Addenda Capital Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 16, 2025), Addenda Capital Inc. reported 123 stock positions worth $2.8 billion. Its top holding was Brookfield (BN) at 5.3% of the portfolio, followed by Shopify Class A (SHOP, 4.7%) and Royal Bank of Canada (RY, 4.6%). Compared with Q3 2024, it opened 3 new positions, sold out of 5, added to 50 and reduced 68. The biggest buy was a new position in Alamos Gold Class A (AGI) and the biggest sale an exit from Barrick Gold (B).
- Most Recent 13F
- Q2 2026
- Location
- MONTREAL, A8
- CIK
- 0001569411
- Portfolio Value
- $2.8B (Q4 2024)
- SEC Filing
- 0001085146-25-000292 ↗ filed Jan 16, 2025
Holdings Value
Holdings 123 stocks · $2.8B
| BN Brookfield Corp. | 5.31% | 1,821,935 | $150.5M | Reduce -3.2% |
| SHOP Shopify Inc. Class A | 4.70% | 869,869 | $133.1M | Reduce -3.7% |
| RY Royal Bank of Canada | 4.65% | 759,990 | $131.7M | Reduce -2.6% |
| WPM Wheaton Precious Metals Corp. | 3.77% | 1,321,835 | $106.9M | Add +5.0% |
| TD Toronto-Dominion Bank | 3.75% | 1,389,160 | $106.3M | Reduce -10.2% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.75% | 760,614 | $106.1M | Add +5.5% |
| CNQ Canadian Natural Resources | 3.69% | 2,327,487 | $104.6M | Reduce -3.5% |
| ENB Enbridge Inc. | 3.44% | 1,597,217 | $97.4M | Reduce -3.2% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.20% | 1,175,246 | $90.7M | Add +4.0% |
| CP Canadian Pacific Kansas City | 3.13% | 849,588 | $88.6M | Add +1.5% |
| TRP TC Energy Corp. | 2.48% | 1,034,497 | $70.2M | Add +4.4% |
| CNI Canadian Natl Railway Co. | 2.35% | 455,201 | $66.4M | Add +1.5% |
| MFC Manulife Financial Corp. | 2.22% | 1,423,384 | $62.9M | Reduce -1.5% |
| GIB Cgi Inc. | 2.12% | 381,437 | $60.0M | Reduce -6.0% |
| WCN Waste Connections Inc. | 1.82% | 208,978 | $51.5M | Add +9.2% |
| AGI Alamos Gold Inc. Class A | 1.77% | 1,890,930 | $50.1M | New |
| CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM | 1.77% | 545,010 | $50.1M | Add +5.9% |
| AVGO Broadcom Inc. | 1.73% | 211,380 | $49.0M | Reduce -16.7% |
| SU Suncor Energy Inc. | 1.59% | 876,546 | $45.0M | Reduce -3.3% |
| MSFT Microsoft Corp. | 1.46% | 98,131 | $41.4M | Add +1.6% |
| CCJ Cameco Corp. | 1.38% | 527,854 | $39.0M | Reduce -23.3% |
| AAPL Apple Inc. | 1.33% | 150,546 | $37.7M | Add +4.5% |
| QSR Restaurant Brands Intern | 1.22% | 365,802 | $34.6M | Reduce -3.4% |
| CIGI Colliers Intl GR-Subord Vot | 1.21% | 175,780 | $34.4M | Add +7.6% |
| DSGX The Descartes Systems Grp | 1.18% | 203,840 | $33.3M | Reduce -4.8% |
| NTR Nutrien Ltd. | 1.17% | 510,088 | $33.2M | Add +7.6% |
| PBA Pembina Pipeline Corp. | 1.13% | 604,419 | $32.1M | Reduce -2.8% |
| BIP Brookfield Infrastructure Pa | 1.10% | 680,481 | $31.1M | Add +129.5% |
| TECK Teck Resources Ltd.-CLS B | 0.99% | 482,510 | $28.1M | Reduce -2.5% |
| GOOG Alphabet Inc. Class C | 0.94% | 140,233 | $26.7M | Reduce -0.1% |
| V Visa Inc. Class A | 0.89% | 79,730 | $25.2M | Reduce -0.4% |
| BAM Brookfield Asset Mgmt-A | 0.87% | 314,802 | $24.5M | Reduce -2.5% |
| BCE Bce Inc. | 0.84% | 697,533 | $23.9M | Add +5.9% |
| GFL GFL Environmental Inc.-Sub VT | 0.60% | 263,350 | $16.9M | Reduce -5.1% |
| BKNG Booking Holdings Inc. | 0.58% | 3,286 | $16.3M | Reduce -1.0% |
| RCI Rogers Communications Inc. Class B | 0.57% | 360,213 | $16.1M | Reduce -39.4% |
| MGA Magna International Inc. | 0.56% | 264,312 | $15.9M | Reduce -2.4% |
| AEM Agnico Eagle Mines Ltd. | 0.55% | 138,817 | $15.6M | Add +1651.2% |
| FISV Fiserv Inc. | 0.55% | 75,355 | $15.5M | Add +5.4% |
| INTU Intuit Inc. | 0.52% | 23,247 | $14.6M | Add +41.2% |
| CAE Cae Inc. | 0.51% | 398,803 | $14.6M | Add +0.5% |
| GIL Gildan Activewear Inc. | 0.51% | 211,833 | $14.3M | Reduce -0.8% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.50% | 117,028 | $14.1M | Reduce -5.1% |
| JPM JPMorgan Chase & Co. | 0.49% | 57,494 | $13.8M | Add +9.4% |
| UNH Unitedhealth Group Inc. | 0.48% | 27,003 | $13.7M | Add +5.5% |
| RBA RB Global Inc. | 0.48% | 104,630 | $13.6M | Reduce -0.3% |
| NKE Nike Inc. Class B | 0.46% | 171,507 | $13.0M | Add +11.6% |
| PEP Pepsico Inc. | 0.46% | 84,915 | $13.0M | Add +0.9% |
| FFIV F5 Inc. | 0.45% | 50,314 | $12.7M | Add +43.5% |
| ADBE Adobe Inc. | 0.44% | 28,227 | $12.6M | Add +7.5% |
| TRI Thomson Reuters Corp. | 0.44% | 54,215 | $12.5M | Reduce -0.3% |
| RMD Resmed Inc. | 0.44% | 54,357 | $12.4M | Reduce -7.8% |
| STN Stantec Inc. | 0.43% | 108,207 | $12.2M | Reduce -0.3% |
| APH Amphenol Corp. Class A | 0.43% | 174,398 | $12.1M | Add +5.1% |
| BR Broadridge Financial Solutio | 0.41% | 51,548 | $11.7M | Add +11.2% |
| MEOH Methanex Corp. | 0.41% | 159,739 | $11.5M | Reduce -0.3% |
| FTS Fortis Inc. | 0.39% | 186,643 | $11.1M | Add +0.9% |
| SLF Sun Life Financial Inc. | 0.38% | 126,238 | $10.8M | Reduce -0.3% |
| SCHW Schwab (charles) Corp. | 0.38% | 145,128 | $10.7M | Add +0.9% |
| COST Costco Wholesale Corp. | 0.38% | 11,697 | $10.7M | Reduce -3.3% |
| HON Honeywell International Inc. | 0.37% | 46,707 | $10.6M | Reduce -3.7% |
| TMO Thermo Fisher Scientific Inc. | 0.35% | 19,315 | $10.1M | Add +7.1% |
| META Meta Platforms Inc. Class A | 0.34% | 16,544 | $9.7M | Reduce -0.3% |
| IQV Iqvia Holdings Inc. | 0.34% | 48,662 | $9.6M | Add +7.8% |
| CAT Caterpillar Inc. | 0.33% | 26,158 | $9.5M | Reduce -0.3% |
| WAB Wabtec Corp. | 0.33% | 49,886 | $9.5M | Add +21.5% |
| GOOGL Alphabet Inc. Class A | 0.33% | 49,185 | $9.3M | Reduce -0.3% |
| LIN Linde PLC | 0.32% | 21,959 | $9.2M | Add +27.3% |
| OTEX Open Text Corp. | 0.32% | 224,504 | $9.1M | Reduce -32.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.32% | 41,360 | $9.1M | Reduce -0.3% |
| LOW Lowe's Cos Inc. | 0.32% | 36,218 | $8.9M | Add +0.9% |
| AKAM Akamai Technologies Inc. | 0.31% | 92,329 | $8.8M | Add +7.7% |
| CVE Cenovus Energy Inc. | 0.31% | 400,715 | $8.7M | Reduce -14.6% |
| BDX Becton Dickinson and Co. | 0.31% | 38,484 | $8.7M | Add +8.9% |
| NVDA Nvidia Corp. | 0.31% | 64,947 | $8.7M | Reduce -0.3% |
| WMT Walmart Inc. | 0.30% | 95,133 | $8.6M | Reduce -23.3% |
| AMZN Amazon.com Inc. | 0.30% | 38,901 | $8.5M | Reduce -15.8% |
| BALL Ball Corp. | 0.30% | 152,529 | $8.4M | Reduce -0.6% |
| PNC PNC Financial Services Group | 0.29% | 43,127 | $8.3M | Add +21.0% |
| EMR Emerson Electric Co. | 0.29% | 65,394 | $8.1M | Reduce -0.3% |
| MA Mastercard Inc. Class A | 0.28% | 14,979 | $7.9M | Reduce -0.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.27% | 68,081 | $7.6M | Reduce -40.0% |
| FDX FedEx Corp. | 0.27% | 26,718 | $7.6M | Reduce -0.3% |
| T AT&T Inc. | 0.26% | 326,075 | $7.4M | Reduce -0.3% |
| MIDD Middleby Corp. | 0.26% | 54,773 | $7.4M | Reduce -0.5% |
| SBUX Starbucks Corp. | 0.25% | 79,032 | $7.2M | Reduce -0.3% |
| ABT Abbott Laboratories | 0.25% | 61,929 | $7.0M | Reduce -0.3% |
| CSCO Cisco Systems Inc. | 0.25% | 117,821 | $7.0M | Reduce -0.3% |
| DD Dupont DE Nemours Inc. | 0.24% | 90,769 | $6.9M | Reduce -0.3% |
| HD Home Depot Inc. | 0.24% | 17,662 | $6.9M | Reduce -0.3% |
| CHD Church & Dwight Co. Inc. | 0.24% | 65,294 | $6.8M | Add +0.9% |
| SYK Stryker Corp. | 0.24% | 18,914 | $6.8M | Add +0.8% |
| MDLZ Mondelez International Inc. Class A | 0.24% | 113,308 | $6.8M | Add +0.3% |
| DE Deere & Co. | 0.24% | 15,985 | $6.8M | Reduce -0.3% |
| LKQ LKQ Corp. | 0.23% | 179,805 | $6.6M | Add +1.6% |
| MDT Medtronic PLC | 0.23% | 81,611 | $6.6M | Add +25.3% |
| SPGI S&P Global Inc. | 0.23% | 13,049 | $6.5M | New |
| MCD McDonald's Corp. | 0.23% | 22,357 | $6.5M | Reduce -0.3% |
| DEO Diageo PLC-Sponsored ADR | 0.22% | 49,031 | $6.2M | Reduce -0.3% |
| JNJ Johnson & Johnson | 0.21% | 41,807 | $6.0M | Reduce -0.3% |
Portfolio Sells Q3 2024 → Q4 2024
| B Barrick Gold Corp. | Sold out | 0.00% | −2.29 |
| FNV Franco-Nevada Corp. | Reduce -92.4% | 0.10% | −1.19 |
| TD Toronto-Dominion Bank | Reduce -10.2% | 3.75% | −0.96 |
| RCI Rogers Communications Inc. Class B | Reduce -39.4% | 0.57% | −0.60 |
| GPN Global Payments Inc. | Sold out | 0.00% | −0.26 |
| TECK Teck Resources Ltd.-CLS B | Reduce -2.5% | 0.99% | −0.25 |
| FTV Fortive Corp. | Sold out | 0.00% | −0.25 |
| CNQ Canadian Natural Resources | Reduce -3.5% | 3.69% | −0.22 |
| OTEX Open Text Corp. | Reduce -32.4% | 0.32% | −0.21 |
| CCJ Cameco Corp. | Reduce -23.3% | 1.38% | −0.21 |
| GIB Cgi Inc. | Reduce -6.0% | 2.12% | −0.14 |
| DIS The Walt Disney Co. | Reduce -40.0% | 0.27% | −0.12 |
| QSR Restaurant Brands Intern | Reduce -3.4% | 1.22% | −0.11 |
| PBA Pembina Pipeline Corp. | Reduce -2.8% | 1.13% | −0.10 |
| BALL Ball Corp. | Reduce -0.6% | 0.30% | −0.07 |
| RMD Resmed Inc. | Reduce -7.8% | 0.44% | −0.07 |
| CVE Cenovus Energy Inc. | Reduce -14.6% | 0.31% | −0.07 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -0.3% | 0.19% | −0.06 |
| WMT Walmart Inc. | Reduce -23.3% | 0.30% | −0.05 |
| RY Royal Bank of Canada | Reduce -2.6% | 4.65% | −0.05 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -0.3% | 0.21% | −0.05 |
| DD Dupont DE Nemours Inc. | Reduce -0.3% | 0.24% | −0.04 |
| NVEI Nuvei Corp.-Subordinate VTG | Sold out | 0.00% | −0.04 |
| KO The Coca-Cola Co. | Reduce -0.3% | 0.21% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -0.3% | 0.20% | −0.03 |
| CAT Caterpillar Inc. | Reduce -0.3% | 0.33% | −0.03 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.3% | 0.22% | −0.03 |
| JNJ Johnson & Johnson | Reduce -0.3% | 0.21% | −0.03 |
| SU Suncor Energy Inc. | Reduce -3.3% | 1.59% | −0.03 |
| HMC Honda Motor Co. Ltd.-Spons ADR | Reduce -0.3% | 0.20% | −0.03 |
| SBUX Starbucks Corp. | Reduce -0.3% | 0.25% | −0.02 |
| PFE Pfizer Inc. | Reduce -0.3% | 0.19% | −0.02 |
| UPS United Parcel Service Class B | Reduce -0.3% | 0.19% | −0.02 |
| TJX TJX Companies Inc. | Reduce -5.1% | 0.50% | −0.02 |
| F Ford Motor Co. | Reduce -0.3% | 0.21% | −0.02 |
| MCD McDonald's Corp. | Reduce -0.3% | 0.23% | −0.01 |
| HD Home Depot Inc. | Reduce -0.3% | 0.24% | −0.01 |
| MIDD Middleby Corp. | Reduce -0.5% | 0.26% | −0.01 |
| IWM iShares Russell 2000 ETF | Reduce -5.0% | 0.16% | −0.01 |
| PG The Procter & Gamble Co. | Reduce -0.3% | 0.20% | −0.01 |
| MAG Mag Silver Corp. | Sold out | 0.00% | −0.01 |
| IBM Intl Business Machines Corp. | Reduce -0.3% | 0.32% | −0.01 |
| TRI Thomson Reuters Corp. | Reduce -0.3% | 0.44% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -15.8% | 0.30% | −0.01 |
| ABT Abbott Laboratories | Reduce -0.3% | 0.25% | −0.01 |
| COST Costco Wholesale Corp. | Reduce -3.3% | 0.38% | −0.00 |
| DE Deere & Co. | Reduce -0.3% | 0.24% | +0.00 |
| META Meta Platforms Inc. Class A | Reduce -0.3% | 0.34% | +0.00 |
| FDX FedEx Corp. | Reduce -0.3% | 0.27% | +0.00 |
| T AT&T Inc. | Reduce -0.3% | 0.26% | +0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| AGI Alamos Gold Inc. Class A | New | 1.77% | +1.77 |
| BMO Bank of Montreal | Add +5.5% | 3.75% | +0.61 |
| BIP Brookfield Infrastructure Pa | Add +129.5% | 1.10% | +0.60 |
| AEM Agnico Eagle Mines Ltd. | Add +1651.2% | 0.55% | +0.52 |
| BNS Bank of Nova Scotia | Add +4.0% | 3.20% | +0.23 |
| SPGI S&P Global Inc. | New | 0.23% | +0.23 |
| CM Can Imperial BK of Commerce | Add +5.9% | 1.77% | +0.23 |
| FFIV F5 Inc. | Add +43.5% | 0.45% | +0.17 |
| TRP TC Energy Corp. | Add +4.4% | 2.48% | +0.17 |
| WCN Waste Connections Inc. | Add +9.2% | 1.82% | +0.17 |
| CAE Cae Inc. | Add +0.5% | 0.51% | +0.15 |
| INTU Intuit Inc. | Add +41.2% | 0.52% | +0.15 |
| AAPL Apple Inc. | Add +4.5% | 1.33% | +0.13 |
| JPM JPMorgan Chase & Co. | Add +9.4% | 0.49% | +0.09 |
| FISV Fiserv Inc. | Add +5.4% | 0.55% | +0.09 |
| WAB Wabtec Corp. | Add +21.5% | 0.33% | +0.07 |
| WPM Wheaton Precious Metals Corp. | Add +5.0% | 3.77% | +0.06 |
| NTR Nutrien Ltd. | Add +7.6% | 1.17% | +0.06 |
| PNC PNC Financial Services Group | Add +21.0% | 0.29% | +0.06 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.06% | +0.06 |
| BR Broadridge Financial Solutio | Add +11.2% | 0.41% | +0.06 |
| SCHW Schwab (charles) Corp. | Add +0.9% | 0.38% | +0.05 |
| APH Amphenol Corp. Class A | Add +5.1% | 0.43% | +0.04 |
| LIN Linde PLC | Add +27.3% | 0.32% | +0.03 |
| MDT Medtronic PLC | Add +25.3% | 0.23% | +0.02 |
| CIGI Colliers Intl GR-Subord Vot | Add +7.6% | 1.21% | +0.02 |
| BIPC Brookfield Infrastructure-A | Add +120.2% | 0.03% | +0.01 |
| TFII Tfi International Inc. | Add +12.2% | 0.07% | +0.01 |
| BDX Becton Dickinson and Co. | Add +8.9% | 0.31% | +0.00 |
| AKAM Akamai Technologies Inc. | Add +7.7% | 0.31% | +0.00 |
| TAP Molson Coors Beverage Co. Class B | Add +12.8% | 0.03% | +0.00 |
| OR Osisko Gold Royalties Ltd. | Add +1.4% | 0.04% | +0.00 |
| DOO BRP Inc./Ca- Sub Voting | Add +10.5% | 0.03% | −0.00 |
| LSPD Lightspeed Commerce Inc. | Add +2.0% | 0.04% | −0.00 |
| CHD Church & Dwight Co. Inc. | Add +0.9% | 0.24% | −0.00 |
| SYK Stryker Corp. | Add +0.8% | 0.24% | −0.00 |
| DOW Dow Inc. | Add +34.2% | 0.20% | −0.01 |
| FTS Fortis Inc. | Add +0.9% | 0.39% | −0.01 |
| UNP Union Pacific Corp. | Add +0.9% | 0.21% | −0.02 |
| LKQ LKQ Corp. | Add +1.6% | 0.23% | −0.02 |
| MSFT Microsoft Corp. | Add +1.6% | 1.46% | −0.02 |
| NKE Nike Inc. Class B | Add +11.6% | 0.46% | −0.03 |
| GRTUF Granite Real Estate Investme | Add +2.3% | 0.20% | −0.03 |
| LOW Lowe's Cos Inc. | Add +0.9% | 0.32% | −0.03 |
| ADBE Adobe Inc. | Add +7.5% | 0.44% | −0.04 |
| TMO Thermo Fisher Scientific Inc. | Add +7.1% | 0.35% | −0.04 |
| IQV Iqvia Holdings Inc. | Add +7.8% | 0.34% | −0.04 |
| PEP Pepsico Inc. | Add +0.9% | 0.46% | −0.05 |
| UNH Unitedhealth Group Inc. | Add +5.5% | 0.48% | −0.05 |
| MDLZ Mondelez International Inc. Class A | Add +0.3% | 0.24% | −0.06 |
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 |