Scheer, Rowlett & Associates Investment Management
TORONTO, A6files as Scheer, Rowlett & Associates Investment Management Ltd.
$1.4bn in 30 US stocks at the end of 30 June 2026. The top 10 are 65.5% of the money. It changed about 11.8% of the portfolio this quarter.
Value
$1.4bn
Stocks
30
Top 10 share
65.5%
Turnover
11.8%
What changed this quarter
New
Bought for the first time this quarter.
- CAECAE0.7% of the fund
- Thomson Reuters Corp /canTRI0.7% of the fund
Added
Bought more of a stock they already held.
- TelusTU3.1% of the fund+24%
- Franco NevadaFNV2.6% of the fund+7%
- Agnico Eagle MinesAEM2.3% of the fund+2331%
- Gildan ActivewearGIL1.7% of the fund+80%
- NutrienNTR1.5% of the fund+14%
- Algoma Steel GroupASTL1.1% of the fund+20%
- Descartes Systems GroupDSGX1.1% of the fund+38%
Cut
Sold some of their stake.
- Royal Bank of CanadaRY14.8% of the fund-4%
- Toronto Dominion BankTD11.4% of the fund-4%
- Bank of Montreal /canBMO5.7% of the fund-25%
- Suncor EnergySU4.9% of the fund-5%
- Cenovus EnergyCVE4.8% of the fund-13%
- TC EnergyTRP3.0% of the fund-20%
- TFI InternationalTFII2.2% of the fund-14%
- Canadian Natural ResourcesCNQ1.8% of the fund-16%
- Alamos GoldAGI0.4% of the fund-76%
Sold out
Sold their entire stake.
- Teck ResourcesTECK-100%
- Magna InternationalMGA-100%
- MethanexMEOH-100%
- Thomson Reuters-100%
- Open TextOTEX-100%
Holdings
- Royal Bank of CanadaRY
- Share
- 14.8%
- Value
- $206m
- Shares
- 997,064
-4%
- Toronto Dominion BankTD
- Share
- 11.4%
- Value
- $159m
- Shares
- 1,310,657
-4%
- Canadian National RailwayCNI
- Share
- 6.2%
- Value
- $87m
- Shares
- 727,812
Held
- BrookfieldBN
- Share
- 6.0%
- Value
- $83m
- Shares
- 1,942,657
Held
- Bank of Montreal /canBMO
- Share
- 5.7%
- Value
- $79m
- Shares
- 447,594
-25%
- Barrick MiningB
- Share
- 5.4%
- Value
- $75m
- Shares
- 2,035,333
Held
- Suncor EnergySU
- Share
- 4.9%
- Value
- $69m
- Shares
- 1,279,194
-5%
- Cenovus EnergyCVE
- Share
- 4.8%
- Value
- $67m
- Shares
- 2,680,018
-13%
- Manulife FinancialMFC
- Share
- 3.2%
- Value
- $44m
- Shares
- 1,093,093
Held
- TelusTU
- Share
- 3.1%
- Value
- $43m
- Shares
- 3,993,829
+24%
- TC EnergyTRP
- Share
- 3.0%
- Value
- $42m
- Shares
- 641,071
-20%
- Franco NevadaFNV
- Share
- 2.6%
- Value
- $36m
- Shares
- 171,766
+7%
- ATS Corp /ATSATS
- Share
- 2.4%
- Value
- $34m
- Shares
- 1,175,268
Held
- Rogers CommunicationsRCI
- Share
- 2.4%
- Value
- $34m
- Shares
- 1,033,603
Held
- Agnico Eagle MinesAEM
- Share
- 2.3%
- Value
- $32m
- Shares
- 208,743
+2331%
- TFI InternationalTFII
- Share
- 2.2%
- Value
- $30m
- Shares
- 208,421
-14%
- OR RoyaltiesOR
- Share
- 1.9%
- Value
- $26m
- Shares
- 832,658
Held
- Canadian Natural ResourcesCNQ
- Share
- 1.8%
- Value
- $25m
- Shares
- 643,233
-16%
- CGIGIB
- Share
- 1.8%
- Value
- $24m
- Shares
- 378,430
Held
- Gildan ActivewearGIL
- Share
- 1.7%
- Value
- $24m
- Shares
- 464,399
+80%
- NutrienNTR
- Share
- 1.5%
- Value
- $21m
- Shares
- 328,425
+14%
- Algoma Steel GroupASTL
- Share
- 1.1%
- Value
- $16m
- Shares
- 3,846,390
+20%
- Descartes Systems GroupDSGX
- Share
- 1.1%
- Value
- $15m
- Shares
- 218,527
+38%
- CAECAE
- Share
- 0.7%
- Value
- $10m
- Shares
- 410,130
New
- Thomson Reuters Corp /canTRI
- Share
- 0.7%
- Value
- $9m
- Shares
- 112,198
New
- Alamos GoldAGI
- Share
- 0.4%
- Value
- $5m
- Shares
- 179,580
-76%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Royal Bank of CanadaRY | 14.8% | $206m | 997,064 | -4% |
| Toronto Dominion BankTD | 11.4% | $159m | 1,310,657 | -4% |
| Canadian National RailwayCNI | 6.2% | $87m | 727,812 | Held |
| BrookfieldBN | 6.0% | $83m | 1,942,657 | Held |
| Bank of Montreal /canBMO | 5.7% | $79m | 447,594 | -25% |
| Barrick MiningB | 5.4% | $75m | 2,035,333 | Held |
| Suncor EnergySU | 4.9% | $69m | 1,279,194 | -5% |
| Cenovus EnergyCVE | 4.8% | $67m | 2,680,018 | -13% |
| Manulife FinancialMFC | 3.2% | $44m | 1,093,093 | Held |
| TelusTU | 3.1% | $43m | 3,993,829 | +24% |
| TC EnergyTRP | 3.0% | $42m | 641,071 | -20% |
| Canadian Pacific Kansas CityCP | 2.6% | $36m | 420,738 | Held |
| Franco NevadaFNV | 2.6% | $36m | 171,766 | +7% |
| ATS Corp /ATSATS | 2.4% | $34m | 1,175,268 | Held |
| Rogers CommunicationsRCI | 2.4% | $34m | 1,033,603 | Held |
| EnbridgeENB | 2.4% | $33m | 613,996 | Held |
| Agnico Eagle MinesAEM | 2.3% | $32m | 208,743 | +2331% |
| TFI InternationalTFII | 2.2% | $30m | 208,421 | -14% |
| OR RoyaltiesOR | 1.9% | $26m | 832,658 | Held |
| Restaurant Brands InternationalQSR | 1.9% | $26m | 355,630 | Held |
| Canadian Natural ResourcesCNQ | 1.8% | $25m | 643,233 | -16% |
| CGIGIB | 1.8% | $24m | 378,430 | Held |
| Gildan ActivewearGIL | 1.7% | $24m | 464,399 | +80% |
| NutrienNTR | 1.5% | $21m | 328,425 | +14% |
| Algoma Steel GroupASTL | 1.1% | $16m | 3,846,390 | +20% |
| Descartes Systems GroupDSGX | 1.1% | $15m | 218,527 | +38% |
| CAECAE | 0.7% | $10m | 410,130 | New |
| Thomson Reuters Corp /canTRI | 0.7% | $9m | 112,198 | New |
| Alamos GoldAGI | 0.4% | $5m | 179,580 | -76% |
| CNH IndustrialCNH | <0.1% | $142,396 | 12,680 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 9.9% since 30 June 2025.
Where the money is
Financial services35.1%
Industrials15.2%
Materials15.2%
Energy14.0%
Media & telecom6.1%
Real estate6.0%
Retail & consumer3.6%
Utilities3.0%
Technology1.8%
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.