CIK: 0001361974
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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Beutel, Goodman & Co Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 49 equally-sized positions, well below its 170 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 1.57), 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 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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | Amendment | 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 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-05 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-24 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-12-23 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-10-31 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-15 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-15 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-04-30 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-04-26 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-11 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-02-07 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-31 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-30 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-07-30 | Amendment | View on EDGAR |
| 2018-03-31 | 2018-04-30 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-21 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-01-25 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-01-24 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-11 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-12 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-04-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-20 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-12 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-07 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-19 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-01 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-26 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-09 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-20 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-12-01 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-10-09 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-10 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-21 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-22 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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