LETKO, BROSSEAU & ASSOCIATES INC

CIK

1297496

Location

MONTREAL, A8

Portfolio Value

Mid $5,966,722,918

Diversification

Diversified

Filing Date

Global Rank

#445 / 8,232 ▲ 61

Top Industry

Banks - Diversified 20.7%

3Y Alpha vs SPY

-0.6%

Period ended 2 months ago

Filed May 12, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+74.5%

SPY

+76.5%

Annualised alpha

-0.5%

Max drawdown

−17.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

98 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

4.2%

−0.5 pts

Top 5

19.8%

−1.8 pts

Top 10

36.9%

−2.1 pts

HHI

231

Diversified−15

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	31.3%	$1,865,251,694	18
Communication Services	15.5%	$922,404,878	8
Basic Materials	11.3%	$675,298,726	12
Technology	10.2%	$607,563,778	10
Healthcare	9.5%	$568,500,405	25
Energy	6.8%	$405,626,212	7
Consumer Cyclical	6.2%	$369,001,055	6
Industrials	5.5%	$325,496,659	5
Utilities	2.8%	$167,013,776	4
Real Estate	0.6%	$35,564,980	1
Consumer Defensive	0.4%	$25,000,755	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
OTEX	Open Text Corp	+2,109,460	7,790,553	$173,261,898
TU	Telus Corp	+665,025	7,440,412	$95,460,485
ELPC	Energy Co Of Parana	+636,335	7,912,737	$94,478,079
CRM	Salesforce, Inc.	+353,310	356,710	$66,587,055
CNI	Canadian National Railway Co	+278,265	1,051,605	$108,073,445
WFG	West Fraser Timber Co., Ltd	+245,853	1,417,201	$92,529,053
SWKS	Skyworks Solutions, Inc.	+241,265	912,697	$48,874,924
BCE	Bce Inc	+225,887	7,564,328	$190,923,638
PFE	Pfizer Inc	+211,575	4,090,013	$114,847,565
HDB	Hdfc Bank Ltd	+179,175	356,210	$8,862,504
MSFT	Microsoft Corp	+170,374	171,013	$63,303,882
ADBE	Adobe Inc.	+155,797	382,493	$92,976,398
SBS	Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp	+131,715	2,348,569	$71,654,840
QSR	Restaurant Brands International Inc.	+65,425	669,617	$49,484,696
SLF	Sun Life Financial Inc	+56,185	3,264,408	$204,221,364
ADNT	Adient plc	+41,021	1,617,406	$32,687,775
MRNA	Moderna, Inc.	+22,375	748,815	$38,039,802
BIIB	Biogen Inc.	+21,085	150,865	$27,658,080
CX	Cemex Sab De CV	+20,750	3,844,250	$43,978,220
CMCSA	Comcast Corp	+19,735	2,284,956	$65,601,086
GPK	Graphic Packaging Holding Co	+19,050	3,470,560	$34,497,366
CPA	Copa Holdings, S.A.	+7,600	202,803	$23,040,448
LULU	lululemon athletica inc.	+7,205	183,843	$28,146,363
MAC	Macerich Co	+5,475	1,881,745	$35,564,980
UPS	United Parcel Service Inc	+3,380	361,555	$35,569,780
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
SU	Suncor Energy Inc	−1,392,090	269,162	$17,794,299
INTC	Intel Corp	−964,950	2,028,470	$89,516,381
B	Barrick Mining Corp	−702,785	3,884,565	$158,451,406
HBM	Hudbay Minerals Inc.	−472,335	1,097,248	$22,932,483
IVZ	Invesco Ltd.	−377,200	1,198,263	$29,105,808
IBN	Icici Bank Ltd	−305,225	122,627	$3,176,039
CM	Canadian Imperial Bank Of Commerce /Can/	−246,630	1,565,632	$148,343,632
CVE	Cenovus Energy Inc.	−238,052	5,711,489	$151,525,803
EFXT	Enerflex Ltd.	−235,475	2,580,213	$53,978,055
TD	Toronto Dominion Bank	−226,683	2,516,065	$234,774,025
BNS	Bank Of Nova Scotia	−215,124	3,510,666	$243,324,260
CXM	Sprinklr, Inc.	−188,800	1,246,275	$7,477,650
C	Citigroup Inc	−178,970	631,490	$71,617,280
NTR	Nutrien Ltd.	−153,174	2,756,910	$208,036,428
TECK	Teck Resources Ltd	−133,830	1,082,762	$56,032,933
TFC	Truist Financial Corp	−128,960	1,567,796	$72,071,582
STT	State Street Corp	−123,770	544,456	$68,906,351
MGA	Magna International Inc	−119,352	3,948,448	$220,362,882
MFC	Manulife Financial Corp	−112,765	6,038,452	$207,964,286
RCI	Rogers Communications Inc	−109,850	6,511,597	$250,370,904
CAE	Cae Inc	−96,700	3,122,440	$81,339,562
BMO	Bank Of Montreal /Can/	−94,195	1,580,030	$213,841,260
RY	Royal Bank Of Canada	−42,225	1,423,097	$230,228,632
GSK	GSK plc	−30,250	1,644,613	$90,766,191
TTE	TotalEnergies SE	−25,325	1,081,079	$98,356,567
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
ELVN	Enliven Therapeutics, Inc.	9,600	$376,320
KMB	Kimberly Clark Corp	2,240	$216,092
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
SHEL	Shell plc	9,085	$667,565
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

98 positions · $5,966,722,918 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 98 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
RCI	Rogers Communications Inc Communication Services	Reduced	6,511,597	-109,850	$250,370,904	+0.2%	4.20%
BNS	Bank Of Nova Scotia Financial Services	Reduced	3,510,666	-215,124	$243,324,260	−11.4%	4.08%
TD	Toronto Dominion Bank Financial Services	Reduced	2,516,065	-226,683	$234,774,025	−9.1%	3.93%
RY	Royal Bank Of Canada Financial Services	Reduced	1,423,097	-42,225	$230,228,632	−7.8%	3.86%
MGA	Magna International Inc Consumer Cyclical	Reduced	3,948,448	-119,352	$220,362,882	+1.6%	3.69%
BMO	Bank Of Montreal /Can/ Financial Services	Reduced	1,580,030	-94,195	$213,841,260	−1.6%	3.58%
NTR	Nutrien Ltd. Basic Materials	Reduced	2,756,910	-153,174	$208,036,428	+15.8%	3.49%
MFC	Manulife Financial Corp Financial Services	Reduced	6,038,452	-112,765	$207,964,286	−6.8%	3.49%
SLF	Sun Life Financial Inc Financial Services	Added	3,264,408	+56,185	$204,221,364	+2.0%	3.42%
BCE	Bce Inc Communication Services	Added	7,564,328	+225,887	$190,923,638	+9.2%	3.20%
OTEX	Open Text Corp Technology	Added	7,790,553	+2,109,460	$173,261,898	−6.4%	2.90%
B	Barrick Mining Corp Basic Materials	Reduced	3,884,565	-702,785	$158,451,406	−20.7%	2.66%
CVE	Cenovus Energy Inc. Energy	Reduced	5,711,489	-238,052	$151,525,803	+50.5%	2.54%
CM	Canadian Imperial Bank Of Commerce /Can/ Financial Services	Reduced	1,565,632	-246,630	$148,343,632	−9.7%	2.49%
T	At&T Inc. Communication Services	Reduced	4,121,700	-8,400	$119,488,083	+16.5%	2.00%
PFE	Pfizer Inc Healthcare	Added	4,090,013	+211,575	$114,847,565	+18.9%	1.92%
META	Meta Platforms, Inc. Communication Services	Added	200,645	+2,098	$114,795,023	−12.4%	1.92%
CNI	Canadian National Railway Co Industrials	Added	1,051,605	+278,265	$108,073,445	+41.4%	1.81%
ILMN	Illumina, Inc. Healthcare	Reduced	852,903	-6,090	$105,128,823	−6.7%	1.76%
TTE	TotalEnergies SE Energy	Reduced	1,081,079	-25,325	$98,356,567	+35.9%	1.65%
TU	Telus Corp Communication Services	Added	7,440,412	+665,025	$95,460,485	+7.0%	1.60%
ELPC	Energy Co Of Parana Utilities	Added	7,912,737	+636,335	$94,478,079	+36.5%	1.58%
ADBE	Adobe Inc. Technology	Added	382,493	+155,797	$92,976,398	+17.2%	1.56%
WFG	West Fraser Timber Co., Ltd Basic Materials	Added	1,417,201	+245,853	$92,529,053	+29.3%	1.55%
EMN	Eastman Chemical Co Basic Materials	Reduced	1,193,346	-1,075	$91,076,166	+19.5%	1.53%
GSK	GSK plc Healthcare	Reduced	1,644,613	-30,250	$90,766,191	+10.5%	1.52%
INTC	Intel Corp Technology	Reduced	2,028,470	-964,950	$89,516,381	−19.0%	1.50%
VZ	Verizon Communications Inc Communication Services	Reduced	1,702,224	-10,720	$85,451,644	+22.5%	1.43%
CAE	Cae Inc Industrials	Reduced	3,122,440	-96,700	$81,339,562	−16.9%	1.36%
CVS	CVS HEALTH Corp Healthcare	Added	1,114,735	+2,875	$80,060,267	−9.3%	1.34%
FDX	Fedex Corp Industrials	Reduced	217,512	-6,085	$77,473,424	+19.9%	1.30%
TFC	Truist Financial Corp Financial Services	Reduced	1,567,796	-128,960	$72,071,582	−13.7%	1.21%
SBS	Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp Utilities	Added	2,348,569	+131,715	$71,654,840	+35.5%	1.20%
C	Citigroup Inc Financial Services	Reduced	631,490	-178,970	$71,617,280	−24.3%	1.20%
STT	State Street Corp Financial Services	Reduced	544,456	-123,770	$68,906,351	−20.1%	1.15%
CRM	Salesforce, Inc. Technology	Added	356,710	+353,310	$66,587,055	+7292.9%	1.12%
CMCSA	Comcast Corp Communication Services	Added	2,284,956	+19,735	$65,601,086	+3.4%	1.10%
CRUS	Cirrus Logic, Inc. Technology	Reduced	449,504	-780	$65,007,268	+21.8%	1.09%
MSFT	Microsoft Corp Technology	Added	171,013	+170,374	$63,303,882	+20384.5%	1.06%
ABBV	AbbVie Inc. Healthcare	Reduced	275,149	-9,955	$59,842,156	−8.1%	1.00%
TECK	Teck Resources Ltd Basic Materials	Reduced	1,082,762	-133,830	$56,032,933	−3.8%	0.94%
COP	Conocophillips Energy	Reduced	420,604	-10,060	$55,519,728	+37.7%	0.93%
EFXT	Enerflex Ltd. Energy	Reduced	2,580,213	-235,475	$53,978,055	+24.2%	0.90%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Added	669,617	+65,425	$49,484,696	+20.0%	0.83%
SWKS	Skyworks Solutions, Inc. Technology	Added	912,697	+241,265	$48,874,924	+14.8%	0.82%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	975,440	-4,375	$47,552,700	−11.8%	0.80%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	573,819	-3,725	$45,681,730	−15.1%	0.77%
CX	Cemex Sab De CV Basic Materials	Added	3,844,250	+20,750	$43,978,220	+0.1%	0.74%
MRK	Merck & Co., Inc. Healthcare	Reduced	358,019	-12,515	$43,066,105	+10.4%	0.72%
MRNA	Moderna, Inc. Healthcare	Added	748,815	+22,375	$38,039,802	+77.6%	0.64%