Scheer, Rowlett & Associates Investment Management Ltd.

CIK

1426327

Location

TORONTO, A6

Portfolio Value

Mid $1,389,702,740

Diversification

Diversified

Filing Date

Global Rank

#1,229 / 8,232 ▲ 63

Top Industry

Banks - Diversified 27.1%

3Y Alpha vs SPY

-1.2%

Period ended 2 months ago

Filed May 11, 2026 · 34d

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

+71.1%

SPY

+76.3%

Annualised alpha

-1.2%

Max drawdown

−16.1%

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

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

Top Position

12.1%

+0.2 pts

Top 5

39.6%

−1.2 pts

Top 10

63.1%

+1.7 pts

HHI

539

Diversified+4

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	35.5%	$493,578,313	5
Energy	21.0%	$291,870,962	5
Basic Materials	17.9%	$249,329,664	9
Industrials	12.7%	$177,078,432	6
Communication Services	5.9%	$81,443,085	2
Consumer Cyclical	3.7%	$51,269,993	3
Technology	3.2%	$45,132,291	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
AGI	Alamos Gold Inc	+320,044	756,989	$33,633,021
BMO	Bank Of Montreal /Can/	+131,698	596,325	$80,706,625
RY	Royal Bank Of Canada	+22,209	1,040,618	$168,351,180
FNV	FRANCO NEVADA Corp	+16,704	160,054	$39,541,340
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
MEOH	Methanex Corp	−523,099	162,425	$9,670,784
CVE	Cenovus Energy Inc.	−360,090	3,088,546	$81,939,125
B	Barrick Mining Corp	−301,306	2,046,425	$83,473,675
TD	Toronto Dominion Bank	−224,963	1,368,213	$127,667,955
MGA	Magna International Inc	−224,902	185,467	$10,350,913
MFC	Manulife Financial Corp	−207,682	1,094,428	$37,692,100
RCI	Rogers Communications Inc	−187,419	1,042,339	$40,077,934
NTR	Nutrien Ltd.	−170,672	287,859	$21,721,840
TRP	Tc Energy Corp	−131,197	803,654	$50,308,740
ASTL	Algoma Steel Group Inc.	−129,045	3,207,480	$13,246,892
TU	Telus Corp	−126,364	3,224,096	$41,365,151
BN	BROOKFIELD Corp /ON/	−75,452	1,956,028	$79,160,453
SU	Suncor Energy Inc	−50,951	1,347,051	$89,053,541
ATS	ATS Corp /ATS	−44,513	1,181,937	$33,330,623
OR	OR Royalties Inc.	−36,756	840,453	$31,954,023
CNQ	Canadian Natural Resources Ltd	−29,751	762,030	$37,133,721
CNI	Canadian National Railway Co	−28,296	733,191	$75,350,039
TFII	TFI International Inc.	−27,983	242,180	$26,308,013
OTEX	Open Text Corp	−22,552	256,800	$5,711,232
ENB	Enbridge Inc	−20,990	617,581	$33,435,835
CP	Canadian Pacific Kansas City Ltd/Cn	−16,608	424,696	$33,406,587
QSR	Restaurant Brands International Inc.	−14,333	359,229	$26,547,023
GIB	Cgi Inc	−11,204	383,925	$28,064,917
TECK	Teck Resources Ltd	−10,930	277,200	$14,345,100
GIL	Gildan Activewear Inc.	−10,213	258,258	$14,372,057
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
DSGX	Descartes Systems Group Inc	158,694	$11,356,142
TRI	Thomson Reuters Corp /Can/	94,951	$8,543,690
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
BNS	Bank Of Nova Scotia	940,485	$69,304,339
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

33 positions · $1,389,702,740 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
RY	Royal Bank Of Canada Financial Services	Added	1,040,618	+22,209	$168,351,180	−3.0%	12.11%
TD	Toronto Dominion Bank Financial Services	Reduced	1,368,213	-224,963	$127,667,955	−14.9%	9.19%
SU	Suncor Energy Inc Energy	Reduced	1,347,051	-50,951	$89,053,541	+43.6%	6.41%
B	Barrick Mining Corp Basic Materials	Reduced	2,046,425	-301,306	$83,473,675	−18.4%	6.01%
CVE	Cenovus Energy Inc. Energy	Reduced	3,088,546	-360,090	$81,939,125	+40.4%	5.90%
BMO	Bank Of Montreal /Can/ Financial Services	Added	596,325	+131,698	$80,706,625	+33.8%	5.81%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	1,956,028	-75,452	$79,160,453	−15.1%	5.70%
CNI	Canadian National Railway Co Industrials	Reduced	733,191	-28,296	$75,350,039	+0.1%	5.42%
TRP	Tc Energy Corp Energy	Reduced	803,654	-131,197	$50,308,740	−2.2%	3.62%
TU	Telus Corp Communication Services	Reduced	3,224,096	-126,364	$41,365,151	−6.3%	2.98%
RCI	Rogers Communications Inc Communication Services	Reduced	1,042,339	-187,419	$40,077,934	−13.6%	2.88%
FNV	FRANCO NEVADA Corp Basic Materials	Added	160,054	+16,704	$39,541,340	+33.1%	2.85%
MFC	Manulife Financial Corp Financial Services	Reduced	1,094,428	-207,682	$37,692,100	−20.2%	2.71%
CNQ	Canadian Natural Resources Ltd Energy	Reduced	762,030	-29,751	$37,133,721	+38.5%	2.67%
AGI	Alamos Gold Inc Basic Materials	Added	756,989	+320,044	$33,633,021	+99.5%	2.42%
ENB	Enbridge Inc Energy	Reduced	617,581	-20,990	$33,435,835	+9.5%	2.41%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Reduced	424,696	-16,608	$33,406,587	+2.8%	2.40%
ATS	ATS Corp /ATS Industrials	Reduced	1,181,937	-44,513	$33,330,623	−1.3%	2.40%
OR	OR Royalties Inc. Basic Materials	Reduced	840,453	-36,756	$31,954,023	+2.9%	2.30%
GIB	Cgi Inc Technology	Reduced	383,925	-11,204	$28,064,917	−23.0%	2.02%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Reduced	359,229	-14,333	$26,547,023	+4.2%	1.91%
TFII	TFI International Inc. Industrials	Reduced	242,180	-27,983	$26,308,013	−5.8%	1.89%
NTR	Nutrien Ltd. Basic Materials	Reduced	287,859	-170,672	$21,721,840	−23.2%	1.56%
GIL	Gildan Activewear Inc. Consumer Cyclical	Reduced	258,258	-10,213	$14,372,057	−14.3%	1.03%
TECK	Teck Resources Ltd Basic Materials	Reduced	277,200	-10,930	$14,345,100	+4.0%	1.03%
ASTL	Algoma Steel Group Inc. Basic Materials	Reduced	3,207,480	-129,045	$13,246,892	−3.2%	0.95%
DSGX	Descartes Systems Group Inc Technology	NEW	158,694	NEW	$11,356,142	NEW	0.82%
MGA	Magna International Inc Consumer Cyclical	Reduced	185,467	-224,902	$10,350,913	−52.7%	0.74%
MEOH	Methanex Corp Basic Materials	Reduced	162,425	-523,099	$9,670,784	−64.5%	0.70%
TRI	Thomson Reuters Corp /Can/ Industrials	NEW	94,951	NEW	$8,543,690	NEW	0.61%
OTEX	Open Text Corp Technology	Reduced	256,800	-22,552	$5,711,232	−37.2%	0.41%
AEM	Agnico Eagle Mines Ltd Basic Materials	Reduced	8,587	-525	$1,742,989	+12.8%	0.13%
CNH	CNH Industrial N.V. Industrials	Held	12,680	0	$139,480	+19.3%	0.01%