# LETKO, BROSSEAU & ASSOCIATES INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1297496. Source: https://holderbook.com/funds/1297496-letko-brosseau-associates-inc/

- Reported value: $6.8B
- Positions: 112
- Weight of the ten largest: 37.6%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $293.7M | 3,380,374 | 4.3% | 31 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $290.9M | 2,393,682 | 4.3% | 31 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $287.2M | 812,863 | 4.2% | 31 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $280.7M | 1,356,164 | 4.1% | 31 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $252.1M | 1,426,775 | 3.7% | 31 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $246.8M | 3,144,427 | 3.6% | 31 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $245.1M | 3,728,461 | 3.6% | 31 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $241.1M | 5,945,857 | 3.6% | 31 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $208.8M | 6,419,707 | 3.1% | 31 |
| OPEN TEXT CORP | [OTEX](https://holderbook.com/stocks/OTEX/) | $195.5M | 8,837,628 | 2.9% | 25 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $169.9M | 1,475,569 | 2.5% | 31 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $167.6M | 2,661,149 | 2.5% | 31 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $164.2M | 7,626,060 | 2.4% | 31 |
| ILLUMINA INC | [ILMN](https://holderbook.com/stocks/ILMN/) | $146.0M | 830,293 | 2.2% | 8 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $136.1M | 3,703,017 | 2.0% | 5 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $132.1M | 5,327,707 | 2.0% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $125.9M | 223,556 | 1.9% | 31 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $122.6M | 1,027,674 | 1.8% | 3 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $113.3M | 1,095,265 | 1.7% | 23 |
| TELUS CORPORATION | [TU](https://holderbook.com/stocks/TU/) | $108.1M | 10,220,253 | 1.6% | 31 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $99.7M | 3,981,832 | 1.5% | 31 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $99.3M | 4,124,748 | 1.5% | 31 |
| WEST FRASER TIMBER CO LTD | [WFG](https://holderbook.com/stocks/WFG/) | $96.0M | 1,417,956 | 1.4% | 22 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $94.3M | 459,898 | 1.4% | 6 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $90.0M | 241,356 | 1.3% | 13 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $89.1M | 525,646 | 1.3% | 31 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $86.4M | 4,174,925 | 1.3% | 31 |
| COMPANHIA PARANAENSE DE ENER | [ELPC](https://holderbook.com/stocks/ELPC/) | $85.4M | 7,333,972 | 1.3% | 10 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $85.2M | 609,048 | 1.3% | 31 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $85.2M | 1,624,668 | 1.3% | 16 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $85.0M | 3,460,961 | 1.3% | 31 |
| SKYWORKS SOLUTIONS INC | [SWKS](https://holderbook.com/stocks/SWKS/) | $83.7M | 1,234,937 | 1.2% | 31 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $82.2M | 1,056,594 | 1.2% | 3 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $80.3M | 1,199,240 | 1.2% | 31 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $79.1M | 504,810 | 1.2% | 3 |
| TRUIST FINL CORP | [TFC](https://holderbook.com/stocks/TFC/) | $77.3M | 1,551,961 | 1.1% | 27 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $73.1M | 1,726,727 | 1.1% | 31 |
| COMPANHIA DE SANEAMENTO BASI | [SBS](https://holderbook.com/stocks/SBS/) | $70.0M | 12,114,373 | 1.0% | 31 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $67.9M | 270,009 | 1.0% | 31 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $67.5M | 215,587 | 1.0% | 15 |
| CIRRUS LOGIC INC | [CRUS](https://holderbook.com/stocks/CRUS/) | $65.7M | 442,259 | 1.0% | 31 |
| GE HEALTHCARE TECHNOLOGIES I | [GEHC](https://holderbook.com/stocks/GEHC/) | $56.2M | 878,575 | 0.8% | 1 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $55.1M | 967,290 | 0.8% | 31 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $52.1M | 874,729 | 0.8% | 31 |
| MODERNA INC | [MRNA](https://holderbook.com/stocks/MRNA/) | $50.8M | 724,830 | 0.8% | 11 |
| ENERFLEX LTD | [EFXT](https://holderbook.com/stocks/EFXT/) | $49.0M | 1,997,788 | 0.7% | 15 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $48.8M | 947,100 | 0.7% | 1 |
| GRAPHIC PACKAGING HLDG CO | [GPK](https://holderbook.com/stocks/GPK/) | $47.1M | 4,453,305 | 0.7% | 17 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $47.0M | 569,169 | 0.7% | 31 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $46.6M | 643,271 | 0.7% | 22 |
| MACERICH CO | [MAC](https://holderbook.com/stocks/MAC/) | $46.4M | 1,841,170 | 0.7% | 21 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $44.7M | 347,489 | 0.7% | 31 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $43.1M | 3,593,425 | 0.6% | 28 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $42.5M | 408,904 | 0.6% | 31 |
| EXELON CORP | [EXC](https://holderbook.com/stocks/EXC/) | $41.5M | 891,100 | 0.6% | 1 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $39.4M | 366,065 | 0.6% | 5 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $38.2M | 98,171 | 0.6% | 31 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $32.4M | 207,978 | 0.5% | 31 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $31.7M | 146,562 | 0.5% | 31 |
| INVESCO LTD | [IVZ](https://holderbook.com/stocks/IVZ/) | $31.2M | 1,180,538 | 0.5% | 31 |
| LULULEMON ATHLETICA INC | [LULU](https://holderbook.com/stocks/LULU/) | $31.1M | 272,068 | 0.5% | 8 |
| ADIENT PLC | [ADNT](https://holderbook.com/stocks/ADNT/) | $30.5M | 1,661,072 | 0.5% | 5 |
| AECOM | [ACM](https://holderbook.com/stocks/ACM/) | $27.2M | 390,075 | 0.4% | 1 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $27.0M | 193,495 | 0.4% | 9 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $22.1M | 195,046 | 0.3% | 31 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $21.5M | 129,488 | 0.3% | 4 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $19.1M | 808,989 | 0.3% | 31 |
| FEDEX FGHT HLDG CO INC | - | $15.3M | 101,572 | 0.2% | 1 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $13.5M | 520,935 | 0.2% | 12 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $9.4M | 204,184 | 0.1% | 8 |
| SPRINKLR INC | [CXM](https://holderbook.com/stocks/CXM/) | $6.0M | 1,161,675 | 0.1% | 10 |
| PROFOUND MED CORP | [PROF](https://holderbook.com/stocks/PROF/) | $5.4M | 935,725 | 0.1% | 24 |
| SPDR SERIES TRUST | [XBI](https://holderbook.com/stocks/XBI/) | $4.9M | 30,825 | 0.1% | 15 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $2.9M | 100,402 | 0.0% | 31 |
| FRANKLIN TEMPLETON ETF TR | [FLIN](https://holderbook.com/stocks/FLIN/) | $2.2M | 61,500 | 0.0% | 7 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $1.6M | 17,771 | 0.0% | 23 |
| ING GROEP N.V. | [ING](https://holderbook.com/stocks/ING/) | $1.5M | 46,624 | 0.0% | 31 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $1.1M | 23,325 | 0.0% | 10 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $605.3K | 9,625 | 0.0% | 5 |
| PALVELLA THERAPEUTICS INC NE | [PVLA](https://holderbook.com/stocks/PVLA/) | $534.9K | 3,500 | 0.0% | 4 |
| VALE S A | [VALE](https://holderbook.com/stocks/VALE/) | $506.1K | 33,650 | 0.0% | 9 |
| NXP SEMICONDUCTORS N V | [NXPI](https://holderbook.com/stocks/NXPI/) | $498.8K | 1,775 | 0.0% | 5 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $487.2K | 9,600 | 0.0% | 2 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $452.4K | 7,900 | 0.0% | 26 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $451.8K | 8,400 | 0.0% | 31 |
| EMERA INC | [EMA](https://holderbook.com/stocks/EMA/) | $449.9K | 8,485 | 0.0% | 5 |
| MEIRAGTX HLDGS PLC | [MGTX](https://holderbook.com/stocks/MGTX/) | $432.3K | 32,000 | 0.0% | 12 |
| GH RESEARCH PLC | [GHRS](https://holderbook.com/stocks/GHRS/) | $414.6K | 15,425 | 0.0% | 1 |
| ERO COPPER CORP | [ERO](https://holderbook.com/stocks/ERO/) | $392.4K | 14,700 | 0.0% | 6 |
| ALBEMARLE CORP | [ALB](https://holderbook.com/stocks/ALB/) | $334.2K | 2,475 | 0.0% | 4 |
| BICARA THERAPEUTICS INC | [BCAX](https://holderbook.com/stocks/BCAX/) | $331.8K | 11,175 | 0.0% | 3 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $321.1K | 9,475 | 0.0% | 5 |
| ARS PHARMACEUTICALS INC | [SPRY](https://holderbook.com/stocks/SPRY/) | $320.8K | 40,050 | 0.0% | 12 |
| CABALETTA BIO INC | [CABA](https://holderbook.com/stocks/CABA/) | $281.4K | 90,475 | 0.0% | 3 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $272.2K | 12,450 | 0.0% | 1 |
| AMRIZE LTD | [AMRZ](https://holderbook.com/stocks/AMRZ/) | $262.3K | 4,941 | 0.0% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $262.2K | 1,100 | 0.0% | 1 |
| CANDEL THERAPEUTICS INC | [CADL](https://holderbook.com/stocks/CADL/) | $258.0K | 25,050 | 0.0% | 1 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $245.9K | 2,240 | 0.0% | 2 |
| LIQUIDIA CORPORATION | [LQDA](https://holderbook.com/stocks/LQDA/) | $231.2K | 2,900 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.7% | +14.8% | -5.1% | 100% |
| Q1 2026 | +2.6% | -4.6% | +7.2% | 100% |
| Q4 2025 | +7.5% | +2.4% | +5.2% | 99% |
| Q3 2025 | +10.8% | +7.8% | +3.0% | 100% |
| Q2 2025 | +9.1% | +10.5% | -1.3% | 100% |
| Q1 2025 | -2.8% | -4.6% | +1.7% | 100% |
| Q4 2024 | -3.4% | +2.1% | -5.6% | 100% |
| Q3 2024 | +6.8% | +5.4% | +1.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $6.8B | 112 |
| Q1 2026 | $6.2B | 101 |
| Q4 2025 | $6.1B | 100 |
| Q3 2025 | $5.8B | 98 |
| Q2 2025 | $5.2B | 93 |
| Q1 2025 | $4.7B | 89 |
| Q4 2024 | $5.2B | 100 |
| Q3 2024 | $5.5B | 101 |
| Q2 2024 | $5.3B | 104 |
| Q1 2024 | $5.8B | 102 |
| Q4 2023 | $5.5B | 96 |
| Q3 2023 | $5.1B | 98 |