Addenda Capital Inc.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 15, 2024), Addenda Capital Inc. reported 125 stock positions worth $2.8 billion. Its top holding was Brookfield (BN) at 4.8% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.7%) and Royal Bank of Canada (RY, 4.7%). Compared with Q2 2024, it sold out of 3, added to 82 and reduced 42. The biggest buy was Brookfield (BN, shares +5%) and the biggest sale Bank of Montreal (BMO, shares −16%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001569411
Portfolio Value
$2.8B (Q3 2024)
SEC Filing
0001085146-24-004851 ↗ filed Oct 15, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $2.6B Q1 2024 Q2 2024: $2.6B Q2 2024 Q3 2024: $2.8B $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 125 stocks · $2.8B
BN Brookfield Corp. 4.82% 1,881,666 $135.2M Add +5.1%
TD Toronto-Dominion Bank 4.72% 1,546,439 $132.3M Add +0.9%
RY Royal Bank of Canada 4.70% 780,459 $131.7M Reduce -2.1%
CNQ Canadian Natural Resources 3.91% 2,411,160 $109.6M Add +4.4%
WPM Wheaton Precious Metals Corp. 3.71% 1,259,245 $104.0M Add +2.9%
SHOP Shopify Inc. Class A 3.49% 903,127 $97.9M Reduce -0.3%
CP Canadian Pacific Kansas City 3.46% 837,142 $97.0M Add +8.2%
ENB Enbridge Inc. 3.24% 1,650,745 $90.7M Add +4.5%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.14% 720,766 $88.0M Reduce -16.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 2.97% 1,130,554 $83.3M Reduce -3.6%
CNI Canadian Natl Railway Co. 2.53% 448,554 $71.0M Add +4.8%
TRP TC Energy Corp. 2.31% 990,858 $64.7M Reduce -5.7%
B Barrick Gold Corp. 2.29% 2,384,905 $64.2M Reduce -0.7%
GIB Cgi Inc. 2.25% 406,020 $63.2M Reduce -0.1%
MFC Manulife Financial Corp. 2.06% 1,445,630 $57.8M Reduce -2.1%
WCN Waste Connections Inc. 1.65% 191,433 $46.3M Add +2.5%
SU Suncor Energy Inc. 1.61% 906,307 $45.2M Add +6.0%
CCJ Cameco Corp. 1.59% 687,761 $44.4M Reduce -2.8%
AVGO Broadcom Inc. 1.56% 253,636 $43.8M Add +15.7%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 1.54% 514,628 $43.2M Add +25.8%
MSFT Microsoft Corp. 1.48% 96,558 $41.5M Add +0.1%
QSR Restaurant Brands Intern 1.33% 378,552 $37.2M Reduce -0.4%
FNV Franco-Nevada Corp. 1.29% 215,300 $36.2M Add +106.3%
TECK Teck Resources Ltd.-CLS B 1.25% 494,988 $35.0M Reduce -0.5%
PBA Pembina Pipeline Corp. 1.24% 621,877 $34.7M Add +2.6%
AAPL Apple Inc. 1.20% 144,061 $33.6M Add +0.2%
CIGI Colliers Intl GR-Subord Vot 1.20% 163,365 $33.5M Add +6.3%
RCI Rogers Communications Inc. Class B 1.17% 594,426 $32.7M Reduce -17.8%
BCE Bce Inc. 1.13% 658,418 $31.6M Reduce -6.1%
NTR Nutrien Ltd. 1.11% 474,162 $31.2M Add +5.3%
DSGX The Descartes Systems Grp 1.06% 214,200 $29.8M Reduce -0.5%
GOOG Alphabet Inc. Class C 0.84% 140,352 $23.5M Add +0.1%
V Visa Inc. Class A 0.79% 80,040 $22.0M Add +6.0%
BAM Brookfield Asset Mgmt-A 0.74% 322,906 $20.6M Add +6.9%
MGA Magna International Inc. 0.54% 270,882 $15.0M Reduce -4.8%
GFL GFL Environmental Inc.-Sub VT 0.53% 277,460 $15.0M Reduce -0.7%
UNH Unitedhealth Group Inc. 0.53% 25,587 $15.0M Reduce -0.1%
OTEX Open Text Corp. 0.53% 332,048 $14.9M Reduce -26.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.52% 123,289 $14.5M Add +0.3%
RMD Resmed Inc. 0.51% 58,964 $14.4M Reduce -0.0%
PEP Pepsico Inc. 0.51% 84,166 $14.3M Add +5.2%
BIP Brookfield Infrastructure Pa 0.50% 296,481 $14.1M Add +588.5%
BKNG Booking Holdings Inc. 0.50% 3,320 $14.0M Reduce -0.0%
NKE Nike Inc. Class B 0.49% 153,683 $13.6M Add +11.0%
ADBE Adobe Inc. 0.48% 26,257 $13.6M Add +0.8%
GIL Gildan Activewear Inc. 0.48% 213,483 $13.6M Add +0.5%
FISV Fiserv Inc. 0.46% 71,476 $12.8M Reduce -0.2%
TRI Thomson Reuters Corp. 0.45% 54,370 $12.5M Add +0.0%
STN Stantec Inc. 0.42% 108,515 $11.8M Add +0.0%
RBA RB Global Inc. 0.41% 104,928 $11.4M Add +0.0%
FTS Fortis Inc. 0.41% 184,896 $11.4M Reduce -17.8%
TMO Thermo Fisher Scientific Inc. 0.40% 18,036 $11.2M Reduce -0.1%
JPM JPMorgan Chase & Co. 0.40% 52,541 $11.1M Add +0.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.39% 113,414 $10.9M Reduce -21.4%
APH Amphenol Corp. Class A 0.39% 165,977 $10.8M Reduce -0.1%
COST Costco Wholesale Corp. 0.38% 12,091 $10.7M Add +0.3%
IQV Iqvia Holdings Inc. 0.38% 45,155 $10.7M Reduce -0.1%
CVE Cenovus Energy Inc. 0.38% 469,180 $10.6M Reduce -0.7%
BALL Ball Corp. 0.37% 153,390 $10.4M Reduce -0.1%
CAT Caterpillar Inc. 0.37% 26,232 $10.3M Add +0.0%
INTU Intuit Inc. 0.36% 16,461 $10.2M Add +0.3%
CAE Cae Inc. 0.36% 396,693 $10.1M Add +0.5%
HON Honeywell International Inc. 0.36% 48,514 $10.0M Add +0.0%
WMT Walmart Inc. 0.36% 124,097 $10.0M Add +0.0%
BR Broadridge Financial Solutio 0.36% 46,339 $10.0M Reduce -0.1%
SLF Sun Life Financial Inc. 0.35% 126,576 $9.9M Reduce -16.9%
LOW Lowe's Cos Inc. 0.35% 35,909 $9.7M Add +0.3%
META Meta Platforms Inc. Class A 0.34% 16,591 $9.5M Add +0.0%
SCHW Schwab (charles) Corp. 0.33% 143,891 $9.3M Add +0.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.33% 41,478 $9.2M Add +0.0%
MEOH Methanex Corp. 0.32% 160,195 $9.0M Add +0.0%
AKAM Akamai Technologies Inc. 0.31% 85,765 $8.7M Reduce -0.0%
AMZN Amazon.com Inc. 0.31% 46,186 $8.6M Add +0.0%
BDX Becton Dickinson and Co. 0.30% 35,328 $8.5M Reduce -0.1%
MDLZ Mondelez International Inc. Class A 0.30% 112,953 $8.4M Add +0.3%
LIN Linde PLC 0.29% 17,245 $8.2M Reduce -0.1%
GOOGL Alphabet Inc. Class A 0.29% 49,325 $8.2M Add +0.0%
DD Dupont DE Nemours Inc. 0.29% 91,027 $8.1M Add +0.0%
NVDA Nvidia Corp. 0.28% 65,132 $7.9M Add +0.0%
FFIV F5 Inc. 0.28% 35,074 $7.7M Add +18.2%
SBUX Starbucks Corp. 0.28% 79,256 $7.7M Add +0.0%
MIDD Middleby Corp. 0.27% 55,039 $7.7M Reduce -4.5%
WAB Wabtec Corp. 0.27% 41,051 $7.5M Add +416.4%
MA Mastercard Inc. Class A 0.26% 15,022 $7.4M Add +0.0%
FDX FedEx Corp. 0.26% 26,795 $7.4M Add +0.0%
GPN Global Payments Inc. 0.26% 70,327 $7.2M Reduce -0.5%
T AT&T Inc. 0.26% 327,003 $7.2M Add +0.0%
HD Home Depot Inc. 0.26% 17,712 $7.2M Add +0.0%
EMR Emerson Electric Co. 0.26% 65,580 $7.2M Add +0.0%
RIO Rio Tinto PLC-Spon ADR 0.26% 100,668 $7.2M Add +0.0%
BHP BHP Group Ltd.-Spon ADR 0.26% 112,552 $7.2M Add +0.0%
ABT Abbott Laboratories 0.25% 62,105 $7.1M Add +0.0%
LKQ LKQ Corp. 0.25% 177,010 $7.1M Add +14.7%
DEO Diageo PLC-Sponsored ADR 0.25% 49,184 $7.0M Add +0.1%
FTV Fortive Corp. 0.25% 88,573 $7.0M Reduce -10.1%
KO The Coca-Cola Co. 0.24% 94,401 $6.8M Add +0.0%
MCD McDonald's Corp. 0.24% 22,420 $6.8M Add +0.0%
JNJ Johnson & Johnson 0.24% 41,926 $6.8M Add +0.0%
SYK Stryker Corp. 0.24% 18,754 $6.8M Add +0.3%
CHD Church & Dwight Co. Inc. 0.24% 64,737 $6.8M Add +14.1%
DE Deere & Co. 0.24% 16,031 $6.7M Add +0.0%
MRK Merck & Co. Inc. 0.24% 57,739 $6.6M Add +0.0%
PNC PNC Financial Services Group 0.23% 35,636 $6.6M Add +0.3%
UNP Union Pacific Corp. 0.23% 26,115 $6.4M Add +19.1%
GRP.U Granite Real Estate Investme 0.23% 78,223 $6.4M Add +2.9%
HMC Honda Motor Co. Ltd.-Spons ADR 0.23% 201,112 $6.4M Add +0.0%
CSCO Cisco Systems Inc. 0.22% 118,156 $6.3M Add +0.0%
F Ford Motor Co. filed as FORD MTR CO 0.22% 589,547 $6.2M Add +30.6%
MDT Medtronic PLC 0.21% 65,140 $5.9M Add +0.0%
PG The Procter & Gamble Co. 0.21% 34,079 $5.9M Add +0.0%
UPS United Parcel Service Class B 0.21% 42,599 $5.8M Reduce -42.8%
PFE Pfizer Inc. 0.21% 199,249 $5.8M Add +0.0%
DOW Dow Inc. 0.21% 105,488 $5.8M Add +0.0%
IWM iShares Russell 2000 ETF 0.17% 22,100 $4.9M Reduce -3.9%
TFII Tfi International Inc. 0.06% 9,298 $1.7M Add +2.1%
NVEI Nuvei Corp.-Subordinate VTG 0.04% 25,517 $1.2M Add +3.7%
LSPD Lightspeed Commerce Inc. 0.04% 45,678 $1.0M Add +3.7%
DOO BRP Inc./Ca- Sub Voting 0.03% 12,066 $974K Add +3.7%
OR Osisko Gold Royalties Ltd. 0.03% 37,793 $949K Add +3.7%
AEM Agnico Eagle Mines Ltd. 0.03% 7,927 $864K Reduce -30.6%
TAP Molson Coors Beverage Co. Class B 0.03% 12,342 $710K Add +4.4%
IMO Imperial Oil Ltd. 0.02% 4,530 $434K Reduce -18.4%
BIPC Brookfield Infrastructure-A 0.01% 6,300 $370K No change
TU Telus Corp. 0.01% 12,400 $286K Reduce -60.8%
MAG Mag Silver Corp. 0.01% 10,090 $192K Reduce -4.0%

Portfolio Sells Q2 2024 → Q3 2024
BMO Bank of Montreal Reduce -16.3% 3.14% −0.74
RCI Rogers Communications Inc. Class B Reduce -17.8% 1.17% −0.28
CCJ Cameco Corp. Reduce -2.8% 1.59% −0.28
INTC Intel Corp. Sold out 0.00% −0.25
CVS CVS Health Corp. Sold out 0.00% −0.20
OTEX Open Text Corp. Reduce -26.4% 0.53% −0.19
UPS United Parcel Service Class B Reduce -42.8% 0.21% −0.19
DIS The Walt Disney Co. Reduce -21.4% 0.39% −0.17
QSR Restaurant Brands Intern Reduce -0.4% 1.33% −0.12
CVE Cenovus Energy Inc. Reduce -0.7% 0.38% −0.12
BCE Bce Inc. Reduce -6.1% 1.13% −0.12
MGA Magna International Inc. Reduce -4.8% 0.54% −0.10
FTS Fortis Inc. Reduce -17.8% 0.41% −0.06
DSGX The Descartes Systems Grp Reduce -0.5% 1.06% −0.06
APH Amphenol Corp. Class A Reduce -0.1% 0.39% −0.05
GFL GFL Environmental Inc.-Sub VT Reduce -0.7% 0.53% −0.05
MFC Manulife Financial Corp. Reduce -2.1% 2.06% −0.05
SLF Sun Life Financial Inc. Reduce -16.9% 0.35% −0.05
FTV Fortive Corp. Reduce -10.1% 0.25% −0.04
TECK Teck Resources Ltd.-CLS B Reduce -0.5% 1.25% −0.03
TU Telus Corp. Reduce -60.8% 0.01% −0.02
BDX Becton Dickinson and Co. Reduce -0.1% 0.30% −0.02
BKNG Booking Holdings Inc. Reduce -0.0% 0.50% −0.02
WFG West Fraser Timber Co. Ltd. Sold out 0.00% −0.01
GPN Global Payments Inc. Reduce -0.5% 0.26% −0.01
AEM Agnico Eagle Mines Ltd. Reduce -30.6% 0.03% −0.01
IWM iShares Russell 2000 ETF Reduce -3.9% 0.17% −0.01
IMO Imperial Oil Ltd. Reduce -18.4% 0.02% −0.00
MIDD Middleby Corp. Reduce -4.5% 0.27% −0.00
LIN Linde PLC Reduce -0.1% 0.29% −0.00
BR Broadridge Financial Solutio Reduce -0.1% 0.36% −0.00
MAG Mag Silver Corp. Reduce -4.0% 0.01% +0.00
AKAM Akamai Technologies Inc. Reduce -0.0% 0.31% +0.01
TMO Thermo Fisher Scientific Inc. Reduce -0.1% 0.40% +0.01
IQV Iqvia Holdings Inc. Reduce -0.1% 0.38% +0.01
BALL Ball Corp. Reduce -0.1% 0.37% +0.01
UNH Unitedhealth Group Inc. Reduce -0.1% 0.53% +0.02
FISV Fiserv Inc. Reduce -0.2% 0.46% +0.04
RMD Resmed Inc. Reduce -0.0% 0.51% +0.07
GIB Cgi Inc. Reduce -0.1% 2.25% +0.08
BNS Bank of Nova Scotia Reduce -3.6% 2.97% +0.09
TRP TC Energy Corp. Reduce -5.7% 2.31% +0.13
B Barrick Gold Corp. Reduce -0.7% 2.29% +0.14
RY Royal Bank of Canada Reduce -2.1% 4.70% +0.15
SHOP Shopify Inc. Class A Reduce -0.3% 3.49% +0.28

Portfolio Buys Q2 2024 → Q3 2024
BN Brookfield Corp. Add +5.1% 4.82% +0.83
FNV Franco-Nevada Corp. Add +106.3% 1.29% +0.63
CM Can Imperial BK of Commerce Add +25.8% 1.54% +0.48
BIP Brookfield Infrastructure Pa Add +588.5% 0.50% +0.44
CIGI Colliers Intl GR-Subord Vot Add +6.3% 1.20% +0.27
WPM Wheaton Precious Metals Corp. Add +2.9% 3.71% +0.27
ENB Enbridge Inc. Add +4.5% 3.24% +0.22
WAB Wabtec Corp. Add +416.4% 0.27% +0.22
TD Toronto-Dominion Bank Add +0.9% 4.72% +0.20
CP Canadian Pacific Kansas City Add +8.2% 3.46% +0.19
AVGO Broadcom Inc. Add +15.7% 1.56% +0.18
BAM Brookfield Asset Mgmt-A Add +6.9% 0.74% +0.12
FFIV F5 Inc. Add +18.2% 0.28% +0.08
NKE Nike Inc. Class B Add +11.0% 0.49% +0.08
GIL Gildan Activewear Inc. Add +0.5% 0.48% +0.05
IBM Intl Business Machines Corp. Add +0.0% 0.33% +0.05
LOW Lowe's Cos Inc. Add +0.3% 0.35% +0.04
UNP Union Pacific Corp. Add +19.1% 0.23% +0.04
SBUX Starbucks Corp. Add +0.0% 0.28% +0.03
PBA Pembina Pipeline Corp. Add +2.6% 1.24% +0.03
WMT Walmart Inc. Add +0.0% 0.36% +0.03
GRP.U Granite Real Estate Investme Add +2.9% 0.23% +0.03
CAT Caterpillar Inc. Add +0.0% 0.37% +0.02
MCD McDonald's Corp. Add +0.0% 0.24% +0.02
PNC PNC Financial Services Group Add +0.3% 0.23% +0.02
HD Home Depot Inc. Add +0.0% 0.26% +0.02
T AT&T Inc. Add +0.0% 0.26% +0.01
CHD Church & Dwight Co. Inc. Add +14.1% 0.24% +0.01
AAPL Apple Inc. Add +0.2% 1.20% +0.01
META Meta Platforms Inc. Class A Add +0.0% 0.34% +0.01
MDT Medtronic PLC Add +0.0% 0.21% +0.01
V Visa Inc. Class A Add +6.0% 0.79% +0.01
MDLZ Mondelez International Inc. Class A Add +0.3% 0.30% +0.01
DEO Diageo PLC-Sponsored ADR Add +0.1% 0.25% +0.01
KO The Coca-Cola Co. Add +0.0% 0.24% +0.01
MA Mastercard Inc. Class A Add +0.0% 0.26% +0.00
CSCO Cisco Systems Inc. Add +0.0% 0.22% +0.00
LSPD Lightspeed Commerce Inc. Add +3.7% 0.04% +0.00
DE Deere & Co. Add +0.0% 0.24% +0.00
BHP BHP Group Ltd.-Spon ADR Add +0.0% 0.26% +0.00
OR Osisko Gold Royalties Ltd. Add +3.7% 0.03% +0.00
DD Dupont DE Nemours Inc. Add +0.0% 0.29% +0.00
JNJ Johnson & Johnson Add +0.0% 0.24% +0.00
TAP Molson Coors Beverage Co. Class B Add +4.4% 0.03% +0.00
LKQ LKQ Corp. Add +14.7% 0.25% +0.00
F Ford Motor Co. Add +30.6% 0.22% +0.00
ABT Abbott Laboratories Add +0.0% 0.25% −0.00
NVEI Nuvei Corp.-Subordinate VTG Add +3.7% 0.04% −0.00
RIO Rio Tinto PLC-Spon ADR Add +0.0% 0.26% −0.00
DOO BRP Inc./Ca- Sub Voting Add +3.7% 0.03% −0.01

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