NATIONAL BANK OF CANADA /FI/
"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.
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 17 quarters, returned +3.6% per quarter — versus +2.1% per quarter from simply owning every 13F stock. It beat that baseline in only 76.5% of quarters (excess t = 1.21, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 2781 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| NVDA | $7.8B | | TRIM −3% |
| MSFT | $4.3B | | TRIM −4% |
| GOOGL | $4.1B | | ADD +6% |
| MU | $3.7B | | TRIM −25% |
| AAPL | $3.7B | | TRIM −28% |
| RY | $3.4B | | HOLD |
| AMZN | $3.4B | | ADD +20% |
| TD | $3.3B | | HOLD |
| META | $3.2B | | ADD +90% |
| AVGO | $2.7B | | ADD +21% |
| GOOG | $2.5B | | TRIM −8% |
| BMO | $1.8B | | TRIM −3% |
| TSLA | $1.7B | | TRIM −23% |
| CM | $1.6B | | ADD +5% |
| BNS | $1.4B | | TRIM −4% |
| INTC | $1.2B | | TRIM −5% |
| JPM | $1.2B | | TRIM −5% |
| SHOP | $1.1B | | TRIM −22% |
| ENB | $1.1B | | ADD +6% |
| MFC | $1.1B | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.