LETKO, BROSSEAU & ASSOCIATES INC

CIK

1297496

Location

MONTREAL, A8

Portfolio Value

Small $405,626,212

Diversification

Diversified

Filing Date

Global Rank

#445 / 8,232 ▲ 61

Top Industry

Banks - Diversified 20.7%

3Y Alpha vs SPY

-0.3%

Period ended 2 months ago

Filed May 12, 2026 · 33d

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

+75.0%

SPY

+76.3%

Annualised alpha

-0.3%

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

7 positions · $405,626,212 total · Energy only · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CVE	Cenovus Energy Inc. Energy	Reduced	5,711,489	-238,052	$151,525,803	+50.5%	37.36%
TTE	TotalEnergies SE Energy	Reduced	1,081,079	-25,325	$98,356,567	+35.9%	24.25%
COP	Conocophillips Energy	Reduced	420,604	-10,060	$55,519,728	+37.7%	13.69%
EFXT	Enerflex Ltd. Energy	Reduced	2,580,213	-235,475	$53,978,055	+24.2%	13.31%
CVX	Chevron Corp Energy	Reduced	131,760	-725	$27,261,144	+35.0%	6.72%
SU	Suncor Energy Inc Energy	Reduced	269,162	-1,392,090	$17,794,299	−75.9%	4.39%
PBA	Pembina Pipeline Corp Energy	Added	26,600	+3,350	$1,190,616	+34.5%	0.29%