NATIONAL BANK OF CANADA /FI/

CIK 0000926171 · Q1 2026

13F Equity AUM

$110.7B

+1.0% QoQ

Positions

1,954

+8 QoQ

AUM Rank

#136

Top 1%

Skill Alpha (FF)

-0.7%/yr^ns

No Clear Edge

Rank #3,238 · Top 39%

vs S&P -2.5%/yr (unadj.)

Quarters Tracked

~4 years

Portfolio Concentration

Top 5: 19.5%Top 10: 29.5%Top 20: 41.8%

NVDA6.3%

AAPL4.1%

MSFT4.0%

GOOGL2.8%

RY2.4%

TD2.3%

AMZN2.2%

GOOG2.0%

TSLA1.8%

NVDA1.7%

Others (1944)70.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology30.8%

Financial Services18.6%

Communication Services9.7%

Consumer Cyclical8.5%

Healthcare6.5%

Industrials5.6%

Energy5.6%

Unclassified4.7%

Other10.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1954Median: 0.00%Avg: 0.05%

0–0.5%

1912(44.1%)

0.5–1%

24(16.0%)

1–3%

15(25.5%)

3–5%

2(8.1%)

5%+

1(6.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 1,723Unique: 231vs 20 funds

22.9%Moderate

1,954

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

28.2%

BANK OF AMERICA CORP /DE/

30.4%

29.6%

26.7%

33.8%

23.2%

GEODE CAPITAL MANAGEMENT, LLC

23%

VANGUARD CAPITAL MANAGEMENT LLC

23.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

22.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New401Increased1051Decreased1058Exited337

New Positions

AZN0.4%

+2.1M

VANECK ETF TRUST0.2%

+19K

RVMD0.1%

+1.7M

BA-PA0.1%

+8K

NOW0.1%

+14K

SALESFORCE INC0.1%

+7K

WMT0.1%

+9K

LUMENTUM HLDGS INC0.1%

+2K

GE0.1%

+4K

UBER0.1%

+14K

Increased

NVDA6.3%

+13.0M(+48%)

WBD0.3%

+6.9M(+109%)

BAC0.4%

+4.3M(+76%)

ROIV0.2%

+4.3M(+209%)

MFC0.8%

+4.2M(+19%)

AAPL4.1%

+3.7M(+26%)

SHOP1.4%

+3.4M(+36%)

BTE0.0%

+3.0M(+161%)

AMD0.8%

+2.6M(+141%)

ABEV0.0%

+2.6M(+1306%)

Decreased

CRC0.5%

-6,562,364(-35%)

BHC0.0%

-4,931,952(-93%)

CVE0.2%

-4,120,711(-32%)

BP0.1%

-3,760,479(-71%)

KVUE0.0%

-3,647,434(-72%)

UBS0.0%

-3,548,050(-99%)

CTSH0.1%

-3,336,295(-58%)

AUR0.0%

-3,100,857(-100%)

VICI0.0%

-1,891,596(-81%)

7HP0.0%

-1,845,393(-79%)

Exited

-23,627

-2,236,063

-2,078

-38,000

-2,104

-190

-2,900

-7,313

-11,800

-2,098,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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