CIK: 0002053050
Total reported value
$528.8M
Reporting period: 2026-03-31 · Number of holdings: 216
LOUISBOURG INVESTMENTS INC. disclosed 216 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $528.8M and a quarterly turnover rate of 26.7%.
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Louisbourg Investments INC.'s disclosed holdings carry a Herfindahl concentration index of 0.015 — mathematically equivalent to about 68 equally-sized positions, well below its 216 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 1.47), 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.
Sector classification currently covers about 32% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim RCI
-51.5% -$5.0M
Add TRI4EUR
+430.8% $4.7M
Trim RGLD
-99.7% -$3.9M
Trim ATS
-59.0% -$3.3M
Trim RSP
-96.8% -$3.4M
Trim PBA
-43.0% -$2.9M
Showing top 200 holdings (of 216 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CNI | Canadian Natl Railway Co | Stock-Industrials | 5.58% | -0.14% | -0.88% | |
| 2 | SHOP | Shopify INC - Class A | Stock-Tech | 2.77% | +0.62% | +84.86% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 2.43% | — | +28.79% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.31% | -0.29% | +2.82% | |
| 5 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 2.28% | — | +3.13% | |
| 6 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 2.12% | — | -6.75% | |
| 7 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 2.08% | — | -6.84% | |
| 8 | BN | Brookfield CORP | Stock-Financials | 2.03% | +0.50% | +58.51% | |
| 9 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 1.72% | +0.20% | +10.28% | |
| 10 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 1.63% | — | +6.54% | |
| 11 | IEFA | Ishares Core Msci Eafe ETF | ETF-Other | 1.63% | — | +4.54% | |
| 12 | OR | Or Royalties INC | Stock-Other | 1.59% | +0.04% | +1.14% | |
| 13 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.57% | — | +14.13% | |
| 14 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 1.57% | — | +4.75% | |
| 15 | CIGI | Colliers Intl Gr-subord Vot | Stock-Other | 1.53% | — | +46.57% | |
| 16 | CRM | Salesforce INC | Stock-Tech | 1.51% | — | +38.11% | |
| 17 | AVGO | Broadcom INC | Stock-Tech | 1.44% | +0.07% | +27.31% | |
| 18 | TMUS | T-mobile US INC | Stock-Comm Services | 1.40% | — | +5.71% | |
| 19 | FNV | Franco-nevada CORP | Stock-Materials | 1.39% | +1.39% | NEW | |
| 20 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.28% | — | +9.86% | |
| 21 | STN | Stantec INC | Stock-Other | 1.28% | +0.49% | +87.04% | |
| 22 | SSRM | Ssr Mining INC | Stock-Materials | 1.25% | +0.34% | +8.47% | |
| 23 | TRI4EUR | Thomson Reuters CORP | Stock-Other | 1.24% | +0.88% | +430.85% | |
| 24 | CNQ | Canadian Natural Resources | Stock-Energy | 1.22% | +0.32% | +0.11% | |
| 25 | BGSI | THE Boyd Group INC | Stock-Other | 1.21% | -0.24% | +10.29% | |
| 26 | UUUU | Energy Fuels INC | Stock-Energy | 1.17% | +0.29% | +11.60% | |
| 27 | BNS | Bank Of Nova Scotia | Stock-Financials | 1.17% | — | +15.90% | |
| 28 | LSPD | Lightspeed Commerce INC | Stock-Other | 1.14% | -0.42% | +4.11% | |
| 29 | KGC | Kinross Gold CORP | Stock-Materials | 1.13% | +0.17% | +14.21% | |
| 30 | AG | First Majestic Silver CORP | Stock-Materials | 1.13% | +1.13% | NEW | |
| 31 | HBM | Hudbay Minerals INC | Stock-Other | 1.13% | +0.08% | +8.34% | |
| 32 | IAG | Iamgold CORP | Stock-Other | 1.13% | +0.11% | +3.21% | |
| 33 | CVE | Cenovus Energy INC | Stock-Energy | 1.13% | +0.52% | +24.69% | |
| 34 | PBA | Pembina Pipeline CORP | Stock-Energy | 1.09% | -0.64% | -43.04% | |
| 35 | GIB | Cgi INC | Stock-Tech | 1.09% | — | +27.48% | |
| 36 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 1.09% | — | — | |
| 37 | BDX | Becton Dickinson And Co | Stock-Healthcare | 1.08% | -0.36% | -1.39% | |
| 38 | DSGX | Descartes Systems Grp/the | Stock-Tech | 1.08% | — | +10.91% | |
| 39 | CDE | Coeur Mining INC | Stock-Materials | 1.04% | +1.04% | NEW | |
| 40 | NTR | Nutrien LTD | Stock-Materials | 1.03% | — | -14.41% | |
| 41 | SU | Suncor Energy INC | Stock-Energy | 1.03% | +0.17% | -14.87% | |
| 42 | EQX | Equinox Gold CORP | Stock-Other | 1.02% | — | +8.77% | |
| 43 | CSGP | Costar Group INC | Stock-Real Estate | 1.02% | — | +93.85% | |
| 44 | OTIS | Otis Worldwide CORP | Stock-Industrials | 0.98% | — | +9.74% | |
| 45 | URI | United Rentals INC | Stock-Industrials | 0.97% | — | +22.43% | |
| 46 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 0.96% | — | +20.18% | |
| 47 | RCI | Rogers Communications Inc-b | Stock-Other | 0.92% | -1.05% | -51.53% | |
| 48 | ABT | Abbott Laboratories | Stock-Healthcare | 0.91% | +0.14% | +53.74% | |
| 49 | DIS | Walt Disney Co/the | Stock-Comm Services | 0.87% | — | +13.99% | |
| 50 | COP | Conocophillips | Stock-Energy | 0.86% | +0.13% | -12.03% |
Performance for Q3 2026
-1.7%
Performance Last 4 Quarters
+10.3%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 216 | $528.8M | 27 | |
| 2025-12-31 | 213 | $501.9M | 24 | |
| 2025-09-30 | 208 | $458.2M | 37 | |
| 2025-06-30 | 200 | $424.3M | 0 | |
| 2025-03-31 | 180 | $368.0M | 0 | |
| 2024-12-31 | 169 | $381.0M | 0 | |
| 2024-09-30 | 174 | $395.4M | 0 | |
| 2024-06-30 | 170 | $356.9M | 0 | |
| 2024-03-31 | 165 | $359.7M | 0 | |
| 2023-12-31 | 166 | $331.2M | 0 |
Louisbourg Investments INC.'s most significant position changes for 2026-03-31: New buy: Franco-nevada CORP (FNV); New buy: First Majestic Silver CORP (AG); New buy: Coeur Mining INC (CDE); Sold out: New Gold INC (NGDN); Sold out: Celestica INC (CLS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TRI4EUR | Thomson Reuters CORP | +0.9% | +430.85% | Add |
| 2 | BSX | Boston Scientific CORP | +0.6% | +968.86% | Add |
| 3 | SHOP | Shopify INC - Class A | +0.6% | +84.86% | Add |
| 4 | CVE | Cenovus Energy INC | +0.5% | +24.69% | Add |
| 5 | BN | Brookfield CORP | +0.5% | +58.51% | Add |
| 6 | STN | Stantec INC | +0.5% | +87.04% | Add |
| 7 | NFLX | Netflix INC | +0.5% | +261.40% | Add |
| 8 | SSRM | Ssr Mining INC | +0.3% | +8.47% | Add |
| 9 | CNQ | Canadian Natural Resources | +0.3% | +0.11% | Add |
| 10 | UUUU | Energy Fuels INC | +0.3% | +11.60% | Add |
| 11 | TECK | Teck Resources Ltd-cls B | +0.2% | +10.28% | Add |
| 12 | KGC | Kinross Gold CORP | +0.2% | +14.21% | Add |
| 13 | SU | Suncor Energy INC | +0.2% | -14.87% | Trim |
| 14 | SAP | Sap Se-sponsored Adr | +0.2% | +108.49% | Add |
| 15 | KKR | Kkr & Co INC | +0.2% | +80.03% | Add |
| 16 | ABT | Abbott Laboratories | +0.1% | +53.74% | Add |
| 17 | COP | Conocophillips | +0.1% | -12.03% | Trim |
| 18 | IAG | Iamgold CORP | +0.1% | +3.21% | Add |
| 19 | HBM | Hudbay Minerals INC | +0.1% | +8.34% | Add |
| 20 | AVGO | Broadcom INC | +0.1% | +27.31% | Add |
| 21 | OR | Or Royalties INC | 0% | +1.14% | Add |
| 22 | CNI | Canadian Natl Railway Co | -0.1% | -0.88% | Trim |
| 23 | J | Jacobs Solutions INC | -0.2% | -11.92% | Trim |
| 24 | QSR | Restaurant Brands Intern | -0.2% | -23.10% | Trim |
| 25 | BGSI | THE Boyd Group INC | -0.2% | +10.29% | Add |
| 26 | CP | Canadian Pacific Kansas City | -0.3% | -45.02% | Trim |
| 27 | ACN | Accenture plc | -0.3% | -18.03% | Trim |
| 28 | FTS | Fortis INC | -0.3% | -57.78% | Trim |
| 29 | GOOG | Alphabet Inc-cl C | -0.3% | +2.82% | Add |
| 30 | JNJ | Johnson & Johnson | -0.3% | -36.14% | Trim |
| 31 | BDX | Becton Dickinson And Co | -0.4% | -1.39% | Trim |
| 32 | ROST | Ross Stores INC | -0.4% | -72.64% | Trim |
| 33 | LSPD | Lightspeed Commerce INC | -0.4% | +4.11% | Add |
| 34 | CTSH | Cognizant Tech Solutions-a | -0.5% | -16.74% | Trim |
| 35 | PBA | Pembina Pipeline CORP | -0.6% | -43.04% | Trim |
| 36 | RSP | Invesco S&p 500 Equal Weight | -0.7% | -96.83% | Trim |
| 37 | ATS | Ats CORP | -0.7% | -59.03% | Trim |
| 38 | RGLD | Royal Gold INC | -0.8% | -99.72% | Trim |
| 39 | RCI | Rogers Communications Inc-b | -1.1% | -51.53% | Trim |
| 40 | FNV | Franco-nevada CORP | — | NEW | New buy |
| 41 | AG | First Majestic Silver CORP | — | NEW | New buy |
| 42 | CDE | Coeur Mining INC | — | NEW | New buy |
| 43 | NGDN | New Gold INC | — | EXIT | Sold out |
| 44 | CLS | Celestica INC | — | EXIT | Sold out |
| 45 | MRSH 4.35 01-30-47 | Marsh & Mclennan Cos INC | — | NEW | New buy |
| 46 | TTEK | Tetra Tech INC | — | NEW | New buy |
| 47 | MTA | Metalla Royalty & Streaming | — | NEW | New buy |
| 48 | ELE | Elemental Royalty CORP | — | NEW | New buy |
| 49 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| 50 | ORCL | Oracle CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-22 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-16 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-09 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-24 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-17 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-29 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2025-01-29 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2025-01-29 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2025-01-29 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2025-01-29 | 13F-HR | View on EDGAR |
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