Lorne Steinberg Wealth Management Q3 2025 13F Filing Analysis

Based on my comprehensive analysis of Lorne Steinberg Wealth Management Inc.'s latest Form 13F filing and related investment commentary, here is a detailed assessment of their portfolio positioning and the potential opportunities it signals for retail investors.

---

Lorne Steinberg Wealth Management Inc. filed its most recent Form 13F-HR on

, disclosing a distributed across [1][2]. This represents a modest increase from the previous quarter’s $383 million, indicating continued capital deployment and portfolio growth [1].

---

The firm’s portfolio demonstrates a

, with significant allocations to the following sectors:

Rank	Stock	Company	Portfolio Weight
1	RY.TO	Royal Bank of Canada	4.71% ($18.7M)
2	GOOGL	Alphabet Inc.	3.75% ($14.9M)
3	CM.TO	Canadian Imperial Bank	3.70% ($14.7M)
4	MSFT	Microsoft Corporation	3.67% ($14.6M)
5	BMO.TO	Bank of Montreal	3.20% ($12.7M)

Sector	Allocation
Financial Services	25.6%
Technology	18.3%
Communication Services	15.8%
Consumer Cyclical	13.5%
Healthcare	10.7%
Energy	5.6%
Basic Materials	4.2%
Other	6.3%

---

The firm demonstrated conviction in several areas by initiating new positions [1]:

• TELUS Corporation (TU)
  – Communication Services, 1.48% of portfolio
• Linde PLC (LIN)
  – Basic Materials, 0.66% of portfolio

Stock	Increase %	Market Value
Automatic Data Processing (ADP)	+96.2%	$4.90 million
Kraft Heinz (KHC)	+0.6%	$2.82 million

The

represents a substantial vote of confidence, with the firm accumulating valued at approximately $4.9 million [3].

Stock	Reduction %	Portfolio Weight
Microsoft (MSFT)	-1.28%	3.67%
Allstate (ALL)	-1.39%	2.76%
Berkshire Hathaway (BRK-B)	-0.43%	2.92%
Canadian National Railway (CNI)	Various	Basic Materials

Notably,

during this filing period, indicating a preference for trimming rather than exiting positions entirely [1].

---

Lorne Steinberg’s investment philosophy, as articulated in his 2025 market outlook, centers on

combined with [4][5]. Key strategic tenets include:

1. Quality Over Growth
   : Preference for companies with strong franchises, high free-cash-flow generation, and disciplined capital allocation
2. Valuation Discipline
   : Targeting companies trading at discounts to intrinsic value
3. Income Generation
   : Emphasis on dividend yields above 3% for income stability
4. Global Diversification
   : Active allocation to international markets where value opportunities persist
5. Risk-Managed High-Yield
   : Conservative approach to fixed income, prioritizing capital protection alongside yield [6]

Lorne Steinberg has publicly recommended the following as high-conviction value opportunities [7]:

Stock	Ticker	Key Thesis
Universal Music Group	UMG.AS	Global streaming leader, 50%+ market share, preparing U.S. listing, >10% earnings growth expected
Unilever PLC	UL	Consumer staples giant, new management driving margin expansion, P/E ~17, 3.3% dividend yield
Nike Inc.	NKE	Iconic brand with new CEO, cleared inventory, strong free-cash-flow, significant buyback program
American Express	AXP	Defensive positioning, reduced shares outstanding by 40% over 20 years, high-margin business
Bank of Nova Scotia	BNS	Trading at compelling discount, 6% dividend yield, new leadership optimizing Latin American operations
Diageo	DEO	Premium brands at 10-year valuation low, 3.8% dividend yield, strong free-cash-flow

---

1. Financial Sector Conviction
   : The 25.6% allocation to financial services, anchored by major Canadian banks (RY, CM, BMO), suggests confidence in well-capitalized, dividend-paying financial institutions [1].

2. Technology Selective Approach
   : While maintaining 18.3% in technology (including GOOGL and MSFT), the selective trimming of Microsoft indicates a
   quality-over-quantity
   approach – favoring proven winners over broad exposure [1].

3. New Positions as Forward Indicators
   : The additions of
   TELUS
   and
   Linde
   represent calculated bets on communication services infrastructure and industrial gases/chemicals, respectively [1].

4. ADP’s 96% Increase
   : This dramatic position expansion signals strong fundamental conviction in business process outsourcing and payroll processing – sectors typically defensive yet growth-oriented [3].

5. Consumer Brands Focus
   : The recommended picks (Nike, Unilever, Diageo) reveal a thesis around
   undervalued consumer franchises
   with strong pricing power and global distribution [7].

---

1. Follow the Quality Factor
   : Emulate the firm’s focus on companies with strong free-cash-flow, low debt, and dominant market positions.

2. Consider Canadian Banks
   : The significant allocation to Canadian banks (RY, CM, BMO) suggests these institutions offer attractive valuation multiples relative to U.S. peers.

3. Monitor New Initiations
   : The six new positions added in Q3 represent Lorne Steinberg’s highest-conviction ideas; retail investors should research these for potential entry points.

4. Capital Allocation Discipline
   : Note the emphasis on companies reducing share counts through buybacks – this creates shareholder value independent of stock price movements.

5. Dividend Income Strategy
   : The firm’s focus on companies yielding 3-6% provides a template for income-focused portfolios in a low-yield environment.

6. Value Rotation Thesis
   : The global value orientation suggests that international markets (particularly Canada) may offer better relative value than the U.S., where growth stocks have dominated.

---

• Concentration Risk
  : The top 5 holdings represent approximately 19% of the portfolio, creating modest concentration risk.
• Sector Bias
  : Heavy financial services allocation (25.6%) may underperform in rising rate environments or during credit stress.
• Timing Lag
  : 13F filings are delayed by 45 days, meaning positions may have changed since the filing date.

---

Lorne Steinberg Wealth Management’s Q3 2025 13F filing reveals a

with meaningful allocations to financial services, technology, and consumer franchises. The firm’s dramatic increase in ADP, new positions in Linde and TELUS, and continued confidence in Canadian banks signal conviction in trading at reasonable valuations.

For retail investors, the filing provides a

while highlighting specific names (ADP, RY, GOOGL, BNS, AXP) that merit further research. The emphasis on dividend yield, free-cash-flow, and capital discipline offers a timeless investment framework applicable across market cycles.

---

[1] TickerTracker.io – Lorne Steinberg Wealth Management Inc. Portfolio Holdings (Q3 2025)
https://tickertracker.io/portfolios/lorne-steinberg-wealth-management-inc

[2] 13F.info – Lorne Steinberg Wealth Management Inc. 13F Filings
https://13f.info/manager/0001851362-lorne-steinberg-wealth-management-inc

[3] MarketBeat – Lorne Steinberg Wealth Management Inc. Boosts Position in Automatic Data Processing Inc. (ADP)
https://www.marketbeat.com/instant-alerts/filing-lorne-steinberg-wealth-management-inc-boosts-position-in-automatic-data-processing-inc-adp-2026-01-26/

[4] BNN Bloomberg – Investment Strategy for 2025
https://www.bnnbloomberg.ca/video/shows/the-street/2024/12/20/investment-strategy-for-2025/

[5] BNN Bloomberg – Lorne Steinberg’s Market Outlook: Global Value Stocks and High Yield Bonds
https://www.bnnbloomberg.ca/video/shows/market-call/2025/08/05/lorne-steinbergs-market-outlook-global-value-stocks-and-high-yield-bonds/

[6] Steinberg Wealth Management – High Yield Investment Strategy
https://steinbergwealth.com/services/investment-management/high-yield/

[7] BNN Bloomberg – Lorne Steinberg’s Top Picks for March 6, 2025
https://www.bnnbloomberg.ca/investing/2025/03/06/lorne-steinbergs-top-picks-for-march-6-2025/

[8] BNN Bloomberg – Lorne Steinberg’s Top Picks for August 5, 2025
https://www.bnnbloomberg.ca/markets/2025/08/05/lorne-steinbergs-top-picks-for-august-1-2025/