Total reported value
$14.8B
Reporting period: 2026-03-31 · Number of holdings: 170
Beutel, Goodman & Co Ltd. disclosed 170 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.8B and a quarterly turnover rate of 27.7%.
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Add UNP
+59956.8% $258.2M
Trim BMO
-37.8% -$230.2M
Add WFC
+13449.6% $161.6M
Add BAM
+167.9% $128.4M
Trim GEN
-20.3% -$158.7M
Trim AMGN
-45.1% -$158.6M
Beutel, Goodman is aggressively rotating capital out of defensive staples and high-growth tech/healthcare—exiting Campbell’s, trimming Amgen and Gen Digital—to load up on financials and cyclicals with new buys in UNP, WFC, and Gildan. This is a conviction-driven contrarian alpha grab, betting that the consensus has overpaid for safety and under-priced recovery.
The selloff in CPB and trim in AMGN & GEN, paired with a 32% financials allocation and a fresh UNP position, signals a bet on a reflationary regime shift where inflation stays sticky and the yield curve steepens. The opposing thesis is that the economy slows into a downturn, making their cyclical tilt a value trap and their contrarian timing costly.
With a momentum score of 100—fully contrarian—this portfolio is structurally positioned as the counterparty to trend-following capital, exposing it to the risk of persistent alpha leakage when the market sustains a directional move. The 170-stock diversification further means no single name can rescue performance, amplifying the drag from being systematically early to every turn.
AI-assisted summary drawn from public regulatory disclosures, covering historical data only. Not a substitute for professional investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TD | Toronto-dominion Bank | Stock-Financials | 4.66% | +0.01% | -7.85% | |
| 2 | RY | Royal Bank Of Canada | Stock-Financials | 3.94% | -0.16% | -7.87% | |
| 3 | BMO | Bank Of Montreal | Stock-Financials | 2.84% | -1.15% | -37.85% | |
| 4 | WAB | Wabtec CORP | Stock-Industrials | 2.79% | +0.50% | -5.39% | |
| 5 | PPG | Ppg Industries INC | Stock-Materials | 2.69% | — | -5.33% | |
| 6 | EBAY | Ebay INC | Stock-Consumer Disc | 2.64% | — | -5.32% | |
| 7 | MDT | Medtronic plc | Stock-Healthcare | 2.63% | -0.16% | -5.55% | |
| 8 | CB | Chubb Limited | Stock-Financials | 2.56% | -0.28% | -21.89% | |
| 9 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 2.55% | — | -8.10% | |
| 10 | NTAP | Netapp INC | Stock-Tech | 2.53% | — | +8.68% | |
| 11 | MRK | Merck & Co. INC. | Stock-Healthcare | 2.47% | -0.16% | -25.42% | |
| 12 | RCI | Rogers Communications Inc-b | Stock-Other | 2.47% | +0.06% | -8.52% | |
| 13 | MFC | Manulife Financial CORP | Stock-Financials | 2.36% | -0.10% | -8.22% | |
| 14 | DOX | Amdocs Limited | Stock-Tech | 2.34% | — | +11.61% | |
| 15 | CP | Canadian Pacific Kansas City | Stock-Industrials | 2.19% | — | -7.35% | |
| 16 | OMC | Omnicom Group | Stock-Comm Services | 2.11% | -0.68% | -26.59% | |
| 17 | QCOM | Qualcomm INC | Stock-Tech | 2.10% | — | +26.72% | |
| 18 | AMP | Ameriprise Financial INC | Stock-Financials | 1.99% | -0.19% | -9.04% | |
| 19 | NTR | Nutrien LTD | Stock-Materials | 1.89% | -0.39% | -38.29% | |
| 20 | GFL | Gfl Environmental Inc-sub Vt | Stock-Other | 1.87% | -0.03% | -7.45% | |
| 21 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.86% | -0.06% | -9.00% | |
| 22 | GIB | Cgi INC | Stock-Tech | 1.84% | -0.44% | -6.95% | |
| 23 | SU | Suncor Energy INC | Stock-Energy | 1.83% | +0.61% | -8.27% | |
| 24 | ELV | Elevance Health INC | Stock-Healthcare | 1.76% | — | +8.42% | |
| 25 | UNP | Union Pacific CORP | Stock-Industrials | 1.75% | +1.75% | +59956.85% | |
| 26 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.68% | — | -8.13% | |
| 27 | TRP | Tc Energy CORP | Stock-Energy | 1.60% | -0.45% | -37.51% | |
| 28 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 1.56% | +0.94% | +167.91% | |
| 29 | AMGN | Amgen INC | Stock-Healthcare | 1.55% | -0.83% | -45.09% | |
| 30 | FTS | Fortis INC | Stock-Utilities | 1.50% | — | -8.04% | |
| 31 | BGSI | THE Boyd Group INC | Stock-Other | 1.49% | -0.05% | +9.67% | |
| 32 | CIGI | Colliers Intl Gr-subord Vot | Stock-Other | 1.47% | +0.02% | +26.90% | |
| 33 | AXP | American Express Co | Stock-Financials | 1.36% | -0.38% | -13.15% | |
| 34 | GEN | Gen Digital INC | Stock-Tech | 1.33% | -0.85% | -20.29% | |
| 35 | CNQ | Canadian Natural Resources | Stock-Energy | 1.32% | -0.02% | -37.66% | |
| 36 | MAS | Masco CORP | Stock-Industrials | 1.30% | +0.01% | -4.36% | |
| 37 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 1.29% | +1.29% | NEW | |
| 38 | SLF | Sun Life Financial INC | Stock-Financials | 1.23% | +0.01% | -8.39% | |
| 39 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 1.20% | -0.81% | -43.22% | |
| 40 | CMI | Cummins INC | Stock-Industrials | 1.18% | — | -5.82% | |
| 41 | RBA | Rb Global INC | Stock-Industrials | 1.12% | -0.60% | -36.53% | |
| 42 | WFC | Wells Fargo & Co | Stock-Financials | 1.11% | +1.10% | +13449.55% | |
| 43 | CAE | Cae INC | Stock-Other | 1.10% | -0.15% | -6.76% | |
| 44 | BN | Brookfield CORP | Stock-Financials | 1.09% | -0.12% | -7.51% | |
| 45 | ATS | Ats CORP | Stock-Other | 1.04% | — | -6.55% | |
| 46 | AMAT | Applied Materials INC | Stock-Tech | 1.03% | -0.08% | -36.59% | |
| 47 | BDX | Becton Dickinson And Co | Stock-Healthcare | 1.03% | +1.03% | NEW | |
| 48 | FNV | Franco-nevada CORP | Stock-Materials | 1.01% | -0.17% | -35.17% | |
| 49 | FLS | Flowserve CORP | Stock-Industrials | 1.00% | -0.15% | -25.73% | |
| 50 | SEIC | Sei Investments Company | Stock-Financials | 0.94% | -0.01% | -5.80% |
Performance for Q3 2026
+6.2%
Performance Last 4 Quarters
+20.8%
Based on 76% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 170 | $14.8B | 28 | |
| 2025-12-31 | 174 | $16.3B | 21 | |
| 2025-09-30 | 177 | $16.6B | 21 | |
| 2025-06-30 | 176 | $17.6B | 0 | |
| 2025-03-31 | 205 | $17.4B | 100 | |
| 2024-12-31 | 86 | $18.4B | 0 | |
| 2024-09-30 | 89 | $20.3B | 0 | |
| 2024-06-30 | 77 | $18.8B | 0 | |
| 2024-03-31 | 75 | $19.4B | 0 | |
| 2023-12-31 | 76 | $18.9B | 0 | |
| 2023-09-30 | 75 | $16.9B | 0 | |
| 2023-06-30 | 75 | $17.8B | 0 | |
| 2023-03-31 | 74 | $17.0B | 0 | |
| 2022-12-31 | 76 | $16.5B | 0 | |
| 2022-09-30 | 73 | $14.8B | 0 | |
| 2022-06-30 | 69 | $16.1B | 0 | |
| 2022-03-31 | 69 | $17.7B | 0 | |
| 2021-12-31 | 67 | $17.5B | 0 | |
| 2021-09-30 | 66 | $16.3B | 0 | |
| 2021-06-30 | 65 | $16.8B | 97 | |
| 2021-03-31 | 64 | $15.9B | 27 | |
| 2020-12-31 | 67 | $14.8B | 23 | |
| 2020-09-30 | 68 | $12.4B | 12 | |
| 2020-06-30 | 67 | $12.2B | 24 | |
| 2020-03-31 | 64 | $10.7B | 52 | |
| 2019-12-31 | 70 | $17.4B | 24 | |
| 2019-09-30 | 64 | $14.3B | 12 | |
| 2019-06-30 | 61 | $13.8B | 10 | |
| 2019-03-31 | 82 | $13.3B | 13 | |
| 2018-12-31 | 63 | $11.7B | 21 | |
| 2018-09-30 | 63 | $13.8B | 8 | |
| 2018-06-30 | 62 | $13.6B | 15 | |
| 2018-03-31 | 66 | $13.2B | 21 | |
| 2017-12-31 | 77 | $14.7B | 14 | |
| 2017-09-30 | 34 | $13.2B | 22 | |
| 2017-06-30 | 30 | $11.0B | 15 | |
| 2017-03-31 | 30 | $11.4B | 26 | |
| 2016-12-31 | 28 | $11.2B | 27 | |
| 2016-09-30 | 28 | $10.3B | 11 | |
| 2016-06-30 | 26 | $9.7B | 12 | |
| 2016-03-31 | 23 | $9.0B | 10 | |
| 2015-12-31 | 22 | $8.3B | 15 | |
| 2015-09-30 | 23 | $9.1B | 29 | |
| 2015-06-30 | 30 | $11.8B | 18 | |
| 2015-03-31 | 28 | $10.4B | 12 | |
| 2014-12-31 | 28 | $11.2B | 10 | |
| 2014-09-30 | 29 | $11.5B | 15 | |
| 2014-06-30 | 28 | $11.8B | 19 | |
| 2014-03-31 | 28 | $13.0B | 15 | |
| 2013-12-31 | 26 | $11.5B | 30 | |
| 2013-09-30 | 21 | $9.1B | 41 | |
| 2013-06-30 | 20 | $6.7B | 0 |
Beutel, Goodman & Co Ltd.'s most significant position changes for 2026-03-31: New buy: Gildan Activewear INC (GIL); Sold out: THE Campbell's Company (CPB); New buy: Becton Dickinson And Co (BDX); New buy: Marsh & Mclennan Cos (MRSH); Sold out: Harley-davidson INC (HOG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | UNP | Union Pacific CORP | +1.8% | +59956.85% | Add |
| 2 | WFC | Wells Fargo & Co | +1.1% | +13449.55% | Add |
| 3 | BAM | Brookfield Asset Mgmt-a | +0.9% | +167.91% | Add |
| 4 | SU | Suncor Energy INC | +0.6% | -8.27% | Trim |
| 5 | WAB | Wabtec CORP | +0.5% | -5.39% | Trim |
| 6 | RCI | Rogers Communications Inc-b | +0.1% | -8.52% | Trim |
| 7 | CIGI | Colliers Intl Gr-subord Vot | 0% | +26.90% | Add |
| 8 | TD | Toronto-dominion Bank | 0% | -7.85% | Trim |
| 9 | MAS | Masco CORP | 0% | -4.36% | Trim |
| 10 | SLF | Sun Life Financial INC | 0% | -8.39% | Trim |
| 11 | DOX | Amdocs Limited | — | +11.61% | Add |
| 12 | ELV | Elevance Health INC | — | +8.42% | Add |
| 13 | SEIC | Sei Investments Company | 0% | -5.80% | Trim |
| 14 | CNQ | Canadian Natural Resources | 0% | -37.66% | Trim |
| 15 | GFL | Gfl Environmental Inc-sub Vt | 0% | -7.45% | Trim |
| 16 | BLK | Blackrock INC | 0% | -3.13% | Trim |
| 17 | BGSI | THE Boyd Group INC | -0.1% | +9.67% | Add |
| 18 | CMCSA | Comcast Corp-class A | -0.1% | -9.00% | Trim |
| 19 | AMAT | Applied Materials INC | -0.1% | -36.59% | Trim |
| 20 | MFC | Manulife Financial CORP | -0.1% | -8.22% | Trim |
| 21 | BN | Brookfield CORP | -0.1% | -7.51% | Trim |
| 22 | CAE | Cae INC | -0.2% | -6.76% | Trim |
| 23 | FLS | Flowserve CORP | -0.2% | -25.73% | Trim |
| 24 | RY | Royal Bank Of Canada | -0.2% | -7.87% | Trim |
| 25 | MDT | Medtronic plc | -0.2% | -5.55% | Trim |
| 26 | MRK | Merck & Co. INC. | -0.2% | -25.42% | Trim |
| 27 | FNV | Franco-nevada CORP | -0.2% | -35.17% | Trim |
| 28 | AMP | Ameriprise Financial INC | -0.2% | -9.04% | Trim |
| 29 | CB | Chubb Limited | -0.3% | -21.89% | Trim |
| 30 | OTEX | Open Text CORP | -0.4% | -8.07% | Trim |
| 31 | AXP | American Express Co | -0.4% | -13.15% | Trim |
| 32 | CG | Carlyle Group Inc/the | -0.4% | -37.62% | Trim |
| 33 | NTR | Nutrien LTD | -0.4% | -38.29% | Trim |
| 34 | GIB | Cgi INC | -0.4% | -6.95% | Trim |
| 35 | TRP | Tc Energy CORP | -0.5% | -37.51% | Trim |
| 36 | RBA | Rb Global INC | -0.6% | -36.53% | Trim |
| 37 | OMC | Omnicom Group | -0.7% | -26.59% | Trim |
| 38 | KMB | Kimberly-clark CORP | -0.8% | -43.22% | Trim |
| 39 | AMGN | Amgen INC | -0.8% | -45.09% | Trim |
| 40 | GEN | Gen Digital INC | -0.9% | -20.29% | Trim |
| 41 | BMO | Bank Of Montreal | -1.2% | -37.85% | Trim |
| 42 | GIL | Gildan Activewear INC | — | NEW | New buy |
| 43 | CPB | THE Campbell's Company | — | EXIT | Sold out |
| 44 | BDX | Becton Dickinson And Co | — | NEW | New buy |
| 45 | MRSH | Marsh & Mclennan Cos | — | NEW | New buy |
| 46 | HOG | Harley-davidson INC | — | EXIT | Sold out |
| 47 | SYY | Sysco CORP | — | NEW | New buy |
| 48 | MDA | Mda Space LTD | — | NEW | New buy |
| 49 | BBUC | Brookfield Business Corp-a | — | NEW | New buy |
| 50 | BBUC | Brookfield Business Corporation | — | EXIT | Sold out |
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