Beutel, Goodman & Co Ltd. — 13F Holdings & Portfolio
CIK 1361974 · latest 13F-HR filed 2026-11-04
Beutel, Goodman & Co Ltd. manages $12.70B in 13F-reported U.S. long-equity assets across 164 reported positions as of its 2026-09-30 13F-HR filing. Its largest disclosed positions are TD (5.38%), BMO (3.26%), RY (3.05%). Quarter over quarter (versus its 2026-06-30 filing) the fund opened 8 new positions and exited 7; 37 existing positions rose in reported value and 84 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$12.70B
Long-equity book
Holdings
164
Distinct positions
Period
2026-09-30
Filed 2026-11-04
Q/Q Activity
+8 / −7 / ↑37 / ↓84
vs 2026-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 26TD5.4% · -10%BMO3.3% · -8%RY3.1% · -10%QCOM2.8% · +88%EBAY2.7% · -5%BDX2.6% · +9%MDT2.5% · -7%PPG2.5% · -7%FNV2.5% · +61%SU2.4% · -8%CNQ2.3% · -8%CB2.3% · -4%PEP2.3% · +9926%QSR2.2% · -12%UNP2.2% · -4%RCL2.1% · +17%AMP2.1% · -4%FLS2.0% · +4%NTAP2.0% · -38%DOX1.9% · -6%MRSH1.9% · -9%BN1.9% · +6%MAS1.8% · -8%RCI1.8% · -10%CNI1.7% · -12%GFL1.7% · -9%NTR1.6% · -8%WAB1.6% · -16%AXP1.6% · +16%COR1.6% · +29%MFC1.5% · -23%GIB1.5% · -12%CP1.5% · -38%BAM1.4% · -14%MRK1.4% · -43%FTS1.3% · -8%ELV1.3% · -26%AZO1.3% · +24%CLX1.3% · newOMC1.2% · -31%WFC1.2% · -2%CIGI1.1% · -11%AMGN1.1% · -36%TEL1.1% · +2545072%BLK1.0% · -4%SLF1.0% · -8%TRP1.0% · -8%GIL0.9% · -8%CAE0.9% · -12%ATS0.9% · +30%RBA0.9% · -8%BGSI0.8% · -12%AMAT0.7% · -25%CMI0.6% · -4%CG0.6% · +52%SEIC0.5% · -56%TFPM0.4% · +31%AGI0.4% · -3%DCBO0.3% · -3%EPRX0.3% · -3%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 26 → Q3 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
5 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 29.6%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 30, 2026.
Assets Under Management
$36.11B
Discretionary
$29.14B
Employees
128
Accounts
1,847
Address
20 EGLINTON AVENUE WEST
SUITE 2000
TORONTO, ONT. M4R 1K8
Canada
SUITE 2000
TORONTO, ONT. M4R 1K8
Canada
Phone
(416) 485-1010
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| AMG CANADA CORP. Control | SHAREHOLDER since Jul 2005 | 25–50% | Foreign Entity |
| Arpin, Stephen, John Control | DIRECTOR, MANAGING DIRECTOR, HEAD OF CANADIAN EQUITIES since Feb 2000 | Less than 5% | Individual |
| BEUTEL GOODMAN SHAREHOLDER TRUST Control | SHAREHOLDER since Dec 1990 | Less than 5% | Foreign Entity |
| BEUTEL GOODMAN VOTING TRUST Control | SHAREHOLDER since Jul 1994 | 25–50% | Foreign Entity |
| CARDOSO, RUI, MACHADO Control | DIRECTOR, MANAGING DIRECTOR, HEAD OF GLOBAL EQUITIES since Feb 2020 | Less than 5% | Individual |
| Jeffrey, Young, A Control | DIRECTOR, MANAGING DIRECTOR, HEAD OF PRIVATE CLIENT GROUP since Mar 2020 | Less than 5% | Individual |
| Corneil, Jackie | TRUSTEE OF BEUTEL GOODMAN VOTING TRUST since Mar 2016 | Less than 5% | Individual |
| Corneil, Jackie | DIRECTOR, MANAGING DIRECTOR, HEAD OF FINANCE & ADMINISTRATION since Jan 2022 | Less than 5% | Individual |
| Jeffrey, Young, A | TRUSTEE OF BG SHAREHOLDERS TRUST since Jan 2022 | Less than 5% | Individual |
| Pomotov, Michal | GENERAL COUNSEL & CCO since Nov 2016 | Less than 5% | Individual |
| AFFILIATED MANAGERS GROUP, INC. Indirect owner via BEUTEL GOODMAN SHAREHOLDER TRUST | SHAREHOLDER since Jun 2005 | 25–50% | Domestic Entity |
| AMG NORTH AMERICA HOLD. CORP. Indirect owner via BEUTEL GOODMAN SHAREHOLDER TRUST | SHAREHOLDER since Jun 2005 | 25–50% | Domestic Entity |
| AMG/FAMI INVESTMENT CORP. Indirect owner via BEUTEL GOODMAN SHAREHOLDER TRUST | SHAREHOLDER since Jul 2005 | 25–50% | Foreign Entity |
Ownership & leadership changes · 10 filings with changes since Mar 29, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 30, 2026 filing
- ChangedArpin, Stephen, John · title DIRECTOR, MANAGING DIRECTOR, CANADIAN EQUITIES → DIRECTOR, MANAGING DIRECTOR, HEAD OF CANADIAN EQUITIES
- ChangedCARDOSO, RUI, MACHADO · title DIRECTOR, MANAGING DIRECTOR, US & INTERNATIONAL EQUITIES → DIRECTOR, MANAGING DIRECTOR, HEAD OF GLOBAL EQUITIES
- ChangedCorneil, Jackie · title DIRECTOR, MANAGING DIRECTOR, FINANCE & ADMINISTRATION / TRUSTEE OF BEUTEL GOODMAN VOTING TRUST → DIRECTOR, MANAGING DIRECTOR, HEAD OF FINANCE & ADMINISTRATION / TRUSTEE OF BEUTEL GOODMAN VOTING TRUST
- ChangedJeffrey, Young, A · title DIRECTOR, MANAGING DIRECTOR, PRIVATE CLIENT GROUP / TRUSTEE OF BG SHAREHOLDERS TRUST → DIRECTOR, MANAGING DIRECTOR, HEAD OF PRIVATE CLIENT GROUP / TRUSTEE OF BG SHAREHOLDERS TRUST
Mar 27, 2024 filing
- No longer listedGregoris, David · DIRECTOR, MANAGING DIRECTOR, FIXED INCOME · Less than 5% · control person · listed since Jul 2015
Mar 29, 2022 filing
- No longer listedAFFILIATED MANAGERS GROUP, INC. · SHAREHOLDER · 75% or more · indirect via AMG NORTH AMERICA HOLDING CORP. · listed since Jun 2005
- No longer listedAMG NORTH AMERICA HOLD. CORP. · SHAREHOLDER · 75% or more · indirect via AMG/FAMI INVESTMENT CORP. · listed since Jun 2005
- No longer listedAMG/FAMI INVESTMENT CORP. · SHAREHOLDER · 75% or more · indirect via AMG CANADA CORP. · listed since Jul 2005
- No longer listedGIBSON, MICHAEL, JAMES · DIRECTOR, MANAGING DIRECTOR, OPERATIONS / TRUSTEE OF BEUTEL GOODMAN SHAREHOLDER TRUST · Less than 5% · control person · listed since Apr 2000
- AddedAFFILIATED MANAGERS GROUP, INC. · SHAREHOLDER · 25–50% · indirect via BEUTEL GOODMAN SHAREHOLDER TRUST
- AddedAMG NORTH AMERICA HOLD. CORP. · SHAREHOLDER · 25–50% · indirect via BEUTEL GOODMAN SHAREHOLDER TRUST
- AddedAMG/FAMI INVESTMENT CORP. · SHAREHOLDER · 25–50% · indirect via BEUTEL GOODMAN SHAREHOLDER TRUST
- ChangedArpin, Stephen, John · title MANAGING DIRECTOR, CANADIAN EQUITIES → DIRECTOR, MANAGING DIRECTOR, CANADIAN EQUITIES
- ChangedCorneil, Jackie · title TRUSTEE OF BEUTEL GOODMAN VOTING TRUST → DIRECTOR, MANAGING DIRECTOR, FINANCE & ADMINISTRATION / TRUSTEE OF BEUTEL GOODMAN VOTING TRUST
- ChangedJeffrey, Young, A · title DIRECTOR, MANAGING DIRECTOR, PRIVATE CLIENT GROUP → DIRECTOR, MANAGING DIRECTOR, PRIVATE CLIENT GROUP / TRUSTEE OF BG SHAREHOLDERS TRUST
Mar 31, 2021 filing
- No longer listedTHOMSON, MARK, DOUGLAS · DIRECTOR, MANAGING DIRECTOR, EQUITIES · Less than 5% · control person · listed since Dec 1989
- AddedArpin, Stephen, John · MANAGING DIRECTOR, CANADIAN EQUITIES · Less than 5% · control person
- AddedCARDOSO, RUI, MACHADO · DIRECTOR, MANAGING DIRECTOR, US & INTERNATIONAL EQUITIES · Less than 5% · control person
Mar 26, 2020 filing
- ChangedJeffrey, Young, A · title DIRECTOR, SENIOR VICE PRESIDENT, PRIVATE CLIENT GROUP → DIRECTOR, MANAGING DIRECTOR, PRIVATE CLIENT GROUP
Mar 25, 2019 filing
- No longer listedLATREMOILLE, GREGORY, RICH · DIRECTOR, MANAGING DIRECTOR, PRIVATE CLIENT GROUP · Less than 5% · control person · listed since Mar 1979
- AddedJeffrey, Young, A · DIRECTOR, SENIOR VICE PRESIDENT, PRIVATE CLIENT GROUP · Less than 5% · control person
Mar 23, 2018 filing
- No longer listedShewfelt, Bruce, Robert · MANAGING DIRECTOR, MARKETING & CLIENT SERVICE · Less than 5% · control person · listed since Jul 2015
- ChangedGIBSON, MICHAEL, JAMES · title DIRECTOR, MANAGING DIRECTOR, OPERATIONS & CHIEF COMPLIANCE OFFICER / TRUSTEE OF BEUTEL GOODMAN SHAREHOLDER TRUST → DIRECTOR, MANAGING DIRECTOR, OPERATIONS / TRUSTEE OF BEUTEL GOODMAN SHAREHOLDER TRUST
- ChangedGregoris, David · title MANAGING DIRECTOR, FIXED INCOME → DIRECTOR, MANAGING DIRECTOR, FIXED INCOME
Mar 13, 2017 filing
- No longer listedMESINA, LILIA · TRUSTEE OF BEUTEL GOODMAN VOTING TRUST · Less than 5% · control person · listed since Apr 1994
- AddedCorneil, Jackie · TRUSTEE OF BEUTEL GOODMAN VOTING TRUST · Less than 5%
- AddedPomotov, Michal · GENERAL COUNSEL & CCO · Less than 5%
Mar 28, 2016 filing
- No longer listedCLARKE, PETER, DOUGLAS · DIRECTOR, MANAGING DIRECTOR, MARKETING/CLIENT SERVICING · Less than 5% · control person · listed since Jul 2010
- No longer listedCORNEIL, BRUCE, LETHBRIDGE · DIRECTOR, MANAGING DIRECTOR, FIXED INCOME · 5–10% · control person · listed since May 1994
- AddedGregoris, David · MANAGING DIRECTOR, FIXED INCOME · Less than 5% · control person
- AddedShewfelt, Bruce, Robert · MANAGING DIRECTOR, MARKETING & CLIENT SERVICE · Less than 5% · control person
Mar 18, 2013 filing
- ChangedAFFILIATED MANAGERS GROUP, INC. · indirect via AMG NORTH AMERICA HOLDING CORP.: no longer a control person
Older changes (1 more filing)
Mar 29, 2012 filing (earliest on record)
- ListedAFFILIATED MANAGERS GROUP, INC. · SHAREHOLDER · 75% or more · indirect via AMG NORTH AMERICA HOLDING CORP. · control person
- ListedAMG NORTH AMERICA HOLD. CORP. · SHAREHOLDER · 75% or more · indirect via AMG/FAMI INVESTMENT CORP.
- ListedAMG CANADA CORP. · SHAREHOLDER · 25–50% · control person
- ListedAMG/FAMI INVESTMENT CORP. · SHAREHOLDER · 75% or more · indirect via AMG CANADA CORP.
- ListedBEUTEL GOODMAN SHAREHOLDER TRUST · SHAREHOLDER · Less than 5% · control person
- ListedBEUTEL GOODMAN VOTING TRUST · SHAREHOLDER · 25–50% · control person
- ListedCLARKE, PETER, DOUGLAS · DIRECTOR, MANAGING DIRECTOR, MARKETING/CLIENT SERVICING · Less than 5% · control person
- ListedCORNEIL, BRUCE, LETHBRIDGE · DIRECTOR, MANAGING DIRECTOR, FIXED INCOME · 5–10% · control person
- ListedGIBSON, MICHAEL, JAMES · DIRECTOR, MANAGING DIRECTOR, OPERATIONS & CHIEF COMPLIANCE OFFICER / TRUSTEE OF BEUTEL GOODMAN SHAREHOLDER TRUST · Less than 5% · control person
- ListedLATREMOILLE, GREGORY, RICH · DIRECTOR, MANAGING DIRECTOR, PRIVATE CLIENT GROUP · Less than 5% · control person
- ListedMESINA, LILIA · TRUSTEE OF BEUTEL GOODMAN VOTING TRUST · Less than 5% · control person
- ListedTHOMSON, MARK, DOUGLAS · DIRECTOR, MANAGING DIRECTOR, EQUITIES · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- PepsiCo Inc$285.8M +9286.0%
- Qualcomm$168.0M +87.7%
- Franco Nevada Corp$142.7M +84.2%
- TE Connectivity Ltd.$134.3M +2686060.0%
- Becton Dickinson & Co$73.6M +28.9%
Top Trims
- Kimberly Clark Corp-$142.8M -99.8%
- Gen Digital-$142.8M -99.9%
- Canadian Pacific Kansas City-$118.7M -38.5%
- Comcast Corp-$102.5M -99.6%
- Toronto Dominion Bk-$96.5M -12.4%
New Positions
- Clorox$163.0M
- Invesco S&P 500 Equal Weight ETF$488.0K
- Exxon Mobil Corp$227.0K
- ONEOK$8.0K
- ISHARES US FIN SERVICES ETF$3.0K
Exited Positions
- Sysco$79.1M
- Invesco QQQ Trust$224.0K
- Exxon Mobil Corp.$205.0K
- IBM Corp.$59.0K
- Oneok Inc.$8.0K
Beutel, Goodman & Co Ltd. Holdings (2026-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Toronto Dominion Bk | TD | 891160509 | $683.9M | 5.38% | 5,802,499 | SH |
| 2 | Bank of Montreal | BMO | 063671101 | $414.2M | 3.26% | 2,471,372 | SH |
| 3 | Royal Bank Cda | RY | 780087102 | $388.1M | 3.05% | 1,968,237 | SH |
| 4 | Qualcomm | QCOM | 747525103 | $359.5M | 2.83% | 1,953,123 | SH |
| 5 | Ebay Inc | EBAY | 278642103 | $340.0M | 2.68% | 3,206,101 | SH |
| 6 | Becton Dickinson & Co | BDX | 075887109 | $328.6M | 2.59% | 1,835,571 | SH |
| 7 | Medtronic PLC | MDT | G5960L103 | $316.0M | 2.49% | 3,662,088 | SH |
| 8 | PPG Industries | PPG | 693506107 | $313.6M | 2.47% | 3,005,809 | SH |
| 9 | Franco Nevada Corp | FNV | 351858105 | $312.3M | 2.46% | 1,308,824 | SH |
| 10 | Suncor Energy | SU | 867224107 | $308.9M | 2.43% | 4,545,404 | SH |
| 11 | Canadian Natural Resources Ltd. | CNQ | 136385101 | $298.3M | 2.35% | 6,326,804 | SH |
| 12 | Chubb Limited | CB | H1467J104 | $297.8M | 2.34% | 915,648 | SH |
| 13 | PepsiCo Inc | PEP | 713448108 | $288.9M | 2.27% | 2,279,847 | SH |
| 14 | Restaurant Brands International | QSR | 76131D103 | $277.5M | 2.18% | 3,889,875 | SH |
| 15 | Union Pacific Corp. | UNP | 907818108 | $275.6M | 2.17% | 1,012,848 | SH |
| 16 | Royal Caribbean | RCL | V7780T103 | $264.2M | 2.08% | 993,719 | SH |
| 17 | Ameriprise Financial | AMP | 03076C106 | $262.2M | 2.06% | 532,541 | SH |
| 18 | Flowserve Corp | FLS | 34354P105 | $252.6M | 1.99% | 3,454,279 | SH |
| 19 | NetApp | NTAP | 64110D104 | $250.6M | 1.97% | 1,193,000 | SH |
| 20 | Amdocs Ltd | DOX | G02602103 | $246.6M | 1.94% | 4,313,065 | SH |
| 21 | Marsh & McLennan | MRSH | 571748102 | $245.2M | 1.93% | 1,436,242 | SH |
| 22 | Brookfield Corporation | BN | 11271J107 | $240.4M | 1.89% | 6,573,596 | SH |
| 23 | Masco | MAS | 574599106 | $231.0M | 1.82% | 3,426,878 | SH |
| 24 | Rogers Communications | RCI | 775109200 | $226.7M | 1.78% | 7,343,372 | SH |
| 25 | Cdn Natl Railway | CNI | 136375102 | $220.8M | 1.74% | 1,850,164 | SH |
| 26 | GFL Environmental | GFL | 36168Q104 | $219.0M | 1.72% | 5,229,915 | SH |
| 27 | Nutrien | NTR | 67077M108 | $207.5M | 1.63% | 2,948,022 | SH |
| 28 | WABTEC CORP | WAB | 929740108 | $204.9M | 1.61% | 713,508 | SH |
| 29 | American Express Co | AXP | 025816109 | $201.8M | 1.59% | 663,655 | SH |
| 30 | Cencora | COR | 03073E105 | $197.6M | 1.56% | 658,222 | SH |
| 31 | Manulife Fincl Corp | MFC | 56501R106 | $194.4M | 1.53% | 4,550,886 | SH |
| 32 | CGI Group | GIB | 12532H104 | $193.9M | 1.53% | 2,845,117 | SH |
| 33 | Canadian Pacific Kansas City | CP | 13646K108 | $189.6M | 1.49% | 2,220,662 | SH |
| 34 | Brookfield Asset Management | BAM | 113004105 | $175.2M | 1.38% | 3,916,794 | SH |
| 35 | Merck& Co Inc | MRK | 58933Y105 | $172.7M | 1.36% | 1,188,702 | SH |
| 36 | Fortis Inc | FTS | 349553107 | $170.0M | 1.34% | 3,211,610 | SH |
| 37 | Elevance Health | ELV | 036752103 | $167.2M | 1.32% | 429,951 | SH |
| 38 | AutoZone | AZO | 053332102 | $165.0M | 1.30% | 58,300 | SH |
| 39 | Clorox | CLX | 189054109 | $163.0M | 1.28% | 2,012,569 | SH |
| 40 | Omnicom Group | OMC | 681919106 | $157.0M | 1.24% | 2,131,902 | SH |
| 41 | Wells Fargo | WFC | 949746101 | $152.1M | 1.20% | 1,899,625 | SH |
| 42 | Colliers Intl | CIGI | 194693107 | $142.1M | 1.12% | 1,581,587 | SH |
| 43 | Amgen Inc | AMGN | 031162100 | $141.4M | 1.11% | 335,540 | SH |
| 44 | TE Connectivity Ltd. | TEL | G87052109 | $134.3M | 1.06% | 636,293 | SH |
| 45 | BlackRock | BLK | 09290D101 | $128.7M | 1.01% | 121,612 | SH |
| 46 | Sun Life Fncl Inc | SLF | 866796105 | $125.8M | 0.99% | 1,610,200 | SH |
| 47 | TC Energy | TRP | 87807B107 | $122.7M | 0.97% | 2,114,835 | SH |
| 48 | Gildan Activewear | GIL | 375916103 | $115.1M | 0.91% | 2,696,144 | SH |
| 49 | CAE Inc | CAE | 124765108 | $114.6M | 0.90% | 4,752,216 | SH |
| 50 | ATS Corp | ATS | 00217Y104 | $113.2M | 0.89% | 6,247,952 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-04 | $12.70B | 164 | 0001361974-26-000013 |
| 2026-06-30 | 2026-08-12 | $13.59B | 163 | 0001361974-26-000009 |
| 2026-03-31 | 2026-05-15 | $14.75B | 170 | 0001361974-26-000007 |
| 2025-12-31 | 2026-02-13 | $16.28B | 174 | 0001361974-26-000005 |
| 2025-09-30 | 2025-11-14 | $16.60B | 177 | 0001361974-25-000016 |
Filer Information
Address
20 EGLINTON AVENUE WESTSUITE 2000
TORONTO, A6 M4R 1K8
Phone
(416) 485-1010
Filing Manager
Beutel, Goodman & Co Ltd.
TORONTO, A6
Signatory
Michal Pomotov
CCO & General Counsel