inc.$48.8M
first bought this quarter
$EXCEXELON CORP$41.5M
first bought this quarter
$ACMAECOM$27.2M
first bought this quarter
$FDXFFedEx Freight Holding Company, Inc.$15.3M
first bought this quarter
$GHRSGH Research PLC$415K
first bought this quarter
+8 more in the Excel export
Added to (26)
$SBSCOMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP+416%
now $70.0M · held 10+ qtrs, 2 adds in a row
now $108.1M · held 10+ qtrs, 3 adds in a row
$CCZCOMCAST CORP+51%
now $85.0M · held 10+ qtrs
$MSFTMICROSOFT CORP+41%
now $90.0M · held 10+ qtrs, 2 adds in a row
$CRMSalesforce, Inc.+42%
now $79.1M · held 3 qtrs, 3 adds in a row
now $195.5M · held 10+ qtrs, 2 adds in a row
+20 more in the Excel export
Trimmed (50)
$INTCINTEL CORP-90%
now $27.0M · held 9 qtrs, 3 trims in a row
now $252.1M · held 10+ qtrs, 4 trims in a row
now $290.9M · held 10+ qtrs, 6 trims in a row
now $245.1M · held 10+ qtrs, 3 trims in a row
$EFXTEnerflex Ltd.-23%
now $49.0M · held 10+ qtrs, 4 trims in a row
$SUSUNCOR ENERGY INC-97%
now $452K · held 10+ qtrs, 3 trims in a row
+44 more in the Excel export
Holdings by quarter
Every 13F LETKO, BROSSEAU & ASSOCIATES INC has filed, 40 earlier quarters. Pick one to see what it held then.
Is it too late to follow LETKO, BROSSEAU & ASSOCIATES?
Q2 2026 13F filed with the SEC on Aug 13, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of LETKO, BROSSEAU & ASSOCIATES's top 20 holdings: 70/100 (our AI quality score, weighted by position size; 14 of the 20 are scored)
Top 10 since filing
-2.7%
Value-weighted move of the 10 largest stock positions
Turnover
7%
Last quarter; 20% over the last 4
Top 10 weight
38%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
93%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
LETKO, BROSSEAU & ASSOCIATES INC disclosed 112 positions worth $6.8B in its Form 13F-HR for Q2 2026, led by $BNS (BANK OF NOVA SCOTIA) at 4.3% of the equity portfolio, followed by $TD and $GOOG. During the quarter the fund opened 14 new positions and exited 2 — including a new stake in $GEHC and a full exit from $REPL. The portfolio is most concentrated in Financials (32.8% of disclosed assets). All figures are sourced directly from LETKO, BROSSEAU & ASSOCIATES INC’s Form 13F-HR filing with the SEC under CIK 1297496.
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