1832 Asset Management L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), 1832 Asset Management L.P. reported 674 stock positions worth $78.3 billion. Its top holding was Toronto-Dominion Bank (TD) at 3.9% of the portfolio, followed by Royal Bank of Canada (RY, 3.7%) and Microsoft (MSFT, 3.5%). Compared with Q3 2025, it opened 108 new positions, sold out of 83, added to 326 and reduced 212. The biggest buy was Toronto-Dominion Bank (TD, shares +46%) and the biggest sale Nvidia (NVDA, shares −8%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0000944388
Portfolio Value
$78.3B (Q4 2025)
SEC Filing
0001062993-26-000901 ↗ filed Feb 13, 2026

Holdings Value

0$20.0B$40.0B$60.0B$80.0B$100.0B Q1 2024: $54.7B Q1 2024 Q2 2024: $55.2B Q2 2024 Q3 2024: $59.6B Q3 2024 Q4 2024: $56.0B Q4 2024 Q1 2025: $52.4B Q1 2025 Q2 2025: $57.4B Q2 2025 Q3 2025: $59.1B Q3 2025 Q4 2025: $78.3B $78.3B Q4 2025 Q1 2026: $75.5B Q1 2026 Q2 2026: $81.5B Q2 2026

Holdings 674 stocks · $78.3B

TD Toronto-Dominion Bank 3.88% 32,289,612 $3.0B Add +46.2%
RY Royal Bank of Canada 3.67% 16,861,242 $2.9B Add +7.5%
MSFT Microsoft Corp. 3.49% 5,645,286 $2.7B Add +23.1%
BN Brookfield Corp. 2.67% 45,546,724 $2.1B Add +86.2%
CNI Canadian Natl Railway Co. 2.37% 18,747,746 $1.9B Add +98.3%
AMZN Amazon.com Inc. 2.29% 7,771,642 $1.8B Add +30.0%
GOOGL Alphabet Inc. Class A 2.22% 5,554,972 $1.7B Add +15.9%
ENB Enbridge Inc. 1.87% 30,581,879 $1.5B Add +3.2%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.77% 18,761,273 $1.4B Add +4.6%
BMO Bank of Montreal filed as BANK MONTREAL QUE 1.73% 10,417,243 $1.4B Add +64.4%
TRP TC Energy Corp. 1.72% 24,512,522 $1.3B Add +75.4%
NVDA Nvidia Corp. 1.70% 7,129,801 $1.3B Reduce -7.6%
SHOP Shopify Inc. Class A 1.61% 7,813,418 $1.3B Add +127.1%
AAPL Apple Inc. 1.53% 4,399,620 $1.2B Reduce -0.2%
CNQ Canadian Natural Resources 1.36% 31,482,179 $1.1B Add +1.8%
CP Canadian Pacific Kansas City 1.35% 14,328,630 $1.1B Add +0.4%
MFC Manulife Financial Corp. 1.32% 28,578,141 $1.0B Add +12.7%
WCN Waste Connections Inc. 1.27% 5,652,029 $991.1M Add +31.5%
V Visa Inc. Class A 1.22% 2,718,357 $953.4M Reduce -0.6%
TSM Taiwan Semiconductor-SP ADR 1.09% 2,817,888 $856.3M Add +7.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.05% 5,374,591 $825.6M Add +15.7%
GOOG Alphabet Inc. Class C 1.01% 2,529,394 $793.7M Add +61.0%
SU Suncor Energy Inc. 1.01% 17,791,677 $789.2M Reduce -4.0%
OTEX Open Text Corp. 0.98% 23,592,987 $768.7M Add +547.4%
TMO Thermo Fisher Scientific Inc. 0.92% 1,244,525 $721.1M Add +0.3%
JPM JPMorgan Chase & Co. 0.90% 2,183,418 $703.5M Add +6.6%
TRI Thomson Reuters Corp. 0.89% 5,254,469 $693.0M Add +191.8%
CAE Cae Inc. 0.86% 22,201,969 $675.4M Add +1343.8%
SLF Sun Life Financial Inc. 0.81% 10,208,238 $637.0M Add +0.3%
AEM Agnico Eagle Mines Ltd. 0.80% 3,711,480 $629.2M Add +118.5%
CSCO Cisco Systems Inc. 0.76% 7,773,094 $598.8M Add +110.5%
AVGO Broadcom Inc. 0.73% 1,660,892 $574.8M Reduce -6.4%
HD Home Depot Inc. 0.70% 1,588,947 $546.8M Add +9.8%
SHW The Sherwin-Williams Co. 0.70% 1,681,911 $545.0M Add +1.8%
FNV Franco-Nevada Corp. 0.69% 2,602,355 $539.4M Add +182.5%
MA Mastercard Inc. Class A 0.68% 934,024 $533.2M Add +103.6%
LLY Eli Lilly & Co. 0.67% 488,813 $525.3M Add +380.0%
JNJ Johnson & Johnson 0.67% 2,529,074 $523.4M Add +147.0%
ORCL Oracle Corp. 0.64% 2,554,189 $497.8M Add +54.7%
GIB Cgi Inc. 0.63% 5,352,267 $494.0M Add +351.3%
NTR Nutrien Ltd. 0.62% 7,832,048 $483.4M Reduce -2.4%
TFII Tfi International Inc. 0.61% 4,618,775 $477.4M Add +331.7%
EMR Emerson Electric Co. 0.58% 3,413,318 $453.0M Add +20.3%
META Meta Platforms Inc. Class A 0.57% 678,884 $448.1M Reduce -33.6%
MCD McDonald's Corp. 0.57% 1,466,160 $448.1M Add +0.4%
PBA Pembina Pipeline Corp. 0.57% 11,767,638 $447.9M Add +591.8%
FTS Fortis Inc. 0.56% 8,408,188 $436.7M Reduce -0.7%
TU Telus Corp. 0.56% 33,012,974 $434.8M Reduce -14.6%
UNH Unitedhealth Group Inc. 0.55% 1,308,258 $431.9M Add +96.5%
GIL Gildan Activewear Inc. 0.54% 6,773,733 $423.1M Add +5501.7%
ETN Eaton Corp. PLC 0.52% 1,270,456 $404.7M Reduce -1.4%
WMT Walmart Inc. 0.49% 3,467,767 $386.3M Add +65.4%
RCI Rogers Communications Inc. Class B 0.48% 10,053,298 $379.3M Add +16.3%
BGSI Boyd Group Services Inc. 0.48% 2,369,395 $377.4M New
STN Stantec Inc. 0.48% 3,975,132 $375.1M Add +5016.4%
RBA RB Global Inc. 0.46% 3,500,777 $360.1M Add +11387.0%
CIGI Colliers Intl GR-Subord Vot 0.45% 2,402,439 $353.2M Add +578.2%
WFC Wells Fargo & Co. 0.44% 3,705,688 $345.4M Add +7.8%
CRH CRH PLC 0.43% 2,669,059 $333.1M Reduce -8.9%
NFLX Netflix Inc. 0.42% 3,505,956 $328.7M Add +649.5%
DHR Danaher Corp. 0.42% 1,435,479 $328.6M Add +94.5%
IBKR Interactive Brokers Gro Class A 0.41% 5,027,916 $323.3M Add +260.3%
BIP Brookfield Infrastructure Pa 0.41% 9,184,457 $319.1M Reduce -16.1%
MDB Mongodb Inc. 0.40% 753,300 $316.2M Reduce -12.4%
ACN Accenture PLC Class A 0.38% 1,116,821 $299.6M Add +112.7%
C Citigroup Inc. 0.38% 2,567,371 $299.6M Add +423.9%
ABT Abbott Laboratories 0.38% 2,373,723 $297.4M Add +1095.7%
SYK Stryker Corp. 0.38% 845,558 $297.2M Add +256.1%
COST Costco Wholesale Corp. 0.36% 327,789 $282.7M Add +21.8%
GRTUF Granite Real Estate Investme 0.36% 4,774,189 $282.6M Reduce -0.7%
ELV Elevance Health Inc. 0.34% 762,196 $267.2M Add +1.5%
BDX Becton Dickinson and Co. 0.34% 1,366,829 $265.3M Add +213.2%
QSR Restaurant Brands Intern 0.33% 3,817,946 $260.5M Add +22.7%
VRT Vertiv Holdings Co. Class A 0.33% 1,607,549 $260.4M Reduce -32.1%
LITE Lumentum Holdings Inc. 0.33% 691,036 $254.7M Add +17.7%
BKNG Booking Holdings Inc. 0.30% 44,427 $237.9M Add +10.0%
MS Morgan Stanley 0.29% 1,300,524 $230.9M Add +30.0%
SPGI S&P Global Inc. 0.29% 440,148 $230.0M Reduce -9.7%
VLO Valero Energy Corp. 0.29% 1,399,857 $227.9M Reduce -2.9%
DSGX The Descartes Systems Grp 0.29% 2,594,300 $227.4M Add +1347.5%
NET Cloudflare Inc. Class A 0.29% 1,147,900 $226.3M Reduce -13.4%
ALAB Astera Labs Inc. 0.29% 1,347,000 $224.1M Add +40.2%
GS Goldman Sachs Group Inc. 0.29% 254,554 $223.8M Add +13.6%
APP AppLovin Corp. Class A 0.29% 331,578 $223.4M Reduce -21.4%
PGR Progressive Corp. 0.28% 967,071 $220.2M Reduce -24.7%
ICLR Icon PLC 0.28% 1,204,327 $219.5M Add +0.0%
ADI Analog Devices Inc. 0.27% 785,884 $213.1M Add +648.0%
PLD Prologis Inc. 0.27% 1,669,209 $213.1M Reduce -14.8%
VSS Vanguard Ftse All Wo X-US SC 0.27% 1,469,496 $210.6M Add +0.8%
BSX Boston Scientific Corp. 0.27% 2,201,658 $209.9M Add +6401.5%
HDB HDFC Bank Ltd.-ADR 0.27% 5,730,427 $209.4M Add +158.9%
WMB Williams Cos Inc. 0.26% 3,451,043 $207.4M Add +13.1%
CRWD CrowdStrike Holdings Inc. Class A 0.26% 442,309 $207.3M Add +43.5%
PG The Procter & Gamble Co. 0.26% 1,443,222 $206.8M Add +61.6%
CDNS Cadence Design SYS Inc. 0.26% 652,930 $204.1M Add +86.7%
LIN Linde PLC 0.26% 472,437 $201.4M Add +171.2%
RTX RTX Corp. 0.26% 1,094,286 $200.7M Add +141.1%
KGC Kinross Gold Corp. 0.25% 6,991,010 $196.9M Reduce -2.8%
LRCX Lam Research Corp. 0.25% 1,138,623 $194.9M Reduce -20.8%
PEP Pepsico Inc. 0.24% 1,296,354 $186.1M Add +4172.2%

Show all 674 holdings

Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($51.1B), AMAZON COM INC calls ($577.0M), ORACLE CORP calls ($370.3M), ISHARES TR puts ($134.7M), VERTIV HOLDINGS CO calls ($61.6M), DANAHER CORP DEL calls ($20.9M), ARES MANAGEMENT CORPORATION calls ($16.3M), ALPHABET INC calls ($12.6M), INVESCO EXCH TRADED FD TR II puts ($10.5M), BANK MONTREAL MEDIUM puts ($9.1M), BLUE OWL CAPITAL INC puts ($7.5M), BLUE OWL CAPITAL INC calls ($7.5M), and 1 more.

Portfolio Sells Q3 2025 → Q4 2025

NVDA Nvidia Corp. Reduce -7.6% 1.70% −0.74
META Meta Platforms Inc. Class A Reduce -33.6% 0.57% −0.70
EXE Expand Energy Corp. Reduce -99.1% 0.00% −0.69
DASH DoorDash Inc. Class A Reduce -94.1% 0.02% −0.61
TU Telus Corp. Reduce -14.6% 0.56% −0.48
TECK Teck Resources Ltd.-CLS B Reduce -73.2% 0.11% −0.37
AAPL Apple Inc. Reduce -0.2% 1.53% −0.37
V Visa Inc. Class A Reduce -0.6% 1.22% −0.36
AXON Axon Enterprise Inc. Sold out 0.00% −0.34
APH Amphenol Corp. Class A Reduce -83.7% 0.05% −0.32
SU Suncor Energy Inc. Reduce -4.0% 1.01% −0.30
ETN Eaton Corp. PLC Reduce -1.4% 0.52% −0.30
VRT Vertiv Holdings Co. Class A Reduce -32.1% 0.33% −0.27
ZS Zscaler Inc. Reduce -99.2% 0.00% −0.26
EQT Eqt Corp. Reduce -96.3% 0.01% −0.26
AVGO Broadcom Inc. Reduce -6.4% 0.73% −0.26
PGR Progressive Corp. Reduce -24.7% 0.28% −0.26
GEV GE Vernova Inc. Reduce -80.0% 0.04% −0.23
BAC Bank of America Corp. Reduce -41.2% 0.20% −0.23
APP AppLovin Corp. Class A Reduce -21.4% 0.29% −0.23
AZO AutoZone Inc. Reduce -44.2% 0.11% −0.23
GE General Electric Reduce -46.5% 0.15% −0.22
PLTR Palantir Technologies Inc. Class A Reduce -41.9% 0.16% −0.21
SNOW Snowflake Inc. Reduce -27.5% 0.24% −0.21
CAT Caterpillar Inc. Reduce -99.6% 0.00% −0.20
HOOD Robinhood Markets Inc. Class A Reduce -94.5% 0.01% −0.20
BIP Brookfield Infrastructure Pa Reduce -16.1% 0.41% −0.20
KLAC KLA Corp. Reduce -47.1% 0.16% −0.20
NET Cloudflare Inc. Class A Reduce -13.4% 0.29% −0.19
CELH Celsius Holdings Inc. Sold out 0.00% −0.19
WELL Welltower Inc. Reduce -84.1% 0.03% −0.19
SPOT Spotify Technology SA Reduce -98.5% 0.00% −0.18
NTR Nutrien Ltd. Reduce -2.4% 0.62% −0.18
CRH CRH PLC Reduce -8.9% 0.43% −0.17
FTS Fortis Inc. Reduce -0.7% 0.56% −0.17
BLK BlackRock Inc. Reduce -87.5% 0.02% −0.17
CMG Chipotle Mexican Grill Inc. Sold out 0.00% −0.17
CVNA Carvana Co. Reduce -39.5% 0.17% −0.16
XLK SS Technology Select Sector Reduce -30.3% 0.19% −0.16
SE Sea Ltd.-ADR Reduce -78.1% 0.02% −0.16
INSM Insmed Inc. Sold out 0.00% −0.14
ESLT Elbit Systems Ltd. Sold out 0.00% −0.14
AVAV Aerovironment Inc. Sold out 0.00% −0.14
HWM Howmet Aerospace Inc. Reduce -82.4% 0.02% −0.14
BAH Booz Allen Hamilton Holdings Reduce -10.3% 0.18% −0.13
ALNY Alnylam Pharmaceuticals Inc. Reduce -4.2% 0.22% −0.13
MELI MercadoLibre Inc. Reduce -82.1% 0.02% −0.13
IAU iShares Gold Trust Sold out 0.00% −0.13
VLO Valero Energy Corp. Reduce -2.9% 0.29% −0.12
AFRM Affirm Holdings Inc. Reduce -23.8% 0.17% −0.12

Portfolio Buys Q3 2025 → Q4 2025

TD Toronto-Dominion Bank Add +46.2% 3.88% +0.90
CNI Canadian Natl Railway Co. Add +98.3% 2.37% +0.86
CAE Cae Inc. Add +1343.8% 0.86% +0.79
BN Brookfield Corp. Add +86.2% 2.67% +0.78
OTEX Open Text Corp. Add +547.4% 0.98% +0.75
SHOP Shopify Inc. Class A Add +127.1% 1.61% +0.74
LLY Eli Lilly & Co. Add +380.0% 0.67% +0.54
GIL Gildan Activewear Inc. Add +5501.7% 0.54% +0.53
BGSI Boyd Group Services Inc. New 0.48% +0.48
STN Stantec Inc. Add +5016.4% 0.48% +0.46
PBA Pembina Pipeline Corp. Add +591.8% 0.57% +0.46
RBA RB Global Inc. Add +11387.0% 0.46% +0.45
GIB Cgi Inc. Add +351.3% 0.63% +0.45
TFII Tfi International Inc. Add +331.7% 0.61% +0.45
TRP TC Energy Corp. Add +75.4% 1.72% +0.44
TRI Thomson Reuters Corp. Add +191.8% 0.89% +0.41
GOOG Alphabet Inc. Class C Add +61.0% 1.01% +0.37
CIGI Colliers Intl GR-Subord Vot Add +578.2% 0.45% +0.36
JNJ Johnson & Johnson Add +147.0% 0.67% +0.35
FNV Franco-Nevada Corp. Add +182.5% 0.69% +0.34
CSCO Cisco Systems Inc. Add +110.5% 0.76% +0.34
ABT Abbott Laboratories Add +1095.7% 0.38% +0.33
BMO Bank of Montreal Add +64.4% 1.73% +0.33
NFLX Netflix Inc. Add +649.5% 0.42% +0.32
AEM Agnico Eagle Mines Ltd. Add +118.5% 0.80% +0.32
C Citigroup Inc. Add +423.9% 0.38% +0.30
BSX Boston Scientific Corp. Add +6401.5% 0.27% +0.26
DSGX The Descartes Systems Grp Add +1347.5% 0.29% +0.26
IBKR Interactive Brokers Gro Class A Add +260.3% 0.41% +0.25
GOOGL Alphabet Inc. Class A Add +15.9% 2.22% +0.25
MA Mastercard Inc. Class A Add +103.6% 0.68% +0.24
CIEN Ciena Corp. New 0.24% +0.24
SYK Stryker Corp. Add +256.1% 0.38% +0.23
PEP Pepsico Inc. Add +4172.2% 0.24% +0.23
ADI Analog Devices Inc. Add +648.0% 0.27% +0.23
IQV Iqvia Holdings Inc. Add +47066.9% 0.22% +0.22
REGN Regeneron Pharmaceuticals New 0.21% +0.21
GM General Motors Co. New 0.21% +0.21
AME Ametek Inc. Add +47111.2% 0.21% +0.21
BDX Becton Dickinson and Co. Add +213.2% 0.34% +0.20
MRVL Marvell Technology Inc. Add +2071.2% 0.20% +0.19
MU Micron Technology Inc. Add +1569.8% 0.19% +0.19
TSLA Tesla Inc. Add +4595.1% 0.19% +0.18
TOST Toast Inc. Class A New 0.18% +0.18
ULTA Ulta Beauty Inc. Add +4370.0% 0.18% +0.17
EXPE Expedia Group Inc. Add +3964.1% 0.18% +0.17
DHR Danaher Corp. Add +94.5% 0.42% +0.17
BA The Boeing Co. New 0.17% +0.17
LITE Lumentum Holdings Inc. Add +17.7% 0.33% +0.16
ACN Accenture PLC Class A Add +112.7% 0.38% +0.16

Options Activity Q3 2025 → Q4 2025

STATE STR SPDR S&P 500 ETF T put Reduce -25.2% 75,000,000 $51.1B
AMAZON COM INC call New 2,500,000 $577.0M
ORACLE CORP call New 1,900,000 $370.3M
THERMO FISHER SCIENTIFIC INC call Sold out 450,000 $218.3Mbefore exit
SPDR GOLD TR call Sold out 380,000 $135.1Mbefore exit
ISHARES TR put Reduce -56.5% 1,670,000 $134.7M
VERTIV HOLDINGS CO call New 380,000 $61.6M
GE VERNOVA INC put Sold out 80,000 $49.2Mbefore exit
ISHARES TR put Sold out 150,000 $36.3Mbefore exit
DANAHER CORP DEL call New 91,400 $20.9M
STATE STR SPDR S&P 500 ETF T call Sold out 25,000 $16.7Mbefore exit
ARES MANAGEMENT CORPORATION call New 101,000 $16.3M
ORACLE CORP put Sold out 50,000 $14.1Mbefore exit
KKR & CO INC put Sold out 100,000 $13.0Mbefore exit
ALPHABET INC call New 40,400 $12.6M
BANK MONTREAL MEDIUM put Reduce -58.8% 70,000 $9.1M
BLUE OWL CAPITAL INC put New 505,000 $7.5M
BLUE OWL CAPITAL INC call New 500,000 $7.5M
CANADIAN IMPERIAL BANK OF CO put Sold out 80,000 $6.4Mbefore exit
AMERICAN EXPRESS CO put Sold out 10,000 $3.3Mbefore exit
ROBINHOOD MKTS INC put New 10,000 $1.1M
GE HEALTHCARE TECHNOLOGIES I call Sold out 9,600 $721Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 618$81.5BRY, TD, MSFT, CNI, NVDA
Q1 2026 628$75.5BTD, RY, MSFT, CNI, AMZN
Q4 2025 674$78.3BTD, RY, MSFT, BN, CNI
Q3 2025 647$59.1BMSFT, RY, TD, ENB, NVDA
Q2 2025 640$57.4BMSFT, RY, TD, NVDA, AMZN
Q1 2025 631$52.4BRY, MSFT, ENB, TD, AMZN
Q4 2024 645$56.0BMSFT, RY, AMZN, ENB, BN
Q3 2024 663$59.6BRY, MSFT, TD, ENB, AMZN
Q2 2024 881$55.2BMSFT, RY, AMZN, TD, ENB
Q1 2024 876$54.7BMSFT, RY, AMZN, TD, ENB