Style
CoreTurnover
Orientation
Diversified activeBank of Montreal’s investment approach demonstrates a high-conviction, value-oriented core-satellite strategy with a strong home-market tilt, as its top three holdings are Canadian banks representing 8.9% of the portfolio. The portfolio is heavily concentrated in Financial Services at 20.1% and Technology at 17.3%, with significant individual positions in Royal Bank of Canada (3.7%) and NVIDIA (3.6%), while the top 15 holdings account for roughly 30% of assets. The inclusion of Burford Capital at 2.6% and a 19.5% “Unclassified” allocation suggest the manager employs alternative or opportunistic investments outside standard sector buckets. The moderate diversification across Communication Services (8.1%) and Energy (7.9%) reflects a balanced risk approach, yet the substantial weighting in financials and tech reveals a conviction in stable income from domestic banks paired with growth exposure through mega-cap U.S. equities.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Royal BK CDA(RY) | 60,568,915 | $12.5B | 4.13% |
| 2 | Nvidia Corporation(NVDA) | 50,415,330 | $10.1B | 3.32% |
| 3 | Apple Inc(AAPL) | 26,736,492 | $7.7B | 2.55% |
| 4 | Toronto Dominion BK ONT(TD) | 62,731,681 | $7.6B | 2.51% |
Latest filing, equity positions only
| 5 |
| Alphabet Inc(GOOGL) |
| 19,231,162 |
| $6.9B |
| 2.26% |
| 6 | Amazon COM Inc(AMZN) | 23,358,338 | $5.6B | 1.83% |
| 7 | Microsoft Corp(MSFT) | 14,621,788 | $5.5B | 1.80% |
| 8 | Bank Montreal Medium(BMO) | 28,128,121 | $5.0B | 1.64% |
| 9 | Burford Capital Limited(BUR) | 5,240,892 | $4.9B | 1.62% |
| 10 | Canadian Imperial Bank of Co(CM) | 42,547,730 | $4.9B | 1.61% |
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 17.34% | 20.3% | +2.96% |
| Energy | 7.88% | 6.4% | -1.48% |
| Basic Materials | 4.67% | 3.89% | -0.78% |
| Financial Services | 20.81% | 21.57% | +0.76% |
| Communication Services | 8.14% | 7.62% | -0.52% |
| Unclassified | 17.83% | 17.44% | -0.39% |
| Industrials | 6.67% | 6.33% | -0.34% |
| Consumer Defensive | 2.89% | 2.69% | -0.2% |
| Consumer Cyclical | 6% | 5.83% | -0.17% |
| Healthcare | 4.33% | 4.47% | +0.14% |
| Real Estate | 0.87% | 0.93% | +0.06% |
| Utilities | 2.58% | 2.55% | -0.03% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Large Cap | 42.66% | 41.53% | -1.13% |
| Mega Cap | 35.65% | 37.29% | +1.64% |
| Unclassified | 17.83% | 17.44% | -0.39% |
| Mid Cap | 3.48% | 3.33% | -0.15% |
| Small Cap | 0.37% | 0.4% | +0.03% |
| Micro Cap | 0.01% | 0.01% | 0% |
Quarter-over-quarter position changes