2026-Q1 NATIONAL BANK OF CANADA /FI/ 13F Filing: National Bank of Canada trims META, AVGO; adds AZN

National Bank of Canada's 2026-Q1 13F shows a clear rotation: more chips and a new big pharma name, less mega-cap tech.

Note on SU: SU is listed as a trim, but its value change is positive because the stock gained more than the trimmed shares were worth — not a buy.

Why did the bank cut META and AVGO in the same quarter it was buying more chips?

META's position was actively trimmed, registering -$1.05B with portfolio weight moving from 2.51% to 1.53%. AVGO followed the same path, dropping from 2.33% to 1.67% with a -$706.3M swing. Both remain large holdings, but the bank recycled capital out of these mega-cap names and into a broader set of chip trades: NVDA, AMD, MU, and LRCX all show adds on the filing.

What is the single biggest brand-new position this quarter?

AstraZeneca (AZN) is the largest new buy in the filing, worth $417.6M and carrying a 0.37% portfolio weight. The bank also opened SMHC and RVMD as smaller new positions, but AZN is the clear dollar leader. That gives the portfolio a new large-cap pharmaceutical exposure at a time when tech still dominates the sector mix.

Why did NFLX nearly vanish from the portfolio?

NFLX was one of the quarter's deepest active cuts. The position fell from $262.0M to $14.9M, and its weight dropped from 0.24% to 0.01%. This is a deliberate trim, not price drift: the share count changed on a trading decision. CTSH and ORCL were also reduced, but NFLX's collapse is the starkest among established holdings.

Why did SU's dollar value rise even though the bank trimmed the position?

The filing's SU line shows a trim — real selling — yet value rose from $508.8M to $677.0M. The note explains it directly: shares were trimmed, but the dollar value rose because the stock price gained more than the trimmed shares were worth — not a buy. It is a reminder that a 13F line's dollar swing can be dominated by the price move, not by the direction of trading.

What does the sector data say about where the new money went?

The Information Technology weight climbed from 0.3164 to 0.3543, while Financials fell from 0.1807 to 0.1724, Communication Services from 0.1161 to 0.1007, and Consumer Discretionary from 0.1136 to 0.0933. Concentration also edged up: HHI rose from 0.012188 to 0.013731, and turnover eased from 0.364617 to 0.342345. Holding count increased to 2933 from 2868, so the repositioning came with a slightly wider net of positions.

What does this mean for other investors?

This 13F is a record of one bank's trading, not a recommendation. The clear story is that National Bank of Canada spent the quarter buying semiconductors and a new pharma anchor while trimming mega-cap tech, and it accepted higher concentration to do so. Anyone comparing portfolios should check their own tolerance for a momentum tilt of 0.040665 percentage points and a coefficient of variation of 6.267817.