# Beutel, Goodman & Co Ltd.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1361974. Source: https://holderbook.com/funds/1361974-beutel-goodman-co-ltd/

- Reported value: $13.6B
- Positions: 163
- Weight of the ten largest: 29.7%
- Filed: 2026-08-12

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 |
|---|---|---|---|---|---|
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $780.4M | 6,420,709 | 5.7% | 31 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $476.3M | 2,695,594 | 3.5% | 31 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $451.3M | 2,180,246 | 3.3% | 31 |
| PPG INDS INC | [PPG](https://holderbook.com/stocks/PPG/) | $391.4M | 3,227,294 | 2.9% | 25 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $376.2M | 3,366,801 | 2.8% | 23 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $326.1M | 957,066 | 2.4% | 8 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $320.8M | 4,424,521 | 2.4% | 23 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $308.2M | 3,556,364 | 2.3% | 13 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $306.8M | 3,922,276 | 2.3% | 7 |
| MASCO CORP | [MAS](https://holderbook.com/stocks/MAS/) | $302.0M | 3,711,884 | 2.2% | 17 |
| NETAPP INC | [NTAP](https://holderbook.com/stocks/NTAP/) | $298.0M | 1,925,379 | 2.2% | 20 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $286.3M | 1,052,679 | 2.1% | 6 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $272.7M | 6,894,705 | 2.0% | 6 |
| ROYAL CARIBBEAN GROUP | [RCL](https://holderbook.com/stocks/RCL/) | $269.9M | 850,102 | 2.0% | 1 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $266.8M | 8,202,734 | 2.0% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $266.4M | 2,073,206 | 2.0% | 31 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $266.1M | 4,947,844 | 2.0% | 31 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $263.9M | 6,186,707 | 1.9% | 15 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $262.3M | 1,573,890 | 1.9% | 2 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $255.1M | 555,992 | 1.9% | 31 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $254.9M | 1,684,640 | 1.9% | 2 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $251.1M | 2,105,136 | 1.8% | 31 |
| FLOWSERVE CORP | [FLS](https://holderbook.com/stocks/FLS/) | $245.6M | 3,311,766 | 1.8% | 31 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $239.5M | 5,907,934 | 1.8% | 31 |
| AMDOCS LTD | [DOX](https://holderbook.com/stocks/DOX/) | $233.2M | 4,614,159 | 1.7% | 31 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $228.2M | 846,411 | 1.7% | 25 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $225.1M | 3,091,223 | 1.7% | 31 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $223.7M | 578,463 | 1.6% | 5 |
| GFL ENVIRONMENTAL INC | [GFL](https://holderbook.com/stocks/GFL/) | $210.3M | 5,720,668 | 1.5% | 9 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $208.5M | 3,226,849 | 1.5% | 17 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $205.4M | 4,579,477 | 1.5% | 15 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $202.0M | 3,207,250 | 1.5% | 31 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $198.8M | 3,470,773 | 1.5% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $193.9M | 573,168 | 1.4% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $191.5M | 1,036,274 | 1.4% | 16 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $188.5M | 520,577 | 1.4% | 31 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $173.6M | 1,491,437 | 1.3% | 13 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $169.6M | 813,030 | 1.2% | 31 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $167.1M | 231,052 | 1.2% | 4 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $166.8M | 1,777,779 | 1.2% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $160.5M | 1,941,758 | 1.2% | 6 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $151.8M | 2,945,188 | 1.1% | 2 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $151.5M | 2,288,376 | 1.1% | 29 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $150.3M | 47,043 | 1.1% | 1 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $144.2M | 509,678 | 1.1% | 31 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $143.1M | 1,303,647 | 1.1% | 31 |
| GEN DIGITAL INC | [GEN](https://holderbook.com/stocks/GEN/) | $143.0M | 5,745,414 | 1.1% | 27 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $141.2M | 1,491,881 | 1.0% | 3 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $138.2M | 4,796,922 | 1.0% | 13 |
| SUN LIFE FINANCIAL INC. | [SLF](https://holderbook.com/stocks/SLF/) | $136.8M | 1,743,457 | 1.0% | 31 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $135.6M | 5,417,594 | 1.0% | 25 |
| SEI INVTS CO | [SEIC](https://holderbook.com/stocks/SEIC/) | $131.1M | 1,494,684 | 1.0% | 25 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $121.3M | 126,149 | 0.9% | 6 |
| CUMMINS INC | [CMI](https://holderbook.com/stocks/CMI/) | $115.6M | 162,137 | 0.9% | 31 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $103.0M | 4,194,096 | 0.8% | 31 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $79.1M | 946,382 | 0.6% | 2 |
| CARLYLE GROUP INC | [CG](https://holderbook.com/stocks/CG/) | $53.5M | 1,270,059 | 0.4% | 16 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $45.8M | 1,510,235 | 0.3% | 31 |
| MDA SPACE LTD | [MDA](https://holderbook.com/stocks/MDA/) | $36.4M | 880,713 | 0.3% | 2 |
| TRIPLE FLAG PRECIOUS METAL | [TFPM](https://holderbook.com/stocks/TFPM/) | $35.4M | 1,181,147 | 0.3% | 12 |
| DOCEBO INC | [DCBO](https://holderbook.com/stocks/DCBO/) | $27.6M | 1,545,997 | 0.2% | 5 |
| SPDR SERIES TRUST | [SPYG](https://holderbook.com/stocks/SPYG/) | $27.0M | 227,125 | 0.2% | 11 |
| BROOKFIELD BUSINESS CORP | [BBUC](https://holderbook.com/stocks/BBUC/) | $26.8M | 898,787 | 0.2% | 2 |
| EUPRAXIA PHARMACEUTICALS INC | [EPRX](https://holderbook.com/stocks/EPRX/) | $23.8M | 3,627,864 | 0.2% | 4 |
| CANADIAN IMPERIAL BANK OF CO | [CM](https://holderbook.com/stocks/CM/) | $22.3M | 194,002 | 0.2% | 31 |
| EMERA INC | [EMA](https://holderbook.com/stocks/EMA/) | $14.2M | 267,668 | 0.1% | 5 |
| MAGNUM ICE CREAM CO NV | [MICC](https://holderbook.com/stocks/MICC/) | $13.8M | 794,297 | 0.1% | 3 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $13.4M | 154,626 | 0.1% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $11.7M | 40,549 | 0.1% | 6 |
| BROOKFIELD RENEWABLE ENERGY | [BEP](https://holderbook.com/stocks/BEP/) | $11.7M | 336,133 | 0.1% | 14 |
| DENISON MINES CORP | [DNN](https://holderbook.com/stocks/DNN/) | $11.3M | 3,697,952 | 0.1% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $10.8M | 29,057 | 0.1% | 20 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $10.0M | 216,311 | 0.1% | 6 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $9.7M | 29,568 | 0.1% | 6 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $9.3M | 36,671 | 0.1% | 6 |
| JOHNSON CONTROLS INTERNATION | [JCI](https://holderbook.com/stocks/JCI/) | $9.1M | 62,395 | 0.1% | 6 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $6.1M | 39,187 | 0.0% | 6 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $5.3M | 45,100 | 0.0% | 6 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $5.2M | 14,627 | 0.0% | 31 |
| THOMSON REUTERS CORP | [TRI](https://holderbook.com/stocks/TRI/) | $4.7M | 58,067 | 0.0% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $4.3M | 8,955 | 0.0% | 6 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $3.4M | 8,053 | 0.0% | 6 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $3.3M | 60,266 | 0.0% | 6 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $3.2M | 31,277 | 0.0% | 28 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $3.1M | 22,739 | 0.0% | 8 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $2.9M | 18,599 | 0.0% | 15 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $2.8M | 17,260 | 0.0% | 6 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.8M | 7,790 | 0.0% | 6 |
| IMPERIAL OIL LTD | [IMO](https://holderbook.com/stocks/IMO/) | $2.7M | 23,717 | 0.0% | 6 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $2.7M | 55,413 | 0.0% | 6 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.6M | 2,745 | 0.0% | 6 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $2.4M | 10,573 | 0.0% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $2.3M | 10,573 | 0.0% | 1 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $2.3M | 93,731 | 0.0% | 6 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $2.1M | 23,670 | 0.0% | 8 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $1.9M | 24,060 | 0.0% | 6 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $1.9M | 13,120 | 0.0% | 8 |
| TELUS CORPORATION | [TU](https://holderbook.com/stocks/TU/) | $1.8M | 172,271 | 0.0% | 6 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.8M | 15,655 | 0.0% | 6 |
| SPROTT ASSET MANAGEMENT LP | [PSLV](https://holderbook.com/stocks/PSLV/) | $1.7M | 92,500 | 0.0% | 6 |

## 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 | +8.9% | +14.8% | -5.9% | 100% |
| Q1 2026 | -1.5% | -4.6% | +3.1% | 100% |
| Q4 2025 | +3.3% | +2.4% | +0.9% | 99% |
| Q3 2025 | +4.1% | +7.8% | -3.7% | 100% |
| Q2 2025 | +6.7% | +10.5% | -3.8% | 100% |
| Q1 2025 | -1.8% | -4.6% | +2.8% | 100% |
| Q4 2024 | -4.3% | +2.1% | -6.5% | 100% |
| Q3 2024 | +9.4% | +5.4% | +4.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $13.6B | 163 |
| Q1 2026 | $14.8B | 165 |
| Q4 2025 | $16.3B | 171 |
| Q3 2025 | $16.6B | 173 |
| Q2 2025 | $17.6B | 172 |
| Q1 2025 | $17.4B | 202 |
| Q4 2024 | $18.4B | 86 |
| Q3 2024 | $20.3B | 89 |
| Q2 2024 | $18.8B | 77 |
| Q1 2024 | $19.4B | 75 |
| Q4 2023 | $18.9B | 75 |
| Q3 2023 | $16.9B | 75 |