13F
中
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LETKO, BROSSEAU & ASSOCIATES INC

13F equity value
$6.2B
Positions
101
Top 10 concentration
36.2%
Quarters / total new picks
29 / 88
13F equity value over time
$0M$6B$11B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned +3.3% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 44.8% of quarters (excess t = -0.18, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.7%
t-stat
-0.18
Quarterly win rate
45%
Annualized excess
-5.8%
$1 → follow vs universe
$1.55 vs $2.28
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190930: universe 1.04820200331: universe 1.26420200630: universe 1.39620200930: universe 1.71220201231: universe 1.79020210331: universe 1.80620210630: universe 1.95120210930: universe 1.75120211231: universe 1.49020220331: universe 1.60020220630: universe 1.48220220930: universe 1.59220221231: universe 1.47920230630: universe 1.42620230930: universe 1.61820231231: universe 1.69120240331: universe 1.72920240630: universe 1.88620240930: universe 1.87020241231: universe 1.74520250331: universe 1.90220250630: universe 1.96220250930: universe 2.20620251231: universe 2.282 20180331: follow 1.16720180630: follow 0.97820180930: follow 1.06820181231: follow 1.08620190331: follow 1.06420190930: follow 1.10220200331: follow 1.24520200630: follow 1.73220200930: follow 1.66120201231: follow 1.97820210331: follow 1.47720210630: follow 1.72820210930: follow 1.54720211231: follow 1.31520220331: follow 1.25420220630: follow 1.35220220930: follow 1.38920221231: follow 1.52120230630: follow 1.32420230930: follow 1.67420231231: follow 2.51820240331: follow 2.46520240630: follow 2.79420240930: follow 2.03520241231: follow 1.29620250331: follow 1.11320250630: follow 1.29620250930: follow 1.39120251231: follow 1.549 0.88 1.95 3.02 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 101 · 2026 Q1

Ticker Value Weight QoQ
RCI $250M
4.0%
HOLD
BNS $243M
3.9%
TRIM
GOOG $239M
3.9%
HOLD
TD $234M
3.8%
TRIM
RY $229M
3.7%
TRIM
MGA $220M
3.5%
TRIM
BMO $213M
3.4%
TRIM
NTR $207M
3.3%
TRIM
MFC $207M
3.3%
HOLD
SLF $204M
3.3%
HOLD
BCE $190M
3.1%
ADD
OTEX $173M
2.8%
ADD
B $158M
2.5%
TRIM
CVE $151M
2.4%
TRIM
CM $148M
2.4%
TRIM
T $119M
1.9%
HOLD
PFE $115M
1.8%
ADD
META $115M
1.8%
HOLD
CNI $108M
1.7%
ADD
ILMN $105M
1.7%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

ELVNKMB

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.