Addenda Capital Inc.

Name: Addenda Capital Inc. 13F holdings, Q1 2024
Creator: Addenda Capital Inc.
Published: 2024-04-16

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 16, 2024), Addenda Capital Inc. reported 131 stock positions worth $2.6 billion. Its top holding was Toronto-Dominion Bank (TD) at 5.0% of the portfolio, followed by Canadian Natural Resources (CNQ, 4.7%) and Bank of Montreal (BMO, 4.5%). Compared with Q4 2023, it opened 2 new positions, sold out of 1, added to 32 and reduced 97. The biggest buy was Wheaton Precious Metals (WPM, shares +38%) and the biggest sale Barrick Gold (B, shares −26%).

Most Recent 13F: Q2 2026
Location: MONTREAL, A8
CIK: 0001569411
Portfolio Value: $2.6B (Q1 2024)
SEC Filing: 0001085146-24-001850 ↗ filed Apr 16, 2024

Holdings Value

Holdings 131 stocks · $2.6B


TD Toronto-Dominion Bank	4.96%	1,599,262	$130.7M	Reduce -1.8%
CNQ Canadian Natural Resources	4.74%	1,195,270	$124.8M	Reduce -11.2%
BMO Bank of Montreal filed as BANK MONTREAL QUE	4.51%	897,240	$118.7M	Add +5.7%
RY Royal Bank of Canada	4.26%	821,206	$112.2M	Reduce -1.8%
BN Brookfield Corp.	4.01%	1,861,606	$105.5M	Reduce -0.4%
CP Canadian Pacific Kansas City	3.64%	802,461	$96.0M	Reduce -3.3%
SHOP Shopify Inc. Class A	3.40%	857,658	$89.6M	Add +16.9%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	3.13%	1,176,492	$82.4M	Reduce -1.3%
ENB Enbridge Inc.	3.05%	1,640,060	$80.3M	Reduce -1.3%
CNI Canadian Natl Railway Co.	2.95%	435,008	$77.6M	Reduce -2.8%
GIB Cgi Inc.	2.39%	421,439	$63.0M	Reduce -3.1%
TRP TC Energy Corp.	2.26%	1,072,990	$59.4M	Reduce -1.5%
WPM Wheaton Precious Metals Corp.	2.08%	857,015	$54.7M	Add +38.2%
B Barrick Gold Corp.	1.96%	2,294,175	$51.7M	Reduce -26.1%
MFC Manulife Financial Corp.	1.96%	1,523,504	$51.5M	Reduce -2.9%
CCJ Cameco Corp.	1.86%	835,732	$49.0M	Add +5.3%
WCN Waste Connections Inc.	1.71%	193,359	$45.0M	Reduce -3.3%
RCI Rogers Communications Inc. Class B	1.68%	789,467	$44.2M	Reduce -6.0%
SU Suncor Energy Inc.	1.68%	883,469	$44.2M	Reduce -9.3%
QSR Restaurant Brands Intern	1.59%	386,948	$41.9M	Reduce -2.4%
NTR Nutrien Ltd.	1.56%	552,004	$41.0M	Add +0.9%
MSFT Microsoft Corp.	1.53%	95,500	$40.2M	Reduce -8.4%
AVGO Broadcom Inc.	1.26%	25,101	$33.3M	Reduce -7.3%
BCE Bce Inc.	1.25%	701,035	$32.9M	Add +7.3%
TECK Teck Resources Ltd.-CLS B	1.21%	515,120	$31.9M	Reduce -16.4%
PBA Pembina Pipeline Corp.	1.15%	635,252	$30.4M	Reduce -3.8%
DSGX The Descartes Systems Grp	1.06%	226,190	$28.0M	Reduce -4.3%
OTEX Open Text Corp.	0.99%	497,428	$26.1M	Reduce -3.9%
AAPL Apple Inc.	0.85%	130,868	$22.4M	Reduce -6.0%
GOOG Alphabet Inc. Class C	0.80%	138,612	$21.1M	Reduce -5.4%
CIGI Colliers Intl GR-Subord Vot	0.80%	127,362	$21.1M	Add +8.8%
V Visa Inc. Class A	0.79%	74,922	$20.9M	Reduce -3.6%
MGA Magna International Inc.	0.72%	257,882	$19.0M	Add +1.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO	0.69%	259,520	$18.1M	Add +13.8%
BAM Brookfield Asset Mgmt-A	0.68%	315,486	$18.0M	Reduce -3.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.64%	138,455	$16.9M	Reduce -2.8%
GFL GFL Environmental Inc.-Sub VT	0.52%	292,980	$13.7M	Reduce -4.1%
CVE Cenovus Energy Inc.	0.51%	496,660	$13.4M	Reduce -4.7%
PEP Pepsico Inc.	0.51%	75,999	$13.4M	Reduce -2.8%
NKE Nike Inc. Class B	0.47%	131,110	$12.4M	Reduce -3.2%
UNH Unitedhealth Group Inc.	0.47%	24,903	$12.3M	Reduce -5.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.47%	121,355	$12.3M	Reduce -6.0%
STN Stantec Inc.	0.46%	108,528	$12.2M	Reduce -0.3%
FTS Fortis Inc.	0.45%	222,965	$11.9M	Add +23.6%
JPM JPMorgan Chase & Co.	0.45%	59,243	$11.9M	Reduce -5.5%
TRI Thomson Reuters Corp.	0.44%	54,376	$11.5M	Reduce -0.3%
BKNG Booking Holdings Inc.	0.43%	3,126	$11.3M	Reduce -5.1%
UPS United Parcel Service Class B	0.43%	75,882	$11.3M	Add +11.4%
TMO Thermo Fisher Scientific Inc.	0.43%	19,363	$11.3M	Reduce -17.5%
SLF Sun Life Financial Inc.	0.42%	151,077	$11.2M	Add +1.6%
COST Costco Wholesale Corp.	0.42%	15,016	$11.0M	Reduce -16.2%
RBA RB Global Inc.	0.41%	104,940	$10.8M	Reduce -0.3%
GIL Gildan Activewear Inc.	0.41%	212,701	$10.8M	Add +0.4%
FISV Fiserv Inc.	0.41%	67,208	$10.7M	Reduce -4.8%
JNJ Johnson & Johnson	0.41%	67,857	$10.7M	Add +11.5%
IQV Iqvia Holdings Inc.	0.41%	42,187	$10.7M	Reduce -4.9%
ADBE Adobe Inc.	0.39%	20,383	$10.3M	Reduce -5.5%
RMD Resmed Inc.	0.38%	50,239	$9.9M	Add +3.3%
INTU Intuit Inc.	0.37%	15,168	$9.9M	Reduce -6.0%
MEOH Methanex Corp.	0.37%	160,213	$9.7M	Reduce -0.3%
SCHW Schwab (charles) Corp.	0.37%	133,377	$9.6M	Reduce -6.0%
BALL Ball Corp.	0.37%	143,037	$9.6M	Reduce -5.0%
CAT Caterpillar Inc.	0.36%	26,235	$9.6M	Reduce -0.3%
CAE Cae Inc.	0.35%	333,146	$9.3M	Add +1.4%
HON Honeywell International Inc.	0.35%	44,894	$9.2M	Reduce -5.3%
FNV Franco-Nevada Corp.	0.34%	56,209	$9.1M	Reduce -4.3%
APH Amphenol Corp. Class A	0.34%	77,120	$8.9M	Reduce -5.1%
GPN Global Payments Inc.	0.33%	65,396	$8.7M	Reduce -4.9%
TU Telus Corp.	0.33%	389,297	$8.6M	Add +1.0%
MIDD Middleby Corp.	0.32%	53,133	$8.5M	Reduce -4.7%
LOW Lowe's Cos Inc.	0.32%	32,961	$8.4M	Reduce -6.0%
AMZN Amazon.com Inc.	0.32%	46,192	$8.3M	Reduce -15.5%
BR Broadridge Financial Solutio	0.31%	39,736	$8.2M	Reduce -5.0%
CVS CVS Health Corp.	0.31%	101,329	$8.1M	Reduce -5.2%
META Meta Platforms Inc. Class A	0.31%	16,593	$8.1M	Reduce -34.4%
NVDA Nvidia Corp.	0.30%	8,857	$8.0M	Reduce -49.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.30%	41,483	$7.9M	Reduce -0.3%
AKAM Akamai Technologies Inc.	0.30%	72,782	$7.9M	Reduce -5.1%
FDX FedEx Corp.	0.30%	26,797	$7.8M	Reduce -0.3%
FTV Fortive Corp.	0.30%	90,551	$7.8M	Reduce -5.2%
MRK Merck & Co. Inc.	0.29%	57,745	$7.7M	Reduce -0.3%
WMT Walmart Inc.	0.28%	124,119	$7.5M	Reduce -0.3%
HMC Honda Motor Co. Ltd.-Spons ADR	0.28%	201,136	$7.5M	Reduce -0.3%
BDX Becton Dickinson and Co.	0.28%	30,123	$7.5M	Add +31.3%
GOOGL Alphabet Inc. Class A	0.28%	49,331	$7.4M	Reduce -0.3%
EMR Emerson Electric Co.	0.28%	65,588	$7.4M	Reduce -0.3%
MA Mastercard Inc. Class A	0.27%	15,024	$7.2M	Reduce -0.3%
INTC Intel Corp.	0.27%	163,241	$7.2M	Reduce -0.3%
DD Dupont DE Nemours Inc.	0.27%	91,038	$7.0M	Reduce -0.3%
HD Home Depot Inc.	0.26%	17,714	$6.8M	Reduce -0.3%
PYPL PayPal Holdings Inc.	0.25%	99,671	$6.7M	Reduce -0.3%
MDLZ Mondelez International Inc. Class A	0.25%	94,486	$6.6M	Add +5.2%
RIO Rio Tinto PLC-Spon ADR	0.25%	100,677	$6.6M	Add +27.7%
DE Deere & Co.	0.25%	16,033	$6.6M	Add +26.2%
DHR Danaher Corp.	0.25%	26,249	$6.6M	Reduce -6.0%
BHP BHP Group Ltd.-Spon ADR	0.25%	112,562	$6.5M	Add +27.1%
MCD McDonald's Corp.	0.24%	22,423	$6.3M	Reduce -0.3%
LIN Linde PLC	0.24%	13,462	$6.3M	Reduce -4.5%
DOW Dow Inc.	0.23%	105,501	$6.1M	Reduce -0.3%
SYK Stryker Corp.	0.23%	16,749	$6.0M	Reduce -6.1%
F Ford Motor Co. filed as FORD MTR CO DEL	0.23%	451,379	$6.0M	Reduce -0.3%
CSCO Cisco Systems Inc.	0.22%	118,170	$5.9M	Reduce -0.3%
KO The Coca-Cola Co.	0.22%	94,413	$5.8M	Reduce -0.3%
DEO Diageo PLC-Sponsored ADR	0.22%	38,520	$5.8M	Reduce -0.3%
T AT&T Inc.	0.22%	327,042	$5.8M	Reduce -0.3%
MDT Medtronic PLC	0.22%	65,147	$5.7M	Reduce -0.3%
SBUX Starbucks Corp.	0.21%	62,000	$5.7M	Reduce -0.3%
ABT Abbott Laboratories	0.21%	49,107	$5.6M	Reduce -0.3%
PG The Procter & Gamble Co.	0.21%	34,083	$5.5M	Reduce -0.3%
PFE Pfizer Inc.	0.21%	199,272	$5.5M	Add +0.5%
CHD Church & Dwight Co. Inc.	0.20%	50,334	$5.3M	Reduce -6.0%
PNC PNC Financial Services Group	0.19%	31,426	$5.1M	Reduce -6.0%
GRP.U Granite Real Estate Investme	0.19%	64,883	$5.0M	Add +7.3%
FFIV F5 Inc.	0.19%	26,271	$5.0M	Reduce -5.1%
IWM iShares Russell 2000 ETF	0.18%	22,700	$4.8M	Reduce -8.1%
UNP Union Pacific Corp.	0.18%	19,255	$4.7M	Reduce -6.0%
MCO Moody's Corp.	0.13%	9,016	$3.5M	Reduce -6.0%
WBD Warner Bros Discovery Inc.	0.12%	349,990	$3.1M	Reduce -6.0%
TFII Tfi International Inc.	0.09%	11,111	$2.4M	Add +13.3%
WAB Wabtec Corp.	0.05%	9,253	$1.3M	Add +2.2%
BIP Brookfield Infrastructure Pa	0.05%	31,440	$1.3M	Add +15.0%
NVEI Nuvei Corp.-Subordinate VTG	0.05%	28,880	$1.2M	Add +5.3%
DOO BRP Inc./Ca- Sub Voting	0.04%	10,583	$963K	Add +5.3%
SPY SS SPDR S&P 500 ETF Trust-US	0.03%	1,727	$903K	Reduce -21.9%
OR Osisko Gold Royalties Ltd.	0.03%	36,569	$815K	Add +5.3%
TAP Molson Coors Beverage Co. Class B	0.03%	11,405	$767K	Add +4.0%
LSPD Lightspeed Commerce Inc.	0.03%	39,845	$759K	Add +5.3%
AEM Agnico Eagle Mines Ltd.	0.02%	7,627	$616K	Reduce -31.9%
IMO Imperial Oil Ltd.	0.02%	6,030	$567K	Reduce -14.2%
WFG West Fraser Timber Co. Ltd.	0.02%	3,790	$443K	New
BIPC Brookfield Infrastructure-A	0.01%	6,300	$307K	New

Portfolio Sells Q4 2023 → Q1 2024


B Barrick Gold Corp.	Reduce -26.1%	1.96%	−0.94
TD Toronto-Dominion Bank	Reduce -1.8%	4.96%	−0.48
RCI Rogers Communications Inc. Class B	Reduce -6.0%	1.68%	−0.37
AAPL Apple Inc.	Reduce -6.0%	0.85%	−0.20
TECK Teck Resources Ltd.-CLS B	Reduce -16.4%	1.21%	−0.14
OTEX Open Text Corp.	Reduce -3.9%	0.99%	−0.13
RY Royal Bank of Canada	Reduce -1.8%	4.26%	−0.12
ADBE Adobe Inc.	Reduce -5.5%	0.39%	−0.11
NKE Nike Inc. Class B	Reduce -3.2%	0.47%	−0.11
UNH Unitedhealth Group Inc.	Reduce -5.1%	0.47%	−0.07
TMO Thermo Fisher Scientific Inc.	Reduce -17.5%	0.43%	−0.06
AKAM Akamai Technologies Inc.	Reduce -5.1%	0.30%	−0.05
COST Costco Wholesale Corp.	Reduce -16.2%	0.42%	−0.05
WBD Warner Bros Discovery Inc.	Reduce -6.0%	0.12%	−0.05
ENB Enbridge Inc.	Reduce -1.3%	3.05%	−0.05
INTC Intel Corp.	Reduce -0.3%	0.27%	−0.05
META Meta Platforms Inc. Class A	Reduce -34.4%	0.31%	−0.04
HON Honeywell International Inc.	Reduce -5.3%	0.35%	−0.04
NVDA Nvidia Corp.	Reduce -49.5%	0.30%	−0.04
BR Broadridge Financial Solutio	Reduce -5.0%	0.31%	−0.03
GFL GFL Environmental Inc.-Sub VT	Reduce -4.1%	0.52%	−0.03
MEOH Methanex Corp.	Reduce -0.3%	0.37%	−0.03
BKNG Booking Holdings Inc.	Reduce -5.1%	0.43%	−0.03
PBA Pembina Pipeline Corp.	Reduce -3.8%	1.15%	−0.02
QSR Restaurant Brands Intern	Reduce -2.4%	1.59%	−0.02
CVS CVS Health Corp.	Reduce -5.2%	0.31%	−0.02
COO Cooper Cos Inc.	Sold out	0.00%	−0.02
GIB Cgi Inc.	Reduce -3.1%	2.39%	−0.02
MCD McDonald's Corp.	Reduce -0.3%	0.24%	−0.02
INTU Intuit Inc.	Reduce -6.0%	0.37%	−0.02
SBUX Starbucks Corp.	Reduce -0.3%	0.21%	−0.02
UNP Union Pacific Corp.	Reduce -6.0%	0.18%	−0.02
SCHW Schwab (charles) Corp.	Reduce -6.0%	0.37%	−0.02
PEP Pepsico Inc.	Reduce -2.8%	0.51%	−0.01
IWM iShares Russell 2000 ETF	Reduce -8.1%	0.18%	−0.01
MCO Moody's Corp.	Reduce -6.0%	0.13%	−0.01
CSCO Cisco Systems Inc.	Reduce -0.3%	0.22%	−0.01
PNC PNC Financial Services Group	Reduce -6.0%	0.19%	−0.01
DD Dupont DE Nemours Inc.	Reduce -0.3%	0.27%	−0.01
GPN Global Payments Inc.	Reduce -4.9%	0.33%	−0.01
AEM Agnico Eagle Mines Ltd.	Reduce -31.9%	0.02%	−0.01
AMZN Amazon.com Inc.	Reduce -15.5%	0.32%	−0.01
SPY SS SPDR S&P 500 ETF Trust-US	Reduce -21.9%	0.03%	−0.01
MSFT Microsoft Corp.	Reduce -8.4%	1.53%	−0.01
TJX TJX Companies Inc.	Reduce -6.0%	0.47%	−0.01
GOOG Alphabet Inc. Class C	Reduce -5.4%	0.80%	−0.01
FFIV F5 Inc.	Reduce -5.1%	0.19%	−0.00
DHR Danaher Corp.	Reduce -6.0%	0.25%	−0.00
BAM Brookfield Asset Mgmt-A	Reduce -3.9%	0.68%	−0.00
ABT Abbott Laboratories	Reduce -0.3%	0.21%	+0.00

Portfolio Buys Q4 2023 → Q1 2024


WPM Wheaton Precious Metals Corp.	Add +38.2%	2.08%	+0.49
SHOP Shopify Inc. Class A	Add +16.9%	3.40%	+0.45
BMO Bank of Montreal	Add +5.7%	4.51%	+0.16
CM Can Imperial BK of Commerce	Add +13.8%	0.69%	+0.11
CCJ Cameco Corp.	Add +5.3%	1.86%	+0.09
FTS Fortis Inc.	Add +23.6%	0.45%	+0.07
BDX Becton Dickinson and Co.	Add +31.3%	0.28%	+0.06
DE Deere & Co.	Add +26.2%	0.25%	+0.05
RMD Resmed Inc.	Add +3.3%	0.38%	+0.05
GIL Gildan Activewear Inc.	Add +0.4%	0.41%	+0.05
JNJ Johnson & Johnson	Add +11.5%	0.41%	+0.03
CIGI Colliers Intl GR-Subord Vot	Add +8.8%	0.80%	+0.03
SLF Sun Life Financial Inc.	Add +1.6%	0.42%	+0.02
RIO Rio Tinto PLC-Spon ADR	Add +27.7%	0.25%	+0.02
TFII Tfi International Inc.	Add +13.3%	0.09%	+0.02
WFG West Fraser Timber Co. Ltd.	New	0.02%	+0.02
BIPC Brookfield Infrastructure-A	New	0.01%	+0.01
GRP.U Granite Real Estate Investme	Add +7.3%	0.19%	+0.01
BHP BHP Group Ltd.-Spon ADR	Add +27.1%	0.25%	+0.01
UPS United Parcel Service Class B	Add +11.4%	0.43%	+0.01
NVEI Nuvei Corp.-Subordinate VTG	Add +5.3%	0.05%	+0.01
WAB Wabtec Corp.	Add +2.2%	0.05%	+0.01
BIP Brookfield Infrastructure Pa	Add +15.0%	0.05%	+0.01
OR Osisko Gold Royalties Ltd.	Add +5.3%	0.03%	+0.01
TAP Molson Coors Beverage Co. Class B	Add +4.0%	0.03%	+0.00
DOO BRP Inc./Ca- Sub Voting	Add +5.3%	0.04%	−0.00
MDLZ Mondelez International Inc. Class A	Add +5.2%	0.25%	−0.00
LSPD Lightspeed Commerce Inc.	Add +5.3%	0.03%	−0.01
PFE Pfizer Inc.	Add +0.5%	0.21%	−0.01
CAE Cae Inc.	Add +1.4%	0.35%	−0.01
TU Telus Corp.	Add +1.0%	0.33%	−0.04
NTR Nutrien Ltd.	Add +0.9%	1.56%	−0.05
MGA Magna International Inc.	Add +1.2%	0.72%	−0.06
BCE Bce Inc.	Add +7.3%	1.25%	−0.11

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	128	$3.7B	TD, RY, BMO, BNS, BN
Q1 2026	129	$3.6B	AEM, TD, RY, BMO, CNQ
Q4 2025	125	$3.4B	TD, RY, AEM, SHOP, BN
Q3 2025	126	$3.4B	AEM, TD, RY, SHOP, BMO
Q2 2025	120	$2.8B	TD, RY, BN, AEM, SHOP
Q1 2025	123	$2.7B	BN, TD, RY, AEM, SHOP
Q4 2024	123	$2.8B	BN, SHOP, RY, WPM, TD
Q3 2024	125	$2.8B	BN, TD, RY, CNQ, WPM
Q2 2024	128	$2.6B	RY, TD, CNQ, BN, BMO
Q1 2024	131	$2.6B	TD, CNQ, BMO, RY, BN