National Bank Of Canada 13F Portfolio

Rising conviction is heavily clustered around AI enablers and software layers, plus a few big, habit-forming consumer platforms. The fund isn’t chasing new tickers; it’s scaling into names it already knows.

On the AI side, they are driving capital toward what you might call the plumbing and orchestration layer:

• Meta Platforms: position up 90.3%, a $1.51B add, signaling belief in AI-driven engagement and monetization even from near-cost levels.
• Marvell Technology: shares up 241.2% with a $707.5M add, a clear bet on network and accelerator infrastructure riding AI data center build-outs.
• Broadcom: 21.2% more shares and a $480.0M increase, reinforcing a high-margin, diversified semiconductor supplier at triple-digit gains vs cost.
• Palantir: stake lifted 74.1%, adding $407.7M; an explicit vote for data integration and AI-enabled analytics in government and enterprise.
• ServiceNow: shares up 163.5% with a $384.0M add, leaning into workflow automation as AI gets embedded in enterprise processes.
• Alphabet (GOOGL) and Amazon: adds of $232.6M and $570.8M respectively, further backing hyperscalers with both AI infrastructure and consumer platforms.

They also ramped KLA (up 989.6% in shares, +$421.8M), IBM (up 293.4% in shares, +$324.2M), Qualcomm (+167.4% shares, +$307.0M) and Western Digital (+109.2%, +$303.3M), pointing to a preference for tools, connectivity, and storage over one-way GPU beta.

Outside tech, they increased Berkshire Hathaway by 74.0% (+$439.4M), effectively buying an all-weather compounding machine as the quiet risk anchor for a very growth-heavy book.

The sales ledger is dominated by one theme: de-risking the hottest edge of the semiconductor complex and a few overstretched growth names, not abandoning technology wholesale.

The most striking moves are in high-beta chips:

• AMD: shares cut by 64.4%, freeing about $1.69B while still sitting on gains of 148.9% vs cost.
• Micron: trimmed 24.9%, pulling out roughly $1.24B from a position up 344.9% from average buy.
• Applied Materials and Lam Research: reduced by 50.8% and 41.5%, liberating $428.9M and $445.4M respectively after massive multi-bagger runs.

Mega-cap growth also serves as a cash machine. Apple is down 28.5% (-$1.49B) despite still being a 3.26% position, indicating valuation discipline rather than a change of heart on the franchise. Tesla was cut 23.4% (-$525.5M) while sitting modestly below cost, a clear signal that its risk/reward no longer fits the role it once played.

They also eased off UnitedHealth by 57.8% (-$919.6M) and trimmed Shopify by 21.8% (-$318.4M). In both cases, the fund is backing away from names whose narrative outpaced near‑term earnings visibility, reallocating those dollars to AI software, infrastructure, and more predictable cash-flow generators rather than to the sidelines.

At the sector level, this quarter is about refining, not rewriting, the book. Tech’s weight barely moved, yet the character of that 56.25% looks very different from a year ago.

Inside technology, there is a visible internal rotation: trims in device-heavy semis and equipment (AMD, Micron, Applied Materials, Lam Research, Intel) versus builds in infrastructure and software (Marvell, Broadcom, Nvidia still large, plus ServiceNow, Palantir, Meta, Alphabet). The net result is a tech sleeve with more recurring revenue, more diversification across the AI stack, and fewer single-point bets on GPU scarcity.

Outside tech, three shifts matter:

• Energy climbed from 3.04% to 3.99%, with big adds to Canadian Natural Resources (+58.4%), Exxon Mobil (+145.1%), Suncor (+8.8%) and Enbridge (+6.2%). That’s a deliberate cash-flow hedge against rich growth multiples.
• Consumer Discretionary rose from 6.02% to 7.17% via Amazon (+20.4%), Costco (+13.5%) and Netflix (+57.6%), a re‑risk into scale platforms and subscription-like demand.
• Health Care fell from 3.11% to 2.02% as UnitedHealth was aggressively cut despite a modest gain, leaving Eli Lilly (up 11.7% in shares) as the primary GLP‑1 and innovation bet.

Finance stayed effectively flat around 19.0%, dominated by the Canadian banks, Manulife, and Sun Life. Incremental tweaks there (slight adds to Royal Bank and CIBC, trims to TD, BMO, BNS, JPM, and Sun Life) read more like valuation housekeeping than a macro call on financials.

Taken together, the moves say the fund still wants to own the AI boom, but on its own terms. It is converting early-cycle wins in edge chips into a more balanced exposure that spans hyperscalers, infrastructure, software, and data moats.

The build-out in energy and the sizable increase in Berkshire Hathaway hint at an awareness that AI exuberance can overshoot. They are deliberately pairing high-growth, high-multiple names with durable, cash-generative franchises to dampen drawdowns without surrendering upside.

The consumer adds tell a similar story. Amazon, Costco, and Netflix benefit from AI as an efficiency and personalization tool, but their core value lies in scale, loyalty, and repeat spend — qualities that matter when the cycle turns.

For observers, the signal is clear: this is not a timer of tech cycles so much as a curator of where within tech to take risk. As long as AI continues to reshape compute and software, expect this portfolio to remain tech-heavy, but every quarter’s 13F will likely show more of the same pattern — trimming the loudest winners and upgrading into quieter, more durable expressions of the same structural themes.