Addenda Capital Inc.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 16, 2024), Addenda Capital Inc. reported 128 stock positions worth $2.6 billion. Its top holding was Royal Bank of Canada (RY) at 4.6% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.5%) and Canadian Natural Resources (CNQ, 4.5%). Compared with Q1 2024, it opened 2 new positions, sold out of 5, added to 54 and reduced 71. The biggest buy was Wheaton Precious Metals (WPM, shares +43%) and the biggest sale Bank of Montreal (BMO, shares −4%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001569411
Portfolio Value
$2.6B (Q2 2024)
SEC Filing
0001085146-24-003033 ↗ filed Jul 16, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.6B Q1 2024 Q2 2024: $2.6B $2.6B Q2 2024 Q3 2024: $2.8B Q3 2024 Q4 2024: $2.8B Q4 2024 Q1 2025: $2.7B Q1 2025 Q2 2025: $2.8B Q2 2025 Q3 2025: $3.4B Q3 2025 Q4 2025: $3.4B Q4 2025 Q1 2026: $3.6B Q1 2026 Q2 2026: $3.7B Q2 2026

Holdings 128 stocks · $2.6B
RY Royal Bank of Canada 4.55% 797,352 $116.1M Reduce -2.9%
TD Toronto-Dominion Bank 4.52% 1,532,674 $115.3M Reduce -4.2%
CNQ Canadian Natural Resources 4.46% 2,310,433 $113.8M Reduce -3.4%
BN Brookfield Corp. 3.99% 1,790,787 $101.9M Reduce -3.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.88% 861,287 $98.9M Reduce -4.0%
WPM Wheaton Precious Metals Corp. 3.44% 1,223,545 $87.8M Add +42.8%
CP Canadian Pacific Kansas City 3.27% 773,397 $83.5M Reduce -3.6%
SHOP Shopify Inc. Class A 3.21% 906,273 $81.9M Add +5.7%
ENB Enbridge Inc. 3.02% 1,580,205 $76.9M Reduce -3.6%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 2.88% 1,172,757 $73.4M Reduce -0.3%
CNI Canadian Natl Railway Co. 2.71% 427,926 $69.2M Reduce -1.6%
GIB Cgi Inc. 2.18% 406,344 $55.5M Reduce -3.6%
TRP TC Energy Corp. 2.17% 1,050,189 $55.5M Reduce -2.1%
B Barrick Gold Corp. 2.15% 2,401,445 $54.8M Add +4.7%
MFC Manulife Financial Corp. 2.11% 1,477,176 $53.8M Reduce -3.0%
CCJ Cameco Corp. 1.87% 707,733 $47.6M Reduce -15.3%
WCN Waste Connections Inc. 1.76% 186,730 $44.8M Reduce -3.4%
SU Suncor Energy Inc. 1.75% 854,658 $44.6M Reduce -3.3%
MSFT Microsoft Corp. 1.69% 96,422 $43.1M Add +1.0%
RCI Rogers Communications Inc. Class B 1.45% 723,390 $37.0M Reduce -8.4%
QSR Restaurant Brands Intern 1.45% 380,118 $36.9M Reduce -1.8%
AVGO Broadcom Inc. 1.38% 21,924 $35.2M Reduce -12.7%
TECK Teck Resources Ltd.-CLS B 1.28% 497,619 $32.6M Reduce -3.4%
BCE Bce Inc. 1.24% 700,910 $31.8M Reduce -0.0%
NTR Nutrien Ltd. 1.24% 450,485 $31.7M Reduce -18.4%
PBA Pembina Pipeline Corp. 1.21% 606,187 $30.8M Reduce -4.6%
AAPL Apple Inc. 1.19% 143,716 $30.3M Add +9.8%
DSGX The Descartes Systems Grp 1.12% 215,260 $28.5M Reduce -4.8%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM TO 1.06% 409,201 $27.0M Add +57.7%
GOOG Alphabet Inc. Class C 1.01% 140,265 $25.7M Add +1.2%
CIGI Colliers Intl GR-Subord Vot 0.92% 153,625 $23.5M Add +20.6%
V Visa Inc. Class A 0.78% 75,513 $19.8M Add +0.8%
OTEX Open Text Corp. 0.73% 451,128 $18.5M Reduce -9.3%
FNV Franco-Nevada Corp. 0.66% 104,369 $16.9M Add +85.7%
MGA Magna International Inc. 0.64% 284,520 $16.3M Add +10.3%
BAM Brookfield Asset Mgmt-A 0.62% 301,956 $15.7M Reduce -4.3%
GFL GFL Environmental Inc.-Sub VT 0.58% 279,360 $14.9M Reduce -4.7%
ADBE Adobe Inc. 0.57% 26,042 $14.5M Add +27.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.56% 144,226 $14.3M Add +4.2%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.53% 122,931 $13.5M Add +1.3%
PEP Pepsico Inc. 0.52% 80,015 $13.2M Add +5.3%
BKNG Booking Holdings Inc. 0.52% 3,321 $13.2M Add +6.2%
UNH Unitedhealth Group Inc. 0.51% 25,599 $13.0M Add +2.8%
CVE Cenovus Energy Inc. 0.50% 472,520 $12.7M Reduce -4.9%
TRI Thomson Reuters Corp. 0.49% 54,367 $12.5M Reduce -0.0%
STN Stantec Inc. 0.49% 108,510 $12.5M Reduce -0.0%
FTS Fortis Inc. 0.47% 224,968 $12.0M Add +0.9%
RMD Resmed Inc. 0.44% 58,986 $11.3M Add +17.4%
APH Amphenol Corp. Class A 0.44% 166,059 $11.2M Add +7.7%
GIL Gildan Activewear Inc. 0.43% 212,496 $11.0M Reduce -0.1%
RBA RB Global Inc. 0.43% 104,923 $10.9M Reduce -0.0%
INTU Intuit Inc. 0.42% 16,413 $10.8M Add +8.2%
FISV Fiserv Inc. 0.42% 71,599 $10.7M Add +6.5%
JPM JPMorgan Chase & Co. 0.42% 52,520 $10.6M Reduce -11.3%
MEOH Methanex Corp. 0.41% 160,187 $10.6M Reduce -0.0%
SCHW Schwab (charles) Corp. 0.41% 143,473 $10.6M Add +7.6%
NKE Nike Inc. Class B 0.41% 138,495 $10.5M Add +5.6%
HON Honeywell International Inc. 0.41% 48,498 $10.4M Add +8.0%
COST Costco Wholesale Corp. 0.40% 12,057 $10.2M Reduce -19.7%
SLF Sun Life Financial Inc. 0.40% 152,339 $10.2M Add +0.8%
UPS United Parcel Service Class B 0.40% 74,494 $10.2M Reduce -1.8%
CAE Cae Inc. 0.39% 394,829 $10.0M Add +18.5%
TMO Thermo Fisher Scientific Inc. 0.39% 18,049 $10.0M Reduce -6.8%
IQV Iqvia Holdings Inc. 0.37% 45,191 $9.6M Add +7.1%
BALL Ball Corp. 0.36% 153,464 $9.2M Add +7.3%
BR Broadridge Financial Solutio 0.36% 46,361 $9.2M Add +16.7%
GOOGL Alphabet Inc. Class A 0.35% 49,323 $9.0M Reduce -0.0%
AMZN Amazon.com Inc. 0.35% 46,184 $8.9M Reduce -0.0%
CAT Caterpillar Inc. 0.34% 26,231 $8.7M Reduce -0.0%
WMT Walmart Inc. 0.33% 124,092 $8.4M Reduce -0.0%
META Meta Platforms Inc. Class A 0.33% 16,590 $8.4M Reduce -0.0%
BDX Becton Dickinson and Co. 0.32% 35,363 $8.3M Add +17.4%
FDX FedEx Corp. 0.32% 26,793 $8.1M Reduce -0.0%
NVDA Nvidia Corp. 0.32% 65,129 $8.0M Reduce -26.5%
LOW Lowe's Cos Inc. 0.31% 35,805 $7.9M Add +8.6%
AKAM Akamai Technologies Inc. 0.30% 85,789 $7.7M Add +17.9%
LIN Linde PLC 0.30% 17,268 $7.6M Add +28.3%
MDLZ Mondelez International Inc. Class A 0.29% 112,625 $7.4M Add +19.2%
DD Dupont DE Nemours Inc. 0.29% 91,023 $7.3M Reduce -0.0%
FTV Fortive Corp. 0.29% 98,487 $7.3M Add +8.8%
EMR Emerson Electric Co. 0.28% 65,577 $7.2M Reduce -0.0%
MRK Merck & Co. Inc. 0.28% 57,736 $7.2M Reduce -0.0%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.28% 41,476 $7.2M Reduce -0.0%
MIDD Middleby Corp. 0.28% 57,645 $7.1M Add +8.5%
GPN Global Payments Inc. 0.27% 70,661 $6.8M Add +8.1%
RIO Rio Tinto PLC-Spon ADR 0.26% 100,663 $6.6M Reduce -0.0%
MA Mastercard Inc. Class A 0.26% 15,021 $6.6M Reduce -0.0%
HMC Honda Motor Co. Ltd.-Spons ADR 0.25% 201,102 $6.5M Reduce -0.0%
ABT Abbott Laboratories 0.25% 62,102 $6.5M Add +26.5%
INTC Intel Corp. 0.25% 208,164 $6.4M Add +27.5%
BHP BHP Group Ltd.-Spon ADR 0.25% 112,545 $6.4M Reduce -0.0%
LKQ LKQ Corp. 0.25% 154,310 $6.4M New
SYK Stryker Corp. 0.25% 18,699 $6.4M Add +11.6%
T AT&T Inc. 0.24% 326,987 $6.2M Reduce -0.0%
DEO Diageo PLC-Sponsored ADR 0.24% 49,157 $6.2M Add +27.6%
SBUX Starbucks Corp. 0.24% 79,253 $6.2M Add +27.8%
JNJ Johnson & Johnson 0.24% 41,924 $6.1M Reduce -38.2%
HD Home Depot Inc. 0.24% 17,711 $6.1M Reduce -0.0%
KO The Coca-Cola Co. 0.24% 94,397 $6.1M Reduce -0.0%
DE Deere & Co. 0.24% 16,030 $6.0M Reduce -0.0%
CHD Church & Dwight Co. Inc. 0.23% 56,723 $5.9M Add +12.7%
MCD McDonald's Corp. 0.22% 22,419 $5.7M Reduce -0.0%
F Ford Motor Co. filed as FORD MTR CO DEL 0.22% 451,303 $5.7M Reduce -0.0%
PG The Procter & Gamble Co. 0.22% 34,078 $5.6M Reduce -0.0%
CSCO Cisco Systems Inc. 0.22% 118,150 $5.6M Reduce -0.0%
DOW Dow Inc. 0.22% 105,483 $5.6M Reduce -0.0%
PFE Pfizer Inc. 0.22% 199,239 $5.6M Reduce -0.0%
PNC PNC Financial Services Group 0.22% 35,532 $5.5M Add +13.1%
GRP.U Granite Real Estate Investme 0.20% 76,033 $5.2M Add +17.2%
MDT Medtronic PLC 0.20% 65,128 $5.2M Reduce -0.0%
FFIV F5 Inc. 0.20% 29,667 $5.1M Add +12.9%
CVS CVS Health Corp. 0.20% 85,161 $5.0M Reduce -16.0%
UNP Union Pacific Corp. 0.19% 21,934 $5.0M Add +13.9%
IWM iShares Russell 2000 ETF 0.18% 23,000 $4.7M Add +1.3%
TFII Tfi International Inc. 0.07% 9,102 $1.8M Reduce -18.1%
BIP Brookfield Infrastructure Pa 0.06% 43,063 $1.6M Add +37.0%
WAB Wabtec Corp. 0.05% 7,950 $1.3M Reduce -14.1%
NVEI Nuvei Corp.-Subordinate VTG 0.04% 24,603 $1.1M Reduce -14.8%
DOO BRP Inc./Ca- Sub Voting 0.04% 11,636 $1.0M Add +9.9%
AEM Agnico Eagle Mines Ltd. 0.04% 11,417 $1.0M Add +49.7%
LSPD Lightspeed Commerce Inc. 0.03% 44,041 $824K Add +10.5%
TU Telus Corp. 0.03% 31,600 $804K Reduce -91.9%
OR Osisko Gold Royalties Ltd. 0.03% 36,448 $779K Reduce -0.3%
TAP Molson Coors Beverage Co. Class B 0.02% 11,820 $601K Add +3.6%
IMO Imperial Oil Ltd. 0.02% 5,550 $521K Reduce -8.0%
WFG West Fraser Timber Co. Ltd. 0.01% 2,780 $293K Reduce -26.6%
BIPC Brookfield Infrastructure-A 0.01% 6,300 $290K No change
MAG Mag Silver Corp. 0.01% 10,510 $168K New

Portfolio Sells Q1 2024 → Q2 2024
BMO Bank of Montreal Reduce -4.0% 3.88% −0.63
TD Toronto-Dominion Bank Reduce -4.2% 4.52% −0.45
CP Canadian Pacific Kansas City Reduce -3.6% 3.27% −0.37
NTR Nutrien Ltd. Reduce -18.4% 1.24% −0.31
TU Telus Corp. Reduce -91.9% 0.03% −0.29
CNQ Canadian Natural Resources Reduce -3.4% 4.46% −0.28
OTEX Open Text Corp. Reduce -9.3% 0.73% −0.27
PYPL PayPal Holdings Inc. Sold out 0.00% −0.25
BNS Bank of Nova Scotia Reduce -0.3% 2.88% −0.25
DHR Danaher Corp. Sold out 0.00% −0.25
CNI Canadian Natl Railway Co. Reduce -1.6% 2.71% −0.23
RCI Rogers Communications Inc. Class B Reduce -8.4% 1.45% −0.23
GIB Cgi Inc. Reduce -3.6% 2.18% −0.22
JNJ Johnson & Johnson Reduce -38.2% 0.24% −0.17
QSR Restaurant Brands Intern Reduce -1.8% 1.45% −0.14
MCO Moody's Corp. Sold out 0.00% −0.13
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.12
CVS CVS Health Corp. Reduce -16.0% 0.20% −0.11
TRP TC Energy Corp. Reduce -2.1% 2.17% −0.08
BAM Brookfield Asset Mgmt-A Reduce -4.3% 0.62% −0.07
TMO Thermo Fisher Scientific Inc. Reduce -6.8% 0.39% −0.04
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.03
JPM JPMorgan Chase & Co. Reduce -11.3% 0.42% −0.03
ENB Enbridge Inc. Reduce -3.6% 3.02% −0.03
HMC Honda Motor Co. Ltd.-Spons ADR Reduce -0.0% 0.25% −0.03
UPS United Parcel Service Class B Reduce -1.8% 0.40% −0.03
CAT Caterpillar Inc. Reduce -0.0% 0.34% −0.02
TFII Tfi International Inc. Reduce -18.1% 0.07% −0.02
IBM Intl Business Machines Corp. Reduce -0.0% 0.28% −0.02
HD Home Depot Inc. Reduce -0.0% 0.24% −0.02
MCD McDonald's Corp. Reduce -0.0% 0.22% −0.02
COST Costco Wholesale Corp. Reduce -19.7% 0.40% −0.02
DE Deere & Co. Reduce -0.0% 0.24% −0.01
MA Mastercard Inc. Class A Reduce -0.0% 0.26% −0.01
MDT Medtronic PLC Reduce -0.0% 0.20% −0.01
DOW Dow Inc. Reduce -0.0% 0.22% −0.01
CVE Cenovus Energy Inc. Reduce -4.9% 0.50% −0.01
BN Brookfield Corp. Reduce -3.8% 3.99% −0.01
MRK Merck & Co. Inc. Reduce -0.0% 0.28% −0.01
F Ford Motor Co. Reduce -0.0% 0.22% −0.01
BCE Bce Inc. Reduce -0.0% 1.24% −0.01
WFG West Fraser Timber Co. Ltd. Reduce -26.6% 0.01% −0.01
NVEI Nuvei Corp.-Subordinate VTG Reduce -14.8% 0.04% −0.00
CSCO Cisco Systems Inc. Reduce -0.0% 0.22% −0.00
WAB Wabtec Corp. Reduce -14.1% 0.05% −0.00
IMO Imperial Oil Ltd. Reduce -8.0% 0.02% −0.00
OR Osisko Gold Royalties Ltd. Reduce -0.3% 0.03% −0.00
EMR Emerson Electric Co. Reduce -0.0% 0.28% +0.00
BHP BHP Group Ltd.-Spon ADR Reduce -0.0% 0.25% +0.01
CCJ Cameco Corp. Reduce -15.3% 1.87% +0.01

Portfolio Buys Q1 2024 → Q2 2024
WPM Wheaton Precious Metals Corp. Add +42.8% 3.44% +1.36
CM Can Imperial BK of Commerce Add +57.7% 1.06% +0.37
AAPL Apple Inc. Add +9.8% 1.19% +0.33
FNV Franco-Nevada Corp. Add +85.7% 0.66% +0.32
LKQ LKQ Corp. New 0.25% +0.25
GOOG Alphabet Inc. Class C Add +1.2% 1.01% +0.21
B Barrick Gold Corp. Add +4.7% 2.15% +0.19
ADBE Adobe Inc. Add +27.8% 0.57% +0.18
MSFT Microsoft Corp. Add +1.0% 1.69% +0.16
CIGI Colliers Intl GR-Subord Vot Add +20.6% 0.92% +0.12
APH Amphenol Corp. Class A Add +7.7% 0.44% +0.10
BKNG Booking Holdings Inc. Add +6.2% 0.52% +0.09
RMD Resmed Inc. Add +17.4% 0.44% +0.06
TJX TJX Companies Inc. Add +1.3% 0.53% +0.06
LIN Linde PLC Add +28.3% 0.30% +0.06
HON Honeywell International Inc. Add +8.0% 0.41% +0.06
BR Broadridge Financial Solutio Add +16.7% 0.36% +0.05
INTU Intuit Inc. Add +8.2% 0.42% +0.05
SCHW Schwab (charles) Corp. Add +7.6% 0.41% +0.05
UNH Unitedhealth Group Inc. Add +2.8% 0.51% +0.04
ABT Abbott Laboratories Add +26.5% 0.25% +0.04
BDX Becton Dickinson and Co. Add +17.4% 0.32% +0.04
CAE Cae Inc. Add +18.5% 0.39% +0.04
MDLZ Mondelez International Inc. Class A Add +19.2% 0.29% +0.04
CHD Church & Dwight Co. Inc. Add +12.7% 0.23% +0.03
SBUX Starbucks Corp. Add +27.8% 0.24% +0.03
PNC PNC Financial Services Group Add +13.1% 0.22% +0.02
DEO Diageo PLC-Sponsored ADR Add +27.6% 0.24% +0.02
SYK Stryker Corp. Add +11.6% 0.25% +0.02
AEM Agnico Eagle Mines Ltd. Add +49.7% 0.04% +0.02
FTS Fortis Inc. Add +0.9% 0.47% +0.02
UNP Union Pacific Corp. Add +13.9% 0.19% +0.01
BIP Brookfield Infrastructure Pa Add +37.0% 0.06% +0.01
GRP.U Granite Real Estate Investme Add +17.2% 0.20% +0.01
FFIV F5 Inc. Add +12.9% 0.20% +0.01
FISV Fiserv Inc. Add +6.5% 0.42% +0.01
PEP Pepsico Inc. Add +5.3% 0.52% +0.01
MAG Mag Silver Corp. New 0.01% +0.01
DOO BRP Inc./Ca- Sub Voting Add +9.9% 0.04% +0.00
LSPD Lightspeed Commerce Inc. Add +10.5% 0.03% +0.00
AKAM Akamai Technologies Inc. Add +17.9% 0.30% +0.00
IWM iShares Russell 2000 ETF Add +1.3% 0.18% +0.00
BALL Ball Corp. Add +7.3% 0.36% −0.00
TAP Molson Coors Beverage Co. Class B Add +3.6% 0.02% −0.01
LOW Lowe's Cos Inc. Add +8.6% 0.31% −0.01
FTV Fortive Corp. Add +8.8% 0.29% −0.01
V Visa Inc. Class A Add +0.8% 0.78% −0.02
INTC Intel Corp. Add +27.5% 0.25% −0.02
SLF Sun Life Financial Inc. Add +0.8% 0.40% −0.02
IQV Iqvia Holdings Inc. Add +7.1% 0.37% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 128$3.7BTD, RY, BMO, BNS, BN
Q1 2026 129$3.6BAEM, TD, RY, BMO, CNQ
Q4 2025 125$3.4BTD, RY, AEM, SHOP, BN
Q3 2025 126$3.4BAEM, TD, RY, SHOP, BMO
Q2 2025 120$2.8BTD, RY, BN, AEM, SHOP
Q1 2025 123$2.7BBN, TD, RY, AEM, SHOP
Q4 2024 123$2.8BBN, SHOP, RY, WPM, TD
Q3 2024 125$2.8BBN, TD, RY, CNQ, WPM
Q2 2024 128$2.6BRY, TD, CNQ, BN, BMO
Q1 2024 131$2.6BTD, CNQ, BMO, RY, BN