Addenda Capital Inc.

Name: Addenda Capital Inc. 13F holdings, Q4 2024
Creator: Addenda Capital Inc.
Published: 2025-01-16

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

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%
UNP Union Pacific Corp.	0.21%	26,340	$6.0M	Add +0.9%
RIO Rio Tinto PLC-Spon ADR	0.21%	100,382	$5.9M	Reduce -0.3%
KO The Coca-Cola Co.	0.21%	94,123	$5.9M	Reduce -0.3%
F Ford Motor Co. filed as FORD MTR CO	0.21%	587,874	$5.8M	Reduce -0.3%
MRK Merck & Co. Inc.	0.20%	57,576	$5.8M	Reduce -0.3%
HMC Honda Motor Co. Ltd.-Spons ADR	0.20%	200,541	$5.7M	Reduce -0.3%
PG The Procter & Gamble Co.	0.20%	33,982	$5.7M	Reduce -0.3%
DOW Dow Inc.	0.20%	141,519	$5.7M	Add +34.2%
GRTUF Granite Real Estate Investme	0.20%	80,043	$5.6M	Add +2.3%
BHP BHP Group Ltd.-Spon ADR	0.19%	112,232	$5.5M	Reduce -0.3%
UPS United Parcel Service Class B	0.19%	42,478	$5.4M	Reduce -0.3%
PFE Pfizer Inc.	0.19%	198,688	$5.3M	Reduce -0.3%
IWM iShares Russell 2000 ETF	0.16%	21,000	$4.6M	Reduce -5.0%
FNV Franco-Nevada Corp.	0.10%	16,408	$2.8M	Reduce -92.4%
TFII Tfi International Inc.	0.07%	10,435	$2.0M	Add +12.2%
SPY SS SPDR S&P 500 ETF Trust-US	0.06%	2,778	$1.6M	New
LSPD Lightspeed Commerce Inc.	0.04%	46,609	$1.0M	Add +2.0%
OR Osisko Gold Royalties Ltd.	0.04%	38,325	$1.0M	Add +1.4%
DOO BRP Inc./Ca- Sub Voting	0.03%	13,331	$979K	Add +10.5%
BIPC Brookfield Infrastructure-A	0.03%	13,870	$800K	Add +120.2%
TAP Molson Coors Beverage Co. Class B	0.03%	13,915	$798K	Add +12.8%
IMO Imperial Oil Ltd.	0.01%	4,530	$404K	No change
TU Telus Corp.	0.01%	12,400	$247K	No change

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