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Scheer, Rowlett & Associates Investment Management Ltd.

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13F filer, CIK 1426327, TORONTO, Ontario, Canada

Scheer, Rowlett & Associates Investment Management Ltd. reported $1,544,570,139 across 31 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-07. Its ten largest share positions make up 59% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001426327-25-000008

Period
2025-06-30
Reported value
$1.54B
Holdings
31
Top 10 weight
59%
New
2
Sold out
8

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Bnew+3,003,438$62.6M
ORnew+1,027,209$26.4M
MEOHadded+341,336$11.3M
CNIadded+71,364$7.44M
RCIadded+234,764$6.97M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BARRICK GOLD CORPexited-2,934,340-$57M
OSISKO GOLD ROYALTIES LTDexited-1,050,599-$22.2M
SOBOexited-402,934-$10.3M
QSRreduced-146,158-$9.7M
TUreduced-226,528-$3.64M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001426327-25-000008, largest first. % of portfolio is the value over $1,544,570,139, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RYROYAL BK CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,229,055 shares; 2024Q4: 1,242,836 shares; 2025Q1: 1,283,071 shares; 2025Q2: 1,318,261 shares 1,318,261$174M11.26%+35,190Timeline
TDTORONTO DOMINION BK ONTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,896,008 shares; 2024Q4: 2,000,901 shares; 2025Q1: 2,056,970 shares; 2025Q2: 2,113,730 shares 2,113,730$156M10.07%+56,760Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,495,654 shares; 2024Q4: 1,511,750 shares; 2025Q1: 1,550,275 shares; 2025Q2: 1,592,795 shares 1,592,795$98.6M6.39%+42,520Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 494,511 shares; 2024Q4: 710,796 shares; 2025Q1: 730,893 shares; 2025Q2: 802,257 shares 802,257$83.6M5.42%+71,364Timeline
TRPTC ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,018,506 shares; 2024Q4: 1,851,112 shares; 2025Q1: 1,697,266 shares; 2025Q2: 1,643,567 shares 1,643,567$80.2M5.19%-53,699Timeline
BMOBANK OF MONTREALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,070 shares; 2024Q4: 356,924 shares; 2025Q1: 563,083 shares; 2025Q2: 607,701 shares 607,701$67.4M4.36%+44,618Timeline
BNSBANK NOVA SCOTIA B CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,468,670 shares; 2024Q4: 1,396,185 shares; 2025Q1: 1,154,576 shares; 2025Q2: 1,188,376 shares 1,188,376$65.8M4.26%+33,800Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,850,781 shares; 2024Q4: 1,754,555 shares; 2025Q1: 1,804,212 shares; 2025Q2: 1,712,566 shares 1,712,566$64.2M4.16%-91,646Timeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,003,438 shares 3,003,438$62.6M4.05%newTimeline
RCIROGERS COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,163,098 shares; 2024Q4: 1,443,877 shares; 2025Q1: 1,768,948 shares; 2025Q2: 2,003,712 shares 2,003,712$59.5M3.85%+234,764Timeline
GIBCGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,188 shares; 2024Q4: 490,663 shares; 2025Q1: 505,237 shares; 2025Q2: 517,087 shares 517,087$54.3M3.52%+11,850Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,163,034 shares; 2024Q4: 3,786,011 shares; 2025Q1: 3,895,976 shares; 2025Q2: 3,993,810 shares 3,993,810$54.3M3.52%+97,834Timeline
TUTELUS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,233,944 shares; 2024Q4: 3,403,521 shares; 2025Q1: 3,501,231 shares; 2025Q2: 3,274,703 shares 3,274,703$52.7M3.41%-226,528Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,626 shares; 2024Q4: 615,873 shares; 2025Q1: 634,083 shares; 2025Q2: 648,343 shares 648,343$51.4M3.33%+14,260Timeline
MFCMANULIFE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,382,077 shares; 2024Q4: 1,312,537 shares; 2025Q1: 1,351,667 shares; 2025Q2: 1,385,074 shares 1,385,074$44.3M2.87%+33,407Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 838,313 shares; 2024Q4: 857,666 shares; 2025Q1: 883,680 shares; 2025Q2: 901,510 shares 901,510$40.9M2.65%+17,830Timeline
MGAMAGNA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 926,411 shares; 2024Q4: 984,755 shares; 2025Q1: 983,905 shares; 2025Q2: 1,009,748 shares 1,009,748$39.1M2.53%+25,843Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,723 shares; 2024Q4: 671,989 shares; 2025Q1: 598,217 shares; 2025Q2: 614,526 shares 614,526$35.8M2.32%+16,309Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,343 shares; 2024Q4: 645,072 shares; 2025Q1: 621,300 shares; 2025Q2: 475,142 shares 475,142$31.5M2.04%-146,158Timeline
CMCANADIAN IMPERIAL BANK OF COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,167,732 shares; 2024Q4: 916,026 shares; 2025Q1: 404,539 shares; 2025Q2: 418,123 shares 418,123$29.7M1.92%+13,584Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 878,345 shares; 2024Q4: 890,610 shares; 2025Q1: 917,170 shares; 2025Q2: 938,400 shares 938,400$29.5M1.91%+21,230Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,157,313 shares; 2024Q4: 2,179,362 shares; 2025Q1: 2,908,572 shares; 2025Q2: 3,898,205 shares 3,898,205$27M1.75%+989,633Timeline
OROR ROYALTIES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,027,209 shares 1,027,209$26.4M1.71%newTimeline
MEOHMETHANEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,122 shares; 2024Q4: 439,069 shares; 2025Q1: 452,943 shares; 2025Q2: 794,279 shares 794,279$26.4M1.71%+341,336Timeline
ATSATS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 148,984 shares; 2025Q1: 632,491 shares; 2025Q2: 792,305 shares 792,305$25.3M1.64%+159,814Timeline
NEMNEWMONT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 268,080 shares; 2024Q4: 273,653 shares; 2025Q1: 374,441 shares; 2025Q2: 401,777 shares 401,777$23.4M1.52%+27,336Timeline
TELUS INTL CDA INCTELUS INTL CDA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,151,263 shares; 2024Q4: 3,189,850 shares; 2025Q1: 3,579,740 shares; 2025Q2: 3,667,490 shares 3,667,490$13.4M0.87%+87,750
GOOSCANADA GOOSE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,203,985 shares; 2024Q4: 1,218,326 shares; 2025Q1: 1,020,801 shares; 2025Q2: 1,047,971 shares 1,047,971$11.7M0.76%+27,170Timeline
OTEXOPEN TEXT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 196,899 shares; 2024Q4: 264,108 shares; 2025Q1: 273,038 shares; 2025Q2: 276,928 shares 276,928$8.1M0.52%+3,890Timeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,333 shares; 2024Q4: 174,703 shares; 2025Q1: 178,803 shares; 2025Q2: 183,843 shares 183,843$7.44M0.48%+5,040Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,805 shares; 2024Q4: 4,976 shares; 2025Q1: 5,746 shares; 2025Q2: 4,646 shares 4,646$554K0.04%-1,100Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BARRICK GOLD CORPBARRICK GOLD CORP2,934,340$57Mshares
OSISKO GOLD ROYALTIES LTDOSISKO GOLD ROYALTIES LTD1,050,599$22.2Mshares
SOBOSOUTH BOW CORP402,934$10.3Mshares
LBRDALIBERTY BROADBAND CORP3,290$280Kshares
WTWWILLIS TOWERS WATSON PLC LTD693$234Kshares
CNHCNH INDL N V17,970$221Kshares
TSNTYSON FOODS INC3,350$214Kshares
WBDWARNER BROS DISCOVERY INC12,785$137Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001426327-25-000008 base2025-08-07acceptance time not in the bulk data set