LETKO, BROSSEAU & ASSOCIATES INC

CIK 1297496 · View on SEC EDGAR ↗

Portfolio value
$6.8B
#657 of 9,443 by 13F value · top 7.0%
Positions
112
As of
June 30, 2026

Portfolio value QoQ: +9.1% 13F does not disclose cash

Top 10 holdings weight
37.57%
Top 25 holdings weight
65.13%
Positions above 1%
40
Effective number of positions
43.9

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 7.48% Est. buys $489,306,880 · sells $485,361,664

Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 81.2% still held

New positions
14
Increased
26
Decreased
50
Closed
3
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+45.9%
S&P 500 total return (same window)
+28.1%
Excess return
+17.8%

Annualized: +28.7% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 98.7% · Options excluded: 0.0%

Sector breakdown

Financials
31.0%
Healthcare
10.4%
Telecommunication
9.5%
Technology
9.5%
Communication Services
7.4%
Materials
6.8%
Consumer Discretionary
5.9%
Energy
4.9%
Industrials
4.8%
Utilities
2.9%
Financial Services
1.8%
Logistics & Transportation
1.6%
Paper & Forest
1.4%
Packaging
0.8%
Real Estate
0.7%
Retail
0.3%
Consumer products
0.0%
Other/Unmapped
0.3%

Full portfolio 112 positions

Type Streak 8Q trend
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares $293,708,337 4.34% 3,380,374 $51,026,993 Down ×4
TD Toronto Dominion Bank (The) Common Stock $290,936,757 4.30% 2,393,682 $56,701,391 Down ×6
GOOG Alphabet Inc. - Class C Capital Stock $287,208,876 4.24% 812,863 $48,226,392 Down ×4
RY Royal Bank Of Canada Common Stock $280,724,744 4.15% 1,356,164 $51,405,789 Down ×6
BMO Bank Of Montreal Common Stock $252,087,887 3.73% 1,426,775 $38,760,344 Down ×6
SLF Sun Life Financial Inc. Common Stock $246,789,037 3.65% 3,144,427 $42,931,664 Down ×1
MGA Magna International, Inc. Common Stock $245,085,956 3.62% 3,728,461 $25,275,689 Down ×3
MFC Manulife Financial Corporation Common Stock $241,061,283 3.56% 5,945,857 $33,714,631 Down ×6
RCI Rogers Communication, Inc. Common Stock $208,779,053 3.09% 6,419,707 $-40,850,440 Down ×4
OTEX Open Text Corporation - Common Shares $195,533,493 2.89% 8,837,628 $22,478,323 Up ×6
CM Canadian Imperial Bank of Commerce Common Stock $169,860,753 2.51% 1,475,569 $21,952,815 Down ×6
NTR Nutrien Ltd. Common Shares $167,593,717 2.48% 2,661,149 $-39,854,028 Down ×6
BCE BCE, Inc. Common Stock $164,212,252 2.43% 7,626,060 $-26,040,991 Up ×6
ILMN Illumina, Inc. - Common Stock $145,990,418 2.16% 830,293 $40,861,594 Down ×2
B Barrick Mining Corporation Common Shares $136,114,422 2.01% 3,703,017 $-22,129,654 Down ×4
CVE Cenovus Energy Inc Common Stock $132,145,910 1.95% 5,327,707 $-18,954,498 Down ×4
META Meta Platforms, Inc. - Class A Common Stock $125,926,855 1.86% 223,556 $11,131,829 Up ×2
CNI Canadian National Railway Company Common Stock $122,596,528 1.81% 1,027,674 $14,704,447 Down ×1
CVS CVS Health Corporation Common Stock $113,305,164 1.67% 1,095,265 $33,244,896 Down ×1
TU Telus Corporation Ordinary Shares $108,055,538 1.60% 10,220,253 $12,727,842 Up ×5
CAE CAE Inc. Ordinary Shares $99,661,571 1.47% 3,981,832 $18,621,997 Up ×1
PFE Pfizer, Inc. Common Stock $99,323,932 1.47% 4,124,748 $-15,523,633 Up ×2
WFG West Fraser Timber Co. Ltd Common stock $95,956,268 1.42% 1,417,956 $3,686,637 Up ×5
ADBE Adobe Inc. - Common Stock $94,288,288 1.39% 459,898 $1,311,890 Up ×2
MSFT Microsoft Corporation - Common Stock $90,030,613 1.33% 241,356 $26,726,729 Up ×3
STT State Street Corporation Common Stock $89,149,567 1.32% 525,646 $20,243,216 Down ×6
T AT&T Inc. $86,420,948 1.28% 4,174,925 $-33,067,135 Up ×1
ELPC Companhia Paranaense de Energia (COPEL) American Depositary Shares (each representing four (4) Common Shares) $85,440,774 1.26% 7,333,972 $-9,037,306 Down ×1
C Citigroup, Inc. Common Stock $85,242,364 1.26% 609,048 $13,625,083 Down ×6
GSK GSK plc American Depositary Shares (Each representing two Ordinary Shares) $85,165,097 1.26% 1,624,668 $-5,601,094 Down ×3
CMCSA Comcast Corporation - Class A Common Stock $84,966,593 1.26% 3,460,961 $19,365,506 Up ×5
SWKS Skyworks Solutions, Inc. - Common Stock $83,728,729 1.24% 1,234,937 $34,853,805 Up ×2
TTE TotalEnergies SE Ordinary Shares $82,180,508 1.21% 1,056,594 $-18,602,543 Down ×2
EMN Eastman Chemical Company Common Stock $80,325,095 1.19% 1,199,240 $-10,751,072 Up ×1
CRM Salesforce, Inc. Common Stock $79,083,535 1.17% 504,810 $12,496,479 Up ×2
TFC Truist Financial Corporation Common Stock $77,318,697 1.14% 1,551,961 $5,247,115 Down ×2
VZ Verizon Communications Inc. Common Stock $73,109,621 1.08% 1,726,727 $-12,342,024 Up ×1
SBS Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp American Depositary Shares (Each repstg 250 Common Shares) $70,021,076 1.03% 12,114,373 $-1,633,764 Up ×2
ABBV AbbVie Inc. Common Stock $67,945,065 1.00% 270,009 $8,102,906 Down ×6
FDX FedEx Corporation Common Stock $67,506,759 1.00% 215,587 $-9,966,663 Down ×2
CRUS Cirrus Logic, Inc. - Common Stock $65,688,729 0.97% 442,259 $681,461 Down ×3
GEHC GE HealthCare Technologies Inc. - Common Stock $56,237,586 0.83% 878,575 Up ×1
BAC Bank of America Corporation Common Stock $55,116,184 0.81% 967,290 $7,563,484 Down ×6
TECK Teck Resources Ltd Ordinary Shares $52,079,900 0.77% 874,729 $-3,860,152 Down ×6
MRNA Moderna, Inc. - Common Stock $50,759,845 0.75% 724,830 $12,720,043 Down ×1
EFXT Enerflex Ltd Common Shares $49,045,255 0.72% 1,997,788 $-4,757,331 Down ×4
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $48,811,949 0.72% 947,100 Up ×1
GPK Graphic Packaging Holding Company $47,071,434 0.70% 4,453,305 $12,574,068 Up ×5
WFC Wells Fargo & Company Common Stock $47,036,126 0.70% 569,169 $1,354,395 Down ×6
QSR Restaurant Brands International Inc. Common Shares $46,641,965 0.69% 643,271 $-2,751,016 Down ×1
MAC Macerich Company (The) Common Stock $46,379,072 0.69% 1,841,170 $10,814,091 Down ×1
MRK Merck & Company, Inc. Common Stock (new) $44,652,337 0.66% 347,489 $1,586,231 Down ×2
CX Cemex, S.A.B. de C.V. Sponsored ADR $43,121,100 0.64% 3,593,425 $-857,120 Down ×1
COP ConocoPhillips Common Stock $42,509,660 0.63% 408,904 $-13,010,068 Down ×2
EXC Exelon Corporation - Common Stock $41,543,082 0.61% 891,100 Up ×1
UPS United Parcel Service, Inc. Common Stock $39,351,988 0.58% 366,065 $3,782,207 Up ×4
BAP Credicorp Ltd. Common Stock $38,245,457 0.57% 98,171 $5,566,822 Up ×1
CPA Copa Holdings, S.A. Class A Common Stock $32,355,140 0.48% 207,978 $9,314,691 Up ×6
BIIB Biogen Inc. - Common Stock $31,666,186 0.47% 146,562 $4,008,106 Down ×1
IVZ Invesco Ltd Common Stock $31,154,398 0.46% 1,180,538 $2,048,590 Down ×4
LULU lululemon athletica inc. - Common Stock $31,064,724 0.46% 272,068 $2,918,359 Up ×2
ADNT Adient plc Ordinary Shares $30,530,503 0.45% 1,661,072 $-2,157,272 Up ×4
ACM AECOM Common Stock $27,227,235 0.40% 390,075 Up ×1
INTC Intel Corporation - Common Stock $27,017,709 0.40% 193,495 $-62,498,672 Down ×3
WMT Walmart Inc. - Common Stock $22,090,910 0.33% 195,046 $-2,693,753 Down ×6
CVX Chevron Corporation Common Stock $21,463,931 0.32% 129,488 $-5,797,212 Down ×3
HBM Hudbay Minerals Inc. Ordinary Shares (Canada) $19,096,417 0.28% 808,989 $-3,806,979 Down ×6
Unknown issuer (CUSIP: 314352105) $15,337,297 0.23% 101,572 Up ×1
HDB HDFC Bank Limited Common Stock $13,455,751 0.20% 520,935 $4,593,246 Up ×6
SW Smurfit WestRock plc Ordinary Shares $9,445,552 0.14% 204,184 $5,623,578 Up ×1
CXM Sprinklr, Inc. Class A Common Stock $5,994,243 0.09% 1,161,675 $-1,483,407 Down ×4
PROF Profound Medical Corp. - common stock $5,403,226 0.08% 935,725 $-682,211 Down ×6
XBI XBI $4,878,056 0.07% 30,825 $685,319 Down ×1
IBN ICICI Bank Limited Common Stock $2,914,670 0.04% 100,402 $-261,369 Down ×6
FLIN $2,187,555 0.03% 61,500 $1,115,379 Up ×6
SCHW Charles Schwab Corporation (The) Common Stock $1,639,730 0.02% 17,771 $-30,389
ING ING Group, N.V. Common Stock $1,463,061 0.02% 46,624 $231,573 Down ×4
PBA Pembina Pipeline Corp. Ordinary Shares (Canada) $1,078,827 0.02% 23,325 $-108,076 Down ×1
FCX Freeport-McMoRan, Inc. Common Stock $605,316 0.01% 9,625 $39,558
PVLA Palvella Therapeutics, Inc. - Common Stock $534,870 0.01% 3,500 $98,595
VALE VALE S.A. American Depositary Shares Each Representing one common share $506,096 0.01% 33,650 $-77,006 Down ×1
NXPI NXP Semiconductors N.V. - Common Stock $498,828 0.01% 1,775 $149,401
ELVN Enliven Therapeutics, Inc. - Common Stock $487,200 0.01% 9,600 $110,880
FTS Fortis Inc. Common Shares $452,423 0.01% 7,900 $13,084
SU Suncor Energy Inc. Common Stock $451,750 0.01% 8,400 $-17,294,368 Down ×6
EMA Emera Incorporated Common Shares $449,922 0.01% 8,485 $11,490
MGTX MeiraGTx Holdings plc - Ordinary Shares $432,320 0.01% 32,000 $155,200
GHRS GH Research PLC - Ordinary Shares $414,624 0.01% 15,425 Up ×1
ERO Ero Copper Corp. Common Shares $392,380 0.01% 14,700 $1,904
ALB Albemarle Corporation Common Stock $334,199 0.00% 2,475 $-110,138
BCAX Bicara Therapeutics Inc. - Common Stock $331,786 0.00% 11,175 $109,515
NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares $321,108 0.00% 9,475 $-55,810 Down ×1
SPRY ARS Pharmaceuticals, Inc. - Common Stock $320,801 0.00% 40,050 $122,460 Up ×1
CABA Cabaletta Bio, Inc. - Common Stock $281,377 0.00% 90,475 $37,999
SNDX Syndax Pharmaceuticals, Inc. - Common Stock $272,157 0.00% 12,450 Up ×1
AMRZ Amrize Ltd Ordinary Shares $262,287 0.00% 4,941 $-5,439
AMZN Amazon.com, Inc. - Common Stock $262,174 0.00% 1,100 Up ×1
CADL Candel Therapeutics, Inc. - Common Stock $258,015 0.00% 25,050 Up ×1
KMB Kimberly-Clark Corporation - Common Stock $245,885 0.00% 2,240 $29,792
LQDA Liquidia Corporation - Common Stock $231,217 0.00% 2,900 Up ×1

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
OTEX $195,533,493 2.89% up ×6
BCE $164,212,252 2.43% up ×6
TU $108,055,538 1.60% up ×5
WFG $95,956,268 1.42% up ×5
MSFT $90,030,613 1.33% up ×3
CMCSA $84,966,593 1.26% up ×5
GPK $47,071,434 0.70% up ×5
UPS $39,351,988 0.58% up ×4
CPA $32,355,140 0.48% up ×6
ADNT $30,530,503 0.45% up ×4
HDB $13,455,751 0.20% up ×6
FLIN $2,187,555 0.03% up ×6

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
GEHC $56,237,586 878,575 0.83%
GIL $48,811,949 947,100 0.72%
EXC $41,543,082 891,100 0.61%
ACM $27,227,235 390,075 0.40%
Unknown issuer (CUSIP: 314352105) $15,337,297 101,572 0.23%
GHRS $414,624 15,425 0.01%
SNDX $272,157 12,450 0.00%
AMZN $262,174 1,100 0.00%
CADL $258,015 25,050 0.00%
LQDA $231,217 2,900 0.00%
AAPL $217,020 750 0.00%
MA $205,440 400 0.00%
DNLI $201,902 7,850 0.00%
IAG $197,885 12,500 0.00%

Top movers (QoQ)

Security Action Shares Δ Value Δ
INTC Trimmed -1.8M -$62.5M
TD Trimmed -122K +$56.7M
RY Trimmed -67K +$51.4M
BNS Trimmed -130K +$51.0M
GOOG Trimmed -20K +$48.2M
SLF Trimmed -120K +$42.9M
ILMN Trimmed -23K +$40.9M
RCI Trimmed -92K -$40.9M
NTR Trimmed -96K -$39.9M
BMO Trimmed -153K +$38.8M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
GOLD June 30, 2025 4,997,850 $97,022,706 110.5%
ELP Dec. 31, 2025 6,696,046 $65,621,251 No longer tracked
BERY March 31, 2025 955,487 $61,791,344 No longer tracked
ORCL March 31, 2025 356,762 $59,450,820 4.8%
GILD Dec. 31, 2025 423,520 $47,010,720 18.0%
CLS March 31, 2025 245,843 $22,676,632 284.9%
UPS March 31, 2025 154,369 $19,465,931 -6.1%
HES Sept. 30, 2025 131,417 $18,206,510 No longer tracked
DKS March 31, 2025 54,220 $12,407,705 -11.4%
IIF June 30, 2025 113,375 $2,765,216 -17.3%
YTRA March 31, 2025 1,531,820 $1,930,093 23.5%
NVDA Dec. 31, 2025 6,250 $1,166,125 16.3%
URTH March 31, 2025 7,400 $1,150,700 No longer tracked
SPY March 31, 2025 1,720 $1,008,058 No longer tracked
SHEL March 31, 2026 9,085 $667,566 0.8%
VTWO March 31, 2025 7,000 $625,310
SKX Sept. 30, 2025 6,725 $424,348 No longer tracked
ALTM March 31, 2025 73,250 $375,773 No longer tracked
GOOGL June 30, 2026 1,092 $314,016 -4.3%
DUK June 30, 2025 2,050 $250,039 3.5%
MET March 31, 2025 2,900 $237,452 17.9%
KMB June 30, 2025 1,515 $215,463 -15.9%
ALB March 31, 2025 2,475 $213,048 97.4%
MLYS Dec. 31, 2025 5,475 $207,612 -28.4%
GOOGL March 31, 2025 1,092 $206,716 121.2%
ETNB Dec. 31, 2025 10,700 $157,290 No longer tracked
REPL June 30, 2026 10,800 $82,620 32.1%
OM March 31, 2025 13,550 $15,041 -60.7%
PLRX June 30, 2025 10,400 $14,040 -3.4%
PROKXXXX June 30, 2025 15,900 $13,932 No longer tracked
GOSS June 30, 2026 39,400 $12,943 -6.9%