# EDGAR Filing Document

**Accession Number:** 0001297496
**File Stem:** 0001297496-25-000024
**Filing Date:** 2025-11
**Character Count:** 13730
**Document Hash:** a9ac059d89c6e0bb2da02231a779c9b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001297496-25-000024.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001297496-25-000024

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LETKO, BROSSEAU & ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0001297496

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10940
- **FILM NUMBER:** 251469718

**BUSINESS ADDRESS:**
- **STREET 1:** 1800, MCGILL COLLEGE, SUITE 2510
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3J6
- **BUSINESS PHONE:** (514) 499-1200

**MAIL ADDRESS:**
- **STREET 1:** 1800, MCGILL COLLEGE, SUITE 2510
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3J6

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** LETKO BROSSEAU  ASSOCIATES INC<br>**Address:** 1800 MCGILL COLLEGE SUITE 2510<br>MONTREAL, A8 H3A 3J6

**Form 13F File Number:** 028-10940

**CRD Number (if applicable):** 000129749

**SEC File Number (if applicable):** 801-64074

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Isabelle Godin<br>**Title:** VP Operations and CFO<br>**Phone:** (514) 499-1200

**Signature, Place, and Date of Signing:**

Isabelle Godin  Montreal, A8  11-12-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 98

**Form 13F Information Table Value Total:** $5822191581

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 89BIO INC | COM | 282559103 |  | 157290 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 67357067 | 290909 | SH |  | SOLE |  | 275224 | 0 | 15685 |
| ADIENT PLC | ORD SHS | G0084W101 |  | 36043811 | 1496836 | SH |  | SOLE |  | 1384186 | 0 | 112650 |
| ADOBE INC | COM | 00724F101 |  | 83287803 | 236110 | SH |  | SOLE |  | 219540 | 0 | 16570 |
| ALBEMARLE CORP | COM | 012653101 |  | 200673 | 2475 | SH |  | SOLE |  | 2475 | 0 | 0 |
| ALDEYRA THERAPEUTICS INC | COM | 01438T106 |  | 90306 | 17300 | SH |  | SOLE |  | 17300 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 265465 | 1092 | SH |  | SOLE |  | 1092 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 208873351 | 857620 | SH |  | SOLE |  | 802405 | 0 | 55215 |
| AMRIZE LTD | SHS | H2927K103 |  | 256496 | 5316 | SH |  | SOLE |  | 5316 | 0 | 0 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 248235 | 24700 | SH |  | SOLE |  | 24700 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 115882134 | 4103475 | SH |  | SOLE |  | 3963175 | 0 | 140300 |
| AURA BIOSCIENCES INC | COM | 05153U107 |  | 174894 | 28300 | SH |  | SOLE |  | 28300 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 50824920 | 985170 | SH |  | SOLE |  | 959495 | 0 | 25675 |
| BANK MONTREAL QUE | COM | 063671101 |  | 231329963 | 1774869 | SH |  | SOLE |  | 1163710 | 0 | 611159 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 257414151 | 3980065 | SH |  | SOLE |  | 2626590 | 0 | 1353475 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 160976303 | 4900075 | SH |  | SOLE |  | 3125200 | 0 | 1774875 |
| BCE INC | COM NEW | 05534B760 |  | 164674301 | 7045751 | SH |  | SOLE |  | 4270985 | 0 | 2774766 |
| BIOGEN INC | COM | 09062X103 |  | 16896450 | 120620 | SH |  | SOLE |  | 103880 | 0 | 16740 |
| CAE INC | COM | 124765108 |  | 96291131 | 3251140 | SH |  | SOLE |  | 2118315 | 0 | 1132825 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 151189491 | 1891602 | SH |  | SOLE |  | 1180497 | 0 | 711105 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 33240750 | 3697525 | SH |  | SOLE |  | 3639100 | 0 | 58425 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 101989807 | 6005443 | SH |  | SOLE |  | 4042574 | 0 | 1962869 |
| CHEVRON CORP NEW | COM | 166764100 |  | 20720188 | 133429 | SH |  | SOLE |  | 129253 | 0 | 4176 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 56640978 | 452079 | SH |  | SOLE |  | 441079 | 0 | 11000 |
| CITIGROUP INC | COM NEW | 172967424 |  | 83381743 | 821495 | SH |  | SOLE |  | 796565 | 0 | 24930 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 67969189 | 2163246 | SH |  | SOLE |  | 2088696 | 0 | 74550 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 55953442 | 2248029 | SH |  | SOLE |  | 2207204 | 0 | 40825 |
| COMPANHIA PARANAENSE DE ENER | SPON ADS | 20441B605 |  | 65621251 | 6696046 | SH |  | SOLE |  | 6549946 | 0 | 146100 |
| COMPANHIA PARANAENSE DE ENER | SPONSORED ADS | 20441B704 |  | 589174 | 65756 | SH |  | SOLE |  | 65756 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 40219100 | 425194 | SH |  | SOLE |  | 408194 | 0 | 17000 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 22308811 | 187753 | SH |  | SOLE |  | 185603 | 0 | 2150 |
| CREDICORP LTD | COM | G2519Y108 |  | 25901322 | 97271 | SH |  | SOLE |  | 95971 | 0 | 1300 |
| CVS HEALTH CORP | COM | 126650100 |  | 84103953 | 1115585 | SH |  | SOLE |  | 1083610 | 0 | 31975 |
| EASTMAN CHEM CO | COM | 277432100 |  | 71402297 | 1132471 | SH |  | SOLE |  | 1059721 | 0 | 72750 |
| EMERA INC | COM | 290876101 |  | 407175 | 8485 | SH |  | SOLE |  | 8485 | 0 | 0 |
| ENERFLEX LTD | COM | 29269R105 |  | 53662703 | 4974436 | SH |  | SOLE |  | 3237636 | 0 | 1736800 |
| ERO COPPER CORP | COM | 296006109 |  | 364683 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 51108752 | 216737 | SH |  | SOLE |  | 208227 | 0 | 8510 |
| FORTIS INC | COM | 349553107 |  | 400791 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FRANKLIN INDIA | 35473P769 |  | 826906 | 22175 | SH |  | SOLE |  | 0 | 0 | 22175 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 271599 | 6925 | SH |  | SOLE |  | 6925 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 47010720 | 423520 | SH |  | SOLE |  | 399020 | 0 | 24500 |
| GOSSAMER BIO INC | COM | 38341P102 |  | 103622 | 39400 | SH |  | SOLE |  | 39400 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 40606478 | 2074935 | SH |  | SOLE |  | 2018585 | 0 | 56350 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 72334779 | 1675968 | SH |  | SOLE |  | 1600918 | 0 | 75050 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 4449682 | 130260 | SH |  | SOLE |  | 114610 | 0 | 15650 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 53507627 | 3531808 | SH |  | SOLE |  | 2408058 | 0 | 1123750 |
| HUMACYTE INC | COM | 44486Q103 |  | 79953 | 45950 | SH |  | SOLE |  | 45950 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 13233243 | 437752 | SH |  | SOLE |  | 432402 | 0 | 5350 |
| ILLUMINA INC | COM | 452327109 |  | 81134580 | 854318 | SH |  | SOLE |  | 799335 | 0 | 54983 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 1281180 | 49125 | SH |  | SOLE |  | 49125 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 101460904 | 3024170 | SH |  | SOLE |  | 2924395 | 0 | 99775 |
| INVESCO LTD | SHS | G491BT108 |  | 36730106 | 1601138 | SH |  | SOLE |  | 1547588 | 0 | 53550 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 34453296 | 193634 | SH |  | SOLE |  | 189494 | 0 | 4140 |
| MACERICH CO | COM | 554382101 |  | 33435584 | 1837120 | SH |  | SOLE |  | 1768295 | 0 | 68825 |
| MAGNA INTL INC | COM | 559222401 |  | 195443125 | 4124045 | SH |  | SOLE |  | 2451251 | 0 | 1672794 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 193660550 | 6214467 | SH |  | SOLE |  | 4038692 | 0 | 2175775 |
| MEIRAGTX HLDGS PLC | COM | G59665102 |  | 263360 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 29710297 | 353989 | SH |  | SOLE |  | 318939 | 0 | 35050 |
| META PLATFORMS INC | CL A | 30303M102 |  | 145844932 | 198596 | SH |  | SOLE |  | 186100 | 0 | 12496 |
| MICROSOFT CORP | COM | 594918104 |  | 330452 | 638 | SH |  | SOLE |  | 638 | 0 | 0 |
| MINERALYS THERAPEUTICS INC | COM | 603170101 |  | 207612 | 5475 | SH |  | SOLE |  | 5475 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 23592864 | 913390 | SH |  | SOLE |  | 881565 | 0 | 31825 |
| NEWAMSTERDAM PHARMA COMPANY | ORDINARY SHARES | N62509109 |  | 334881 | 11775 | SH |  | SOLE |  | 11775 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 171229354 | 2915069 | SH |  | SOLE |  | 1816319 | 0 | 1098750 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1166125 | 6250 | SH |  | SOLE |  | 6250 | 0 | 0 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 404221 | 1775 | SH |  | SOLE |  | 1775 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 211357626 | 5653268 | SH |  | SOLE |  | 3529143 | 0 | 2124125 |
| ORACLE CORP | COM | 68389X105 |  | 680601 | 2420 | SH |  | SOLE |  | 2420 | 0 | 0 |
| PALVELLA THERAPEUTICS INC NE | COM | 697947109 |  | 325988 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 592465 | 14650 | SH |  | SOLE |  | 9175 | 0 | 5475 |
| PFIZER INC | COM | 717081103 |  | 102899400 | 4038438 | SH |  | SOLE |  | 3773708 | 0 | 264730 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 4824097 | 986250 | SH |  | SOLE |  | 566150 | 0 | 420100 |
| PROKIDNEY CORP | SHS CL A | 74291D104 |  | 38478 | 15900 | SH |  | SOLE |  | 15900 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 45252 | 10800 | SH |  | SOLE |  | 10800 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 38532527 | 600517 | SH |  | SOLE |  | 305592 | 0 | 294925 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 230391594 | 6691022 | SH |  | SOLE |  | 4280472 | 0 | 2410550 |
| ROYAL BK CDA | COM | 780087102 |  | 221305227 | 1501190 | SH |  | SOLE |  | 959165 | 0 | 542025 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1885151 | 19746 | SH |  | SOLE |  | 19746 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 45419905 | 634977 | SH |  | SOLE |  | 617752 | 0 | 17225 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 60175035 | 781697 | SH |  | SOLE |  | 701475 | 0 | 80222 |
| SMURFIT WESTROCK PLC | SHS | G8267P108 |  | 3894474 | 91484 | SH |  | SOLE |  | 91484 | 0 | 0 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 3539565 | 35325 | SH |  | SOLE |  | 35325 | 0 | 0 |
| SPRINKLR INC | CL A | 85208T107 |  | 13120719 | 1699575 | SH |  | SOLE |  | 1637275 | 0 | 62300 |
| STATE STR CORP | COM | 857477103 |  | 79133437 | 682126 | SH |  | SOLE |  | 663526 | 0 | 18600 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 191897718 | 3195004 | SH |  | SOLE |  | 2023554 | 0 | 1171450 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 86534452 | 2067377 | SH |  | SOLE |  | 1402316 | 0 | 665061 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 63109659 | 1438342 | SH |  | SOLE |  | 947642 | 0 | 490700 |
| TELUS CORPORATION | COM | 87971M103 |  | 104402184 | 6627062 | SH |  | SOLE |  | 4230562 | 0 | 2396500 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 242492108 | 3032023 | SH |  | SOLE |  | 1899898 | 0 | 1132125 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 76103500 | 1664556 | SH |  | SOLE |  | 1547306 | 0 | 117250 |
| TSCAN THERAPEUTICS INC | COM | 89854M101 |  | 174493 | 95875 | SH |  | SOLE |  | 95875 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 28406465 | 340075 | SH |  | SOLE |  | 327950 | 0 | 12125 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 398019 | 36650 | SH |  | SOLE |  | 36650 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 72856618 | 1657716 | SH |  | SOLE |  | 1598832 | 0 | 58884 |
| WALMART INC | COM | 931142103 |  | 40864424 | 396511 | SH |  | SOLE |  | 373461 | 0 | 23050 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 57122827 | 681494 | SH |  | SOLE |  | 662694 | 0 | 18800 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 78139197 | 1149169 | SH |  | SOLE |  | 708834 | 0 | 440335 |

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