Mackenzie Financial Corp
Reported US equity positions for Q1 2026 — $83.3B across 1,406 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| RY Royal Bank Of Canada | $3.1B | 3.8% | 19,481,596 |
| NVDA NVIDIA Corporation | $2.5B | 3.0% | 14,451,589 |
| AAPL Apple Inc. | $2.4B | 2.9% | 9,632,092 |
| TD The Toronto Dominion Bank | $2.3B | 2.7% | 24,114,490 |
| SPY State Street SPDR S&P 500 ETF Trust | $2.2B | 2.7% | 3,432,710 |
| MSFT Microsoft Corporation | $1.9B | 2.3% | 5,075,573 |
| GOOGL Alphabet Inc. | $1.8B | 2.2% | 6,245,731 |
| AEM Agnico Eagle Mines Limited | $1.8B | 2.2% | 8,843,378 |
| CRC California Resources Corporation | $1.3B | 1.6% | 27,430,542 |
| CP Canadian Pacific Kansas City Limited | $1.2B | 1.5% | 15,625,962 |
| AMZN Amazon.com, Inc. | $1.2B | 1.5% | 5,852,258 |
| SHOP Shopify Inc. - Class A Subordinate Voting Shares | $1.2B | 1.4% | 9,946,334 |
| BMO Bank Of Montreal | $1.2B | 1.4% | 8,582,188 |
| ENB Enbridge Inc | $1.1B | 1.3% | 20,429,369 |
| JNJ Johnson & Johnson | $1.1B | 1.3% | 4,409,868 |
| MFC Manulife Financial Corporation | $1.0B | 1.2% | 29,894,048 |
| CM Canadian Imperial Bank of Commerce | $972.0M | 1.2% | 10,257,007 |
| SU Suncor Energy Inc. | $936.3M | 1.1% | 14,157,995 |
| CNR Core Natural Resources, Inc. | $903.2M | 1.1% | 8,776,306 |
| BN Brookfield Corporation Class A Limited Voting Shares | $898.1M | 1.1% | 22,166,737 |
| META Meta Platforms, Inc. | $815.6M | 1.0% | 1,425,527 |
| WCN Waste Connections, Inc. | $809.1M | 1.0% | 4,980,317 |
| B Barrick Mining Corporation | $808.1M | 1.0% | 19,776,568 |
| TRP TC Energy Corporation | $799.8M | 1.0% | 12,774,832 |
| AVGO Broadcom Inc. | $793.4M | 1.0% | 2,563,522 |
| CVE Cenovus Energy Inc | $676.1M | 0.8% | 25,478,426 |
| XOM ExxonMobil Holdings Corporation | $621.3M | 0.7% | 3,662,146 |
| FNV Franco-Nevada Corporation | $605.3M | 0.7% | 2,444,774 |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | $599.5M | 0.7% | 8,645,354 |
| NTR Nutrien Ltd. | $588.0M | 0.7% | 7,789,956 |
| JPM JP Morgan Chase & Co. | $583.5M | 0.7% | 1,983,783 |
| AGG iShares Core U.S. Aggregate Bond ETF | $569.2M | 0.7% | 5,733,700 |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $528.9M | 0.6% | 4,029,982 |
| CME CME Group Inc. | $512.1M | 0.6% | 1,733,761 |
| G54950103 Linde PLC | $487.6M | 0.6% | 983,500 |
| KGC Kinross Gold Corporation | $469.9M | 0.6% | 15,373,355 |
| MA Mastercard Incorporated | $469.7M | 0.6% | 940,027 |
| LLY Eli Lilly and Company | $465.5M | 0.6% | 506,081 |
| TECK Teck Resources Ltd Ordinary Shares | $463.1M | 0.6% | 8,935,856 |
| V Visa Inc. | $455.0M | 0.5% | 1,505,509 |
| TJX The TJX Companies, Inc. | $453.8M | 0.5% | 2,841,584 |
| ABBV AbbVie Inc. | $449.1M | 0.5% | 2,065,016 |
| KO The Coca-Cola Company | $436.8M | 0.5% | 5,743,951 |
| BAM Brookfield Asset Management Inc Class A Limited Voting Shares | $434.1M | 0.5% | 9,765,188 |
| T AT&T Inc. | $432.3M | 0.5% | 33,641,206 |
| PM Philip Morris International Inc | $427.3M | 0.5% | 2,584,550 |
| WMT Walmart Inc. | $421.0M | 0.5% | 3,387,290 |
| F92124100 Totalenergies Se | $413.9M | 0.5% | 4,468,257 |
| GIB CGI Inc. | $397.6M | 0.5% | 5,439,758 |
| CSCO Cisco Systems, Inc. | $391.0M | 0.5% | 5,039,461 |
| SLF Sun Life Financial Inc. | $382.3M | 0.5% | 6,102,537 |
| PPL PPL Corporation | $370.7M | 0.4% | 8,281,681 |
| GIL Gildan Activewear, Inc. Class A Sub. Vot. | $366.6M | 0.4% | 6,583,423 |
| DUK Duke Energy Corporation (Holding Company) | $353.2M | 0.4% | 2,697,624 |
| LRCX Lam Research Corporation | $345.6M | 0.4% | 1,617,352 |
| UNP Union Pacific Corporation | $326.6M | 0.4% | 1,346,316 |
| MSI Motorola Solutions, Inc. | $317.3M | 0.4% | 731,237 |
| WMB The Williams Companies, Inc. | $314.9M | 0.4% | 4,327,267 |
| CAE CAE Inc | $310.9M | 0.4% | 11,944,101 |
| MCD McDonald's Corporation | $308.3M | 0.4% | 992,141 |
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 | $3.1B | $3.6B | -7% |
| NVDA NVIDIA Corporation | Add | $2.5B | $2.5B | +9% |
| AAPL Apple Inc. | Add | $2.4B | $2.5B | +5% |
| TD The Toronto Dominion Bank | Trim | $2.3B | $2.4B | -6% |
| SPY State Street SPDR S&P 500 ETF Trust | Add | $2.2B | $2.2B | +9% |
| MSFT Microsoft Corporation | Trim | $1.9B | $2.7B | -8% |
| GOOGL Alphabet Inc. | Trim | $1.8B | $2.0B | -2% |
| AEM Agnico Eagle Mines Limited | Add | $1.8B | $1.5B | +2% |
| CRC California Resources Corporation | Trim | $1.3B | $1.0B | -11% |
| CP Canadian Pacific Kansas City Limited | Trim | $1.2B | $1.2B | -3% |
| AMZN Amazon.com, Inc. | Trim | $1.2B | $1.6B | -13% |
| BMO Bank Of Montreal | Trim | $1.2B | $1.2B | -8% |
| ENB Enbridge Inc | Add | $1.1B | $870.6M | +12% |
| MFC Manulife Financial Corporation | Add | $1.0B | $1.0B | +5% |
| CM Canadian Imperial Bank of Commerce | Trim | $972.0M | $986.2M | -5% |
| SU Suncor Energy Inc. | Add | $936.3M | $534.4M | +18% |
| CNR Core Natural Resources, Inc. | Trim | $903.2M | $882.0M | -1% |
| BN Brookfield Corporation Class A Limited Voting Shares | Trim | $898.1M | $1.1B | -7% |
| WCN Waste Connections, Inc. | Trim | $809.1M | $999.6M | -11% |
| B Barrick Mining Corporation | Trim | $808.1M | $909.1M | -4% |
| TRP TC Energy Corporation | Trim | $799.8M | $752.3M | -5% |
| AVGO Broadcom Inc. | Add | $793.4M | $856.6M | +5% |
| CVE Cenovus Energy Inc | Trim | $676.1M | $489.9M | -12% |
| XOM ExxonMobil Holdings Corporation | Add | $621.3M | $372.0M | +19% |
| FNV Franco-Nevada Corporation | Add | $605.3M | $479.0M | +6% |
| BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares | Trim | $599.5M | $713.8M | -11% |
| NTR Nutrien Ltd. | Add | $588.0M | $450.3M | +8% |
| JPM JP Morgan Chase & Co. | Trim | $583.5M | $817.8M | -22% |
| AGG iShares Core U.S. Aggregate Bond ETF | Trim | $569.2M | $584.5M | -2% |
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | Add | $528.9M | $456.0M | +5% |
| CME CME Group Inc. | Add | $512.1M | $391.3M | +22% |
| G54950103 Linde PLC | Add | $487.6M | $412.5M | +2% |
| KGC Kinross Gold Corporation | Add | $469.9M | $417.1M | +5% |
| MA Mastercard Incorporated | Add | $469.7M | $485.8M | +12% |
| LLY Eli Lilly and Company | Add | $465.5M | $529.5M | +3% |
| TECK Teck Resources Ltd Ordinary Shares | Add | $463.1M | $395.1M | +8% |
| V Visa Inc. | Add | $455.0M | $505.7M | +5% |
| TJX The TJX Companies, Inc. | Trim | $453.8M | $472.4M | -7% |
| KO The Coca-Cola Company | Add | $436.8M | $314.6M | +28% |
| PM Philip Morris International Inc | Add | $427.3M | $409.7M | +2% |
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.