LETKO, BROSSEAU & ASSOCIATES INC
Reported holdings as of Q2 2026, from 31 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| BANK NOVA SCOTIA B C | BNS | $293.7M | 3,380,374 | +0.43pp | 31q | -3.7%-$11.3M | |
| TORONTO DOMINION BK ONT | TD | $290.9M | 2,393,682 | +0.52pp | 31q | -4.9%-$14.9M | |
| ALPHABET INC | GOOG | $287.2M | 812,863 | +0.39pp | 31q | -2.4%-$7.1M | |
| ROYAL BK CDA | RY | $280.7M | 1,356,164 | +0.45pp | 31q | -4.7%-$13.9M | |
| BANK MONTREAL MEDIUM | BMO | $252.1M | 1,426,775 | +0.29pp | 31q | -9.7%-$27.1M | |
| SUN LIFE FINANCIAL INC. | SLF | $246.8M | 3,144,427 | +0.36pp | 31q | -3.7%-$9.4M | |
| MAGNA INTL INC | MGA | $245.1M | 3,728,461 | +0.08pp | 31q | -5.6%-$14.5M | |
| MANULIFE FINL CORP | MFC | $241.1M | 5,945,857 | +0.22pp | 31q | -1.5%-$3.8M | |
| ROGERS COMMUNICATIONS INC | RCI | $208.8M | 6,419,707 | -0.94pp | 31q | -1.4%-$3.0M | |
| OPEN TEXT CORP | OTEX | $195.5M | 8,837,628 | +0.10pp | 25q | +13.4%+$23.2M | |
| CANADIAN IMPERIAL BANK OF CO | CM | $169.9M | 1,475,569 | +0.13pp | 31q | -5.8%-$10.4M | |
| NUTRIEN LTD | NTR | $167.6M | 2,661,149 | -0.87pp | 31q | -3.5%-$6.0M | |
| BCE INC | BCE | $164.2M | 7,626,060 | -0.64pp | 31q | +0.8%+$1.3M | |
| ILLUMINA INC | ILMN | $146.0M | 830,293 | +0.46pp | 8q | -2.7%-$4.0M | |
| BARRICK MNG CORP | B | $136.1M | 3,703,017 | -0.54pp | 5q | -4.7%-$6.7M | |
| CENOVUS ENERGY INC | CVE | $132.1M | 5,327,707 | -0.48pp | 31q | -6.7%-$9.5M | |
| META PLATFORMS INC | META | $125.9M | 223,556 | +0.01pp | 31q | +11.4%+$12.9M | |
| CANADIAN NATL RY CO | CNI | $122.6M | 1,027,674 | +0.07pp | 3q | -2.3%-$2.9M | |
| CVS HEALTH CORP | CVS | $113.3M | 1,095,265 | +0.38pp | 23q | -1.7%-$2.0M | |
| TELUS CORPORATION | TU | $108.1M | 10,220,253 | +0.06pp | 31q | +37.4%+$29.4M | |
| CAE INC | CAE | $99.7M | 3,981,832 | +0.17pp | 31q | +27.5%+$21.5M | |
| PFIZER INC | PFE | $99.3M | 4,124,748 | -0.38pp | 31q | +0.8%+$836.4K | |
| WEST FRASER TIMBER CO LTD | WFG | $96.0M | 1,417,956 | -0.07pp | 22q | HELD | |
| ADOBE INC | ADBE | $94.3M | 459,898 | -0.11pp | 6q | +20.2%+$15.9M | |
| MICROSOFT CORP | MSFT | $90.0M | 241,356 | +0.31pp | 13q | +41.1%+$26.2M | |
| STATE STR CORP | STT | $89.1M | 525,646 | +0.21pp | 31q | -3.5%-$3.2M | |
| AT&T INC | T | $86.4M | 4,174,925 | -0.65pp | 31q | +1.3%+$1.1M | |
| COMPANHIA PARANAENSE DE ENER | ELPC | $85.4M | 7,333,972 | -0.26pp | 10q | -7.3%-$6.7M | |
| CITIGROUP INC | C | $85.2M | 609,048 | +0.11pp | 31q | -3.6%-$3.1M | |
| GSK PLC | GSK | $85.2M | 1,624,668 | -0.20pp | 16q | -1.2%-$1.0M | |
| COMCAST CORP NEW | CMCSA | $85.0M | 3,460,961 | +0.20pp | 31q | +51.5%+$28.9M | |
| SKYWORKS SOLUTIONS INC | SWKS | $83.7M | 1,234,937 | +0.45pp | 31q | +35.3%+$21.8M | |
| TOTALENERGIES SE | TTE | $82.2M | 1,056,594 | -0.41pp | 3q | -2.3%-$1.9M | |
| EASTMAN CHEM CO | EMN | $80.3M | 1,199,240 | -0.28pp | 31q | HELD | |
| SALESFORCE INC | CRM | $79.1M | 504,810 | +0.10pp | 3q | +41.5%+$23.2M | |
| TRUIST FINL CORP | TFC | $77.3M | 1,551,961 | -0.02pp | 27q | -1.0%-$788.9K | |
| VERIZON COMMUNICATIONS INC | VZ | $73.1M | 1,726,727 | -0.30pp | 31q | +1.4%+$1.0M | |
| COMPANHIA DE SANEAMENTO BASI | SBS | $70.0M | 12,114,373 | -0.12pp | 31q | +415.8%+$56.4M | |
| ABBVIE INC | ABBV | $67.9M | 270,009 | +0.04pp | 31q | -1.9%-$1.3M | |
| FEDEX CORP | FDX | $67.5M | 215,587 | -0.25pp | 15q | -0.9%-$602.8K | |
| CIRRUS LOGIC INC | CRUS | $65.7M | 442,259 | -0.08pp | 31q | -1.6%-$1.1M | |
| GE HEALTHCARE TECHNOLOGIES I | GEHC | $56.2M | 878,575 | - | new | NEW | |
| BANK OF AMER CORP | BAC | $55.1M | 967,290 | +0.05pp | 31q | -0.8%-$464.4K | |
| TECK RESOURCES LTD | TECK | $52.1M | 874,729 | -0.13pp | 31q | -19.2%-$12.4M | |
| MODERNA INC | MRNA | $50.8M | 724,830 | +0.14pp | 11q | -3.2%-$1.7M | |
| ENERFLEX LTD | EFXT | $49.0M | 1,997,788 | -0.14pp | 15q | -22.6%-$14.3M | |
| GILDAN ACTIVEWEAR INC | GIL | $48.8M | 947,100 | - | new | NEW | |
| GRAPHIC PACKAGING HLDG CO | GPK | $47.1M | 4,453,305 | +0.14pp | 17q | +28.3%+$10.4M | |
| WELLS FARGO & CO | WFC | $47.0M | 569,169 | -0.04pp | 31q | -0.8%-$384.3K | |
| RESTAURANT BRANDS INTL INC | QSR | $46.6M | 643,271 | -0.11pp | 22q | -3.9%-$1.9M | |
| MACERICH CO | MAC | $46.4M | 1,841,170 | +0.11pp | 21q | -2.2%-$1.0M | |
| MERCK & CO INC | MRK | $44.7M | 347,489 | -0.03pp | 31q | -2.9%-$1.4M | |
| CEMEX SA EURO MTN BE 144A | CX | $43.1M | 3,593,425 | -0.07pp | 28q | -6.5%-$3.0M | |
| CONOCOPHILLIPS | COP | $42.5M | 408,904 | -0.27pp | 31q | -2.8%-$1.2M | |
| EXELON CORP | EXC | $41.5M | 891,100 | - | new | NEW | |
| UNITED PARCEL SVCS INC | UPS | $39.4M | 366,065 | +0.01pp | 5q | +1.2%+$484.8K | |
| CREDICORP LTD | BAP | $38.2M | 98,171 | +0.04pp | 31q | +1.9%+$711.0K | |
| COPA HOLDINGS SA | CPA | $32.4M | 207,978 | +0.11pp | 31q | +2.6%+$805.1K | |
| BIOGEN INC | BIIB | $31.7M | 146,562 | +0.02pp | 31q | -2.9%-$929.7K | |
| INVESCO LTD | IVZ | $31.2M | 1,180,538 | -0.01pp | 31q | -1.5%-$467.8K | |
| LULULEMON ATHLETICA INC | LULU | $31.1M | 272,068 | +0.01pp | 8q | +48.0%+$10.1M | |
| ADIENT PLC | ADNT | $30.5M | 1,661,072 | -0.08pp | 5q | +2.7%+$802.6K | |
| AECOM | ACM | $27.2M | 390,075 | - | new | NEW | |
| INTEL CORP | INTC | $27.0M | 193,495 | -1.04pp | 9q | -90.5%-$256.2M | |
| WALMART INC | WMT | $22.1M | 195,046 | -0.07pp | 31q | -2.2%-$496.1K | |
| CHEVRON CORPORATION | CVX | $21.5M | 129,488 | -0.12pp | 4q | -1.7%-$376.6K | |
| HUDBAY MINERALS INC | HBM | $19.1M | 808,989 | -0.09pp | 31q | -26.3%-$6.8M | |
| FEDEX FGHT HLDG CO INC | $15.3M | 101,572 | - | new | NEW | ||
| HDFC BANK LTD | HDB | $13.5M | 520,935 | +0.06pp | 12q | +46.2%+$4.3M | |
| SMURFIT WESTROCK PLC | SW | $9.4M | 204,184 | +0.08pp | 8q | +112.9%+$5.0M | |
| SPRINKLR INC | CXM | $6.0M | 1,161,675 | -0.03pp | 10q | -6.8%-$436.5K | |
| PROFOUND MED CORP | PROF | $5.4M | 935,725 | -0.02pp | 24q | -1.8%-$100.8K | |
| SPDR SERIES TRUST | XBI | $4.9M | 30,825 | flat | 15q | -6.1%-$316.5K | |
| ICICI BANK LIMITED | IBN | $2.9M | 100,402 | -0.01pp | 31q | -18.1%-$645.2K | |
| FRANKLIN TEMPLETON ETF TR | FLIN | $2.2M | 61,500 | +0.02pp | 7q | +90.5%+$1.0M | |
| SCHWAB CHARLES CORP | SCHW | $1.6M | 17,771 | flat | 23q | HELD | |
| ING GROEP N.V. | ING | $1.5M | 46,624 | flat | 31q | -1.4%-$20.4K | |
| PEMBINA PIPELINE CORP | PBA | $1.1M | 23,325 | flat | 10q | -12.3%-$151.5K | |
| FREEPORT-MCMORAN INC | FCX | $605.3K | 9,625 | flat | 5q | HELD | |
| PALVELLA THERAPEUTICS INC NE | PVLA | $534.9K | 3,500 | flat | 4q | HELD | |
| VALE S A | VALE | $506.1K | 33,650 | flat | 9q | -8.2%-$45.1K | |
| NXP SEMICONDUCTORS N V | NXPI | $498.8K | 1,775 | flat | 5q | HELD | |
| ENLIVEN THERAPEUTICS INC | ELVN | $487.2K | 9,600 | flat | 2q | HELD | |
| FORTIS INC | FTS | $452.4K | 7,900 | flat | 26q | HELD | |
| SUNCOR ENERGY INC NEW | SU | $451.8K | 8,400 | -0.28pp | 31q | -96.9%-$14.0M | |
| EMERA INC | EMA | $449.9K | 8,485 | flat | 5q | HELD | |
| MEIRAGTX HLDGS PLC | MGTX | $432.3K | 32,000 | flat | 12q | HELD | |
| GH RESEARCH PLC | GHRS | $414.6K | 15,425 | - | new | NEW | |
| ERO COPPER CORP | ERO | $392.4K | 14,700 | flat | 6q | HELD | |
| ALBEMARLE CORP | ALB | $334.2K | 2,475 | flat | 4q | HELD | |
| BICARA THERAPEUTICS INC | BCAX | $331.8K | 11,175 | flat | 3q | HELD | |
| NEWAMSTERDAM PHARMA COMPANY | NAMS | $321.1K | 9,475 | flat | 5q | -19.5%-$77.9K | |
| ARS PHARMACEUTICALS INC | SPRY | $320.8K | 40,050 | flat | 12q | +62.1%+$123.0K | |
| CABALETTA BIO INC | CABA | $281.4K | 90,475 | flat | 3q | HELD | |
| SYNDAX PHARMACEUTICALS INC | SNDX | $272.2K | 12,450 | - | new | NEW | |
| AMRIZE LTD | AMRZ | $262.3K | 4,941 | flat | 5q | HELD | |
| AMAZON COM INC | AMZN | $262.2K | 1,100 | - | new | NEW | |
| CANDEL THERAPEUTICS INC | CADL | $258.0K | 25,050 | - | new | NEW | |
| KIMBERLY-CLARK CORP | KMB | $245.9K | 2,240 | flat | 2q | HELD | |
| LIQUIDIA CORPORATION | LQDA | $231.2K | 2,900 | - | new | NEW | |
| APPLE INC | AAPL | $217.0K | 750 | - | new | NEW | |
| ORACLE CORP | ORCL | $208.1K | 1,420 | flat | 5q | HELD | |
| MASTERCARD INCORPORATED | MA | $205.4K | 400 | - | new | NEW | |
| DENALI THERAPEUTICS INC | DNLI | $201.9K | 7,850 | - | new | NEW | |
| AURA BIOSCIENCES INC | AURA | $200.9K | 28,300 | flat | 10q | HELD | |
| IAMGOLD CORP | IAG | $197.9K | 12,500 | - | new | NEW | |
| TENAX THERAPEUTICS INC | TENX | $155.0K | 10,650 | flat | 3q | HELD | |
| AQUESTIVE THERAPEUTICS INC | AQST | $147.0K | 35,325 | flat | 3q | HELD | |
| TSCAN THERAPEUTICS INC | TCRX | $94.0K | 95,875 | flat | 12q | HELD | |
| ALDEYRA THERAPEUTICS INC | ALDX | $36.8K | 17,300 | flat | 7q | HELD | |
| HUMACYTE INC | HUMA | $35.9K | 45,950 | flat | 6q | HELD | |
| PROKIDNEY CORP | PROK | $32.4K | 15,900 | flat | 4q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Banks & Lending | $1.7B | 25.1% |
| Software & IT Services | $878.3M | 13.0% |
| Telecom & Media | $725.5M | 10.7% |
| Biotech & Pharma | $530.3M | 7.8% |
| Insurance | $487.9M | 7.2% |
| Energy | $279.8M | 4.1% |
| Semiconductors & Electronics | $276.6M | 4.1% |
| Autos & Aerospace | $275.6M | 4.1% |
| Transport & Logistics | $261.8M | 3.9% |
| Chemicals | $248.3M | 3.7% |
| Mining & Metals | $209.0M | 3.1% |
| Utilities | $197.9M | 2.9% |
| Other sectors | $675.8M | 10.0% |
| Not classified | $22.4M | 0.3% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $6.8B | 112 | 14 | 24 | 50 | 3 | 37.6% | 44 |
| Q1 2026 | $6.2B | 101 | 2 | 27 | 40 | 1 | 36.2% | 42 |
| Q4 2025 | $6.1B | 100 | 7 | 27 | 40 | 5 | 38.6% | 42 |
| Q3 2025 | $5.8B | 98 | 7 | 28 | 37 | 2 | 37.5% | 43 |
| Q2 2025 | $5.2B | 93 | 10 | 37 | 24 | 6 | 37.0% | 39 |
| Q1 2025 | $4.7B | 89 | 3 | 15 | 50 | 14 | 35.1% | 38 |
| Q4 2024 | $5.2B | 100 | 3 | 27 | 41 | 4 | 35.5% | 45 |
| Q3 2024 | $5.5B | 101 | 6 | 33 | 31 | 9 | 34.2% | 38 |
| Q2 2024 | $5.3B | 104 | 6 | 31 | 49 | 4 | 32.7% | 37 |
| Q1 2024 | $5.8B | 102 | 6 | 24 | 28 | 0 | 32.9% | 38 |
| Q4 2023 | $5.5B | 96 | 2 | 15 | 55 | 4 | 34.0% | 43 |
| Q3 2023 | $5.1B | 98 | 5 | 21 | 43 | 1 | 33.3% | 40 |
| Q2 2023 | $5.4B | 94 | 8 | 16 | 39 | 3 | 34.3% | 41 |
| Q1 2023 | $5.3B | 89 | 3 | 26 | 34 | 11 | 34.0% | 41 |
| Q4 2022 | $5.6B | 97 | 4 | 18 | 55 | 8 | 33.6% | 124 |
| Q3 2022 | $5.0B | 101 | 3 | 28 | 44 | 2 | 35.1% | 41 |
| Q2 2022 | $5.7B | 100 | 3 | 25 | 44 | 4 | 34.6% | 40 |
| Q1 2022 | $6.7B | 101 | 3 | 14 | 62 | 9 | 35.7% | 41 |
| Q4 2021 | $7.0B | 107 | 5 | 16 | 63 | 3 | 34.9% | 40 |
| Q3 2021 | $6.9B | 105 | 4 | 12 | 70 | 5 | 35.1% | 34 |
| Q2 2021 | $7.5B | 106 | 6 | 13 | 68 | 2 | 35.2% | 29 |
| Q1 2021 | $7.3B | 102 | 8 | 13 | 67 | 12 | 34.8% | 41 |
| Q4 2020 | $7.3B | 106 | 12 | 14 | 70 | 3 | 35.9% | 36 |
| Q3 2020 | $6.4B | 97 | 5 | 8 | 75 | 8 | 35.6% | 40 |
| Q2 2020 | $6.8B | 100 | 13 | 12 | 68 | 1 | 34.9% | 38 |
| Q1 2020 | $5.8B | 88 | 5 | 17 | 55 | 9 | 39.4% | 44 |
| Q4 2019 | $10.0B | 92 | 2 | 6 | 71 | 2 | 39.3% | 38 |
| Q3 2019 | $9.8B | 92 | 1 | 20 | 56 | 2 | 40.2% | 36 |
| Q2 2019 | $9.9B | 93 | 0 | 13 | 59 | 4 | 39.1% | 32 |
| Q1 2019 | $10.0B | 97 | 2 | 29 | 49 | 18 | 37.8% | 40 |
| Q4 2018 | $9.0B | 113 | 0 | 0 | 0 | 0 | 36.9% | 39 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.