Beutel, Goodman & Co Ltd.

Long Only Manager

Beutel, Goodman & Co Ltd. is a Long Only Manager led by Young A Jeffrey, reporting $36.3B in AUM as of Q3 2025 with 30% Financial Services concentration.

Managing PartnerYoung A Jeffrey

Portfolio Value: $16.6B
Positions: 162
Top Holding: TD at 6.15%
Last Reported: Q3 2025

Address20 Eglinton Avenue West, Suite 2000, Toronto, Ont., M4R 1K8, Canada

Top Holdings

Largest long holdings in Beutel, Goodman & Co Ltd.'s portfolio (31.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Toronto Dominion Bank TD	Banks - Diversified Financial Services	$1.0B	6.15%	-$160.4M Sold	0.75% 12.7M shares	≤ Q2 2013 Held for 12y 5m+
2 Bank of Montreal BMO	Banks - Diversified Financial Services	$701.8M	4.24%	-$49.5M Sold	0.75% 5.4M shares	Q4 2017 Held for 7y 11m
3 Royal Bank of Canada RY	Banks - Diversified Financial Services	$619.8M	3.74%	-$349.2M Sold	0.30% 4.2M shares	≤ Q2 2013 Held for 12y 5m+
4 Medtronic MDT	Medical - Devices Healthcare	$453.8M	2.74%	-$13.5M Sold	0.37% 4.8M shares	Q4 2024 Held for 11 months
5 Qualcomm QCOM	Semiconductors Technology	$442.0M	2.67%	-$19.6M Sold	0.25% 2.7M shares	Q3 2022 Held for 3y 2m
6 NetApp NTAP	Computer Hardware Technology	$415.9M	2.51%	-$4.0M Sold	1.76% 3.5M shares	Q3 2021 Held for 4y 2m
7 Chubb CB	Insurance - Property & Casualty Financial Services	$409.9M	2.47%	+$31.8M Bought	0.36% 1.5M shares	Q3 2024 Held for 1y 2m
8 Amgen AMGN	Drug Manufacturers - General Healthcare	$408.3M	2.46%	+$2.9M Bought	0.27% 1.4M shares	Q2 2018 Held for 7y 5m
9 American Express AXP	Financial - Credit Services Financial Services	$407.6M	2.46%	-$66.6M Sold	0.18% 1.2M shares	Q3 2016 Held for 9y 2m
10 Merck & Co. MRK	Drug Manufacturers - General Healthcare	$407.3M	2.46%	-$21.1M Sold	0.19% 4.9M shares	Q4 2017 Held for 7y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Beutel, Goodman & Co Ltd.'s latest filing

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Market Value

$16.6B

Prior: $17.5B

Q/Q Change

-5.47%

-$958.2M

Net Flows % of MV

-10.15%

Turnover Ratio

7.24%

New Purchases

6 stocks

$248.1M

Added To

12 stocks

+$110.0M

Sold Out Of

7 stocks

$8.2M

Reduced Holdings

90 stocks

-$2.0B

Increased Positions

Position	Shares Δ	Change
1 Applied Materials AMAT	New	0 → 1.1M +$222.9M
2 Eupraxia Pharmaceuticals EPRX	New	0 → 4.1M +$23.9M
3 Altria Group MO	New	0 → 18.0K +$1.2M
4 iShares Select Dividend DVY	New	0 → 195.0 +$27.7K
5 IYH iShares U.S. Healthcare IYH	New	0 → 460.0 +$27.0K

Decreased Positions

Position	Shares Δ	Change
1 TELUS International (Cda) Inc. TIXT	Sold	2.0M → 0 −$7.4M
2 Berkshire Hathaway BRK.A	Sold	1.0 → 0 −$728.8K
3 Coca-Cola KO	Sold	600.0 → 0 −$42.5K
4 DuPont de Nemours, Inc. DD	Sold	500.0 → 0 −$34.3K
5 Energy Transfer ET	Sold	1.5K → 0 −$27.2K