CIK: 0000919859
Total reported value
$83.3B
Reporting period: 2026-03-31 · Number of holdings: 1420
MACKENZIE FINANCIAL CORP disclosed 1420 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $83.3B and a quarterly turnover rate of 24.2%.
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Mackenzie Financial CORP's disclosed holdings carry a Herfindahl concentration index of 0.010 — mathematically equivalent to about 97 equally-sized positions, well below its 1420 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 3.69), 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.
Trim MSFT
-8.2% -$811.5M
Trim SHOP
-0.1% -$447.3M
Add SU
+17.7% $401.9M
Trim RY
-7.3% -$449.9M
Add AEM
+1.8% $305.3M
Trim AMZN
-12.6% -$334.9M
MACKENZIE FINANCIAL CORP is executing a deliberate capital rotation out of mega-cap tech royalty (MSFT, AMZN, SHOP trimmed) and into energy producers (SU added) and gold miners (AEM added) while establishing a new defensive position in AZN. This is not a defensive fort — it's a tactical pivot to commodity-linked value and non-cyclical health, betting the Alpha will flow away from last cycle's leaders into earnings growth outside the Mag 7 orbit.
The simultaneous trimming of Canadian banks (RY) and scooping of gold and energy (AEM, SU) positions this portfolio for a stagflationary regime where commodities outperform financials as real rates remain elevated. The new AZN buy adds a non-cyclical earnings stream to offset the cyclical tilt. The opposing thesis: the market is pricing a soft landing that keeps tech leadership intact, leaving this rotation vulnerable to multiple compression if growth expectations re-accelerate and momentum reverts to beaten-down tech.
The 1,420-position book and near-zero concentration give MACKENZIE a low tracking error but disguise a high-octane contrarian factor wager that has become consensus itself. With a momentum_contrarian score of 90 and sector weights still heavy in Financials and IT despite the trims, this portfolio is structurally short trend extension and long mean reversion — a positioning squeeze risk if the current regime persists and crowded commodity trades reverse on a Fed pivot.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
Showing top 200 holdings (of 1420 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | RY | Royal Bank Of Canada | Stock-Financials | 3.78% | -0.48% | -7.31% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 3.02% | — | +8.71% | |
| 3 | AAPL | Apple INC | Stock-Tech | 2.93% | — | +4.65% | |
| 4 | TD | Toronto-dominion Bank | Stock-Financials | 2.70% | -0.16% | -5.57% | |
| 5 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 2.68% | — | -0.33% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 2.25% | -0.94% | -8.21% | |
| 7 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.16% | -0.22% | -2.21% | |
| 8 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 2.15% | +0.39% | +1.79% | |
| 9 | CNQ | Canadian Natural Resources | Stock-Energy | 1.61% | +0.37% | -11.31% | |
| 10 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.48% | — | -2.77% | |
| 11 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.46% | -0.38% | -12.59% | |
| 12 | SHOP | Shopify INC - Class A | Stock-Tech | 1.42% | -0.51% | -0.15% | |
| 13 | BMO | Bank Of Montreal | Stock-Financials | 1.39% | — | -7.65% | |
| 14 | ENB | Enbridge INC | Stock-Energy | 1.33% | +0.30% | +12.48% | |
| 15 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.29% | +0.20% | -0.86% | |
| 16 | MFC | Manulife Financial CORP | Stock-Financials | 1.24% | — | +4.70% | |
| 17 | CM | Can Imperial Bk Of Commerce | Stock-Financials | 1.17% | — | -5.03% | |
| 18 | SU | Suncor Energy INC | Stock-Energy | 1.12% | +0.49% | +17.70% | |
| 19 | CNI | Canadian Natl Railway Co | Stock-Industrials | 1.08% | — | -1.33% | |
| 20 | BN | Brookfield CORP | Stock-Financials | 1.08% | -0.22% | -7.03% | |
| 21 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.98% | -0.15% | -0.97% | |
| 22 | WCN | Waste Connections INC | Stock-Industrials | 0.97% | -0.21% | -11.37% | |
| 23 | B | Barrick Mining CORP | Stock-Materials | 0.97% | -0.11% | -3.96% | |
| 24 | TRP | Tc Energy CORP | Stock-Energy | 0.96% | — | -4.79% | |
| 25 | AVGO | Broadcom INC | Stock-Tech | 0.95% | — | +4.50% | |
| 26 | CVE | Cenovus Energy INC | Stock-Energy | 0.81% | +0.23% | -11.51% | |
| 27 | XOM | Exxon Mobil CORP | Stock-Energy | 0.75% | +0.31% | +18.86% | |
| 28 | FNV | Franco-nevada CORP | Stock-Materials | 0.73% | +0.16% | +6.02% | |
| 29 | BNS | Bank Of Nova Scotia | Stock-Financials | 0.72% | -0.13% | -10.57% | |
| 30 | NTR | Nutrien LTD | Stock-Materials | 0.71% | +0.18% | +7.90% | |
| 31 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.70% | -0.27% | -21.70% | |
| 32 | AGG | Ishares Core U.s. Aggregate | ETF-Other | 0.68% | — | -1.97% | |
| 33 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.63% | — | +4.81% | |
| 34 | CME | Cme Group INC | Stock-Financials | 0.61% | +0.15% | +21.97% | |
| 35 | LIN | Linde plc | Stock-Materials | 0.59% | — | +1.93% | |
| 36 | KGC | Kinross Gold CORP | Stock-Materials | 0.56% | — | +5.23% | |
| 37 | MA | Mastercard INC - A | Stock-Financials | 0.56% | — | +11.51% | |
| 38 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.56% | — | +3.01% | |
| 39 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.56% | — | +8.21% | |
| 40 | V | Visa Inc-class A Shares | Stock-Financials | 0.55% | — | +5.06% | |
| 41 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.54% | — | -6.73% | |
| 42 | ABBV | Abbvie INC | Stock-Healthcare | 0.54% | — | -0.54% | |
| 43 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.52% | +0.15% | +27.67% | |
| 44 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 0.52% | — | -0.97% | |
| 45 | TU | Telus CORP | Stock-Other | 0.52% | — | +0.97% | |
| 46 | PM | Philip Morris International | Stock-Consumer Staples | 0.51% | — | +1.96% | |
| 47 | WMT | Walmart INC | Stock-Consumer Staples | 0.51% | — | -7.19% | |
| 48 | TTE | Totalenergies Se | Stock-Other | 0.50% | +0.19% | +13.50% | |
| 49 | GIB | Cgi INC | Stock-Tech | 0.48% | -0.16% | -7.13% | |
| 50 | CSCO | Cisco Systems INC | Stock-Tech | 0.47% | — | +18.35% |
Performance for Q3 2026
+2.3%
Performance Last 4 Quarters
+21.5%
Based on 77% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1420 | $83.3B | 24 | |
| 2025-12-31 | 1666 | $84.4B | 21 | |
| 2025-09-30 | 1699 | $82.6B | 34 | |
| 2025-06-30 | 1699 | $77.2B | 0 | |
| 2025-03-31 | 1667 | $70.3B | 22 | |
| 2024-12-31 | 1692 | $73.4B | 100 | |
| 2024-09-30 | 1574 | $71.9B | 0 | |
| 2024-06-30 | 1533 | $67.3B | 0 | |
| 2024-03-31 | 1521 | $69.4B | 0 | |
| 2023-12-31 | 1492 | $66.3B | 0 | |
| 2023-09-30 | 1475 | $59.5B | 0 | |
| 2023-06-30 | 1503 | $65.9B | 0 | |
| 2023-03-31 | 1533 | $64.7B | 0 | |
| 2022-12-31 | 1446 | $59.9B | 0 | |
| 2022-09-30 | 1449 | $58.1B | 0 | |
| 2022-06-30 | 1456 | $62.4B | 0 | |
| 2022-03-31 | 1406 | $74.6B | 0 | |
| 2021-12-31 | 1427 | $74.2B | 0 | |
| 2021-09-30 | 1430 | $70.5B | 0 | |
| 2021-06-30 | 1232 | $71.9B | 95 | |
| 2021-03-31 | 1117 | $65.6B | 43 | |
| 2020-12-31 | 1034 | $46.3B | 26 | |
| 2020-09-30 | 986 | $40.3B | 20 | |
| 2020-06-30 | 1002 | $37.4B | 100 | |
| 2020-03-31 | 1065 | $31.1B | 0 | |
| 2019-12-31 | 1070 | $40.7B | 0 | |
| 2019-09-30 | 997 | $38.1B | 22 | |
| 2019-06-30 | 1086 | $38.8B | 27 | |
| 2019-03-31 | 1222 | $41.4B | 36 | |
| 2018-12-31 | 1130 | $38.0B | 33 | |
| 2018-09-30 | 1098 | $41.1B | 22 | |
| 2018-06-30 | 999 | $39.2B | 29 | |
| 2018-03-31 | 922 | $39.2B | 28 | |
| 2017-12-31 | 817 | $41.4B | 82 | |
| 2017-09-30 | 619 | $18.5B | 19 | |
| 2017-06-30 | 616 | $18.0B | 23 | |
| 2017-03-31 | 633 | $17.1B | 21 | |
| 2016-12-31 | 641 | $16.7B | 28 | |
| 2016-09-30 | 638 | $16.0B | 33 | |
| 2016-06-30 | 919 | $17.7B | 65 | |
| 2016-03-31 | 794 | $11.0B | 59 | |
| 2015-12-31 | 804 | $16.1B | 22 | |
| 2015-09-30 | 791 | $16.5B | 20 | |
| 2015-06-30 | 820 | $18.4B | 15 | |
| 2015-03-31 | 766 | $19.0B | 19 | |
| 2014-12-31 | 738 | $19.6B | 22 | |
| 2014-09-30 | 716 | $19.9B | 21 | |
| 2014-06-30 | 638 | $21.5B | 18 | |
| 2014-03-31 | 643 | $20.4B | 23 | |
| 2013-12-31 | 624 | $19.8B | 24 | |
| 2013-09-30 | 610 | $19.8B | 28 | |
| 2013-06-30 | 632 | $21.0B | 0 |
Mackenzie Financial CORP's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Sunbelt Rentals Holdings INC (SUNB); Sold out: Granite Real Estate Investme (GRTUF); Trim: Microsoft CORP (MSFT) — shares -8.21%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SU | Suncor Energy INC | +0.5% | +17.70% | Add |
| 2 | AEM | Agnico Eagle Mines LTD | +0.4% | +1.79% | Add |
| 3 | CNQ | Canadian Natural Resources | +0.4% | -11.31% | Trim |
| 4 | XOM | Exxon Mobil CORP | +0.3% | +18.86% | Add |
| 5 | ENB | Enbridge INC | +0.3% | +12.48% | Add |
| 6 | CVE | Cenovus Energy INC | +0.2% | -11.51% | Trim |
| 7 | JNJ | Johnson & Johnson | +0.2% | -0.86% | Trim |
| 8 | TTE | Totalenergies Se | +0.2% | +13.50% | Add |
| 9 | MRK | Merck & Co. INC. | +0.2% | +71.84% | Add |
| 10 | NTR | Nutrien LTD | +0.2% | +7.90% | Add |
| 11 | HON | Honeywell International INC | +0.2% | +391.19% | Add |
| 12 | FNV | Franco-nevada CORP | +0.2% | +6.02% | Add |
| 13 | OVV | Ovintiv INC | +0.2% | +79.65% | Add |
| 14 | KO | Coca-cola Co/the | +0.2% | +27.67% | Add |
| 15 | CME | Cme Group INC | +0.2% | +21.97% | Add |
| 16 | PSX | Phillips 66 | +0.1% | +948.45% | Add |
| 17 | ETN | Eaton Corporation plc | +0.1% | +143.35% | Add |
| 18 | CAT | Caterpillar INC | +0.1% | +23.55% | Add |
| 19 | B | Barrick Mining CORP | -0.1% | -3.96% | Trim |
| 20 | UBER | Uber Technologies INC | -0.1% | -80.77% | Trim |
| 21 | WFC | Wells Fargo & Co | -0.1% | -25.95% | Trim |
| 22 | CAE | Cae INC | -0.1% | -10.80% | Trim |
| 23 | CRH | CRH plc | -0.1% | -29.13% | Trim |
| 24 | BNS | Bank Of Nova Scotia | -0.1% | -10.57% | Trim |
| 25 | IBM | Intl Business Machines CORP | -0.1% | -19.26% | Trim |
| 26 | DSGX | Descartes Systems Grp/the | -0.1% | -27.42% | Trim |
| 27 | META | Meta Platforms Inc-class A | -0.2% | -0.97% | Trim |
| 28 | BX | Blackstone INC | -0.2% | -88.24% | Trim |
| 29 | BGSI | THE Boyd Group INC | -0.2% | -24.42% | Trim |
| 30 | STN | Stantec INC | -0.2% | -25.61% | Trim |
| 31 | TD | Toronto-dominion Bank | -0.2% | -5.57% | Trim |
| 32 | GIB | Cgi INC | -0.2% | -7.13% | Trim |
| 33 | BLK | Blackrock INC | -0.2% | -60.00% | Trim |
| 34 | BSX | Boston Scientific CORP | -0.2% | -53.58% | Trim |
| 35 | A | Agilent Technologies INC | -0.2% | -92.09% | Trim |
| 36 | TRI4EUR | Thomson Reuters CORP | -0.2% | -26.77% | Trim |
| 37 | WCN | Waste Connections INC | -0.2% | -11.37% | Trim |
| 38 | SPGI | S&p Global INC | -0.2% | -22.39% | Trim |
| 39 | GOOGL | Alphabet Inc-cl A | -0.2% | -2.21% | Trim |
| 40 | BN | Brookfield CORP | -0.2% | -7.03% | Trim |
| 41 | JPM | Jpmorgan Chase & Co | -0.3% | -21.70% | Trim |
| 42 | ROP | Roper Technologies INC | -0.3% | -55.12% | Trim |
| 43 | AMZN | Amazon.com INC | -0.4% | -12.59% | Trim |
| 44 | RY | Royal Bank Of Canada | -0.5% | -7.31% | Trim |
| 45 | SHOP | Shopify INC - Class A | -0.5% | -0.15% | Trim |
| 46 | MSFT | Microsoft CORP | -0.9% | -8.21% | Trim |
| 47 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 48 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 49 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| 50 | GRTUF | Granite Real Estate Investme | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-18 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-07 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-05-02 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-20 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-30 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-25 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-03 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-24 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-08 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-23 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-15 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | Amendment | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-25 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-11 | Amendment | View on EDGAR |
| 2013-12-31 | 2014-02-03 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-20 | Amendment | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
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