Bank Of Montreal Can 13F Portfolio

The biggest adds are not lottery tickets; they are scalable platforms the team is willing to pay up for. Broadcom, Eli Lilly, and a suite of broad ETFs are where conviction is clearly rising.

• Broadcom (AVGO) was lifted by +18.8%, adding about $701.6M and pushing the stake to 1.61% of the book. This is a textbook upgrade of AI infrastructure from trade to core: they are trimming Nvidia and Micron but doubling down on the diversified chip and networking supplier that monetizes AI demand across customers.
• Invesco QQQ (QQQ) jumped +61.9% in shares, with roughly $676.8M added, while SPDR S&P 500 (SPY) absorbed another $360.3M. Together with a +26.8% ramp in iShares Russell 2000 (IWM), this is a clear bet that the next leg of US equity gains will be broader than the current AI leaders.
• On the energy and inflation hedge side, Enbridge (ENB) and Suncor (SU) saw sizable adds of about $232.0M and $328.3M, respectively. In parallel, AEM, Barrick (B), Franco-Nevada (FNV) and the Vaneck gold-miners ETF (GDX) were all increased, building a coherent hard-asset sleeve.
• Eli Lilly (LLY) was boosted +14.4%, with an extra $260.7M deployed despite the stock already up nearly 186.5% versus cost. That move reads as a structural GLP-1 and innovation franchise bet, not a trade.

Rounding out the growth side, Netflix (NFLX), Tesla (TSLA), Shopify (SHOP), Canadian rails CNI and CP, and consumer staples-like Costco (COST) and Walmart (WMT) all had their positions nudged higher. The pattern is consistent: scale platforms with durable competitive positions get more capital; narrower or more cyclical stories do not.

If the buys tell you where they want exposure, the sells show what they’re tired of underwriting. Burford Capital (BUR), TD, TC Energy (TRP), and some high-octane AI names were the major funding sources.

• Burford was slashed by -28.9%, freeing roughly $2.0B, even though it remains a top position at 1.78%. With the stake deeply underwater at about -64.8% versus cost, this reads like a belated risk-control move on a thesis that has not played out, rather than a valuation call.
• TD and Bank of Nova Scotia (BNS) were cut by -16.7% and -7.4%, together releasing more than $1.9B in estimated value. At the same time, Bank of Montreal and CIBC were gently increased, suggesting a relative-quality reshuffle within Canadian financials rather than a wholesale sector exit.
• TC Energy was hammered, down -31.4% in shares and roughly $1.13B in value, while Enbridge went the other way. That is a clear statement on which midstream balance sheet and project mix they prefer.
• In the AI complex, Nvidia (-9.6%), Micron (-25.1%), AMD (-3.2%), and CrowdStrike (-6.3%) were all trimmed. With Nvidia and Micron up roughly 298.1% and 783.5% against cost, these look like disciplined profit-takes and volatility control, not a repudiation of the theme.

Elsewhere, Visa was cut -17.5% despite solid gains, and Morgan Stanley, IEFA, IVV, and modest slices of Meta and Amazon also provided cash. The thread is consistent: reduce idiosyncratic or crowded single-name risk on strong runs, recycle proceeds into diversified beta, durable compounding platforms, and real assets.

At the sector level, the book edged away from domestic financial concentration and toward a barbell of growth tech and macro hedges. Technology held roughly steady at 32.04%, but the composition changed, while Finance slid from 31.49% to 29.81%.

Within tech, the fund trimmed several AI darlings while reallocating to Broadcom and to index vehicles like QQQ that still heavily overweight the same secular growers. That keeps tech near one-third of the book but with less single-name blow-up risk.

Finance lost weight as TD, BNS, Burford, Morgan Stanley, and Bank of America were cut, partially offset by adds to BMO, CIBC, JPMorgan, and Brookfield. The net is a small de-risking of financials and a tilt toward higher-quality, better-capitalized franchises.

The most notable increases are outside those two pillars. Energy climbed from 4.76% to 5.30% on higher stakes in Enbridge, Canadian Natural Resources (CNQ), and Suncor, while Utilities dropped from 4.00% to 3.44% as TC Energy was pared aggressively. Basic materials — largely gold royalty and miners — rose from 2.46% to 2.74%, and Health Care crept up from 1.86% to 2.10% on Lilly and Johnson & Johnson (JNJ).

Unclassified exposure (ETFs and Berkshire) moved from 10.04% to 10.89%, powered by QQQ, IWM, SPY, and GDX. That shift formalizes what the single-name trades already implied: this is becoming a more explicitly macro book, with sector and factor calls expressed increasingly through liquid vehicles.

Taken together, 2026-Q2 looks like a deliberate move from pure bottom-up stock picking toward macro-aware factor and theme allocation. The manager is locking in outsized gains from AI and Canadian banks and redeploying into broad US equity beta, small caps, hard assets, and a handful of secular compounders.

The barbell is clear: on one side, platform growth in chips, cloud, ecommerce, rails, and GLP-1s; on the other, pipelines, oil sands, and gold as insurance against stickier inflation and rate volatility. The growing use of QQQ, SPY, IWM, and GDX also gives them the ability to dial risk up or down without blowing up single-name exposures.

The trims to Burford, TD, BNS, TRP, and some of the most extended AI names suggest a manager that still likes the underlying themes but is no longer willing to tolerate binary or balance-sheet risk. Instead, they appear to be concentrating active risk in businesses with proven pricing power and network effects, while outsourcing much of the rest to indices.

If that continues, expect incremental capital to favor scalable infrastructure around AI (like Broadcom), durable health-care innovators (like Lilly), and real-asset and gold exposure, with financials and utilities serving more as yield ballast than growth engines. The portfolio’s recent performance — a 13.44% Q2 and a 24.39% annualized 3-year track on this 13F slice — suggests this blend of selective stock picking and macro overlays is working well enough that they have little incentive to change course quickly.