Style
CoreTurnover
Orientation
Diversified activeNational Bank of Canada’s active, conviction-driven approach is reflected in a concentrated portfolio where the top 15 holdings represent 38.7% of assets, led by NVIDIA at 6.2%, with total AUM growing from $94.4B in Q4 2024 to $111.5B in Q1 2026. The fund demonstrates a pronounced technology tilt at 31.3% of sector allocation, anchored by mega-cap names like Apple, Microsoft, and Alphabet, while maintaining a 17.0% weighting in Financial Services through domestic banks such as Royal Bank of Canada and Toronto Dominion. This composition reveals a strategy built on high-conviction bets in core growth drivers, with significant exposure to semiconductor and platform leaders alongside a stabilizing Canadian banking core, signaling a disciplined long-term orientation.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Nvidia Corporation(NVDA) | 38,799,597 | $7.8B | 5.55% |
| 2 | Microsoft Corp(MSFT) | 11,471,101 | $4.3B | 3.06% |
| 3 | Alphabet Inc(GOOGL) | 11,397,542 | $4.1B | 2.91% |
| 4 | Micron Technology Inc(MU) | 3,246,052 | $3.7B | 2.68% |
Latest filing, equity positions only
| 5 |
| Apple Inc(AAPL) |
| 12,865,989 |
| $3.7B |
| 2.66% |
| 6 | Royal BK CDA(RY) | 16,356,045 | $3.4B | 2.42% |
| 7 | Amazon COM Inc(AMZN) | 14,113,689 | $3.4B | 2.41% |
| 8 | Toronto Dominion BK ONT(TD) | 27,343,546 | $3.3B | 2.37% |
| 9 | Meta Platforms Inc(META) | 5,666,938 | $3.2B | 2.28% |
| 10 | Broadcom Inc(AVGO) | 7,277,531 | $2.7B | 1.97% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 31.27% | 33.55% | +2.28% |
| Healthcare | 6.2% | 5.28% | -0.92% |
| Consumer Defensive | 3.58% | 2.82% | -0.76% |
| Basic Materials | 3.72% | 2.97% | -0.75% |
| Communication Services | 10.42% | 11.09% | +0.67% |
| Financial Services | 17.67% | 18.27% | +0.6% |
| Industrials | 6.54% | 6.09% | -0.45% |
| Energy | 5.42% | 5.06% | -0.36% |
| Unclassified | 4.63% | 4.43% | -0.2% |
| Utilities | 1.71% | 1.59% | -0.12% |
| Real Estate | 0.76% | 0.77% | +0.01% |
| Consumer Cyclical | 8.08% | 8.09% | +0.01% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Mega Cap | 50.73% | 51.78% | +1.05% |
| Large Cap | 42.72% | 42.09% | -0.63% |
| Unclassified | 4.63% | 4.43% | -0.2% |
| Mid Cap | 1.68% | 1.46% | -0.22% |
| Small Cap | 0.23% | 0.24% | +0.01% |
| Micro Cap | 0.01% | 0.01% | 0% |
Quarter-over-quarter position changes