DOSSIER · 13F-HR · Q3 2026

LOUISBOURG INVESTMENTS INC.

$545M in tracked AUM across 209 positions as of Q3 2026.

LI
CIK 0002053050 · last filed Sep 30, 2026
Total AUM
$545M
as of Q3 2026
Holdings
209
—
positions
Whale Score
55
55
tracked
Activity
—
no data
changes this Q
AI Analysis · Q3 2026

Louisbourg Investments increased its book by 5% to $529 million while executing a sharp sector rotation: the fund exited both of its major Canadian bank positions — Royal Bank of Canada and Toronto-Dominion — and redeployed the capital into precious-metals miners, royalty companies, and Canadian energy. New positions include Franco-Nevada, First Majestic Silver, Coeur Mining, and ConocoPhillips, while existing exposure to Kinross Gold, Wheaton Precious Metals, and Teck Resources was meaningfully increased.

Louisbourg Investments runs a $529 million book with a pronounced Canadian and commodities tilt, and the first quarter of 2026 made that tilt sharper. The fund exited its entire Royal Bank of Canada and Toronto-Dominion Bank positions — together worth roughly $9.3 million at year-end — and did not replace them with any other financial-services names. Instead, the capital migrated into the resource sector: Franco-Nevada (the gold royalty company) opened at $7.4 million, alongside new positions in First Majestic Silver, Coeur Mining, and ConocoPhillips. Existing mining and energy holdings — Kinross Gold, Wheaton Precious Metals, Teck Resources, Energy Fuels, and Iamgold — all saw material share-count increases.

The rotation was not limited to precious metals. Cenovus Energy entered the portfolio as a new $6.0 million position, complementing the existing Canadian Natural Resources and Suncor stakes. In the industrials and technology sleeves, Stantec (the Canadian engineering firm) and Thomson Reuters opened at $6.8 million and $6.6 million respectively, while Shopify was aggressively increased — share count jumped 85% to make it the second-largest holding at $14.6 million. Brookfield Corp, the alternative-asset manager, was built by 59% to $10.7 million, giving Louisbourg a meaningful private-markets proxy.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q3 2026. Methodology

Quarter at a glance — Q3 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q3 2026.

#HoldingValueSharesWeight
01
CNI
CANADIAN NATIONAL RAILWAY CO
$27M225K4.9%
02
SHOP
SHOPIFY INC
$18M120K3.3%
03
MSFT
MICROSOFT CORP
$17M42K3.2%
04
TSM
TSMC
$15M38K2.8%
05
CVE
CENOVUS ENERGY INC
$15M476K2.7%
06
SU
SUNCOR ENERGY INC
$15M217K2.7%
07
IVV
ISHARES CORE S&P 500 ETF
$13M17K2.4%
08
GOOG
ALPHABET INC
$13M45K2.3%
09
BN
BROOKFIELD CORP
$11M311K2.1%
10
AMZN
AMAZON.COM INC
$10M52K1.9%

Filing history

2026Q3Sep 30
$545M▲ 0.6%
209 positionsView →
2026Q2Jun 30
$542M▲ 2.5%
210 positionsView →
2026Q1Mar 31
$529M▲ 5.4%
216 positionsView →
2025Q4Dec 31
$502M▲ 9.5%
213 positionsView →
2025Q3Sep 30
$458M▲ 8.0%
208 positionsLocked
2025Q2Jun 30
$424M▲ 15.3%
200 positionsLocked
2025Q1Mar 31
$368M▼ 3.4%
180 positionsLocked
2024Q4Dec 31
$381M▼ 3.7%
169 positionsLocked
2024Q3Sep 30
$395M▲ 10.8%
174 positionsLocked
2024Q2Jun 30
$357M▼ 0.8%
170 positionsLocked
2024Q1Mar 31
$360M▲ 8.6%
165 positionsLocked
2023Q4Dec 31
$331M—
166 positionsLocked