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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 $1,457,755,111 across 32 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-10. Its ten largest share positions make up 61.48% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001426327-26-000001

Period
2025-12-31
Reported value
$1.46B
Holdings
32
Top 10 weight
61.48%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BNadded+466,750$21.4M
AGInew+436,945$16.9M
TFIIadded+104,681$10.8M
TUadded+132,966$1.75M
ATSadded+9,266$255K

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
RYreduced-260,065-$44.3M
TDreduced-370,057-$34.9M
CMexited-411,706-$32.9M
TRPreduced-553,773-$30.5M
RCIreduced-736,004-$27.8M

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, Q4 2025

Share positions as resolved from 13F-HR 0001426327-26-000001, largest first. % of portfolio is the value over $1,457,755,111, 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; 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; 2025Q4: 1,018,409 shares 1,018,409$174M11.91%-260,065Timeline
TDTORONTO DOMINION BK ONTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,593,176 shares 1,593,176$150M10.3%-370,057Timeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 3,003,438 shares; 2025Q3: 2,955,763 shares; 2025Q4: 2,347,731 shares 2,347,731$102M7.02%-608,032Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,031,480 shares 2,031,480$93.3M6.4%+466,750Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 494,511 shares; 2024Q4: 710,796 shares; 2025Q1: 730,893 shares; 2025Q2: 802,257 shares; 2025Q3: 880,187 shares; 2025Q4: 761,487 shares 761,487$75.3M5.17%-118,700Timeline
BNSBANK NOVA SCOTIA B CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 940,485 shares 940,485$69.4M4.76%-226,098Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,398,002 shares 1,398,002$62.1M4.26%-196,488Timeline
BMOBANK OF MONTREALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 214,070 shares; 2024Q4: 356,924 shares; 2025Q1: 563,083 shares; 2025Q2: 607,701 shares; 2025Q3: 594,303 shares; 2025Q4: 464,627 shares 464,627$60.3M4.14%-129,676Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,448,636 shares 3,448,636$58.3M4%-493,216Timeline
TRPTC ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 934,851 shares 934,851$51.5M3.53%-553,773Timeline
MFCMANULIFE FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,302,110 shares 1,302,110$47.3M3.24%-202,471Timeline
RCIROGERS COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,229,758 shares 1,229,758$46.4M3.18%-736,004Timeline
TUTELUS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,350,460 shares 3,350,460$44.2M3.03%+132,966Timeline
GIBCGI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 389,188 shares; 2024Q4: 490,663 shares; 2025Q1: 505,237 shares; 2025Q2: 517,087 shares; 2025Q3: 456,651 shares; 2025Q4: 395,129 shares 395,129$36.5M2.5%-61,522Timeline
ATSATS CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 148,984 shares; 2025Q1: 632,491 shares; 2025Q2: 792,305 shares; 2025Q3: 1,217,184 shares; 2025Q4: 1,226,450 shares 1,226,450$33.8M2.32%+9,266Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 551,626 shares; 2024Q4: 615,873 shares; 2025Q1: 634,083 shares; 2025Q2: 648,343 shares; 2025Q3: 581,004 shares; 2025Q4: 441,304 shares 441,304$32.5M2.23%-139,700Timeline
OROR ROYALTIES INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,027,209 shares; 2025Q3: 1,010,109 shares; 2025Q4: 877,209 shares 877,209$31.1M2.13%-132,900Timeline
ENBENBRIDGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 838,313 shares; 2024Q4: 857,666 shares; 2025Q1: 883,680 shares; 2025Q2: 901,510 shares; 2025Q3: 855,493 shares; 2025Q4: 638,571 shares 638,571$30.6M2.1%-216,922Timeline
FNVFRANCO NEV CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 144,405 shares; 2025Q4: 143,350 shares 143,350$29.7M2.04%-1,055Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 602,723 shares; 2024Q4: 671,989 shares; 2025Q1: 598,217 shares; 2025Q2: 614,526 shares; 2025Q3: 603,738 shares; 2025Q4: 458,531 shares 458,531$28.3M1.94%-145,207Timeline
TFIITFI INTERNATIONAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 165,482 shares; 2025Q4: 270,163 shares 270,163$27.9M1.92%+104,681Timeline
MEOHMETHANEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 433,122 shares; 2024Q4: 439,069 shares; 2025Q1: 452,943 shares; 2025Q2: 794,279 shares; 2025Q3: 779,424 shares; 2025Q4: 685,524 shares 685,524$27.2M1.87%-93,900Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 878,345 shares; 2024Q4: 890,610 shares; 2025Q1: 917,170 shares; 2025Q2: 938,400 shares; 2025Q3: 956,117 shares; 2025Q4: 791,781 shares 791,781$26.8M1.84%-164,336Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 610,343 shares; 2024Q4: 645,072 shares; 2025Q1: 621,300 shares; 2025Q2: 475,142 shares; 2025Q3: 430,062 shares; 2025Q4: 373,562 shares 373,562$25.5M1.75%-56,500Timeline
MGAMAGNA INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 410,369 shares 410,369$21.9M1.5%-385,312Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 436,945 shares 436,945$16.9M1.16%newTimeline
GILGILDAN ACTIVEWEAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 677,833 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 307,371 shares; 2025Q4: 268,471 shares 268,471$16.8M1.15%-38,900Timeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 171,333 shares; 2024Q4: 174,703 shares; 2025Q1: 178,803 shares; 2025Q2: 183,843 shares; 2025Q3: 332,230 shares; 2025Q4: 288,130 shares 288,130$13.8M0.95%-44,100Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,336,525 shares 3,336,525$13.7M0.94%-492,404Timeline
OTEXOPEN TEXT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 196,899 shares; 2024Q4: 264,108 shares; 2025Q1: 273,038 shares; 2025Q2: 276,928 shares; 2025Q3: 441,051 shares; 2025Q4: 279,352 shares 279,352$9.1M0.62%-161,699Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,805 shares; 2024Q4: 4,976 shares; 2025Q1: 5,746 shares; 2025Q2: 4,646 shares; 2025Q3: 8,912 shares; 2025Q4: 9,112 shares 9,112$1.55M0.11%+200Timeline
CNHCNH INDL N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,420 shares; 2024Q4: 15,240 shares; 2025Q1: 17,970 shares; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,680 shares 12,680$117K0.01%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CMCANADIAN IMPERIAL BANK OF CO411,706$32.9Mshares
IAGIAMGOLD CORP513,516$6.63Mshares

How Q4 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 0001426327-26-000001 base2026-02-10acceptance time not in the bulk data set