Connor, Clark & Lunn Investment Management Ltd.
Reported US equity positions for Q1 2026 — $43.4B across 1,526 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| RY Royal Bank Of Canada | $1.8B | 4.0% | 10,834,613 |
| AEM Agnico Eagle Mines Limited | $1.2B | 2.7% | 5,749,629 |
| TD The Toronto Dominion Bank | $992.6M | 2.3% | 10,640,443 |
| SU Suncor Energy Inc. | $960.5M | 2.2% | 14,519,545 |
| ENB Enbridge Inc | $944.4M | 2.2% | 17,419,225 |
| NVDA NVIDIA Corporation | $903.5M | 2.1% | 5,180,697 |
| CM Canadian Imperial Bank of Commerce | $864.5M | 2.0% | 9,134,241 |
| TRP TC Energy Corporation | $816.3M | 1.9% | 13,054,490 |
| AAPL Apple Inc. | $766.8M | 1.8% | 3,021,296 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $757.7M | 1.7% | 6,384,833 |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | $647.2M | 1.5% | 9,331,541 |
| PBUS Invesco MSCI USA ETF | $627.3M | 1.4% | 9,625,100 |
| CP Canadian Pacific Kansas City Limited | $557.1M | 1.3% | 7,077,878 |
| MSFT Microsoft Corporation | $541.4M | 1.2% | 1,462,528 |
| AMZN Amazon.com, Inc. | $509.8M | 1.2% | 2,447,707 |
| CNR Core Natural Resources, Inc. | $471.0M | 1.1% | 4,575,185 |
| CLS Celestica, Inc. | $470.8M | 1.1% | 1,669,253 |
| GOOGL Alphabet Inc. | $441.0M | 1.0% | 1,533,694 |
| CCO Clear Channel Outdoor Holdings, Inc. | $399.8M | 0.9% | 3,683,294 |
| GOOG Alphabet Inc. - Class C Capital Stock | $393.2M | 0.9% | 1,370,812 |
| B Barrick Mining Corporation | $351.1M | 0.8% | 8,590,514 |
| CRC California Resources Corporation | $327.7M | 0.8% | 6,717,486 |
| KGC Kinross Gold Corporation | $326.9M | 0.8% | 10,689,824 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $287.1M | 0.7% | 849,639 |
| MA Mastercard Incorporated | $286.5M | 0.7% | 573,464 |
| BMO Bank Of Montreal | $283.2M | 0.7% | 2,090,424 |
| N07059210 Asml Hldg Nv | $274.1M | 0.6% | 207,513 |
| WCN Waste Connections, Inc. | $271.9M | 0.6% | 1,673,089 |
| FTS Fortis Inc. | $270.2M | 0.6% | 4,841,744 |
| V Visa Inc. | $257.1M | 0.6% | 850,653 |
| AVGO Broadcom Inc. | $251.3M | 0.6% | 811,972 |
| MDA Mda Space LTD | $246.0M | 0.6% | 9,708,152 |
| MCD McDonald's Corporation | $237.2M | 0.5% | 763,056 |
| LLY Eli Lilly and Company | $236.3M | 0.5% | 256,933 |
| EFX Equifax, Inc. | $234.2M | 0.5% | 11,193,025 |
| CVE Cenovus Energy Inc | $233.7M | 0.5% | 8,831,030 |
| META Meta Platforms, Inc. | $233.4M | 0.5% | 407,955 |
| LRCX Lam Research Corporation | $232.5M | 0.5% | 1,088,123 |
| CVX Chevron Corporation | $228.6M | 0.5% | 1,105,006 |
| UNP Union Pacific Corporation | $225.5M | 0.5% | 929,527 |
| MU Micron Technology, Inc. | $220.2M | 0.5% | 651,716 |
| MFC Manulife Financial Corporation | $211.3M | 0.5% | 6,133,150 |
| MS Morgan Stanley | $206.2M | 0.5% | 1,252,759 |
| BN Brookfield Corporation Class A Limited Voting Shares | $200.1M | 0.5% | 4,938,599 |
| COST Costco Wholesale Corporation | $194.7M | 0.4% | 195,447 |
| SCHW The Charles Schwab Corporation | $193.9M | 0.4% | 2,062,821 |
| KMI Kinder Morgan, Inc. | $192.0M | 0.4% | 5,725,664 |
| BTE Baytex Energy Corp | $178.1M | 0.4% | 39,829,373 |
| SNPS Synopsys, Inc. | $174.2M | 0.4% | 439,296 |
| PAAS Pan American Silver Corp. | $170.5M | 0.4% | 3,116,439 |
| XOM ExxonMobil Holdings Corporation | $170.3M | 0.4% | 1,003,872 |
| LMT Lockheed Martin Corporation | $167.8M | 0.4% | 277,684 |
| IAG Iamgold Corporation Ordinary Shares | $161.8M | 0.4% | 8,600,025 |
| TSLA Tesla, Inc. | $161.7M | 0.4% | 435,100 |
| PG The Procter & Gamble Company | $161.0M | 0.4% | 1,114,838 |
| BAC Bank of America Corporation | $160.7M | 0.4% | 3,295,934 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $158.8M | 0.4% | 586,928 |
| IMO Imperial Oil Limited | $158.1M | 0.4% | 1,206,888 |
| G16252101 Brookfield Infrastructure Pa | $157.1M | 0.4% | 4,354,951 |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $156.4M | 0.4% | 1,191,117 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| RY Royal Bank Of Canada | Trim | $1.8B | $2.0B | -6% |
| AEM Agnico Eagle Mines Limited | Trim | $1.2B | $1.1B | -12% |
| TD The Toronto Dominion Bank | Add | $992.6M | $859.6M | +17% |
| SU Suncor Energy Inc. | Add | $960.5M | $434.8M | +48% |
| ENB Enbridge Inc | Add | $944.4M | $472.3M | +76% |
| NVDA NVIDIA Corporation | Add | $903.5M | $826.0M | +17% |
| CM Canadian Imperial Bank of Commerce | Trim | $864.5M | $836.9M | -1% |
| TRP TC Energy Corporation | Add | $816.3M | $531.6M | +35% |
| AAPL Apple Inc. | Add | $766.8M | $619.4M | +33% |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | Add | $757.7M | $998.7M | +3% |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | Trim | $647.2M | $751.4M | -8% |
| PBUS Invesco MSCI USA ETF | Add | $627.3M | $616.8M | +7% |
| CP Canadian Pacific Kansas City Limited | Add | $557.1M | $387.3M | +35% |
| MSFT Microsoft Corporation | Add | $541.4M | $556.9M | +27% |
| AMZN Amazon.com, Inc. | Add | $509.8M | $464.5M | +22% |
| CNR Core Natural Resources, Inc. | Add | $471.0M | $303.4M | +49% |
| CLS Celestica, Inc. | Add | $470.8M | $481.3M | +3% |
| GOOGL Alphabet Inc. | Add | $441.0M | $225.0M | +113% |
| CCO Clear Channel Outdoor Holdings, Inc. | Trim | $399.8M | $394.8M | -15% |
| B Barrick Mining Corporation | Trim | $351.1M | $438.2M | -15% |
| CRC California Resources Corporation | Add | $327.7M | $204.0M | +12% |
| KGC Kinross Gold Corporation | Trim | $326.9M | $345.7M | -13% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $287.1M | $273.9M | -6% |
| MA Mastercard Incorporated | Add | $286.5M | $183.2M | +79% |
| BMO Bank Of Montreal | Add | $283.2M | $268.8M | +1% |
| N07059210 Asml Hldg Nv | Trim | $274.1M | $293.7M | -24% |
| WCN Waste Connections, Inc. | Add | $271.9M | $232.9M | +26% |
| FTS Fortis Inc. | Add | $270.2M | $220.5M | +14% |
| V Visa Inc. | Add | $257.1M | $266.4M | +12% |
| AVGO Broadcom Inc. | Trim | $251.3M | $327.9M | -14% |
| MCD McDonald's Corporation | Add | $237.2M | $150.2M | +55% |
| LLY Eli Lilly and Company | Add | $236.3M | $82.6M | +234% |
| EFX Equifax, Inc. | Add | $234.2M | $131.9M | +31% |
| CVE Cenovus Energy Inc | Add | $233.7M | $120.9M | +24% |
| META Meta Platforms, Inc. | Add | $233.4M | $174.4M | +54% |
| LRCX Lam Research Corporation | Add | $232.5M | $138.2M | +35% |
| UNP Union Pacific Corporation | Add | $225.5M | $169.9M | +27% |
| MU Micron Technology, Inc. | Trim | $220.2M | $202.4M | -8% |
| MFC Manulife Financial Corporation | Trim | $211.3M | $274.5M | -19% |
| MS Morgan Stanley | Add | $206.2M | $131.1M | +70% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.