Scheer, Rowlett & Associates Investment Management Ltd.

Scheer, Rowlett & Associates Investment Management Ltd. is an institution, managing $1.7B across 32 long positions as of Q3 2025 with 41% Financial Services concentration and 60% concentrated in top 10 holdings.

Portfolio Value: $1.7B
Positions: 32
Top Holding: RY at 11.23%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in Scheer, Rowlett & Associates Investment Management Ltd.'s portfolio (59.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Royal Bank of Canada RY	Banks - Diversified Financial Services	$188.4M	11.23%	-$5.9M Sold	0.09% 1.3M shares	≤ Q2 2013 Held for 12y 5m+
2 Toronto Dominion Bank TD	Banks - Diversified Financial Services	$156.9M	9.36%	-$12.0M Sold	0.11% 2.0M shares	≤ Q2 2013 Held for 12y 5m+
3 Brookfield BN	Asset Management Financial Services	$107.3M	6.40%	-$1.9M Sold	0.10% 1.6M shares	Q4 2022 Held for 2y 11m
4 Barnes Group B	Industrial - Machinery Industrials	$97.1M	5.79%	-$1.6M Sold	0.17% 3.0M shares	Q2 2025 Held for 5 months
5 Canadian National Railway CNI	Railroads Industrials	$83.0M	4.95%	+$7.3M Bought	0.14% 880.2K shares	≤ Q2 2013 Held for 12y 5m+
6 TC Energy TRP	Oil & Gas Midstream Energy	$80.9M	4.83%	-$8.4M Sold	0.14% 1.5M shares	Q2 2019 Held for 6y 5m
7 Bank of Montreal BMO	Banks - Diversified Financial Services	$77.4M	4.62%	-$1.7M Sold	0.08% 594.3K shares	Q1 2021 Held for 4y 8m
8 Bank of Nova Scotia BNS	Banks - Diversified Financial Services	$75.4M	4.50%	-$1.4M Sold	0.09% 1.2M shares	≤ Q2 2013 Held for 12y 5m+
9 Rogers Communications RCI	Telecommunications Services Communication Services	$67.7M	4.03%	-$1.3M Sold	0.36% 2.0M shares	≤ Q2 2013 Held for 12y 5m+
10 Cenovus Energy CVE	Oil & Gas Integrated Energy	$66.9M	3.99%	-$882.0K Sold	0.22% 3.9M shares	≤ Q2 2013 Held for 12y 5m+

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Scheer, Rowlett & Associates Investment Management Ltd.'s latest filing

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Market Value

$1.7B

Prior: $1.5B

Q/Q Change

+8.58%

+$132.5M

Net Flows % of MV

-1.7%

Turnover Ratio

6.71%

New Purchases

3 stocks

$53.3M

Added To

7 stocks

+$36.1M

Sold Out Of

3 stocks

$48.6M

Reduced Holdings

21 stocks

-$69.4M

Increased Positions

Position	Shares Δ	Change
1 Franco-Nevada FNV	New	0 → 144.4K +$32.1M
2 TFI International TFII	New	0 → 165.5K +$14.6M
3 IAMGold IAG	New	0 → 513.5K +$6.6M
4 Agnico Eagle Mines AEM	+91.82%	4.6K → 8.9K +$718.4K
5 Teck Resources TECK	+80.71%	183.8K → 332.2K +$6.5M

Decreased Positions

Position	Shares Δ	Change
1 Newmont NEM	Sold	401.8K → 0 −$23.4M
2 TELUS International (Cda) Inc. TIXT	Sold	3.7M → 0 −$13.4M
3 Canada Goose GOOS	Sold	1.0M → 0 −$11.7M
4 Magna International MGA	-21.2%	1.0M → 795.7K −$10.1M
5 CGI GIB	-11.69%	517.1K → 456.7K −$5.4M