LETKO, BROSSEAU & ASSOCIATES INC

MONTREAL, A8 · CIK 1297496 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2005 · corporation

Assets managed$18.8bn
Staff75 · 36 in investment roles
Main clients (by assets)Pension plans 32%, Private funds 26%, Companies 18%
Private funds7 · $1.8bn gross assets
Main officeMontreal, Quebec
Form ADV · 2025-12-22SEC adviser record

Legal entityLetko, Brosseau & Associés Inc. (CA)

Kindinstitutions
Others nearbyMontréal, Toronto, Calgary

As an employer

Offices in1 country
Private fundsother private 7

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Montreal, Quebec (main office)Canada	Canada	about 26
Toronto, OntarioCanada	Canada	9
Calgary, AlbertaCanada	Canada	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$6.8bn reported value +9.1% vs Q1 2026

112positions

37.6%in top 10

14 new 26 added 50 reduced 3 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	3,380,374	$293.7m4.34%	4.34%	Reduced -130.3k	-130,292 -3.7%
2	TORONTO DOMINION BK ONT COM NEW TD	TD	2,393,682	$290.9m4.30%	4.30%	Reduced -122.4k	-122,383 -4.9%
3	ALPHABET INC CAP STK CL C GOOG	GOOG	812,863	$287.2m4.24%	4.24%	Reduced -20.2k	-20,235 -2.4%
4	ROYAL BK CDA COM RY	RY	1,356,164	$280.7m4.15%	4.15%	Reduced -66.9k	-66,933 -4.7%
5	BANK MONTREAL QUE COM BMO	BMO	1,426,775	$252.1m3.73%	3.73%	Reduced -153.3k	-153,255 -9.7%
6	SUN LIFE FINANCIAL INC. COM SLF	SLF	3,144,427	$246.8m3.65%	3.65%	Reduced -120.0k	-119,981 -3.7%
7	MAGNA INTL INC COM MGA	MGA	3,728,461	$245.1m3.62%	3.62%	Reduced -220.0k	-219,987 -5.6%
8	MANULIFE FINL CORP COM MFC	MFC	5,945,857	$241.1m3.56%	3.56%	Reduced -92.6k	-92,595 -1.5%
9	ROGERS COMMUNICATIONS INC CL B RCI	RCI	6,419,707	$208.8m3.09%	3.09%	Reduced -91.9k	-91,890 -1.4%
10	OPEN TEXT CORP COM OTEX	OTEX	8,837,628	$195.5m2.89%	2.89%	Added +1.0m	+1,047,075 13.4%
11	CANADIAN IMPERIAL BANK OF CO COM CM	CM	1,475,569	$169.9m2.51%	2.51%	Reduced -90.1k	-90,063 -5.8%
12	NUTRIEN LTD COM NTR	NTR	2,661,149	$167.6m2.48%	2.48%	Reduced -95.8k	-95,761 -3.5%
13	BCE INC COM NEW BCE	BCE	7,626,060	$164.2m2.43%	2.43%	Added +61.7k	+61,732 0.8%
14	ILLUMINA INC COM ILMN	ILMN	830,293	$146.0m2.16%	2.16%	Reduced -22.6k	-22,610 -2.6%
15	BARRICK MNG CORP COM SHS B	B	3,703,017	$136.1m2.01%	2.01%	Reduced -181.5k	-181,548 -4.7%
16	CENOVUS ENERGY INC COM CVE	CVE	5,327,707	$132.1m1.95%	1.95%	Reduced -383.8k	-383,782 -6.7%
17	META PLATFORMS INC CL A META	META	223,556	$125.9m1.86%	1.86%	Added +22.9k	+22,911 11.4%
18	CANADIAN NATL RY CO COM CNI	CNI	1,027,674	$122.6m1.81%	1.81%	Reduced -23.9k	-23,931 -2.3%
19	CVS HEALTH CORP COM CVS	CVS	1,095,265	$113.3m1.67%	1.67%	Reduced -19.5k	-19,470 -1.8%
20	TELUS CORPORATION COM TU	TU	10,220,253	$108.1m1.60%	1.60%	Added +2.8m	+2,779,841 37.4%
21	CAE INC COM CAE	CAE	3,981,832	$99.7m1.47%	1.47%	Added +859.4k	+859,392 27.5%
22	PFIZER INC COM PFE	PFE	4,124,748	$99.3m1.47%	1.47%	Added +34.7k	+34,735 0.8%
23	WEST FRASER TIMBER CO LTD COM WFG	WFG	1,417,956	$96.0m1.42%	1.42%	Added +755	+755 0.1%
24	ADOBE INC COM ADBE	ADBE	459,898	$94.3m1.39%	1.39%	Added +77.4k	+77,405 20.2%
25	MICROSOFT CORP COM MSFT	MSFT	241,356	$90.0m1.33%	1.33%	Added +70.3k	+70,343 41.1%
26	STATE STR CORP COM STT	STT	525,646	$89.1m1.32%	1.32%	Reduced -18.8k	-18,810 -3.5%
27	AT&T INC COM T	T	4,174,925	$86.4m1.28%	1.28%	Added +53.2k	+53,225 1.3%
28	COMPANHIA PARANAENSE DE ENER SPONSORED ADS ELPC	ELPC	7,333,972	$85.4m1.26%	1.26%	Reduced -578.8k	-578,765 -7.3%
29	CITIGROUP INC COM NEW C	C	609,048	$85.2m1.26%	1.26%	Reduced -22.4k	-22,442 -3.5%
30	GSK PLC SPONSORED ADR GSK	GSK	1,624,668	$85.2m1.26%	1.26%	Reduced -19.9k	-19,945 -1.2%
31	COMCAST CORP NEW CL A CMCSA	CMCSA	3,460,961	$85.0m1.26%	1.26%	Added +1.2m	+1,176,005 51.5%
32	SKYWORKS SOLUTIONS INC COM SWKS	SWKS	1,234,937	$83.7m1.24%	1.24%	Added +322.2k	+322,240 35.3%
33	TOTALENERGIES SE ACT TTE	TTE	1,056,594	$82.2m1.21%	1.21%	Reduced -24.5k	-24,485 -2.3%
34	EASTMAN CHEM CO COM EMN	EMN	1,199,240	$80.3m1.19%	1.19%	Added +5.9k	+5,894 0.5%
35	SALESFORCE INC COM CRM	CRM	504,810	$79.1m1.17%	1.17%	Added +148.1k	+148,100 41.5%
36	TRUIST FINL CORP COM TFC	TFC	1,551,961	$77.3m1.14%	1.14%	Reduced -15.8k	-15,835 -1.0%
37	VERIZON COMMUNICATIONS INC COM VZ	VZ	1,726,727	$73.1m1.08%	1.08%	Added +24.5k	+24,503 1.4%
38	COMPANHIA DE SANEAMENTO BASI SPONSORED ADR SBS	SBS	12,114,373	$70.0m1.03%	1.03%	Added +371.5k	+371,528 3.2%
39	ABBVIE INC COM ABBV	ABBV	270,009	$67.9m1.00%	1.00%	Reduced -5.1k	-5,140 -1.9%
40	FEDEX CORP COM FDX	FDX	215,587	$67.5m1.00%	1.00%	Reduced -1.9k	-1,925 -0.9%
41	CIRRUS LOGIC INC COM CRUS	CRUS	442,259	$65.7m0.97%	0.97%	Reduced -7.2k	-7,245 -1.6%
42	GE HEALTHCARE TECHNOLOGIES I COMMON STOCK GEHC	GEHC	878,575	$56.2m0.83%	0.83%	New
43	BANK AMERICA CORP COM BAC	BAC	967,290	$55.1m0.81%	0.81%	Reduced -8.2k	-8,150 -0.8%
44	TECK RESOURCES LTD CL B TECK	TECK	874,729	$52.1m0.77%	0.77%	Reduced -208.0k	-208,033 -19.2%
45	MODERNA INC COM MRNA	MRNA	724,830	$50.8m0.75%	0.75%	Reduced -24.0k	-23,985 -3.2%
46	ENERFLEX LTD COM EFXT	EFXT	1,997,788	$49.0m0.72%	0.72%	Reduced -582.4k	-582,425 -22.6%
47	GILDAN ACTIVEWEAR INC COM GIL	GIL	947,100	$48.8m0.72%	0.72%	New
48	GRAPHIC PACKAGING HLDG CO COM GPK	GPK	4,453,305	$47.1m0.70%	0.70%	Added +982.7k	+982,745 28.3%
49	WELLS FARGO CO NEW COM WFC	WFC	569,169	$47.0m0.70%	0.70%	Reduced -4.7k	-4,650 -0.8%
50	RESTAURANT BRANDS INTL INC COM QSR	QSR	643,271	$46.6m0.69%	0.69%	Reduced -26.3k	-26,346 -3.9%
51	MACERICH CO COM MAC	MAC	1,841,170	$46.4m0.69%	0.69%	Reduced -40.6k	-40,575 -2.2%
52	MERCK & CO INC COM MRK	MRK	347,489	$44.7m0.66%	0.66%	Reduced -10.5k	-10,530 -2.9%
53	CEMEX SAB DE CV SPON ADR NEW CX	CX	3,593,425	$43.1m0.64%	0.64%	Reduced -250.8k	-250,825 -6.5%
54	CONOCOPHILLIPS COM COP	COP	408,904	$42.5m0.63%	0.63%	Reduced -11.7k	-11,700 -2.8%
55	EXELON CORP COM EXC	EXC	891,100	$41.5m0.61%	0.61%	New
56	UNITED PARCEL SERVICE INC CL B UPS	UPS	366,065	$39.4m0.58%	0.58%	Added +4.5k	+4,510 1.2%
57	CREDICORP LTD COM BAP	BAP	98,171	$38.2m0.57%	0.57%	Added +1.8k	+1,825 1.9%
58	COPA HOLDINGS SA CL A CPA	CPA	207,978	$32.4m0.48%	0.48%	Added +5.2k	+5,175 2.5%
59	BIOGEN INC COM BIIB	BIIB	146,562	$31.7m0.47%	0.47%	Reduced -4.3k	-4,303 -2.9%
60	INVESCO LTD SHS IVZ	IVZ	1,180,538	$31.2m0.46%	0.46%	Reduced -17.7k	-17,725 -1.5%
61	LULULEMON ATHLETICA INC COM LULU	LULU	272,068	$31.1m0.46%	0.46%	Added +88.2k	+88,225 48.0%
62	ADIENT PLC ORD SHS ADNT	ADNT	1,661,072	$30.5m0.45%	0.45%	Added +43.7k	+43,666 2.7%
63	AECOM COM ACM	ACM	390,075	$27.2m0.40%	0.40%	New
64	INTEL CORP COM INTC	INTC	193,495	$27.0m0.40%	0.40%	Reduced -1.8m	-1,834,975 -90.5%
65	WALMART INC COM WMT	WMT	195,046	$22.1m0.33%	0.33%	Reduced -4.4k	-4,380 -2.2%
66	CHEVRON CORP NEW COM CVX	CVX	129,488	$21.5m0.32%	0.32%	Reduced -2.3k	-2,272 -1.7%
67	HUDBAY MINERALS INC COM HBM	HBM	808,989	$19.1m0.28%	0.28%	Reduced -288.3k	-288,259 -26.3%
68	FEDEX FGHT HLDG CO INC COMMON STOCK FDXF	FDXF	101,572	$15.3m0.23%	0.23%	New
69	HDFC BANK LTD SPONSORED ADS HDB	HDB	520,935	$13.5m0.20%	0.20%	Added +164.7k	+164,725 46.2%
70	SMURFIT WESTROCK PLC SHS SW	SW	204,184	$9.4m0.14%	0.14%	Added +108.3k	+108,275 112.9%
71	SPRINKLR INC CL A CXM	CXM	1,161,675	$6.0m0.09%	0.09%	Reduced -84.6k	-84,600 -6.8%
72	PROFOUND MED CORP COM NEW PROF	PROF	935,725	$5.4m0.08%	0.08%	Reduced -17.4k	-17,450 -1.8%
73	SPDR SER TR S&P BIOTECH XBI	XBI	30,825	$4.9m0.07%	0.07%	Reduced -2.0k	-2,000 -6.1%
74	ICICI BANK LIMITED ADR IBN	IBN	100,402	$2.9m0.04%	0.04%	Reduced -22.2k	-22,225 -18.1%
75	FRANKLIN TEMPLETON ETF TR FRANKLIN INDIA FLIN	FLIN	61,500	$2.2m0.03%	0.03%	Added +29.2k	+29,225 90.5%
76	SCHWAB CHARLES CORP COM SCHW	SCHW	17,771	$1.6m0.02%	0.02%	Unchanged
77	ING GROEP N.V. SPONSORED ADR ING	ING	46,624	$1.5m0.02%	0.02%	Reduced -650	-650 -1.4%
78	PEMBINA PIPELINE CORP COM PBA	PBA	23,325	$1.1m0.02%	0.02%	Reduced -3.3k	-3,275 -12.3%
79	FREEPORT-MCMORAN INC CL B FCX	FCX	9,625	$605.3k0.01%	0.01%	Unchanged
80	PALVELLA THERAPEUTICS INC NE COM PVLA	PVLA	3,500	$534.9k0.01%	0.01%	Unchanged
81	VALE S A SPONSORED ADS VALE	VALE	33,650	$506.1k0.01%	0.01%	Reduced -3.0k	-3,000 -8.2%
82	NXP SEMICONDUCTORS N V COM NXPI	NXPI	1,775	$498.8k0.01%	0.01%	Unchanged
83	ENLIVEN THERAPEUTICS INC COM ELVN	ELVN	9,600	$487.2k0.01%	0.01%	Unchanged
84	FORTIS INC COM FTS	FTS	7,900	$452.4k0.01%	0.01%	Unchanged
85	SUNCOR ENERGY INC NEW COM SU	SU	8,400	$451.8k0.01%	0.01%	Reduced -260.8k	-260,762 -96.9%
86	EMERA INC COM EMA	EMA	8,485	$449.9k0.01%	0.01%	Unchanged
87	MEIRAGTX HLDGS PLC COM MGTX	MGTX	32,000	$432.3k0.01%	0.01%	Unchanged
88	GH RESEARCH PLC ORDINARY SHARES GHRS	GHRS	15,425	$414.6k0.01%	0.01%	New
89	ERO COPPER CORP COM ERO	ERO	14,700	$392.4k0.01%	0.01%	Unchanged
90	ALBEMARLE CORP COM ALB	ALB	2,475	$334.2k0.00%	0.00%	Unchanged
91	BICARA THERAPEUTICS INC COM BCAX	BCAX	11,175	$331.8k0.00%	0.00%	Unchanged
92	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	9,475	$321.1k0.00%	0.00%	Reduced -2.3k	-2,300 -19.5%
93	ARS PHARMACEUTICALS INC COM SPRY	SPRY	40,050	$320.8k0.00%	0.00%	Added +15.3k	+15,350 62.1%
94	CABALETTA BIO INC COM CABA	CABA	90,475	$281.4k0.00%	0.00%	Unchanged
95	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	12,450	$272.2k0.00%	0.00%	New
96	AMRIZE LTD SHS AMRZ	AMRZ	4,941	$262.3k0.00%	0.00%	Unchanged
97	AMAZON COM INC COM AMZN	AMZN	1,100	$262.2k0.00%	0.00%	New
98	CANDEL THERAPEUTICS INC COM CADL	CADL	25,050	$258.0k0.00%	0.00%	New
99	KIMBERLY-CLARK CORP COM KMB	KMB	2,240	$245.9k0.00%	0.00%	Unchanged
100	LIQUIDIA CORPORATION COM NEW LQDA	LQDA	2,900	$231.2k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ALPHABET INC GOOGL	GOOGL	1,092	$314.0k1.1k shares
REPLIMUNE GROUP INC REPL	REPL	10,800	$82.6k10.8k shares
GOSSAMER BIO INC GOSS	GOSS	39,400	$12.9k39.4k shares