# EDGAR Filing Document

**Accession Number:** 0001297496
**File Stem:** 0001297496-23-000006
**Filing Date:** 2023-2
**Character Count:** 13103
**Document Hash:** 07a08e589546033fd39760ce01a403b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001297496-23-000006.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001297496-23-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LETKO, BROSSEAU & ASSOCIATES INC
- **CENTRAL INDEX KEY:** 0001297496
- **IRS NUMBER:** 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:** 23608802

**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:** 12-31-2022

**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

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  02-10-2023<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:** 97

**Form 13F Information Table Value Total:** $5550118

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 81172 | 502272 | SH |  | SOLE |  | 502272 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 244 | 2760 | SH |  | SOLE |  | 2760 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 70977 | 799925 | SH |  | SOLE |  | 799925 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 78458 | 4261722 | SH |  | SOLE |  | 4261722 | 0 | 0 |
| ATARA BIOTHERAPEUTICS INC | COM | 046513107 |  | 57 | 17500 | SH |  | SOLE |  | 17500 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 45394 | 1370587 | SH |  | SOLE |  | 1370587 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 182491 | 2015861 | SH |  | SOLE |  | 2015861 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 205583 | 4198896 | SH |  | SOLE |  | 4198896 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 153306 | 3491711 | SH |  | SOLE |  | 3491711 | 0 | 0 |
| BELLUS HEALTH INC NEW | COM NEW | 07987C204 |  | 132 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| BERRY GLOBAL GROUP INC | COM | 08579W103 |  | 58228 | 963565 | SH |  | SOLE |  | 963565 | 0 | 0 |
| BIOGEN INC | COM | 09062X103 |  | 32139 | 116058 | SH |  | SOLE |  | 116058 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 64861 | 3355594 | SH |  | SOLE |  | 3355594 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 |  | 89598 | 2216561 | SH |  | SOLE |  | 2216561 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 101459 | 1828333 | SH |  | SOLE |  | 1828333 | 0 | 0 |
| CELESTICA INC | SUB VTG SHS | 15101Q108 |  | 146539 | 13011310 | SH |  | SOLE |  | 13011310 | 0 | 0 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 |  | 17542 | 4331296 | SH |  | SOLE |  | 4331296 | 0 | 0 |
| CENOVUS ENERGY INC | *W EXP 01/01/202 | 15135U117 |  | 194 | 15254 | SH |  | SOLE |  | 15254 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 120407 | 6210327 | SH |  | SOLE |  | 6210327 | 0 | 0 |
| CI FINL CORP | COM | 125491100 |  | 22479 | 2254450 | SH |  | SOLE |  | 2254450 | 0 | 0 |
| CIRRUS LOGIC INC | COM | 172755100 |  | 44689 | 600014 | SH |  | SOLE |  | 600014 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 34100 | 715795 | SH |  | SOLE |  | 715795 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 70135 | 1550624 | SH |  | SOLE |  | 1550624 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 68228 | 1951058 | SH |  | SOLE |  | 1951058 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 38109 | 3574990 | SH |  | SOLE |  | 3574990 | 0 | 0 |
| COMPANHIA PARANAENSE ENERG C | SPON ADS | 20441B605 |  | 43678 | 6074875 | SH |  | SOLE |  | 6074875 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 55201 | 467809 | SH |  | SOLE |  | 467809 | 0 | 0 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 16218 | 195000 | SH |  | SOLE |  | 195000 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 14007 | 103250 | SH |  | SOLE |  | 103250 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 36833 | 395250 | SH |  | SOLE |  | 395250 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 25085 | 407815 | SH |  | SOLE |  | 407815 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 33934 | 282102 | SH |  | SOLE |  | 282102 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 319 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| EASTMAN CHEM CO | COM | 277432100 |  | 51395 | 631074 | SH |  | SOLE |  | 631074 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 416 | 10650 | SH |  | SOLE |  | 10650 | 0 | 0 |
| ENERFLEX LTD | COM | 29269R105 |  | 44413 | 7046611 | SH |  | SOLE |  | 7046611 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 26688 | 154090 | SH |  | SOLE |  | 154090 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 295 | 7375 | SH |  | SOLE |  | 7375 | 0 | 0 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 47803 | 570515 | SH |  | SOLE |  | 570515 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 86031 | 1002103 | SH |  | SOLE |  | 1002103 | 0 | 0 |
| GRAPHIC PACKAGING HLDG CO | COM | 388689101 |  | 16726 | 751725 | SH |  | SOLE |  | 751725 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 41338 | 1176393 | SH |  | SOLE |  | 1176393 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 40807 | 287735 | SH |  | SOLE |  | 287735 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 88250 | 17481662 | SH |  | SOLE |  | 17481662 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 18047 | 824450 | SH |  | SOLE |  | 824450 | 0 | 0 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 853 | 70060 | SH |  | SOLE |  | 70060 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 31320 | 222299 | SH |  | SOLE |  | 222299 | 0 | 0 |
| INVESCO LTD | SHS | G491BT108 |  | 31552 | 1753838 | SH |  | SOLE |  | 1753838 | 0 | 0 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 275 | 2025 | SH |  | SOLE |  | 2025 | 0 | 0 |
| MACERICH CO | COM | 554382101 |  | 37867 | 3362970 | SH |  | SOLE |  | 3362970 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 155462 | 2769422 | SH |  | SOLE |  | 2769422 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 240970 | 13519766 | SH |  | SOLE |  | 13519766 | 0 | 0 |
| MAXAR TECHNOLOGIES INC | COM | 57778K105 |  | 40879 | 790085 | SH |  | SOLE |  | 790085 | 0 | 0 |
| MEDICENNA THERAPEUTICS CORP | COM | 58490H107 |  | 78 | 170000 | SH |  | SOLE |  | 170000 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 37580 | 338709 | SH |  | SOLE |  | 338709 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 41487 | 344752 | SH |  | SOLE |  | 344752 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 937 | 12949 | SH |  | SOLE |  | 12949 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 24509 | 83115 | SH |  | SOLE |  | 83115 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 154903 | 2123275 | SH |  | SOLE |  | 2123275 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 76957 | 2599023 | SH |  | SOLE |  | 2599023 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 59600 | 729142 | SH |  | SOLE |  | 729142 | 0 | 0 |
| OUTSET MED INC | COM | 690145107 |  | 293 | 11350 | SH |  | SOLE |  | 11350 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 32261 | 637565 | SH |  | SOLE |  | 637565 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 84164 | 1642553 | SH |  | SOLE |  | 1642553 | 0 | 0 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 4808 | 62812 | SH |  | SOLE |  | 62812 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 12624 | 1180425 | SH |  | SOLE |  | 1180425 | 0 | 0 |
| REPLIMUNE GROUP INC | COM | 76029N106 |  | 205 | 7525 | SH |  | SOLE |  | 7525 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 52398 | 810740 | SH |  | SOLE |  | 810740 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 188395 | 4028186 | SH |  | SOLE |  | 4028186 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 |  | 192465 | 2048554 | SH |  | SOLE |  | 2048554 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1819 | 21846 | SH |  | SOLE |  | 21846 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 43047 | 1495183 | SH |  | SOLE |  | 1495183 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 53770 | 944167 | SH |  | SOLE |  | 944167 | 0 | 0 |
| SKECHERS U S A INC | CL A | 830566105 |  | 40265 | 959835 | SH |  | SOLE |  | 959835 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 50487 | 554015 | SH |  | SOLE |  | 554015 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 6474 | 78000 | SH |  | SOLE |  | 78000 | 0 | 0 |
| SPIRIT AEROSYSTEMS HLDGS INC | COM CL A | 848574109 |  | 15381 | 519620 | SH |  | SOLE |  | 519620 | 0 | 0 |
| SPIRIT AIRLS INC | COM | 848577102 |  | 26625 | 1366810 | SH |  | SOLE |  | 1366810 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 75280 | 970483 | SH |  | SOLE |  | 970483 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 142473 | 3071507 | SH |  | SOLE |  | 3071507 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 137479 | 4337058 | SH |  | SOLE |  | 4337058 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 62651 | 1572597 | SH |  | SOLE |  | 1572597 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 192039 | 5085079 | SH |  | SOLE |  | 5085079 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 138462 | 7179823 | SH |  | SOLE |  | 7179823 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 58398 | 1196933 | SH |  | SOLE |  | 1196933 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 201348 | 3111852 | SH |  | SOLE |  | 3111852 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 39610 | 920511 | SH |  | SOLE |  | 920511 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 40550 | 233260 | SH |  | SOLE |  | 233260 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 1062 | 12325 | SH |  | SOLE |  | 12325 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 60292 | 1530262 | SH |  | SOLE |  | 1530262 | 0 | 0 |
| VMWARE INC | CL A COM | 928563402 |  | 34499 | 281030 | SH |  | SOLE |  | 281030 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 18849 | 1862526 | SH |  | SOLE |  | 1862526 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 57640 | 406517 | SH |  | SOLE |  | 406517 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 2668 | 281417 | SH |  | SOLE |  | 281417 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 45421 | 1100039 | SH |  | SOLE |  | 1100039 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 81407 | 1128183 | SH |  | SOLE |  | 1128183 | 0 | 0 |
| YATRA ONLINE INC | ORD SHS | G98338109 |  | 5273 | 2188020 | SH |  | SOLE |  | 2188020 | 0 | 0 |

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