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Asset manager

Letko, Brosseau & Associates Inc

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 1297496

Reported value
$6.8bn
87% in companies we cover
Positions we cover
100
Largest BNS 4.3%
Copy, a year
+11.0%
S&P 500 +13.9%
Copy Sharpe ratio
0.55
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$39.9k
CopyS&P 500 $10,000 copying Letko, Brosseau & Associates Inc's filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). 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 −44.7% (S&P 500 −31.8%); beta 0.96; alpha −1.6% a year (t = −0.57); last 12 months +32.6% against +12.1%.

Reported value by quarter

Letko, Brosseau & Associates Inc: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $2T $4T $6T Reported value, 2013-06-30: $10.7B Reported value, 2013-09-30: $11.5B Reported value, 2013-12-31: $12.1B Reported value, 2014-03-31: $11.7B Reported value, 2014-06-30: $12.6B Reported value, 2014-09-30: $11.8B Reported value, 2014-12-31: $11.4B Reported value, 2015-03-31: $10.6B Reported value, 2015-06-30: $10.9B Reported value, 2015-09-30: $9.8B Reported value, 2015-12-31: $9.7B Reported value, 2016-03-31: $10.1B Reported value, 2016-06-30: $10.5B Reported value, 2016-09-30: $10.7B Reported value, 2016-12-31: $10.9B Reported value, 2017-03-31: $10.7B Reported value, 2017-06-30: $10.2B Reported value, 2017-09-30: $11B Reported value, 2017-12-31: $11.4B Reported value, 2018-03-31: $10.6B Reported value, 2018-06-30: $10.9B Reported value, 2018-09-30: $10.8B Reported value, 2018-12-31: $9B Reported value, 2019-03-31: $10B Reported value, 2019-06-30: $9.9B Reported value, 2019-09-30: $9.8B Reported value, 2019-12-31: $10B Reported value, 2020-03-31: $5.8B Reported value, 2020-06-30: $6.8B Reported value, 2020-09-30: $6.4B Reported value, 2020-12-31: $7.3B Reported value, 2021-03-31: $7.3B Reported value, 2021-06-30: $7.5B Reported value, 2021-09-30: $6.9B Reported value, 2021-12-31: $7B Reported value, 2022-03-31: $6.7B Reported value, 2022-06-30: $5.7B Reported value, 2022-09-30: $5B Reported value, 2022-12-31: $5.6T Reported value, 2023-03-31: $5.3B Reported value, 2023-06-30: $5.4B Reported value, 2023-09-30: $5.1B Reported value, 2023-12-31: $5.5B Reported value, 2024-03-31: $5.8B Reported value, 2024-06-30: $5.3B Reported value, 2024-09-30: $5.5B Reported value, 2024-12-31: $5.2B Reported value, 2025-03-31: $4.7B Reported value, 2025-06-30: $5.2B Reported value, 2025-09-30: $5.8B Reported value, 2025-12-31: $6.1B Reported value, 2026-03-31: $6.2B Reported value, 2026-06-30: $6.8B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $6.8B
View chart data
Period Reported value
2013-06-30 $10.7B
2013-09-30 $11.5B
2013-12-31 $12.1B
2014-03-31 $11.7B
2014-06-30 $12.6B
2014-09-30 $11.8B
2014-12-31 $11.4B
2015-03-31 $10.6B
2015-06-30 $10.9B
2015-09-30 $9.8B
2015-12-31 $9.7B
2016-03-31 $10.1B
2016-06-30 $10.5B
2016-09-30 $10.7B
2016-12-31 $10.9B
2017-03-31 $10.7B
2017-06-30 $10.2B
2017-09-30 $11B
2017-12-31 $11.4B
2018-03-31 $10.6B
2018-06-30 $10.9B
2018-09-30 $10.8B
2018-12-31 $9B
2019-03-31 $10B
2019-06-30 $9.9B
2019-09-30 $9.8B
2019-12-31 $10B
2020-03-31 $5.8B
2020-06-30 $6.8B
2020-09-30 $6.4B
2020-12-31 $7.3B
2021-03-31 $7.3B
2021-06-30 $7.5B
2021-09-30 $6.9B
2021-12-31 $7B
2022-03-31 $6.7B
2022-06-30 $5.7B
2022-09-30 $5B
2022-12-31 $5.6T
2023-03-31 $5.3B
2023-06-30 $5.4B
2023-09-30 $5.1B
2023-12-31 $5.5B
2024-03-31 $5.8B
2024-06-30 $5.3B
2024-09-30 $5.5B
2024-12-31 $5.2B
2025-03-31 $4.7B
2025-06-30 $5.2B
2025-09-30 $5.8B
2025-12-31 $6.1B
2026-03-31 $6.2B
2026-06-30 $6.8B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
BNSBank Of Nova Scotia4.34%$293.7m3.38M−3.7% Reduced
TDToronto Dominion Bank4.30%$290.9m2.39M−4.9% Reduced
RYRoyal Bank Of Canada4.15%$280.7m1.36M−4.7% Reduced
BMOBank Of Montreal3.73%$252.1m1.43M−9.7% Reduced
SLFSUN Life Financial Inc3.65%$246.8m3.14M−3.7% Reduced
MGAMagna International Inc3.62%$245.1m3.73M−5.6% Reduced
MFCManulife Financial Corp3.56%$241.1m5.95M−1.5% Reduced
OTEXOpen Text Corp2.89%$195.5m8.84M+13.4% Added
CMCanadian Imperial Bank Of Commerce2.51%$169.9m1.48M−5.8% Reduced
NTRNutrien Ltd.2.48%$167.6m2.66M−3.5% Reduced
BCEBCE Inc2.43%$164.2m7.63M+0.8% Added
ILMNIllumina, Inc.2.16%$146.0m830.3K−2.7% Reduced
BBarrick Mining Corp2.01%$136.1m3.70M−4.7% Reduced
CVECenovus Energy Inc.1.95%$132.1m5.33M−6.7% Reduced
METAMeta Platforms1.86%$125.9m223.6K+11.4% Added
CVSCVS Health1.68%$113.3m1.10M−1.7% Reduced
TUTelus Corp1.60%$108.1m10.22M+37.4% Added
CAECAE Inc1.47%$99.7m3.98M+27.5% Added
PFEPfizer1.47%$99.3m4.12M+0.8% Added
WFGWest Fraser Timber Co., LTD1.42%$96.0m1.42M+0.1%
ADBEAdobe Inc.1.39%$94.3m459.9K+20.2% Added
MSFTMicrosoft Corporation1.33%$90.0m241.4K+41.1% Added
STTState Street Corporation1.32%$89.1m525.6K−3.5% Reduced
TAT&T1.28%$86.4m4.17M+1.3% Added
ELPCEnergy Co Of Parana1.26%$85.4m7.33M−7.3% Reduced
CCitigroup1.26%$85.2m609.0K−3.6% Reduced
GSKGSK plc1.26%$85.2m1.62M−1.2% Reduced
CMCSAComcast1.26%$85.0m3.46M+51.5% Added
SWKSSkyworks Solutions, Inc.1.24%$83.7m1.23M+35.3% Added
EMNEastman Chemical Co1.19%$80.3m1.20M+0.5%
CRMSalesforce1.17%$79.1m504.8K+41.5% Added
TFCTruist Financial1.14%$77.3m1.55M−1.0% Reduced
VZVerizon1.08%$73.1m1.73M+1.4% Added
SBSCompanhia DE Saneamento Basico DO Estado DE SAO Paulo-sabesp1.03%$70.0m12.11M+415.8% Added
ABBVAbbVie1.00%$67.9m270.0K−1.9% Reduced
FDXFedEx1.00%$67.5m215.6K−0.9% Reduced
CRUSCirrus Logic, Inc.0.97%$65.7m442.3K−1.6% Reduced
GEHCGE HealthCare0.83%$56.2m878.6KNew
BACBank of America0.81%$55.1m967.3K−0.8% Reduced
MRNAModerna0.75%$50.8m724.8K−3.2% Reduced
EFXTEnerflex Ltd.0.72%$49.0m2.00M−22.6% Reduced
GILGildan Activewear Inc.0.72%$48.8m947.1KNew
GPKGraphic Packaging Holding Co0.70%$47.1m4.45M+28.3% Added
WFCWells Fargo0.69%$47.0m569.2K−0.8% Reduced
QSRRestaurant Brands International Inc.0.69%$46.6m643.3K−3.9% Reduced
MACMacerich Co0.69%$46.4m1.84M−2.2% Reduced
MRKMerck & Co.0.66%$44.7m347.5K−2.9% Reduced
COPConocoPhillips0.63%$42.5m408.9K−2.8% Reduced
EXCExelon0.61%$41.5m891.1KNew
UPSUnited Parcel Service0.58%$39.4m366.1K+1.2% Added
BIIBBiogen0.47%$31.7m146.6K−2.9% Reduced
IVZInvesco0.46%$31.2m1.18M−1.5% Reduced
LULULululemon Athletica0.46%$31.1m272.1K+48.0% Added
ADNTAdient plc0.45%$30.5m1.66M+2.7% Added
ACMAecom0.40%$27.2m390.1KNew
INTCIntel0.40%$27.0m193.5K−90.5% Reduced
WMTWalmart0.33%$22.1m195.0K−2.2% Reduced
CVXChevron Corporation0.32%$21.5m129.5K−1.7% Reduced
HBMHudbay Minerals Inc.0.28%$19.1m809.0K−26.3% Reduced
FDXFFedEx Freight0.23%$15.3m101.6KNew
HDBHdfc Bank LTD0.20%$13.5m520.9K+46.2% Added
SWSmurfit Westrock0.14%$9.4m204.2K+112.9% Added
CXMSprinklr, Inc.0.09%$6.0m1.16M−6.8% Reduced
PROFProfound Medical Corp.0.08%$5.4m935.7K−1.8% Reduced
SCHWCharles Schwab Corporation0.02%$1.6m17.8K0.0%
PBAPembina Pipeline Corp0.02%$1.1m23.3K−12.3% Reduced
FCXFreeport-McMoRan0.01%$605,3169.6K0.0%
PVLAPalvella Therapeutics, Inc.0.01%$534,8703.5K0.0%
VALEVale S.a.0.01%$506,09633.6K−8.2% Reduced
NXPINXP Semiconductors0.01%$498,8281.8K0.0%
ELVNEnliven Therapeutics, Inc.0.01%$487,2009.6K0.0%
FTSFortis Inc.0.01%$452,4237.9K0.0%
SUSuncor Energy Inc0.01%$451,7508.4K−96.9% Reduced
EMAEmera Inc0.01%$449,9228.5K0.0%
MGTXMeiragtx Holdings plc0.01%$432,32032.0K0.0%
GHRSGH Research PLC0.01%$414,62415.4KNew
EROEro Copper Corp.0.01%$392,38014.7K0.0%
ALBAlbemarle Corporation0.01%$334,1992.5K0.0%
BCAXBicara Therapeutics Inc.0.01%$331,78611.2K0.0%
NAMSNewamsterdam Pharma Co N.V.0.01%$321,1089.5K−19.5% Reduced
SPRYARS Pharmaceuticals, Inc.0.01%$320,80140.0K+62.1% Added
CABACabaletta Bio, Inc.0.00%$281,37790.5K0.0%
SNDXSyndax Pharmaceuticals Inc0.00%$272,15712.4KNew
AMRZAmrize Ltd0.00%$262,2874.9K0.0%
AMZNAmazon0.00%$262,1741.1KNew
CADLCandel Therapeutics, Inc.0.00%$258,01525.1KNew
KMBKimberly-Clark0.00%$245,8852.2K0.0%
LQDALiquidia Corp0.00%$231,2172.9KNew
AAPLApple Inc.0.00%$217,020750New
ORCLOracle Corporation0.00%$208,1011.4K0.0%
MAMastercard0.00%$205,440400New
DNLIDenali Therapeutics Inc.0.00%$201,9027.8KNew
AURAAura Biosciences, Inc.0.00%$200,93028.3K0.0%
IAGIamgold Corp0.00%$197,88512.5KNew
TENXTenax Therapeutics, Inc.0.00%$154,95810.7K0.0%
AQSTAquestive Therapeutics, Inc.0.00%$146,95235.3K0.0%
TCRXTscan Therapeutics, Inc.0.00%$93,96795.9K0.0%
ALDXAldeyra Therapeutics, Inc.0.00%$36,84917.3K0.0%
HUMAHumacyte, Inc.0.00%$35,85946.0K0.0%
PROKProkidney Corp.0.00%$32,43615.9K0.0%
CompanyBought (value)Shares
SBSCompanhia DE Saneamento Basico DO Estado DE SAO Paulo-sabesp$56.4m9.77M
GEHCGE HealthCare$56.2m878.6K
GILGildan Activewear Inc.$48.8m947.1K
EXCExelon$41.5m891.1K
TUTelus Corp$29.4m2.78M
CMCSAComcast$28.9m1.18M
ACMAecom$27.2m390.1K
MSFTMicrosoft Corporation$26.2m70.3K
CRMSalesforce$23.2m148.1K
OTEXOpen Text Corp$23.2m1.05M
SWKSSkyworks Solutions, Inc.$21.8m322.2K
CAECAE Inc$21.5m859.4K
ADBEAdobe Inc.$15.9m77.4K
FDXFFedEx Freight$15.3m101.6K
METAMeta Platforms$12.9m22.9K

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

CompanySold (value)Shares
INTCIntel−$256.2m−1.83M
BMOBank Of Montreal−$27.1m−153.3K
TDToronto Dominion Bank−$14.9m−122.4K
MGAMagna International Inc−$14.5m−220.0K
EFXTEnerflex Ltd.−$14.3m−582.4K
SUSuncor Energy Inc−$14.0m−260.8K
RYRoyal Bank Of Canada−$13.9m−66.9K
BNSBank Of Nova Scotia−$11.3m−130.3K
CMCanadian Imperial Bank Of Commerce−$10.4m−90.1K
CVECenovus Energy Inc.−$9.5m−383.8K
SLFSUN Life Financial Inc−$9.4m−120.0K
HBMHudbay Minerals Inc.−$6.8m−288.3K
ELPCEnergy Co Of Parana−$6.7m−578.8K
BBarrick Mining Corp−$6.7m−181.5K
NTRNutrien Ltd.−$6.0m−95.8K

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

CompanyValue last quarterShares
GOOGLAlphabet Inc. (Class A)$314,0161.1K
REPLReplimune Group, Inc.$82,62010.8K
GOSSGossamer Bio, Inc.$12,94339.4K
  • Financials36.9%
  • Health Care12.0%
  • Technology10.9%
  • Communication Services10.9%
  • Materials9.5%
  • Consumer Discretionary6.8%
  • Industrials4.2%
  • Energy4.2%
  • Utilities3.4%
  • Real Estate0.8%
  • Consumer Staples0.4%

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

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+11.0%+13.9%0.550.77−44.7%0.96
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.8%+13.9%0.510.66−44.7%0.94
Last three yearsNovember 3, 2023 to November 2, 2026+25.4%+21.8%1.511.16−13.8%0.66
Last yearNovember 7, 2025 to November 2, 2026+33.5%+14.2%2.360.84−7.0%0.51

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.