NATIONAL BANK OF CANADA /FI/

National Bank of Canada reported $111.5B across a very broad 5,484-position book, led by NVIDIA (6.2%), Apple (4.1%), Microsoft (3.9%) and Alphabet, with Royal Bank of Canada and Toronto-Dominion reflecting its home market. The standout Q1 theme was an aggressive build in semiconductors: NVIDIA was the largest add (combined additions exceeding $3.3B across share classes), with Micron (+$484M) increased and new positions opened in AMD, Taiwan Semiconductor and Lam Research. Funding came from trimming Meta (-$1.1B), Broadcom (-$706M), Tesla and Oracle. Assets edged up from $110.0B to $111.5B, one of the few large filers to grow over the quarter.