# EDGAR Filing Document

**Accession Number:** 0001361974
**File Stem:** 0001361974-23-000006
**Filing Date:** 2023-2
**Character Count:** 11440
**Document Hash:** 6ae02e6ae81d47473125658cd45c7d61
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001361974-23-000006.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001361974-23-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beutel, Goodman & Co Ltd.
- **CENTRAL INDEX KEY:** 0001361974
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11939
- **FILM NUMBER:** 23630056

**BUSINESS ADDRESS:**
- **STREET 1:** 20 EGLINTON AVENUE WEST
- **STREET 2:** SUITE 2000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4R 1K8
- **BUSINESS PHONE:** 416-485-1010

**MAIL ADDRESS:**
- **STREET 1:** 20 EGLINTON AVENUE WEST
- **STREET 2:** SUITE 2000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4R 1K8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Beutel, Goodman & CO Ltd.
- **DATE OF NAME CHANGE:** 20060505

### 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:** Beutel Goodman  Co Ltd.<br>**Address:** 20 EGLINTON AVENUE WEST<br>SUITE 2000<br>TORONTO, A6 M4R 1K8

**Form 13F File Number:** 028-11939

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:** Michal Pomotov<br>**Title:** CCO  General Counsel<br>**Phone:** 416-480-6461

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

Michal Pomotov  Toronto, Z4  02-14-2023<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:** 76

**Form 13F Information Table Value Total:** $16516981

      (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 |
| Abbott Lab | Common | 002824100 |  | 21 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Alamos Gold In | Class A | 011532108 |  | 80600 | 7977338 | SH |  | SOLE |  | 7585613 | 0 | 391725 |
| Alphabet | Class C | 02079K107 |  | 72 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| Amdocs Ltd | Ordinary | G02602103 |  | 352594 | 3878927 | SH |  | SOLE |  | 3877317 | 0 | 1610 |
| American Express Co | Common | 025816109 |  | 239058 | 1617995 | SH |  | SOLE |  | 1608230 | 0 | 9765 |
| Ameriprise Financial | Common | 03076C106 |  | 196222 | 630190 | SH |  | SOLE |  | 629905 | 0 | 285 |
| Amerisource-Bergen | Common | 03073E105 |  | 159165 | 960509 | SH |  | SOLE |  | 960079 | 0 | 430 |
| Amgen Inc | Common | 031162100 |  | 352801 | 1343291 | SH |  | SOLE |  | 1337636 | 0 | 5655 |
| AutoZone Inc | Common | 053332102 |  | 86 | 35 | SH |  | SOLE |  | 35 | 0 | 0 |
| Bank of Montreal | Common | 063671101 |  | 454673 | 5022503 | SH |  | SOLE |  | 4835870 | 0 | 186633 |
| Bank of Nova Scotia | Common | 064149107 |  | 168114 | 3433624 | SH |  | SOLE |  | 3293509 | 0 | 140115 |
| Berkshire Hathaway | Class A | 084670108 |  | 468 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| Biogen | Common | 09062X103 |  | 264429 | 954896 | SH |  | SOLE |  | 954466 | 0 | 430 |
| BlackRock | Common | 09247X101 |  | 247114 | 348721 | SH |  | SOLE |  | 346216 | 0 | 2505 |
| Brookfield Asset Mgt | Class A Ltd Vtg | 113004105 |  | 91059 | 3182379 | SH |  | SOLE |  | 3076269 | 0 | 106110 |
| Brookfield Business Partners | Cl A Exc Sub Vtg | 11259V106 |  | 9818 | 522945 | SH |  | SOLE |  | 501525 | 0 | 21420 |
| Brookfield Business Partners | Unit LTD LP | G16234109 |  | 16510 | 977320 | SH |  | SOLE |  | 934520 | 0 | 42800 |
| Brookfield Corporation | Cl A Ltd Vt Sh | 11271J107 |  | 401700 | 12782640 | SH |  | SOLE |  | 12358189 | 0 | 424451 |
| BRP Inc | Com Sun Vtg | 05577W200 |  | 253526 | 3327680 | SH |  | SOLE |  | 3199030 | 0 | 128650 |
| CAE Inc | Common | 124765108 |  | 232130 | 12009376 | SH |  | SOLE |  | 11497031 | 0 | 512345 |
| Campbell Soup Co | Common | 134429109 |  | 285602 | 5032647 | SH |  | SOLE |  | 5030417 | 0 | 2230 |
| Canadian Imperial Bk | Common | 136069101 |  | 62 | 1540 | SH |  | SOLE |  | 1540 | 0 | 0 |
| Carlyle Group | Common | 14316J108 |  | 123692 | 4145185 | SH |  | SOLE |  | 4143405 | 0 | 1780 |
| Cdn Natl Railway | Common | 136375102 |  | 530012 | 4464939 | SH |  | SOLE |  | 4286836 | 0 | 178103 |
| Cdn Natural Res | Common | 136385101 |  | 0 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| Cdn Pacific Railway | Common | 13645T100 |  | 363899 | 4884265 | SH |  | SOLE |  | 4694996 | 0 | 189269 |
| CGI Group | Cl A Sub Vtg | 12532H104 |  | 248384 | 2883629 | SH |  | SOLE |  | 2758494 | 0 | 125135 |
| Colliers Intl | Sub Vtg | 194693107 |  | 33630 | 366358 | SH |  | SOLE |  | 348229 | 0 | 18129 |
| Comcast Corp | Common | 20030N101 |  | 175967 | 5031953 | SH |  | SOLE |  | 5029888 | 0 | 2065 |
| Cummins Inc | Common | 231021106 |  | 215687 | 890205 | SH |  | SOLE |  | 884785 | 0 | 5420 |
| Denison Mines Corp | Common | 248356107 |  | 12692 | 11095190 | SH |  | SOLE |  | 10547165 | 0 | 548025 |
| Ebay Inc | Common | 278642103 |  | 190705 | 4598644 | SH |  | SOLE |  | 4572294 | 0 | 26350 |
| Enerflex | Common | 29269R105 |  | 11725 | 1860391 | SH |  | SOLE |  | 1768494 | 0 | 91897 |
| Flowserve Corp | Common | 34354P105 |  | 196923 | 6418624 | SH |  | SOLE |  | 6415499 | 0 | 3125 |
| Fortis Inc | Common | 349553107 |  | 376151 | 9406927 | SH |  | SOLE |  | 9106862 | 0 | 300065 |
| Franco Nevada Corp | Common | 351858105 |  | 109660 | 805031 | SH |  | SOLE |  | 770696 | 0 | 34335 |
| Gen Digital | Common | 668771108 |  | 247814 | 11563884 | SH |  | SOLE |  | 11558829 | 0 | 5055 |
| Gentex | Common | 371901109 |  | 139635 | 5120468 | SH |  | SOLE |  | 5118008 | 0 | 2460 |
| GSK PLC | Spons ADR | 37733W204 |  | 218 | 6230 | SH |  | SOLE |  | 6230 | 0 | 0 |
| Harley Davidson Inc | Common | 412822108 |  | 304384 | 7316927 | SH |  | SOLE |  | 7313302 | 0 | 3625 |
| Interpublic Group of Companies | Common | 460690100 |  | 228171 | 6849951 | SH |  | SOLE |  | 6846886 | 0 | 3065 |
| iShares MSCI EAFE ETF | ETF | 464287465 |  | 2888 | 44006 | SH |  | SOLE |  | 44006 | 0 | 0 |
| Kellogg Co | Common | 487836108 |  | 292576 | 4106917 | SH |  | SOLE |  | 4105187 | 0 | 1730 |
| Kimberly Clark Corp | Common | 494368103 |  | 296693 | 2185590 | SH |  | SOLE |  | 2174955 | 0 | 10635 |
| Magna Intl Inc | Common | 559222401 |  | 461407 | 8219628 | SH |  | SOLE |  | 7899602 | 0 | 320026 |
| Manulife Fincl Corp | Common | 56501R106 |  | 438100 | 24579921 | SH |  | SOLE |  | 23598893 | 0 | 981028 |
| Masco | Common | 574599106 |  | 201244 | 4312081 | SH |  | SOLE |  | 4287381 | 0 | 24700 |
| Merck Co Inc | Common | 58933Y105 |  | 222392 | 2004437 | SH |  | SOLE |  | 1993127 | 0 | 11310 |
| Microsoft | Common | 594918104 |  | 98 | 411 | SH |  | SOLE |  | 411 | 0 | 0 |
| Millerknoll | Common | 600544100 |  | 115045 | 5475773 | SH |  | SOLE |  | 5473338 | 0 | 2435 |
| NetApp | Common | 64110D104 |  | 212288 | 3534615 | SH |  | SOLE |  | 3533075 | 0 | 1540 |
| Novartis AG | Sponsored ADR | 66987V109 |  | 225 | 2490 | SH |  | SOLE |  | 2490 | 0 | 0 |
| Nutrien | Common | 67077M108 |  | 263711 | 3614729 | SH |  | SOLE |  | 3479132 | 0 | 135597 |
| Omnicom Group Inc | Common | 681919106 |  | 370838 | 4546260 | SH |  | SOLE |  | 4527690 | 0 | 18570 |
| Open Text Corp | Common | 683715106 |  | 300573 | 10151109 | SH |  | SOLE |  | 9771162 | 0 | 379947 |
| Oracle | Common | 68389X105 |  | 32 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Parker Hannifin Corp | Common | 701094104 |  | 105511 | 362581 | SH |  | SOLE |  | 362416 | 0 | 165 |
| PepsiCo | Common | 713448108 |  | 27 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| Polaris Industries | Common | 731068102 |  | 214747 | 2126216 | SH |  | SOLE |  | 2125266 | 0 | 950 |
| PPG Industries | Common | 693506107 |  | 49065 | 390211 | SH |  | SOLE |  | 390021 | 0 | 190 |
| Qualcomm | Common | 747525103 |  | 215496 | 1960124 | SH |  | SOLE |  | 1950084 | 0 | 10040 |
| Restaurant Brands International | Class B Non VTG | 76131D103 |  | 554329 | 8577020 | SH |  | SOLE |  | 8234357 | 0 | 342663 |
| Ritchie Bros. Auctioneers | Common | 767744105 |  | 332897 | 5767291 | SH |  | SOLE |  | 5547496 | 0 | 219795 |
| Rogers Communications | Common | 775109200 |  | 504319 | 10783161 | SH |  | SOLE |  | 10359522 | 0 | 423639 |
| Royal Bank Cda | ADR (2 ORD) | 780087102 |  | 1028471 | 10946809 | SH |  | SOLE |  | 10521396 | 0 | 425413 |
| SEI Investments | Common | 784117103 |  | 224822 | 3856301 | SH |  | SOLE |  | 3854541 | 0 | 1760 |
| Smith  Nephew | Common | 83175M205 |  | 363 | 13525 | SH |  | SOLE |  | 13525 | 0 | 0 |
| Sun Life Fncl Inc | Common | 866796105 |  | 486635 | 10491120 | SH |  | SOLE |  | 10084710 | 0 | 406410 |
| Suncor Energy Inc | Common | 867224107 |  | 424815 | 13401728 | SH |  | SOLE |  | 12896558 | 0 | 505170 |
| TC Energy | Common | 87807B107 |  | 511289 | 12833878 | SH |  | SOLE |  | 12325763 | 0 | 508115 |
| Telus Corp | Common | 87971M103 |  | 113962 | 5909450 | SH |  | SOLE |  | 5682509 | 0 | 226941 |
| Tempur Sealy International | Common | 88023U101 |  | 156165 | 4548944 | SH |  | SOLE |  | 4546829 | 0 | 2115 |
| Toronto Dominion Bk | Common | 891160509 |  | 866871 | 13397611 | SH |  | SOLE |  | 12871484 | 0 | 526127 |
| Unilever plc | Spon ADR New | 904767704 |  | 232 | 4620 | SH |  | SOLE |  | 4620 | 0 | 0 |
| Verizon Communicatio | Common | 92343V104 |  | 99 | 2530 | SH |  | SOLE |  | 2530 | 0 | 0 |
| Westinghouse Air Brake Technologies | Common | 929740108 |  | 233583 | 2340286 | SH |  | SOLE |  | 2339246 | 0 | 1040 |

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