Letko Brosseau

Letko Brosseau teamMONTREAL, A8files as LETKO, BROSSEAU & ASSOCIATES INC

$6.8bn in 112 US stocks at the end of 30 June 2026. The top 10 are 37.6% of the money. It changed about 9.2% of the portfolio this quarter.

Value

$6.8bn

Stocks

112

Top 10 share

37.6%

Turnover

9.2%

What changed this quarter

New

Bought for the first time this quarter.

GE HealthCare TechnologiesGEHC
0.8% of the fund
Gildan ActivewearGIL
0.7% of the fund
ExelonEXC
0.6% of the fund
AECOMACM
0.4% of the fund
FedEx Freight Holding CompanyFDXF
0.2% of the fund
GH ResearchGHRS
<0.1% of the fund
Syndax PharmaceuticalsSNDX
<0.1% of the fund
Amazon.comAMZN
<0.1% of the fund
Candel TherapeuticsCADL
<0.1% of the fund
LiquidiaLQDA
<0.1% of the fund
AppleAAPL
<0.1% of the fund
MastercardMA
<0.1% of the fund
Denali TherapeuticsDNLI
<0.1% of the fund
IamgoldIAG
<0.1% of the fund

Added

Bought more of a stock they already held.

Open TextOTEX
2.9% of the fund
+13%
Meta PlatformsMETA
1.9% of the fund
+11%
TelusTU
1.6% of the fund
+37%
CAECAE
1.5% of the fund
+28%
AdobeADBE
1.4% of the fund
+20%
MicrosoftMSFT
1.3% of the fund
+41%
ComcastCMCSA
1.3% of the fund
+51%
Skyworks SolutionsSWKS
1.2% of the fund
+35%
SalesforceCRM
1.2% of the fund
+42%
Companhia de Saneamento BasiSBS
1.0% of the fund
+3%
Graphic Packaging HoldingGPK
0.7% of the fund
+28%
Copa HoldingsCPA
0.5% of the fund
+3%
lululemon athleticaLULU
0.5% of the fund
+48%
AdientADNT
0.5% of the fund
+3%
HDFC BankHDB
0.2% of the fund
+46%
Smurfit WestrockSW
0.1% of the fund
+113%
Franklin Templeton ETF TRFLIN
<0.1% of the fund
+91%
ARS PharmaceuticalsSPRY
<0.1% of the fund
+62%

Cut

Sold some of their stake.

Bank of Nova ScotiaBNS
4.3% of the fund
-4%
Toronto Dominion BankTD
4.3% of the fund
-5%
AlphabetGOOG
4.2% of the fund
-2%
Royal Bank of CanadaRY
4.1% of the fund
-5%
Bank of Montreal /canBMO
3.7% of the fund
-10%
Sun Life FinancialSLF
3.6% of the fund
-4%
Magna InternationalMGA
3.6% of the fund
-6%
Canadian Imperial Bank of Commerce /canCM
2.5% of the fund
-6%
NutrienNTR
2.5% of the fund
-3%
IlluminaILMN
2.2% of the fund
-3%
Barrick MiningB
2.0% of the fund
-5%
Cenovus EnergyCVE
2.0% of the fund
-7%
Canadian National RailwayCNI
1.8% of the fund
-2%
State StreetSTT
1.3% of the fund
-3%
Companhia Paranaense de EnerELPC
1.3% of the fund
-7%
CitigroupC
1.3% of the fund
-4%
TotalEnergies SETTE
1.2% of the fund
-2%
Teck ResourcesTECK
0.8% of the fund
-19%
ModernaMRNA
0.8% of the fund
-3%
EnerflexEFXT
0.7% of the fund
-23%
Restaurant Brands InternationalQSR
0.7% of the fund
-4%
MacerichMAC
0.7% of the fund
-2%
MerckMRK
0.7% of the fund
-3%
Cemex SAB de CVCX
0.6% of the fund
-7%
ConocoPhillipsCOP
0.6% of the fund
-3%

Sold out

Sold their entire stake.

Holdings

Bank of Nova ScotiaBNS
Share
4.3%
Value
$294m
Shares
3,380,374
-4%
Toronto Dominion BankTD
Share
4.3%
Value
$291m
Shares
2,393,682
-5%
AlphabetGOOG
Share
4.2%
Value
$287m
Shares
812,863
-2%
Royal Bank of CanadaRY
Share
4.1%
Value
$281m
Shares
1,356,164
-5%
Bank of Montreal /canBMO
Share
3.7%
Value
$252m
Shares
1,426,775
-10%
Sun Life FinancialSLF
Share
3.6%
Value
$247m
Shares
3,144,427
-4%
Magna InternationalMGA
Share
3.6%
Value
$245m
Shares
3,728,461
-6%
Manulife FinancialMFC
Share
3.6%
Value
$241m
Shares
5,945,857
Held
Rogers CommunicationsRCI
Share
3.1%
Value
$209m
Shares
6,419,707
Held
Open TextOTEX
Share
2.9%
Value
$196m
Shares
8,837,628
+13%
Canadian Imperial Bank of Commerce /canCM
Share
2.5%
Value
$170m
Shares
1,475,569
-6%
NutrienNTR
Share
2.5%
Value
$168m
Shares
2,661,149
-3%
BCEBCE
Share
2.4%
Value
$164m
Shares
7,626,060
Held
IlluminaILMN
Share
2.2%
Value
$146m
Shares
830,293
-3%
Barrick MiningB
Share
2.0%
Value
$136m
Shares
3,703,017
-5%
Cenovus EnergyCVE
Share
2.0%
Value
$132m
Shares
5,327,707
-7%
Meta PlatformsMETA
Share
1.9%
Value
$126m
Shares
223,556
+11%
Canadian National RailwayCNI
Share
1.8%
Value
$123m
Shares
1,027,674
-2%
CVS HealthCVS
Share
1.7%
Value
$113m
Shares
1,095,265
Held
TelusTU
Share
1.6%
Value
$108m
Shares
10,220,253
+37%
CAECAE
Share
1.5%
Value
$100m
Shares
3,981,832
+28%
PfizerPFE
Share
1.5%
Value
$99m
Shares
4,124,748
Held
West Fraser TimberWFG
Share
1.4%
Value
$96m
Shares
1,417,956
Held
AdobeADBE
Share
1.4%
Value
$94m
Shares
459,898
+20%
MicrosoftMSFT
Share
1.3%
Value
$90m
Shares
241,356
+41%
State StreetSTT
Share
1.3%
Value
$89m
Shares
525,646
-3%
AT&TT
Share
1.3%
Value
$86m
Shares
4,174,925
Held
Companhia Paranaense de EnerELPC
Share
1.3%
Value
$85m
Shares
7,333,972
-7%
CitigroupC
Share
1.3%
Value
$85m
Shares
609,048
-4%
GSKGSK
Share
1.3%
Value
$85m
Shares
1,624,668
Held
ComcastCMCSA
Share
1.3%
Value
$85m
Shares
3,460,961
+51%
Skyworks SolutionsSWKS
Share
1.2%
Value
$84m
Shares
1,234,937
+35%
TotalEnergies SETTE
Share
1.2%
Value
$82m
Shares
1,056,594
-2%
Eastman ChemicalEMN
Share
1.2%
Value
$80m
Shares
1,199,240
Held
SalesforceCRM
Share
1.2%
Value
$79m
Shares
504,810
+42%
Truist FinancialTFC
Share
1.1%
Value
$77m
Shares
1,551,961
Held
Verizon CommunicationsVZ
Share
1.1%
Value
$73m
Shares
1,726,727
Held
Companhia de Saneamento BasiSBS
Share
1.0%
Value
$70m
Shares
12,114,373
+3%
AbbVieABBV
Share
1.0%
Value
$68m
Shares
270,009
Held
FedExFDX
Share
1.0%
Value
$68m
Shares
215,587
Held
Cirrus LogicCRUS
Share
1.0%
Value
$66m
Shares
442,259
Held
GE HealthCare TechnologiesGEHC
Share
0.8%
Value
$56m
Shares
878,575
New
Bank of AmericaBAC
Share
0.8%
Value
$55m
Shares
967,290
Held
Teck ResourcesTECK
Share
0.8%
Value
$52m
Shares
874,729
-19%
ModernaMRNA
Share
0.8%
Value
$51m
Shares
724,830
-3%
EnerflexEFXT
Share
0.7%
Value
$49m
Shares
1,997,788
-23%
Gildan ActivewearGIL
Share
0.7%
Value
$49m
Shares
947,100
New
Graphic Packaging HoldingGPK
Share
0.7%
Value
$47m
Shares
4,453,305
+28%
Wells Fargo & CompanyWFC
Share
0.7%
Value
$47m
Shares
569,169
Held
Restaurant Brands InternationalQSR
Share
0.7%
Value
$47m
Shares
643,271
-4%
MacerichMAC
Share
0.7%
Value
$46m
Shares
1,841,170
-2%
MerckMRK
Share
0.7%
Value
$45m
Shares
347,489
-3%
Cemex SAB de CVCX
Share
0.6%
Value
$43m
Shares
3,593,425
-7%
ConocoPhillipsCOP
Share
0.6%
Value
$43m
Shares
408,904
-3%
ExelonEXC
Share
0.6%
Value
$42m
Shares
891,100
New
United Parcel ServiceUPS
Share
0.6%
Value
$39m
Shares
366,065
Held
CredicorpBAP
Share
0.6%
Value
$38m
Shares
98,171
Held
Copa HoldingsCPA
Share
0.5%
Value
$32m
Shares
207,978
+3%
BiogenBIIB
Share
0.5%
Value
$32m
Shares
146,562
-3%
InvescoIVZ
Share
0.5%
Value
$31m
Shares
1,180,538
Held
lululemon athleticaLULU
Share
0.5%
Value
$31m
Shares
272,068
+48%
AdientADNT
Share
0.5%
Value
$31m
Shares
1,661,072
+3%
AECOMACM
Share
0.4%
Value
$27m
Shares
390,075
New
IntelINTC
Share
0.4%
Value
$27m
Shares
193,495
-90%
WalmartWMT
Share
0.3%
Value
$22m
Shares
195,046
-2%
ChevronCVX
Share
0.3%
Value
$21m
Shares
129,488
Held
Hudbay MineralsHBM
Share
0.3%
Value
$19m
Shares
808,989
-26%
FedEx Freight Holding CompanyFDXF
Share
0.2%
Value
$15m
Shares
101,572
New
HDFC BankHDB
Share
0.2%
Value
$13m
Shares
520,935
+46%
Smurfit WestrockSW
Share
0.1%
Value
$9m
Shares
204,184
+113%
SprinklrCXM
Share
<0.1%
Value
$6m
Shares
1,161,675
-7%
Profound MedicalPROF
Share
<0.1%
Value
$5m
Shares
935,725
Held
Spdr Series TrustXBI
Share
<0.1%
Value
$5m
Shares
30,825
-6%
Icici BankIBN
Share
<0.1%
Value
$3m
Shares
100,402
-18%
Franklin Templeton ETF TRFLIN
Share
<0.1%
Value
$2m
Shares
61,500
+91%
Charles SchwabSCHW
Share
<0.1%
Value
$2m
Shares
17,771
Held
ING Groep NVING
Share
<0.1%
Value
$1m
Shares
46,624
Held
Pembina PipelinePBA
Share
<0.1%
Value
$1m
Shares
23,325
-12%
Freeport-McMoRanFCX
Share
<0.1%
Value
$605,316
Shares
9,625
Held
Palvella TherapeuticsPVLA
Share
<0.1%
Value
$534,870
Shares
3,500
Held
Vale S AVALE
Share
<0.1%
Value
$506,096
Shares
33,650
-8%
NXP SemiconductorsNXPI
Share
<0.1%
Value
$498,828
Shares
1,775
Held
Enliven TherapeuticsELVN
Share
<0.1%
Value
$487,200
Shares
9,600
Held
FortisFTS
Share
<0.1%
Value
$452,423
Shares
7,900
Held
Suncor EnergySU
Share
<0.1%
Value
$451,750
Shares
8,400
-97%
EmeraEMA
Share
<0.1%
Value
$449,922
Shares
8,485
Held
MeiraGTx HoldingsMGTX
Share
<0.1%
Value
$432,320
Shares
32,000
Held
GH ResearchGHRS
Share
<0.1%
Value
$414,624
Shares
15,425
New
Ero CopperERO
Share
<0.1%
Value
$392,380
Shares
14,700
Held
AlbemarleALB
Share
<0.1%
Value
$334,199
Shares
2,475
Held
Bicara TherapeuticsBCAX
Share
<0.1%
Value
$331,786
Shares
11,175
Held
NewAmsterdam PharmaNAMS
Share
<0.1%
Value
$321,108
Shares
9,475
-20%
ARS PharmaceuticalsSPRY
Share
<0.1%
Value
$320,801
Shares
40,050
+62%
Cabaletta BioCABA
Share
<0.1%
Value
$281,377
Shares
90,475
Held
Syndax PharmaceuticalsSNDX
Share
<0.1%
Value
$272,157
Shares
12,450
New
AmrizeAMRZ
Share
<0.1%
Value
$262,287
Shares
4,941
Held
Amazon.comAMZN
Share
<0.1%
Value
$262,174
Shares
1,100
New
Candel TherapeuticsCADL
Share
<0.1%
Value
$258,015
Shares
25,050
New
Kimberly-ClarkKMB
Share
<0.1%
Value
$245,885
Shares
2,240
Held
LiquidiaLQDA
Share
<0.1%
Value
$231,217
Shares
2,900
New

Company	Share of fund	Value	Shares	Change
Bank of Nova ScotiaBNS	4.3%	$294m	3,380,374	-4%
Toronto Dominion BankTD	4.3%	$291m	2,393,682	-5%
AlphabetGOOG	4.2%	$287m	812,863	-2%
Royal Bank of CanadaRY	4.1%	$281m	1,356,164	-5%
Bank of Montreal /canBMO	3.7%	$252m	1,426,775	-10%
Sun Life FinancialSLF	3.6%	$247m	3,144,427	-4%
Magna InternationalMGA	3.6%	$245m	3,728,461	-6%
Manulife FinancialMFC	3.6%	$241m	5,945,857	Held
Rogers CommunicationsRCI	3.1%	$209m	6,419,707	Held
Open TextOTEX	2.9%	$196m	8,837,628	+13%
Canadian Imperial Bank of Commerce /canCM	2.5%	$170m	1,475,569	-6%
NutrienNTR	2.5%	$168m	2,661,149	-3%
BCEBCE	2.4%	$164m	7,626,060	Held
IlluminaILMN	2.2%	$146m	830,293	-3%
Barrick MiningB	2.0%	$136m	3,703,017	-5%
Cenovus EnergyCVE	2.0%	$132m	5,327,707	-7%
Meta PlatformsMETA	1.9%	$126m	223,556	+11%
Canadian National RailwayCNI	1.8%	$123m	1,027,674	-2%
CVS HealthCVS	1.7%	$113m	1,095,265	Held
TelusTU	1.6%	$108m	10,220,253	+37%
CAECAE	1.5%	$100m	3,981,832	+28%
PfizerPFE	1.5%	$99m	4,124,748	Held
West Fraser TimberWFG	1.4%	$96m	1,417,956	Held
AdobeADBE	1.4%	$94m	459,898	+20%
MicrosoftMSFT	1.3%	$90m	241,356	+41%
State StreetSTT	1.3%	$89m	525,646	-3%
AT&TT	1.3%	$86m	4,174,925	Held
Companhia Paranaense de EnerELPC	1.3%	$85m	7,333,972	-7%
CitigroupC	1.3%	$85m	609,048	-4%
GSKGSK	1.3%	$85m	1,624,668	Held
ComcastCMCSA	1.3%	$85m	3,460,961	+51%
Skyworks SolutionsSWKS	1.2%	$84m	1,234,937	+35%
TotalEnergies SETTE	1.2%	$82m	1,056,594	-2%
Eastman ChemicalEMN	1.2%	$80m	1,199,240	Held
SalesforceCRM	1.2%	$79m	504,810	+42%
Truist FinancialTFC	1.1%	$77m	1,551,961	Held
Verizon CommunicationsVZ	1.1%	$73m	1,726,727	Held
Companhia de Saneamento BasiSBS	1.0%	$70m	12,114,373	+3%
AbbVieABBV	1.0%	$68m	270,009	Held
FedExFDX	1.0%	$68m	215,587	Held
Cirrus LogicCRUS	1.0%	$66m	442,259	Held
GE HealthCare TechnologiesGEHC	0.8%	$56m	878,575	New
Bank of AmericaBAC	0.8%	$55m	967,290	Held
Teck ResourcesTECK	0.8%	$52m	874,729	-19%
ModernaMRNA	0.8%	$51m	724,830	-3%
EnerflexEFXT	0.7%	$49m	1,997,788	-23%
Gildan ActivewearGIL	0.7%	$49m	947,100	New
Graphic Packaging HoldingGPK	0.7%	$47m	4,453,305	+28%
Wells Fargo & CompanyWFC	0.7%	$47m	569,169	Held
Restaurant Brands InternationalQSR	0.7%	$47m	643,271	-4%
MacerichMAC	0.7%	$46m	1,841,170	-2%
MerckMRK	0.7%	$45m	347,489	-3%
Cemex SAB de CVCX	0.6%	$43m	3,593,425	-7%
ConocoPhillipsCOP	0.6%	$43m	408,904	-3%
ExelonEXC	0.6%	$42m	891,100	New
United Parcel ServiceUPS	0.6%	$39m	366,065	Held
CredicorpBAP	0.6%	$38m	98,171	Held
Copa HoldingsCPA	0.5%	$32m	207,978	+3%
BiogenBIIB	0.5%	$32m	146,562	-3%
InvescoIVZ	0.5%	$31m	1,180,538	Held
lululemon athleticaLULU	0.5%	$31m	272,068	+48%
AdientADNT	0.5%	$31m	1,661,072	+3%
AECOMACM	0.4%	$27m	390,075	New
IntelINTC	0.4%	$27m	193,495	-90%
WalmartWMT	0.3%	$22m	195,046	-2%
ChevronCVX	0.3%	$21m	129,488	Held
Hudbay MineralsHBM	0.3%	$19m	808,989	-26%
FedEx Freight Holding CompanyFDXF	0.2%	$15m	101,572	New
HDFC BankHDB	0.2%	$13m	520,935	+46%
Smurfit WestrockSW	0.1%	$9m	204,184	+113%
SprinklrCXM	<0.1%	$6m	1,161,675	-7%
Profound MedicalPROF	<0.1%	$5m	935,725	Held
Spdr Series TrustXBI	<0.1%	$5m	30,825	-6%
Icici BankIBN	<0.1%	$3m	100,402	-18%
Franklin Templeton ETF TRFLIN	<0.1%	$2m	61,500	+91%
Charles SchwabSCHW	<0.1%	$2m	17,771	Held
ING Groep NVING	<0.1%	$1m	46,624	Held
Pembina PipelinePBA	<0.1%	$1m	23,325	-12%
Freeport-McMoRanFCX	<0.1%	$605,316	9,625	Held
Palvella TherapeuticsPVLA	<0.1%	$534,870	3,500	Held
Vale S AVALE	<0.1%	$506,096	33,650	-8%
NXP SemiconductorsNXPI	<0.1%	$498,828	1,775	Held
Enliven TherapeuticsELVN	<0.1%	$487,200	9,600	Held
FortisFTS	<0.1%	$452,423	7,900	Held
Suncor EnergySU	<0.1%	$451,750	8,400	-97%
EmeraEMA	<0.1%	$449,922	8,485	Held
MeiraGTx HoldingsMGTX	<0.1%	$432,320	32,000	Held
GH ResearchGHRS	<0.1%	$414,624	15,425	New
Ero CopperERO	<0.1%	$392,380	14,700	Held
AlbemarleALB	<0.1%	$334,199	2,475	Held
Bicara TherapeuticsBCAX	<0.1%	$331,786	11,175	Held
NewAmsterdam PharmaNAMS	<0.1%	$321,108	9,475	-20%
ARS PharmaceuticalsSPRY	<0.1%	$320,801	40,050	+62%
Cabaletta BioCABA	<0.1%	$281,377	90,475	Held
Syndax PharmaceuticalsSNDX	<0.1%	$272,157	12,450	New
AmrizeAMRZ	<0.1%	$262,287	4,941	Held
Amazon.comAMZN	<0.1%	$262,174	1,100	New
Candel TherapeuticsCADL	<0.1%	$258,015	25,050	New
Kimberly-ClarkKMB	<0.1%	$245,885	2,240	Held
LiquidiaLQDA	<0.1%	$231,217	2,900	New

Showing the largest 100 of 112.

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 29.4% since 30 June 2025.

Where the money is

Financial services32.8%

Media & telecom16.8%

Technology11.0%

Materials9.6%

Health care9.2%

Retail & consumer5.9%

Industrials5.2%

Energy4.1%

Real estate0.7%

Utilities0.6%

Everyday goods0.3%

Other3.7%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.