# LOUISBOURG INVESTMENTS INC.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 2053050. Source: https://holderbook.com/funds/2053050-louisbourg-investments-inc/

- Reported value: $542.1M
- Positions: 210
- Weight of the ten largest: 27.7%
- Filed: 2026-07-23

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 |
|---|---|---|---|---|---|
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $30.0M | 251,810 | 5.5% | 11 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $17.5M | 153,670 | 3.2% | 11 |
| TECK RESOURCES LTD | [TECK](https://holderbook.com/stocks/TECK/) | $14.7M | 247,135 | 2.7% | 11 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $13.3M | 45,181 | 2.5% | 11 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $12.9M | 17,250 | 2.4% | 11 |
| SUNCOR ENERGY INC NEW | [SU](https://holderbook.com/stocks/SU/) | $12.8M | 238,093 | 2.4% | 11 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $12.6M | 30,530 | 2.3% | 11 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $12.4M | 41,327 | 2.3% | 11 |
| CENOVUS ENERGY INC | [CVE](https://holderbook.com/stocks/CVE/) | $12.2M | 491,348 | 2.2% | 11 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $11.5M | 269,568 | 2.1% | 11 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $9.9M | 14,348 | 1.8% | 11 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $9.5M | 98,511 | 1.8% | 11 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $9.5M | 49,875 | 1.8% | 11 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $9.0M | 28,622 | 1.7% | 11 |
| BLACKBERRY LTD | [BB](https://holderbook.com/stocks/BB/) | $8.6M | 679,400 | 1.6% | 1 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $8.4M | 68,166 | 1.6% | 11 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $8.1M | 86,932 | 1.5% | 11 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $7.9M | 153,538 | 1.5% | 11 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $7.8M | 123,328 | 1.4% | 11 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $7.7M | 17,224 | 1.4% | 11 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $7.4M | 56,392 | 1.4% | 11 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $7.3M | 65,229 | 1.4% | 11 |
| THOMSON REUTERS CORP | [TRI](https://holderbook.com/stocks/TRI/) | $7.3M | 89,435 | 1.3% | 1 |
| MDA SPACE LTD | [MDA](https://holderbook.com/stocks/MDA/) | $7.1M | 172,125 | 1.3% | 2 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $7.0M | 176,650 | 1.3% | 11 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $7.0M | 101,252 | 1.3% | 11 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $6.5M | 141,477 | 1.2% | 11 |
| BOYD GROUP SERVICES INC | [BGSI](https://holderbook.com/stocks/BGSI/) | $6.4M | 68,068 | 1.2% | 3 |
| LIGHTSPEED COMMERCE INC | [LSPD](https://holderbook.com/stocks/LSPD/) | $6.0M | 577,980 | 1.1% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKA](https://holderbook.com/stocks/BRKA/) | $6.0M | 8 | 1.1% | 11 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $6.0M | 182,953 | 1.1% | 11 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $5.8M | 103,067 | 1.1% | 11 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $5.8M | 83,216 | 1.1% | 11 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $5.6M | 48,315 | 1.0% | 11 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $5.5M | 256,336 | 1.0% | 5 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $5.5M | 26,363 | 1.0% | 2 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $5.4M | 62,704 | 1.0% | 11 |
| JACOBS SOLUTIONS INC | [J](https://holderbook.com/stocks/J/) | $5.4M | 53,328 | 1.0% | 11 |
| OR ROYALTIES INC. | [OR](https://holderbook.com/stocks/OR/) | $5.4M | 169,447 | 1.0% | 5 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $5.3M | 25,705 | 1.0% | 11 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $5.2M | 71,930 | 1.0% | 11 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $5.2M | 220,100 | 1.0% | 3 |
| FIRST MAJESTIC SILVER CORP | [AG](https://holderbook.com/stocks/AG/) | $5.2M | 304,700 | 1.0% | 2 |
| METHANEX CORP | [MEOH](https://holderbook.com/stocks/MEOH/) | $5.0M | 108,820 | 0.9% | 11 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $5.0M | 24,991 | 0.9% | 11 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $4.7M | 67,648 | 0.9% | 11 |
| VANGUARD INTL EQUITY INDEX F | [VWO](https://holderbook.com/stocks/VWO/) | $4.6M | 77,276 | 0.9% | 11 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $4.6M | 37,773 | 0.8% | 11 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $4.5M | 58,773 | 0.8% | 11 |
| FIRSTSERVICE CORP NEW | [FSV](https://holderbook.com/stocks/FSV/) | $4.5M | 31,490 | 0.8% | 3 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $4.3M | 131,920 | 0.8% | 11 |
| CBRE GROUP INC | [CBRE](https://holderbook.com/stocks/CBRE/) | $4.2M | 38,605 | 0.8% | 9 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $4.1M | 137,159 | 0.8% | 11 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $4.0M | 50,778 | 0.7% | 11 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $4.0M | 41,416 | 0.7% | 11 |
| AGILENT TECHNOLOGIES INC | [A](https://holderbook.com/stocks/A/) | $4.0M | 36,056 | 0.7% | 11 |
| GREENFIRE RES LTD NEW | [GFR](https://holderbook.com/stocks/GFR/) | $3.7M | 661,980 | 0.7% | 7 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $3.7M | 57,105 | 0.7% | 11 |
| ELEMENTAL RTY CORP | [ELE](https://holderbook.com/stocks/ELE/) | $3.7M | 209,002 | 0.7% | 2 |
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $3.6M | 3,689 | 0.7% | 10 |
| KKR & CO INC | [KKR](https://holderbook.com/stocks/KKR/) | $3.4M | 47,424 | 0.6% | 11 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $3.4M | 12,869 | 0.6% | 11 |
| TETRA TECH INC NEW | [TTEK](https://holderbook.com/stocks/TTEK/) | $3.4M | 147,261 | 0.6% | 2 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $3.3M | 21,680 | 0.6% | 11 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $3.2M | 29,885 | 0.6% | 11 |
| ALLEGION PLC | [ALLE](https://holderbook.com/stocks/ALLE/) | $3.2M | 28,811 | 0.6% | 5 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $3.2M | 111,104 | 0.6% | 5 |
| MARSH & MCLENNAN COS INC | - | $3.2M | 25,536 | 0.6% | 2 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $3.1M | 21,855 | 0.6% | 4 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $3.1M | 35,364 | 0.6% | 11 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $3.0M | 52,363 | 0.6% | 11 |
| DOCEBO INC | [DCBO](https://holderbook.com/stocks/DCBO/) | $2.9M | 160,037 | 0.5% | 11 |
| METALLA RTY & STREAMING LTD | [MTA](https://holderbook.com/stocks/MTA/) | $2.7M | 355,342 | 0.5% | 2 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $2.4M | 10,620 | 0.4% | 11 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $2.3M | 6,754 | 0.4% | 8 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $2.3M | 9,986 | 0.4% | 11 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $2.3M | 9,551 | 0.4% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $2.3M | 6,315 | 0.4% | 11 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $2.1M | 2,200 | 0.4% | 11 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $2.0M | 32,092 | 0.4% | 11 |
| SUNBELT RENTALS HOLDINGS INC | [SUNB](https://holderbook.com/stocks/SUNB/) | $1.9M | 27,187 | 0.4% | 2 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $1.9M | 17,000 | 0.4% | 11 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $1.8M | 20,754 | 0.3% | 11 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $1.6M | 10,839 | 0.3% | 11 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $1.5M | 8,422 | 0.3% | 11 |
| ENTEGRIS INC | [ENTG](https://holderbook.com/stocks/ENTG/) | $1.4M | 10,203 | 0.3% | 7 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $1.4M | 4,000 | 0.3% | 11 |
| FORTIS INC | [FTS](https://holderbook.com/stocks/FTS/) | $1.4M | 24,371 | 0.3% | 11 |
| ISHARES TR | [IGF](https://holderbook.com/stocks/IGF/) | $1.3M | 19,584 | 0.2% | 11 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $1.1M | 14,490 | 0.2% | 11 |
| CENTERPOINT ENERGY INC | [CNP](https://holderbook.com/stocks/CNP/) | $1.1M | 32,334 | 0.2% | 11 |
| BHP BILLITON LIMITED | [BHP](https://holderbook.com/stocks/BHP/) | $1.1M | 12,680 | 0.2% | 11 |
| SUMITOMO MITSUI FIN GRP INC | [SMFG](https://holderbook.com/stocks/SMFG/) | $1.1M | 44,652 | 0.2% | 11 |
| RIO TINTO PLC | [RIO](https://holderbook.com/stocks/RIO/) | $1.1M | 11,080 | 0.2% | 11 |
| MITSUBISHI UFJ FINANCIAL GRO | [MUFG](https://holderbook.com/stocks/MUFG/) | $1.0M | 52,032 | 0.2% | 11 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $1.0M | 18,783 | 0.2% | 11 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $914.4K | 9,264 | 0.2% | 8 |
| ROSS STORES INC | [ROST](https://holderbook.com/stocks/ROST/) | $892.8K | 4,677 | 0.2% | 11 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $855.4K | 4,275 | 0.2% | 11 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $733.1K | 11,092 | 0.1% | 11 |

## 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 | +0.4% | +14.8% | -14.4% | 108% |
| Q1 2026 | -3.2% | -4.6% | +1.4% | 108% |
| Q4 2025 | +3.4% | +2.4% | +1.0% | 109% |
| Q3 2025 | +10.3% | +7.8% | +2.5% | 109% |
| Q2 2025 | +11.4% | +10.5% | +0.9% | 109% |
| Q1 2025 | -2.7% | -4.6% | +1.9% | 110% |
| Q4 2024 | -1.0% | +2.1% | -3.1% | 108% |
| Q3 2024 | +7.6% | +5.4% | +2.2% | 108% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $542.1M | 210 |
| Q1 2026 | $528.8M | 216 |
| Q4 2025 | $501.9M | 213 |
| Q3 2025 | $458.2M | 208 |
| Q2 2025 | $424.3M | 200 |
| Q1 2025 | $368.0M | 180 |
| Q4 2024 | $381.0M | 168 |
| Q3 2024 | $395.4M | 173 |
| Q2 2024 | $356.9M | 169 |
| Q1 2024 | $359.7M | 164 |
| Q4 2023 | $331.2M | 165 |