CIK: 0000926171
Total reported value
$111.5B
Reporting period: 2026-03-31 · Number of holdings: 5484
NATIONAL BANK OF CANADA /FI/ disclosed 5484 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $111.5B and a quarterly turnover rate of 34.2%.
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National Bank Of Canada /fi/'s disclosed holdings carry a Herfindahl concentration index of 0.014 — mathematically equivalent to about 73 equally-sized positions, well below its 5484 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 6.27), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add NVDA
+48.2% $1.9B
Add NVDA
+207.8% $1.4B
Trim META
-28.7% -$1.1B
Trim AVGO
-19.0% -$706.3M
Add AAPL
+25.9% $682.7M
Add AMD
+1964.7% $597.9M
NATIONAL BANK OF CANADA is aggressively piling into NVDA and AMD while trimming META and AVGO — a clear momentum-driven rotation within tech, betting that AI GPU dominance trumps sector breadth. This is pure alpha hunting, not capital preservation.
The massive add to NVDA (6.24% now) and AMD (1.38% combined) telegraphs a conviction that the AI infrastructure boom remains front-loaded and that semiconductor multiples can still expand. The opposing thesis: an investment cycle peak, export restrictions, or rate normalization compressing those same multiples — which is why META and AVGO were pared as hedges.
A 90.66 momentum tilt combined with NVDA at 6.24% creates a reflexivity trap: if AI sentiment cracks, the portfolio's largest bet becomes its biggest liability. The 2,933 holdings don't diversify away the single-factor, single-theme crowding in an already consensus trade.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 5484 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.92% | +1.68% | +48.24% | |
| 2 | AAPL | Apple INC | Stock-Tech | 4.54% | +0.57% | +25.94% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.38% | -0.41% | +20.07% | |
| 4 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 3.07% | — | +10.22% | |
| 5 | RY | Royal Bank Of Canada | Stock-Financials | 2.60% | -0.23% | -2.62% | |
| 6 | TD | Toronto-dominion Bank | Stock-Financials | 2.54% | — | +6.99% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.43% | — | +8.60% | |
| 8 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.18% | +0.16% | +21.28% | |
| 9 | TSLA | Tesla INC | Stock-Consumer Disc | 1.98% | -0.39% | +0.45% | |
| 10 | AVGO | Broadcom INC | Stock-Tech | 1.85% | -0.66% | -18.97% | |
| 11 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.70% | -0.98% | -28.69% | |
| 12 | SHOP | Shopify INC - Class A | Stock-Tech | 1.51% | — | +36.04% | |
| 13 | MU | Micron Technology INC | Stock-Tech | 1.45% | +0.42% | +26.34% | |
| 14 | BMO | Bank Of Montreal | Stock-Financials | 1.45% | — | -2.21% | |
| 15 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.22% | — | -4.69% | |
| 16 | BNS | Bank Of Nova Scotia | Stock-Financials | 1.13% | -0.17% | -7.93% | |
| 17 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.08% | +0.17% | +32.91% | |
| 18 | ENB | Enbridge INC | Stock-Energy | 1.05% | — | -2.96% | |
| 19 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.03% | +0.23% | +63.39% | |
| 20 | BN | Brookfield CORP | Stock-Financials | 0.97% | — | +5.13% | |
| 21 | AMD | Advanced Micro Devices | Stock-Tech | 0.91% | +0.46% | +141.31% | |
| 22 | MFC | Manulife Financial CORP | Stock-Financials | 0.89% | — | +19.38% | |
| 23 | WMT | Walmart INC | Stock-Consumer Staples | 0.79% | +0.26% | +42.51% | |
| 24 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 0.74% | — | -3.30% | |
| 25 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.69% | — | +14.04% | |
| 26 | CNI | Canadian Natl Railway Co | Stock-Industrials | 0.68% | — | -0.37% | |
| 27 | SU | Suncor Energy INC | Stock-Energy | 0.67% | +0.15% | -10.69% | |
| 28 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.66% | — | -15.70% | |
| 29 | HON | Honeywell International INC | Stock-Industrials | 0.65% | — | +1.72% | |
| 30 | TRP | Tc Energy CORP | Stock-Energy | 0.64% | — | -7.61% | |
| 31 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.59% | +0.33% | +137.50% | |
| 32 | CNQ | Canadian Natural Resources | Stock-Energy | 0.58% | — | -35.34% | |
| 33 | CSCO | Cisco Systems INC | Stock-Tech | 0.57% | — | +10.95% | |
| 34 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.57% | — | -0.72% | |
| 35 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.57% | — | +3.74% | |
| 36 | CP | Canadian Pacific Kansas City | Stock-Industrials | 0.55% | — | -0.26% | |
| 37 | BCE | Bce INC | Stock-Comm Services | 0.53% | — | -1.38% | |
| 38 | LRCX | Lam Research CORP | Stock-Tech | 0.53% | +0.13% | +13.71% | |
| 39 | NFLX | Netflix INC | Stock-Comm Services | 0.51% | — | -8.28% | |
| 40 | BAC | Bank Of America CORP | Stock-Financials | 0.49% | +0.15% | +75.66% | |
| 41 | ORCL | Oracle CORP | Stock-Tech | 0.43% | -0.23% | -16.02% | |
| 42 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.42% | — | -7.10% | |
| 43 | RCI | Rogers Communications Inc-b | Stock-Other | 0.42% | — | +11.72% | |
| 44 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.42% | +0.37% | NEW | |
| 45 | SLF | Sun Life Financial INC | Stock-Financials | 0.41% | — | +5.71% | |
| 46 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.41% | — | -3.80% | |
| 47 | INTC | Intel CORP | Stock-Tech | 0.40% | — | +4.21% | |
| 48 | AMAT | Applied Materials INC | Stock-Tech | 0.40% | — | +18.66% | |
| 49 | MA | Mastercard INC - A | Stock-Financials | 0.39% | — | +0.40% | |
| 50 | HD | Home Depot INC | Stock-Consumer Disc | 0.39% | — | +28.13% |
Performance for Q3 2026
+3.5%
Performance Last 4 Quarters
+28.3%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 5484 | $111.5B | 34 | |
| 2025-12-31 | 5428 | $110.0B | 36 | |
| 2025-09-30 | 5313 | $100.4B | 43 | |
| 2025-06-30 | 5726 | $105.2B | 0 | |
| 2025-03-31 | 5419 | $95.5B | 0 | |
| 2024-12-31 | 5727 | $94.4B | 0 | |
| 2024-09-30 | 4603 | $87.3B | 0 | |
| 2024-06-30 | 4731 | $73.4B | 0 | |
| 2024-03-31 | 4805 | $65.4B | 0 | |
| 2023-12-31 | 4898 | $62.6B | 0 | |
| 2023-09-30 | 5202 | $65.7B | 0 | |
| 2023-06-30 | 5018 | $54.6B | 0 | |
| 2023-03-31 | 5001 | $40.6B | 0 | |
| 2022-12-31 | 5169 | $39.3B | 0 | |
| 2022-09-30 | 4497 | $18.6B | 0 | |
| 2022-06-30 | 4452 | $21.9B | 0 | |
| 2022-03-31 | 4583 | $33.8B | 0 | |
| 2021-12-31 | 4316 | $29.4B | 0 |
National Bank Of Canada /fi/'s most significant position changes for 2026-03-31: Sold out: Apple Inc. (AAPL); New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: VanEck China Semiconductor ETF (SMHC); New buy: Revolution Medicines INC (RVMD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | +1.7% | +48.24% | Add |
| 2 | NVDA | NVIDIA Corporation | +1.2% | +207.77% | Add |
| 3 | AAPL | Apple INC | +0.6% | +25.94% | Add |
| 4 | AMD | Advanced Micro Devices, Inc. | +0.5% | +1964.73% | Add |
| 5 | AMD | Advanced Micro Devices | +0.5% | +141.31% | Add |
| 6 | MU | Micron Technology INC | +0.4% | +26.34% | Add |
| 7 | MSFT | Microsoft Corporation | +0.3% | +97.04% | Add |
| 8 | TSM | Taiwan Semiconductor-sp Adr | +0.3% | +137.50% | Add |
| 9 | UNH | UnitedHealth Group Incorporated | +0.3% | +132.77% | Add |
| 10 | SHOP | Shopify Inc. | +0.3% | +27305.00% | Add |
| 11 | WMT | Walmart INC | +0.3% | +42.51% | Add |
| 12 | UNH | Unitedhealth Group INC | +0.2% | +63.39% | Add |
| 13 | MU | Micron Technology, Inc. | +0.2% | +548.72% | Add |
| 14 | JPM | Jpmorgan Chase & Co | +0.2% | +32.91% | Add |
| 15 | ADBE | Adobe INC | +0.2% | +222.59% | Add |
| 16 | ADBE | Adobe Inc. | +0.2% | +536.60% | Add |
| 17 | GDX | Vaneck Gold Miners ETF | +0.2% | +308.74% | Add |
| 18 | XOM | Exxon Mobil Corporation | +0.2% | +183.77% | Add |
| 19 | GOOG | Alphabet Inc-cl C | +0.2% | +21.28% | Add |
| 20 | WBD | Warner Bros Discovery INC | +0.2% | +108.75% | Add |
| 21 | ACWI | Ishares Msci Acwi ETF | +0.2% | +8336.30% | Add |
| 22 | BAC | Bank Of America CORP | +0.2% | +75.66% | Add |
| 23 | SU | Suncor Energy INC | +0.2% | -10.69% | Trim |
| 24 | LRCX | Lam Research CORP | +0.1% | +13.71% | Add |
| 25 | UBS | UBS Group AG | -0.2% | -99.06% | Trim |
| 26 | CRM | Salesforce INC | -0.2% | -48.00% | Trim |
| 27 | ETN | Eaton Corporation plc | -0.2% | -79.49% | Trim |
| 28 | ✓ | Alphabet INC | -0.2% | -84.02% | Trim |
| 29 | JPM | JPMorgan Chase & Co. | -0.2% | -82.66% | Trim |
| 30 | BNS | Bank Of Nova Scotia | -0.2% | -7.93% | Trim |
| 31 | QCOM | Qualcomm INC | -0.2% | -46.22% | Trim |
| 32 | ABBV | Abbvie INC | -0.2% | -49.64% | Trim |
| 33 | GE | General Electric | -0.2% | -54.62% | Trim |
| 34 | ORCL | Oracle CORP | -0.2% | -16.02% | Trim |
| 35 | NFLX | Netflix, Inc. | -0.2% | -94.44% | Trim |
| 36 | GOOG | Alphabet Inc. | -0.2% | -17.10% | Trim |
| 37 | RY | Royal Bank Of Canada | -0.2% | -2.62% | Trim |
| 38 | TSLA | Tesla, Inc. | -0.2% | -6.79% | Trim |
| 39 | ✓ | Spdr S&p 500 ETF Tr | -0.3% | -99.38% | Trim |
| 40 | ✓ | Meta Platforms INC | -0.3% | -51.57% | Trim |
| 41 | CTSH | Cognizant Tech Solutions-a | -0.3% | -57.81% | Trim |
| 42 | TSLA | Tesla INC | -0.4% | +0.45% | Add |
| 43 | MSFT | Microsoft CORP | -0.4% | +20.07% | Add |
| 44 | AVGO | Broadcom INC | -0.7% | -18.97% | Trim |
| 45 | META | Meta Platforms Inc-class A | -1% | -28.69% | Trim |
| 46 | AAPL | Apple Inc. | — | EXIT | Sold out |
| 47 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 48 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 49 | SMHC | VanEck China Semiconductor ETF | — | NEW | New buy |
| 50 | RVMD | Revolution Medicines INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-18 | Amendment | View on EDGAR |
| 2025-06-30 | 2025-08-13 | Amendment | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-15 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-02 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-06 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-10 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-26 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-24 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-13 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-28 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-05 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-24 | 13F-HR | View on EDGAR |
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