Skip to content
Disclosery

Scheer, Rowlett & Associates Investment Management Ltd.

Follow

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

Scheer, Rowlett & Associates Investment Management Ltd. reported $1,677,072,632 across 32 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 59.69% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001426327-25-000012

Period
2025-09-30
Reported value
$1.68B
Holdings
32
Top 10 weight
59.69%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FNVnew+144,405$32.1M
GILnew+307,371$17.8M
TFIInew+165,482$14.6M
ATSadded+424,879$11.1M
CNIadded+77,930$7.35M

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
NEMexited-401,777-$23.4M
TELUS INTL CDA INCexited-3,667,490-$13.4M
TDreduced-150,497-$12M
GOOSexited-1,047,971-$11.7M
MGAreduced-214,067-$10.1M

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, Q3 2025

Share positions as resolved from 13F-HR 0001426327-25-000012, largest first. % of portfolio is the value over $1,677,072,632, 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; 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; 2025Q3: 1,278,474 shares 1,278,474$188M11.23%-39,787Timeline
TDTORONTO DOMINION BK ONTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,963,233 shares 1,963,233$157M9.36%-150,497Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,564,730 shares 1,564,730$107M6.4%-28,065Timeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,003,438 shares; 2025Q3: 2,955,763 shares 2,955,763$97.1M5.79%-47,675Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 494,511 shares; 2024Q4: 710,796 shares; 2025Q1: 730,893 shares; 2025Q2: 802,257 shares; 2025Q3: 880,187 shares 880,187$83M4.95%+77,930Timeline
TRPTC ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,488,624 shares 1,488,624$80.9M4.83%-154,943Timeline
BMOBANK OF MONTREALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,070 shares; 2024Q4: 356,924 shares; 2025Q1: 563,083 shares; 2025Q2: 607,701 shares; 2025Q3: 594,303 shares 594,303$77.4M4.62%-13,398Timeline
BNSBANK NOVA SCOTIA B CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,166,583 shares 1,166,583$75.4M4.5%-21,793Timeline
RCIROGERS COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,965,762 shares 1,965,762$67.7M4.03%-37,950Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,941,852 shares 3,941,852$66.9M3.99%-51,958Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,594,490 shares 1,594,490$66.7M3.98%-118,076Timeline
TUTELUS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,217,494 shares 3,217,494$50.7M3.02%-57,209Timeline
MFCMANULIFE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,504,581 shares 1,504,581$46.9M2.79%+119,507Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,626 shares; 2024Q4: 615,873 shares; 2025Q1: 634,083 shares; 2025Q2: 648,343 shares; 2025Q3: 581,004 shares 581,004$43.3M2.58%-67,339Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 838,313 shares; 2024Q4: 857,666 shares; 2025Q1: 883,680 shares; 2025Q2: 901,510 shares; 2025Q3: 855,493 shares 855,493$43.1M2.57%-46,017Timeline
GIBCGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,188 shares; 2024Q4: 490,663 shares; 2025Q1: 505,237 shares; 2025Q2: 517,087 shares; 2025Q3: 456,651 shares 456,651$40.7M2.42%-60,436Timeline
OROR ROYALTIES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,027,209 shares; 2025Q3: 1,010,109 shares 1,010,109$40.5M2.41%-17,100Timeline
MGAMAGNA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 926,411 shares; 2024Q4: 984,755 shares; 2025Q1: 983,905 shares; 2025Q2: 1,009,748 shares; 2025Q3: 795,681 shares 795,681$37.7M2.25%-214,067Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,723 shares; 2024Q4: 671,989 shares; 2025Q1: 598,217 shares; 2025Q2: 614,526 shares; 2025Q3: 603,738 shares 603,738$35.4M2.11%-10,788Timeline
CMCANADIAN IMPERIAL BANK OF COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,167,732 shares; 2024Q4: 916,026 shares; 2025Q1: 404,539 shares; 2025Q2: 418,123 shares; 2025Q3: 411,706 shares 411,706$32.9M1.96%-6,417Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 144,405 shares 144,405$32.1M1.92%newTimeline
ATSATS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 148,984 shares; 2025Q1: 632,491 shares; 2025Q2: 792,305 shares; 2025Q3: 1,217,184 shares 1,217,184$31.8M1.9%+424,879Timeline
MEOHMETHANEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,122 shares; 2024Q4: 439,069 shares; 2025Q1: 452,943 shares; 2025Q2: 794,279 shares; 2025Q3: 779,424 shares 779,424$31M1.85%-14,855Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 878,345 shares; 2024Q4: 890,610 shares; 2025Q1: 917,170 shares; 2025Q2: 938,400 shares; 2025Q3: 956,117 shares 956,117$30.6M1.82%+17,717Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,343 shares; 2024Q4: 645,072 shares; 2025Q1: 621,300 shares; 2025Q2: 475,142 shares; 2025Q3: 430,062 shares 430,062$27.6M1.64%-45,080Timeline
GILGILDAN ACTIVEWEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 677,833 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 307,371 shares 307,371$17.8M1.06%newTimeline
OTEXOPEN TEXT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 196,899 shares; 2024Q4: 264,108 shares; 2025Q1: 273,038 shares; 2025Q2: 276,928 shares; 2025Q3: 441,051 shares 441,051$16.5M0.98%+164,123Timeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,333 shares; 2024Q4: 174,703 shares; 2025Q1: 178,803 shares; 2025Q2: 183,843 shares; 2025Q3: 332,230 shares 332,230$14.6M0.87%+148,387Timeline
TFIITFI INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 165,482 shares 165,482$14.6M0.87%newTimeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,828,929 shares 3,828,929$13.6M0.81%-69,276Timeline
IAGIAMGOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 513,516 shares 513,516$6.63M0.4%newTimeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,805 shares; 2024Q4: 4,976 shares; 2025Q1: 5,746 shares; 2025Q2: 4,646 shares; 2025Q3: 8,912 shares 8,912$1.5M0.09%+4,266Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
NEMNEWMONT CORP401,777$23.4Mshares
TELUS INTL CDA INCTELUS INTL CDA INC3,667,490$13.4Mshares
GOOSCANADA GOOSE HLDGS INC1,047,971$11.7Mshares

How Q3 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 0001426327-25-000012 base2025-11-13acceptance time not in the bulk data set