Nexus Investment Management ULC

The portfolio consists of 70 holdings, reflecting a diversified approach. The manager has been highly active this quarter, executing a major portfolio overhaul. The filing indicates 31 new positions and 9 exits, signaling a strategic pivot. The concentration risk appears moderate, with the top 10 holdings accounting for approximately 55.7% of the total portfolio value, indicating a core-satellite approach where a select number of large positions drive performance, supported by a long tail of smaller holdings.

2. Key Holdings

The portfolio is currently dominated by high-conviction positions in large-cap "Quality" and value-oriented growth stocks. The top three holdings—GOOG (Alphabet Class C), JPM (JPMorgan Chase), and CSCO (Cisco Systems)—are remarkably balanced in size, representing 8.85%, 8.31%, and 6.76% of the portfolio, respectively.