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Beutel, Goodman & Co Ltd.

13F for September 30, 2026, filed November 4, 2026 · SEC CIK 1361974 · Holdings history from December 31, 2005

Reported value
—
91% in companies we cover
Positions we cover
131
Largest TD 5.4%
Copy, a year
+8.2%
S&P 500 +11.7%
Copy Sharpe ratio
0.40
S&P 500 0.62

Copy-performance statistics: January 25, 2008 to November 2, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

164 reported entries for September 30, 2026.

IssuerClass / typeReported valueQuantity
MDA Space55293N109 Common $25,416 856,114
Medtronic PLCG5960L103 · MDT Common $316,001 3,662,088
Merck& Co Inc58933Y105 · MRK Common $172,730 1,188,702
Meta Platforms30303M102 · META CL A $3 5
Microsoft594918104 · MSFT Common $14,167 27,622
Mondelez Int'l Inc. 'A'609207105 · MDLZ CL A $1,376 23,800
Morgan Stanley617446448 · MS Com New $94 500
NeoGenomics Inc.64049M209 · NEO Com New $0 50
NetApp64110D104 · NTAP Common $250,625 1,193,000
Newmont Mining Corp.651639106 · NEM Common $461 4,000
Novartis66987V109 Sponsored ADR $2,568 18,013
Novo Nordisk ADR670100205 · NVO ADR $2,059 54,313
Nutrien67077M108 · NTR Common $207,519 2,948,022
NVIDIA67066G104 · NVDA Common $30 132
Omnicom Group681919106 · OMC Common $156,971 2,131,902
ONEOK30609A109 · OKE Common $8 100
Pembina Pipeline Corp.706327103 · PBA Common $9,271 207,207
PepsiCo Inc713448108 · PEP Common $288,902 2,279,847
Pfizer Inc.717081103 · PFE Common $31 1,100
PNC Financial Services Group693475105 · PNC Common $11 50
PPG Industries693506107 · PPG Common $313,596 3,005,809
Procter & Gamble742718109 · PG Common $1,811 12,470
Qualcomm747525103 · QCOM Common $359,452 1,953,123
RB Global74935Q107 · RBA Common $111,844 1,369,952
Restaurant Brands International76131D103 · QSR Class B Non VTG $277,462 3,889,875
Rogers Communications775109200 Common $226,650 7,343,372
Royal Bank Cda780087102 · RY ADR (2 ORD) $388,088 1,968,237
Royal CaribbeanV7780T103 · RCL Common $264,190 993,719
SAP SE ADR803054204 · SAP Spons ADR $156 750
SEI Investments784117103 · SEIC Common $67,706 659,526
Sherwin Williams Co.824348106 · SHW Common $161 500
Smith & Nephew83175M205 Common $1,190 44,172
Somnigroup International88023U101 · SGI Common $349 5,635
South Bow Corp.83671M105 · SOBO Common $0 10
SPDR Portfolio S&P 500 Growth78464A409 ETF $27,479 222,685
SPDR S&P 500 ETF Trust78462F103 ETF $118 155
Sprott Physical Gold T/U85207H104 UNIT $1,233 39,500
Sprott Physical Silver T/U85207K107 TR UNIT $1,783 92,500
STATE STREET SPDR S&P CAPITAL78464A771 ST Str SP Capmkt $3 20
STATE STREET SPDR S&P HOMEBU78464A888 St Str SP Biot $3 39
Sun Life Fncl Inc866796105 · SLF Common $125,799 1,610,200
Suncor Energy867224107 · SU Common $308,949 4,545,404
Taiwan Semiconductor Manufacturing874039100 · TSM Spons ADS $4,060 8,900
TC Energy87807B107 · TRP Common $122,726 2,114,835
TE Connectivity Ltd.G87052109 · TEL Ord Shs $134,308 636,293
TELUS87971M103 · TU Common $1,371 162,921
Tesla Motors Inc.88160R101 · TSLA Common $79 225
Thermo Fisher Scientific Inc.883556102 · TMO Common $1,593 2,360
Thomson Reuters884903881 · TRI Common $5,617 57,594
TJX companies872540109 · TJX Common $132 1,000
Toronto Dominion Bk891160509 · TD Common $683,875 5,802,499
Triple Flag Precious Metals89679M104 · TFPM Common $47,803 1,549,883
Unilever plc904767803 · UL Spon Adr New $666 10,981
Union Pacific Corp.907818108 · UNP Common $275,626 1,012,848
Verizon Communications92343V104 · VZ Common $1,387 30,245
Visa Inc92826C839 · V COM CL A $56 157
Wabash National Corp.929566107 · WNC Common $8 700
WABTEC CORP929740108 · WAB Common $204,905 713,508
Wal-Mart Stores931142103 · WMT Common $1,450 13,955
Walt Disney254687106 · DIS Common $1,213 11,565
Waste Management Inc94106L109 · WM Common $163 800
Wells Fargo949746101 · WFC Common $152,064 1,899,625
Western Copper & Gold Corp.95805V108 · WRN Common $32 14,790
Wheaton Precious Metals Corp.962879102 · WPM Common $468 3,500

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

$5.0k$10.0k$20.0k$40.0k$80.0k 2008201020122014201620182020202220242026 $80.0k$43.7k
CopyS&P 500 $10,000 copying Beutel, Goodman & Co Ltd.'s usable filed holdings in companies we cover from January 25, 2008, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −61.4% (S&P 500 −50.8%); beta 1.05; alpha −2.8% a year (t = −0.99); last 12 months +25.4% against +12.1%.

Reported value by quarter

Beutel, Goodman & Co Ltd.: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.
$0 $20B $40B $60B Reported value, 2005-12-31: $3.1B Reported value, 2006-03-31: $3.2B Reported value, 2006-06-30: $3.2B Reported value, 2006-09-30: $3.2B Reported value, 2006-12-31: $3.3B Reported value, 2007-03-31: $3.1B Reported value, 2007-04-30: $4.1B Reported value, 2008-03-31: $4B Reported value, 2008-06-30: $3.8B Reported value, 2008-09-30: $3B Reported value, 2008-12-31: $2.5B Reported value, 2009-06-30: $2.9B Reported value, 2009-09-30: $3.6B Reported value, 2009-12-31: $3.6B Reported value, 2010-03-31: $3.9B Reported value, 2010-06-30: $3.5B Reported value, 2010-09-30: $3.9B Reported value, 2010-12-31: $4.9B Reported value, 2011-03-31: $5.2B Reported value, 2011-06-30: $4.8B Reported value, 2011-09-30: $4.1B Reported value, 2011-12-31: $4.5B Reported value, 2012-03-31: $5.3B Reported value, 2012-06-30: $5.3B Reported value, 2012-09-30: $5.8B Reported value, 2012-12-31: $7B Reported value, 2013-03-31: $8.2B Reported value, 2013-06-30: $6.7B Reported value, 2013-09-30: $9.1B Reported value, 2013-12-31: $11.5B Reported value, 2014-03-31: $13B Reported value, 2014-06-30: $11.8B Reported value, 2014-09-30: $11.5B Reported value, 2014-12-31: $11.2B Reported value, 2015-03-31: $10.4B Reported value, 2015-06-30: $11.8B Reported value, 2015-09-30: $9.1B Reported value, 2015-12-31: $8.3B Reported value, 2016-03-31: $9B Reported value, 2016-06-30: $9.7B Reported value, 2016-09-30: $10.3B Reported value, 2016-12-31: $11.2B Reported value, 2017-03-31: $11.4B Reported value, 2017-06-30: $11B Reported value, 2017-09-30: $13.2B Reported value, 2017-12-31: $42.3B Reported value, 2018-03-31: $13.2B Reported value, 2018-06-30: $26.9B Reported value, 2018-09-30: $13.8B Reported value, 2018-12-31: $11.7B Reported value, 2019-03-31: $26.5B Reported value, 2019-06-30: $13.8B Reported value, 2019-09-30: $14.3B Reported value, 2019-12-31: $17.4B Reported value, 2020-03-31: $10.7B Reported value, 2020-06-30: $12.2B Reported value, 2020-09-30: $12.4B Reported value, 2020-12-31: $14.8B Reported value, 2021-03-31: $15.9B Reported value, 2021-06-30: $16.8B Reported value, 2021-09-30: $16.3B Reported value, 2021-12-31: $17.5B Reported value, 2022-03-31: $17.7B Reported value, 2022-06-30: $16.1B Reported value, 2022-09-30: $14.8B 2005-12-31 2009-12-31 2013-03-31 2016-06-30 2019-09-30 2022-09-30 $14.8B
View chart data
Period Reported value
2005-12-31 $3.1B
2006-03-31 $3.2B
2006-06-30 $3.2B
2006-09-30 $3.2B
2006-12-31 $3.3B
2007-03-31 $3.1B
2007-04-30 $4.1B
2008-03-31 $4B
2008-06-30 $3.8B
2008-09-30 $3B
2008-12-31 $2.5B
2009-06-30 $2.9B
2009-09-30 $3.6B
2009-12-31 $3.6B
2010-03-31 $3.9B
2010-06-30 $3.5B
2010-09-30 $3.9B
2010-12-31 $4.9B
2011-03-31 $5.2B
2011-06-30 $4.8B
2011-09-30 $4.1B
2011-12-31 $4.5B
2012-03-31 $5.3B
2012-06-30 $5.3B
2012-09-30 $5.8B
2012-12-31 $7B
2013-03-31 $8.2B
2013-06-30 $6.7B
2013-09-30 $9.1B
2013-12-31 $11.5B
2014-03-31 $13B
2014-06-30 $11.8B
2014-09-30 $11.5B
2014-12-31 $11.2B
2015-03-31 $10.4B
2015-06-30 $11.8B
2015-09-30 $9.1B
2015-12-31 $8.3B
2016-03-31 $9B
2016-06-30 $9.7B
2016-09-30 $10.3B
2016-12-31 $11.2B
2017-03-31 $11.4B
2017-06-30 $11B
2017-09-30 $13.2B
2017-12-31 $42.3B
2018-03-31 $13.2B
2018-06-30 $26.9B
2018-09-30 $13.8B
2018-12-31 $11.7B
2019-03-31 $26.5B
2019-06-30 $13.8B
2019-09-30 $14.3B
2019-12-31 $17.4B
2020-03-31 $10.7B
2020-06-30 $12.2B
2020-09-30 $12.4B
2020-12-31 $14.8B
2021-03-31 $15.9B
2021-06-30 $16.8B
2021-09-30 $16.3B
2021-12-31 $17.5B
2022-03-31 $17.7B
2022-06-30 $16.1B
2022-09-30 $14.8B

Latest covered holdings and moves

Covered holdings as of September 30, 2026.

CompanyShare of portfolioValueSharesChange in shares
TDToronto Dominion Bank5.38%—5.80M−9.6% Reduced
BMOBank Of Montreal3.26%—2.47M−8.3% Reduced
RYRoyal Bank Of Canada3.06%—1.97M−9.7% Reduced
QCOMQualcomm2.83%—1.95M+88.5% Added
EBAYeBay Inc.2.68%—3.21M−4.8% Reduced
BDXBecton Dickinson2.59%—1.84M+9.0% Added
MDTMedtronic2.49%—3.66M−6.6% Reduced
PPGPPG Industries2.47%—3.01M−6.9% Reduced
FNVFranco Nevada Corp2.46%—1.31M+61.0% Added
SUSuncor Energy Inc2.43%—4.55M−8.1% Reduced
CNQCanadian Natural Resources Ltd2.35%—6.33M−8.2% Reduced
CBChubb Limited2.34%—915.6K−4.3% Reduced
PEPPepsiCo2.27%—2.28M+9926.2% Added
QSRRestaurant Brands International Inc.2.18%—3.89M−12.1% Reduced
UNPUnion Pacific Corporation2.17%—1.01M−3.8% Reduced
RCLRoyal Caribbean Group2.08%—993.7K+16.9% Added
AMPAmeriprise Financial2.06%—532.5K−4.2% Reduced
FLSFlowserve Corp1.99%—3.45M+4.3% Added
NTAPNetApp1.97%—1.19M−38.0% Reduced
DOXAmdocs LTD1.94%—4.31M−6.5% Reduced
MRSHMarsh McLennan1.93%—1.44M−8.7% Reduced
MASMasco1.82%—3.43M−7.7% Reduced
NTRNutrien Ltd.1.63%—2.95M−8.1% Reduced
WABWabtec1.61%—713.5K−15.7% Reduced
AXPAmerican Express1.59%—663.7K+15.8% Added
CORCencora1.56%—658.2K+29.1% Added
MFCManulife Financial Corp1.53%—4.55M−23.0% Reduced
CPCanadian Pacific Kansas City LTD1.49%—2.22M−37.6% Reduced
BAMBrookfield Asset Management Ltd.1.38%—3.92M−14.5% Reduced
MRKMerck & Co.1.36%—1.19M−42.7% Reduced
FTSFortis Inc.1.34%—3.21M−7.5% Reduced
ELVElevance Health1.32%—430.0K−25.7% Reduced
AZOAutoZone1.30%—58.3K+23.9% Added
CLXClorox1.28%—2.01MNew
OMCOmnicom Group1.24%—2.13M−31.0% Reduced
WFCWells Fargo1.20%—1.90M−2.2% Reduced
CIGIColliers International Group Inc.1.12%—1.58M−11.0% Reduced
AMGNAmgen1.11%—335.5K−35.5% Reduced
TELTE Connectivity1.06%—636.3K+2545072.0% Added
BLKBlackRock1.01%—121.6K−3.6% Reduced
SLFSUN Life Financial Inc0.99%—1.61M−7.6% Reduced
TRPTC Energy Corp0.97%—2.11M−7.6% Reduced
GILGildan Activewear Inc.0.91%—2.70M−8.5% Reduced
CAECAE Inc0.90%—4.75M−12.3% Reduced
ATSATS Corp0.89%—6.25M+30.2% Added
RBARB Global Inc.0.88%—1.37M−8.1% Reduced
BGSIBoyd Group Services Inc.0.81%—1.31M−12.3% Reduced
AMATApplied Materials0.70%—173.1K−25.1% Reduced
CMICummins0.63%—155.0K−4.4% Reduced
CGCarlyle Group Inc.0.60%—1.94M+52.4% Added
SEICSEI Investments Co0.53%—659.5K−55.9% Reduced
TFPMTriple Flag Precious Metals Corp.0.38%—1.55M+31.2% Added
AGIAlamos Gold Inc0.38%—1.47M−2.8% Reduced
DCBODocebo Inc.0.28%—1.51M−2.6% Reduced
EPRXEupraxia Pharmaceuticals Inc.0.25%—3.53M−2.7% Reduced
CMCanadian Imperial Bank Of Commerce0.14%—163.1K−16.0% Reduced
MSFTMicrosoft Corporation0.11%—27.6K−4.9% Reduced
MICCMagnum Ice Cream Co N.V.0.11%—763.0K−3.9% Reduced
AAPLApple Inc.0.10%—38.4K−5.4% Reduced
EMAEmera Inc0.10%—256.3K−4.3% Reduced
BNSBank Of Nova Scotia0.09%—123.4K−20.2% Reduced
JPMJPMorgan Chase0.08%—29.0K−1.9% Reduced
DNNDenison Mines Corp.0.07%—3.60M−2.7% Reduced
PBAPembina Pipeline Corp0.07%—207.2K−4.2% Reduced
JNJJohnson & Johnson0.07%—35.0K−4.6% Reduced
JCIJohnson Controls0.07%—60.1K−3.7% Reduced
AEMAgnico Eagle Mines LTD0.06%—37.9K−3.2% Reduced
TRIThomson Reuters Corp0.04%—57.6K−0.8% Reduced
CSCOCisco0.04%—41.4K−8.2% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.03%—8.9K−0.6% Reduced
ETNEaton Corporation0.03%—7.8K−3.5% Reduced
CVECenovus Energy Inc.0.02%—93.5K−0.2%
IMOImperial OIL LTD0.02%—22.8K−3.8% Reduced
ENBEnbridge Inc0.02%—59.9K−0.7% Reduced
GOOGLAlphabet Inc. (Class A)0.02%—7.3K−6.7% Reduced
ACNAccenture0.02%—13.4K−3.2% Reduced
COSTCostco0.02%—2.6K−3.6% Reduced
ABTAbbott Laboratories0.02%—22.7K−4.2% Reduced
HONHoneywell Technologies0.02%—10.5K−0.5%
NVONovo Nordisk A S0.02%—54.3K−2.0% Reduced
PGProcter & Gamble0.01%—12.5K−5.0% Reduced
TMOThermo Fisher Scientific0.01%—2.4K0.0%
WMTWalmart0.01%—14.0K−10.9% Reduced
VZVerizon0.01%—30.2K−23.0% Reduced
MDLZMondelez International0.01%—23.8K−2.1% Reduced
TUTelus Corp0.01%—162.9K−5.4% Reduced
MMM3M0.01%—7.4K−57.0% Reduced
DISThe Walt Disney Company0.01%—11.6K−2.8% Reduced
MOAltria0.01%—18.0K0.0%
AQNAlgonquin Power & Utilities Corp.0.01%—209.6K−12.0% Reduced
EMREmerson Electric0.01%—5.2K0.0%
HONAHoneywell Aerospace0.01%—4.7K−55.2% Reduced
ULUnilever PLC0.01%—11.0K−5.1% Reduced
GSKGSK plc0.00%—11.5K−0.7% Reduced
CVXChevron Corporation0.00%—2.4K0.0%
WPMWheaton Precious Metals Corp.0.00%—3.5K0.0%
NEMNewmont0.00%—4.0K0.0%
CMCSAComcast0.00%—20.6K−99.5% Reduced
SGISomnigroup International Inc.0.00%—5.6K0.0%
KMBKimberly-Clark0.00%—3.0K−99.8% Reduced
XOMExxonMobil0.00%—1.4KNew
GENGen Digital Inc.0.00%—9.7K−99.8% Reduced
GLWCorning Inc.0.00%—1.2K−33.8% Reduced
WMWaste Management0.00%—8000.0%
SHWSherwin-Williams0.00%—5000.0%
SAPSAP SE0.00%—7500.0%
BCEBCE Inc0.00%—6.6K0.0%
TJXTJX Companies0.00%—1.0K0.0%
MSMorgan Stanley0.00%—5000.0%
CLColgate-Palmolive0.00%—1.1K0.0%
AMZNAmazon0.00%—3710.0%
TSLATesla, Inc.0.00%—2250.0%
VVisa Inc.0.00%—1570.0%
CVSCVS Health0.00%—6000.0%
MGAMagna International Inc0.00%—8000.0%
HDThe Home Depot0.00%—1660.0%
DEDeere & Company0.00%—500.0%
WRNWestern Copper & Gold Corp0.00%—14.8K0.0%
PFEPfizer0.00%—1.1K0.0%
NVDANVIDIA Corporation0.00%—1320.0%
MCDMcDonald's0.00%—1250.0%
BACBank of America0.00%—5000.0%
ECLEcolab0.00%—100−50.0% Reduced
CCitigroup0.00%—1500.0%
BHPBHP Group Ltd0.00%—2000.0%
PNCPNC Financial Services0.00%—500.0%
OKEOneok0.00%—1000.0%
WNCWabash National Corp0.00%—7000.0%
BNTBrookfield Wealth Solutions Ltd.0.00%—1060.0%
METAMeta Platforms0.00%—50.0%
EFXTEnerflex Ltd.0.00%—1000.0%

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
IBMIBM—210
SYYSysco—946.4K
  • Financials30.0%
  • Industrials13.9%
  • Health Care11.9%
  • Consumer Discretionary11.0%
  • Technology10.0%
  • Materials8.1%
  • Energy6.6%
  • Consumer Staples4.1%
  • Utilities1.6%
  • Communication Services1.4%
  • Real Estate1.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestJanuary 25, 2008 to November 2, 2026+8.2%+11.7%0.400.62−61.4%1.05
2010 to 2017January 8, 2010 to December 29, 2017+7.4%+13.5%0.460.98−37.6%1.13
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.0%+13.9%0.510.66−40.5%0.87
Last three yearsNovember 3, 2023 to November 2, 2026+19.7%+21.8%1.191.16−12.9%0.62
Last yearNovember 7, 2025 to November 2, 2026+26.0%+14.2%1.930.84−7.8%0.46

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.