Beutel, Goodman & Co Ltd.

TORONTO, A6 · CIK 1361974 · 13F filing filed 2026-08-12

SEC-registered investment adviser since 2005 · corporation

Assets managed$36.1bn
Staff128 · 41 in investment roles
Main clients (by assets)Pension plans 33%, Companies 19%, Other advisers 16%
Main officeToronto, Ont.
Websitebeutelgoodman.com
Form ADV · 2026-03-30SEC adviser record

Legal entityBEUTEL, GOODMAN & COMPANY LTD. (CA)

$13.6bn reported value -7.9% vs Q1 2026

163positions

29.7%in top 10

5 new 14 added 96 reduced 12 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	TORONTO DOMINION BK ONT COM NEW TD	TD	6,420,709	$780.4m5.74%	5.74%	Reduced -963.0k	-962,983 -13.0%
2	BANK MONTREAL QUE COM BMO	BMO	2,695,594	$476.3m3.50%	3.50%	Reduced -406.3k	-406,274 -13.1%
3	ROYAL BK CDA COM RY	RY	2,180,246	$451.3m3.32%	3.32%	Reduced -1.4m	-1,425,585 -39.5%
4	PPG INDS INC COM PPG	PPG	3,227,294	$391.4m2.88%	2.88%	Reduced -484.8k	-484,823 -13.1%
5	EBAY INC. COM EBAY	EBAY	3,366,801	$376.2m2.77%	2.77%	Reduced -910.4k	-910,426 -21.3%
6	CHUBB LIMITED COM CB	CB	957,066	$326.1m2.40%	2.40%	Reduced -200.0k	-199,958 -17.3%
7	RESTAURANT BRANDS INTL INC COM QSR	QSR	4,424,521	$320.8m2.36%	2.36%	Reduced -673.9k	-673,889 -13.2%
8	CANADIAN PACIFIC KANSAS CITY COM CP	CP	3,556,364	$308.2m2.27%	2.27%	Reduced -555.4k	-555,357 -13.5%
9	MEDTRONIC PLC SHS MDT	MDT	3,922,276	$306.8m2.26%	2.26%	Reduced -546.9k	-546,898 -12.2%
10	MASCO CORP COM MAS	MAS	3,711,884	$302.0m2.22%	2.22%	Added +545.4k	+545,443 17.2%
11	NETAPP INC COM NTAP	NTAP	1,925,379	$298.0m2.19%	2.19%	Reduced -1.7m	-1,717,086 -47.1%
12	UNION PAC CORP COM UNP	UNP	1,052,679	$286.3m2.11%	2.11%	Reduced -13.3k	-13,330 -1.2%
13	CANADIAN NAT RES LTD COM CNQ	CNQ	6,894,705	$272.7m2.01%	2.01%	Added +2.9m	+2,883,173 71.9%
14	ROYAL CARIBBEAN GROUP COM RCL	RCL	850,102	$269.9m1.99%	1.99%	New
15	ROGERS COMMUNICATIONS INC CL B RCI	RCI	8,202,734	$266.8m1.96%	1.96%	Reduced -1.3m	-1,288,298 -13.6%
16	MERCK & CO INC COM MRK	MRK	2,073,206	$266.4m1.96%	1.96%	Reduced -956.7k	-956,685 -31.6%
17	SUNCOR ENERGY INC NEW COM SU	SU	4,947,844	$266.1m1.96%	1.96%	Added +861.3k	+861,282 21.1%
18	BROOKFIELD CORP CL A LTD VT SH BN	BN	6,186,707	$263.9m1.94%	1.94%	Added +2.2m	+2,208,773 55.5%
19	MARSH & MCLENNAN COS INC COM MRSH	MRSH	1,573,890	$262.3m1.93%	1.93%	Added +794.1k	+794,120 101.8%
20	AMERIPRISE FINL INC COM AMP	AMP	555,992	$255.1m1.88%	1.88%	Reduced -103.6k	-103,570 -15.7%
21	BECTON DICKINSON & CO COM BDX	BDX	1,684,640	$254.9m1.88%	1.88%	Added +721.4k	+721,441 74.9%
22	CANADIAN NATL RY CO COM CNI	CNI	2,105,136	$251.1m1.85%	1.85%	Reduced -310.6k	-310,554 -12.9%
23	FLOWSERVE CORP COM FLS	FLS	3,311,766	$245.6m1.81%	1.81%	Added +1.3m	+1,304,241 65.0%
24	MANULIFE FINL CORP COM MFC	MFC	5,907,934	$239.5m1.76%	1.76%	Reduced -4.2m	-4,209,868 -41.6%
25	AMDOCS LTD SHS DOX	DOX	4,614,159	$233.2m1.72%	1.72%	Reduced -670.0k	-670,036 -12.7%
26	WABTEC COM WAB	WAB	846,411	$228.2m1.68%	1.68%	Reduced -802.5k	-802,533 -48.7%
27	OMNICOM GROUP INC COM OMC	OMC	3,091,223	$225.1m1.66%	1.66%	Reduced -1.0m	-1,037,243 -25.1%
28	ELEVANCE HEALTH INC COM ELV	ELV	578,463	$223.7m1.65%	1.65%	Reduced -308.3k	-308,261 -34.8%
29	GFL ENVIRONMENTAL INC SUB VTG SHS GFL	GFL	5,720,668	$210.3m1.55%	1.55%	Reduced -916.8k	-916,830 -13.8%
30	CGI INC CL A SUB VTG GIB	GIB	3,226,849	$208.5m1.53%	1.53%	Reduced -504.4k	-504,424 -13.5%
31	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	4,579,477	$205.4m1.51%	1.51%	Reduced -609.6k	-609,636 -11.8%
32	NUTRIEN LTD COM NTR	NTR	3,207,250	$202.0m1.49%	1.49%	Reduced -494.0k	-493,975 -13.3%
33	FORTIS INC COM FTS	FTS	3,470,773	$198.8m1.46%	1.46%	Reduced -501.3k	-501,261 -12.6%
34	AMERICAN EXPRESS CO COM AXP	AXP	573,168	$193.9m1.43%	1.43%	Reduced -91.4k	-91,354 -13.8%
35	QUALCOMM INC COM QCOM	QCOM	1,036,274	$191.5m1.41%	1.41%	Reduced -1.4m	-1,372,009 -57.0%
36	AMGEN INC COM AMGN	AMGN	520,577	$188.5m1.39%	1.39%	Reduced -128.7k	-128,742 -19.8%
37	RB GLOBAL INC COM RBA	RBA	1,491,437	$173.6m1.28%	1.28%	Reduced -233.4k	-233,369 -13.5%
38	FRANCO NEV CORP COM FNV	FNV	813,030	$169.6m1.25%	1.25%	Added +211.7k	+211,722 35.2%
39	APPLIED MATLS INC COM AMAT	AMAT	231,052	$167.1m1.23%	1.23%	Reduced -213.7k	-213,714 -48.0%
40	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	1,777,779	$166.8m1.23%	1.23%	Reduced -254.6k	-254,649 -12.5%
41	WELLS FARGO CO NEW COM WFC	WFC	1,941,758	$160.5m1.18%	1.18%	Reduced -106.3k	-106,257 -5.2%
42	GILDAN ACTIVEWEAR INC COM GIL	GIL	2,945,188	$151.8m1.12%	1.12%	Reduced -473.0k	-472,966 -13.8%
43	TC ENERGY CORP COM TRP	TRP	2,288,376	$151.5m1.11%	1.11%	Reduced -1.5m	-1,489,913 -39.4%
44	AUTOZONE INC COM AZO	AZO	47,043	$150.3m1.11%	1.11%	New
45	CENCORA INC COM COR	COR	509,678	$144.2m1.06%	1.06%	Added +319.3k	+319,266 167.7%
46	KIMBERLY-CLARK CORP COM KMB	KMB	1,303,647	$143.1m1.05%	1.05%	Reduced -538.2k	-538,219 -29.2%
47	GEN DIGITAL INC COM GEN	GEN	5,745,414	$143.0m1.05%	1.05%	Reduced -4.6m	-4,641,980 -44.7%
48	BOYD GROUP SERVICES INC COM BGSI	BGSI	1,491,881	$141.2m1.04%	1.04%	Reduced -231.5k	-231,542 -13.4%
49	ATS CORPORATION COM ATS	ATS	4,796,922	$138.2m1.02%	1.02%	Reduced -657.8k	-657,827 -12.1%
50	SUN LIFE FINANCIAL INC. COM SLF	SLF	1,743,457	$136.8m1.01%	1.01%	Reduced -1.2m	-1,163,635 -40.0%
51	CAE INC COM CAE	CAE	5,417,594	$135.6m1.00%	1.00%	Reduced -810.9k	-810,893 -13.0%
52	SEI INVTS CO COM SEIC	SEIC	1,494,684	$131.1m0.96%	0.96%	Reduced -278.5k	-278,470 -15.7%
53	BLACKROCK INC COM BLK	BLK	126,149	$121.3m0.89%	0.89%	Reduced -17.3k	-17,336 -12.1%
54	CUMMINS INC COM CMI	CMI	162,137	$115.6m0.85%	0.85%	Reduced -161.5k	-161,515 -49.9%
55	COMCAST CORP NEW CL A CMCSA	CMCSA	4,194,096	$103.0m0.76%	0.76%	Reduced -5.3m	-5,341,262 -56.0%
56	SYSCO CORP COM SYY	SYY	946,382	$79.1m0.58%	0.58%	Reduced -860.9k	-860,855 -47.6%
57	CARLYLE GROUP INC COM CG	CG	1,270,059	$53.5m0.39%	0.39%	Reduced -248.9k	-248,933 -16.4%
58	ALAMOS GOLD INC NEW COM CL A AGI	AGI	1,510,235	$45.8m0.34%	0.34%	Reduced -15.1k	-15,116 -1.0%
59	MDA SPACE LTD COM MDA	MDA	880,713	$36.4m0.27%	0.27%	Reduced -1.0m	-1,049,978 -54.4%
60	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	1,181,147	$35.4m0.26%	0.26%	Reduced -12.5k	-12,529 -1.1%
61	DOCEBO INC COM DCBO	DCBO	1,545,997	$27.6m0.20%	0.20%	Reduced -15.8k	-15,784 -1.0%
62	SPDR SERIES TRUST PRTFLO S&P500 GW SPYG	SPYG	227,125	$27.0m0.20%	0.20%	Reduced -34.5k	-34,533 -13.2%
63	BROOKFIELD BUSINESS CORP CL A SUB VTG SH BBUC	BBUC	898,787	$26.8m0.20%	0.20%	Reduced -9.7k	-9,738 -1.1%
64	EUPRAXIA PHARMACEUTICALS INC COM EPRX	EPRX	3,627,864	$23.8m0.18%	0.18%	Reduced -38.6k	-38,601 -1.1%
65	CANADIAN IMPERIAL BANK OF CO COM CM	CM	194,002	$22.3m0.16%	0.16%	Reduced -3.2k	-3,190 -1.6%
66	EMERA INC COM EMA	EMA	267,668	$14.2m0.10%	0.10%	Reduced -8.3k	-8,295 -3.0%
67	MAGNUM ICE CREAM CO NV ORD SHS MICC	MICC	794,297	$13.8m0.10%	0.10%	Reduced -185.5k	-185,518 -18.9%
68	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	154,626	$13.4m0.10%	0.10%	Reduced -3.8k	-3,750 -2.4%
69	APPLE INC COM AAPL	AAPL	40,549	$11.7m0.09%	0.09%	Reduced -1.1k	-1,053 -2.5%
70	BROOKFIELD RENEWABLE PARTNER PARTNERSHIP UNIT BEP	BEP	336,133	$11.7m0.09%	0.09%	Reduced -8.2k	-8,162 -2.4%
71	DENISON MINES CORP COM DNN	DNN	3,697,952	$11.3m0.08%	0.08%	Reduced -39.6k	-39,563 -1.1%
72	MICROSOFT CORP COM MSFT	MSFT	29,057	$10.8m0.08%	0.08%	Reduced -495	-495 -1.7%
73	PEMBINA PIPELINE CORP COM PBA	PBA	216,311	$10.0m0.07%	0.07%	Reduced -6.9k	-6,925 -3.1%
74	JPMORGAN CHASE & CO COM JPM	JPM	29,568	$9.7m0.07%	0.07%	Reduced -1.8k	-1,832 -5.8%
75	JOHNSON & JOHNSON COM JNJ	JNJ	36,671	$9.3m0.07%	0.07%	Reduced -1.5k	-1,475 -3.9%
76	JOHNSON CTLS INTL PLC SHS JCI	JCI	62,395	$9.1m0.07%	0.07%	Reduced -4.9k	-4,925 -7.3%
77	AGNICO EAGLE MINES LTD COM AEM	AEM	39,187	$6.1m0.04%	0.04%	Unchanged
78	CISCO SYS INC COM CSCO	CSCO	45,100	$5.3m0.04%	0.04%	Reduced -56.4k	-56,360 -55.5%
79	ALPHABET INC CAP STK CL C GOOG	GOOG	14,627	$5.2m0.04%	0.04%	Reduced -575	-575 -3.8%
80	THOMSON REUTERS CORP COM TRI	TRI	58,067	$4.7m0.03%	0.03%	New
81	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	8,955	$4.3m0.03%	0.03%	Reduced -1.1k	-1,110 -11.0%
82	EATON CORP PLC SHS ETN	ETN	8,053	$3.4m0.03%	0.03%	Reduced -350	-350 -4.2%
83	ENBRIDGE INC COM ENB	ENB	60,266	$3.3m0.02%	0.02%	Reduced -2.0k	-2,001 -3.2%
84	ISHARES TR MSCI EAFE ETF EFA	EFA	31,277	$3.2m0.02%	0.02%	Reduced -6.5k	-6,517 -17.2%
85	PEPSICO INC COM PEP	PEP	22,739	$3.1m0.02%	0.02%	Reduced -566	-566 -2.4%
86	NOVARTIS AG SPONSORED ADR NVS	NVS	18,599	$2.9m0.02%	0.02%	Reduced -225	-225 -1.2%
87	3M CO COM MMM	MMM	17,260	$2.8m0.02%	0.02%	Reduced -585	-585 -3.3%
88	ALPHABET INC CAP STK CL A GOOGL	GOOGL	7,790	$2.8m0.02%	0.02%	Reduced -800	-800 -9.3%
89	IMPERIAL OIL LTD COM NEW IMO	IMO	23,717	$2.7m0.02%	0.02%	Reduced -5.1k	-5,118 -17.8%
90	NOVO-NORDISK A S ADR NVO	NVO	55,413	$2.7m0.02%	0.02%	Reduced -2.3k	-2,300 -4.0%
91	COSTCO WHSL CORP NEW COM COST	COST	2,745	$2.6m0.02%	0.02%	Reduced -354	-354 -11.4%
92	HONEYWELL INTL INC COM HON	HON	10,573	$2.4m0.02%	0.02%	New
93	HONEYWELL AEROSPACE INC COM HONA	HONA	10,573	$2.3m0.02%	0.02%	New
94	CENOVUS ENERGY INC COM CVE	CVE	93,731	$2.3m0.02%	0.02%	Reduced -1.8k	-1,775 -1.9%
95	ABBOTT LABS COM ABT	ABT	23,670	$2.1m0.02%	0.02%	Reduced -900	-900 -3.7%
96	DIAGEO PLC SPON ADR NEW DEO	DEO	24,060	$1.9m0.01%	0.01%	Reduced -4.8k	-4,800 -16.6%
97	PROCTER AND GAMBLE CO COM PG	PG	13,120	$1.9m0.01%	0.01%	Reduced -375	-375 -2.8%
98	TELUS CORPORATION COM TU	TU	172,271	$1.8m0.01%	0.01%	Reduced -10.1k	-10,100 -5.5%
99	WALMART INC COM WMT	WMT	15,655	$1.8m0.01%	0.01%	Reduced -1.7k	-1,738 -10.0%
100	SPROTT PHYSICAL SILVER TR TR UNIT PSLV	PSLV	92,500	$1.7m0.01%	0.01%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
OPEN TEXT CORP OTEX	OTEX	5,118,468	$113.7m5.1m shares
THOMSON REUTERS CORP		59,891	$5.4m59.9k shares
HONEYWELL INTL INC		10,802	$4.9m10.8k shares
BROOKFIELD RENEWABLE CORP BEPC	BEPC	14,073	$559.0k14.1k shares
SOLSTICE ADVANCED MATLS INC SOLS	SOLS	4,795	$365.0k4.8k shares
BROOKFIELD INFRASTRUCTURE CO BIPC	BIPC	987	$38.0k987 shares
VERSANT MEDIA GROUP INC VSNT	VSNT	837	$30.0k837 shares
MASTERCARD INCORPORATED MA	MA	25	$12.0k25 shares
WASTE CONNECTIONS INC WCN	WCN	76	$12.0k76 shares
UNITEDHEALTH GROUP INC UNH	UNH	18	$4.0k18 shares
NIKE INC NKE	NKE	1	$01 shares
SOLVENTUM CORP SOLV	SOLV	12	$012 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
EUPRAXIA PHARMACEUTICALS INC EPRX · 13G · filed 2025-11-14	EPRX	8.0%≈ $20.7m	new	13G	2025-11-14
BOYD GROUP SERVICES INC BGSI · 13G · filed 2026-02-04	BGSI	7.2%≈ $145.9m	new	13G	2026-02-04
ATS CORPORATION ATS · 13G · filed 2026-10-06	ATS	6.4%≈ $138.1m	+1.5 pts	13G	2026-10-06
DOCEBO INC DCBO · 13G · filed 2026-01-05	DCBO	5.5%≈ $28.0m	new	13G	2026-01-05