Addenda Capital Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 9, 2025), Addenda Capital Inc. reported 123 stock positions worth $2.7 billion. Its top holding was Brookfield (BN) at 4.7% of the portfolio, followed by Toronto-Dominion Bank (TD, 4.2%) and Royal Bank of Canada (RY, 4.2%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 26 and reduced 95. The biggest buy was Agnico Eagle Mines (AEM, shares +414%) and the biggest sale Bank of Nova Scotia (BNS, shares −16%).

Most Recent 13F
Q2 2026
Location
MONTREAL, A8
CIK
0001569411
Portfolio Value
$2.7B (Q1 2025)
SEC Filing
0001085146-25-001948 ↗ filed Apr 9, 2025

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 Q3 2024 Q4 2024: $2.8B Q4 2024 Q1 2025: $2.7B $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 123 stocks · $2.7B
BN Brookfield Corp. 4.66% 1,671,698 $125.9M Reduce -8.3%
TD Toronto-Dominion Bank 4.23% 1,328,052 $114.5M Reduce -4.4%
RY Royal Bank of Canada 4.20% 699,873 $113.4M Reduce -7.9%
AEM Agnico Eagle Mines Ltd. 4.11% 713,237 $111.2M Add +413.8%
SHOP Shopify Inc. Class A 4.04% 798,607 $109.3M Reduce -8.2%
WPM Wheaton Precious Metals Corp. 3.78% 915,735 $102.3M Reduce -30.7%
CNQ Canadian Natural Resources 3.55% 2,135,687 $95.9M Reduce -8.2%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.52% 692,967 $95.2M Reduce -8.9%
ENB Enbridge Inc. 3.47% 1,475,038 $93.9M Reduce -7.7%
CP Canadian Pacific Kansas City 3.14% 838,197 $84.8M Reduce -1.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 2.49% 987,155 $67.4M Reduce -16.0%
AGI Alamos Gold Inc. Class A 2.46% 1,732,010 $66.6M Reduce -8.4%
TRP TC Energy Corp. 2.43% 953,029 $65.6M Reduce -7.9%
CNI Canadian Natl Railway Co. 2.23% 430,968 $60.4M Reduce -5.3%
MFC Manulife Financial Corp. 2.23% 1,343,263 $60.2M Reduce -5.6%
WCN Waste Connections Inc. 2.04% 196,441 $55.1M Reduce -6.0%
GIB Cgi Inc. 1.91% 359,927 $51.7M Reduce -5.6%
SU Suncor Energy Inc. 1.67% 811,534 $45.2M Reduce -7.4%
CCJ Cameco Corp. 1.60% 729,527 $43.2M Add +38.2%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 1.38% 454,349 $37.2M Reduce -16.6%
MSFT Microsoft Corp. 1.35% 97,559 $36.6M Reduce -0.6%
AAPL Apple Inc. 1.22% 148,082 $32.9M Reduce -1.6%
QSR Restaurant Brands Intern 1.18% 329,889 $32.0M Reduce -9.8%
PBA Pembina Pipeline Corp. 1.17% 548,465 $31.6M Reduce -9.3%
AVGO Broadcom Inc. 1.08% 173,688 $29.1M Reduce -17.8%
DSGX The Descartes Systems Grp 1.04% 194,070 $28.1M Reduce -4.8%
CIGI Colliers Intl GR-Subord Vot 1.03% 160,420 $27.9M Reduce -8.7%
V Visa Inc. Class A 1.03% 79,318 $27.8M Reduce -0.5%
BIP Brookfield Infrastructure Pa 0.98% 620,821 $26.6M Reduce -8.8%
NTR Nutrien Ltd. 0.89% 333,687 $24.1M Reduce -34.6%
BCE Bce Inc. 0.86% 681,339 $23.2M Reduce -2.3%
GOOG Alphabet Inc. Class C 0.80% 139,282 $21.8M Reduce -0.7%
BAM Brookfield Asset Mgmt-A 0.75% 292,162 $20.4M Reduce -7.2%
GFL GFL Environmental Inc.-Sub VT 0.61% 237,960 $16.5M Reduce -9.6%
FISV Fiserv Inc. 0.61% 74,863 $16.5M Reduce -0.7%
NVDA Nvidia Corp. 0.58% 143,891 $15.6M Add +121.5%
INTU Intuit Inc. 0.57% 25,248 $15.5M Add +8.6%
BKNG Booking Holdings Inc. 0.56% 3,265 $15.0M Reduce -0.6%
MGA Magna International Inc. 0.53% 292,435 $14.3M Add +10.6%
CAE Cae Inc. 0.53% 403,991 $14.3M Add +1.3%
JPM JPMorgan Chase & Co. 0.52% 57,688 $14.2M Add +0.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.52% 116,174 $14.1M Reduce -0.7%
FFIV F5 Inc. 0.52% 53,098 $14.1M Add +5.5%
UNH Unitedhealth Group Inc. 0.52% 26,824 $14.0M Reduce -0.7%
WAB Wabtec Corp. 0.51% 76,568 $13.9M Add +53.5%
GIL Gildan Activewear Inc. 0.51% 214,203 $13.7M Add +1.1%
TRI Thomson Reuters Corp. 0.50% 54,123 $13.4M Reduce -0.2%
APH Amphenol Corp. Class A 0.49% 201,023 $13.2M Add +15.3%
STN Stantec Inc. 0.48% 108,023 $12.9M Reduce -0.2%
ADBE Adobe Inc. 0.47% 33,100 $12.7M Add +17.3%
PEP Pepsico Inc. 0.47% 84,542 $12.7M Reduce -0.4%
BR Broadridge Financial Solutio 0.46% 51,208 $12.5M Reduce -0.7%
RBA RB Global Inc. 0.46% 85,928 $12.4M Reduce -17.9%
NKE Nike Inc. Class B 0.46% 192,982 $12.3M Add +12.5%
SCHW Schwab (charles) Corp. 0.45% 155,764 $12.2M Add +7.3%
RMD Resmed Inc. 0.44% 53,602 $12.0M Reduce -1.4%
FTS Fortis Inc. 0.42% 173,402 $11.4M Reduce -7.1%
TECK Teck Resources Ltd.-CLS B 0.42% 214,265 $11.2M Reduce -55.6%
LIN Linde PLC 0.41% 23,667 $11.0M Add +7.8%
COST Costco Wholesale Corp. 0.41% 11,611 $11.0M Reduce -0.7%
SLF Sun Life Financial Inc. 0.38% 125,649 $10.3M Reduce -0.5%
TMO Thermo Fisher Scientific Inc. 0.35% 19,188 $9.6M Reduce -0.7%
META Meta Platforms Inc. Class A 0.35% 16,516 $9.5M Reduce -0.2%
T AT&T Inc. 0.34% 325,522 $9.2M Reduce -0.2%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.32% 34,929 $8.7M Reduce -15.6%
SPGI S&P Global Inc. 0.32% 17,019 $8.6M Add +30.4%
CAT Caterpillar Inc. 0.32% 26,113 $8.6M Reduce -0.2%
HON Honeywell International Inc. 0.32% 40,452 $8.6M Reduce -13.4%
IQV Iqvia Holdings Inc. 0.31% 48,248 $8.5M Reduce -0.8%
LOW Lowe's Cos Inc. 0.31% 35,954 $8.4M Reduce -0.7%
WMT Walmart Inc. 0.31% 94,971 $8.4M Reduce -0.2%
MIDD Middleby Corp. 0.31% 54,415 $8.3M Reduce -0.7%
ABT Abbott Laboratories 0.30% 61,823 $8.2M Reduce -0.2%
MA Mastercard Inc. Class A 0.30% 14,954 $8.2M Reduce -0.2%
MEOH Methanex Corp. 0.30% 159,468 $8.0M Reduce -0.2%
SBUX Starbucks Corp. 0.29% 78,897 $7.7M Reduce -0.2%
MDLZ Mondelez International Inc. Class A 0.29% 113,102 $7.7M Reduce -0.2%
LKQ LKQ Corp. 0.28% 179,516 $7.6M Reduce -0.2%
GOOGL Alphabet Inc. Class A 0.28% 49,102 $7.6M Reduce -0.2%
PNC PNC Financial Services Group 0.28% 42,812 $7.5M Reduce -0.7%
DE Deere & Co. 0.28% 15,958 $7.5M Reduce -0.2%
AMZN Amazon.com Inc. 0.27% 38,835 $7.4M Reduce -0.2%
RCI Rogers Communications Inc. Class B 0.27% 189,696 $7.4M Reduce -47.3%
MDT Medtronic PLC 0.27% 81,474 $7.4M Reduce -0.2%
CSCO Cisco Systems Inc. 0.27% 117,621 $7.3M Reduce -0.2%
EMR Emerson Electric Co. 0.26% 65,283 $7.2M Reduce -0.2%
CHD Church & Dwight Co. Inc. 0.26% 64,817 $7.1M Reduce -0.7%
CVE Cenovus Energy Inc. 0.26% 356,505 $7.1M Reduce -11.0%
SYK Stryker Corp. 0.26% 18,776 $7.0M Reduce -0.7%
MCD McDonald's Corp. 0.26% 22,319 $7.0M Reduce -0.2%
JNJ Johnson & Johnson 0.26% 41,736 $6.9M Reduce -0.2%
KO The Coca-Cola Co. 0.25% 93,973 $6.8M Reduce -0.2%
DD Dupont DE Nemours Inc. 0.25% 90,615 $6.8M Reduce -0.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.25% 67,961 $6.7M Reduce -0.2%
FDX FedEx Corp. 0.24% 26,673 $6.5M Reduce -0.2%
PFE Pfizer Inc. 0.24% 255,713 $6.5M Add +28.7%
HD Home Depot Inc. 0.24% 17,632 $6.5M Reduce -0.2%
RIO Rio Tinto PLC-Spon ADR 0.23% 100,208 $6.2M Reduce -0.2%
UNP Union Pacific Corp. 0.23% 26,148 $6.2M Reduce -0.7%
OTEX Open Text Corp. 0.23% 169,703 $6.2M Reduce -24.4%

Show all 123 holdings

Portfolio Sells Q4 2024 → Q1 2025
BNS Bank of Nova Scotia Reduce -16.0% 2.49% −0.71
BN Brookfield Corp. Reduce -8.3% 4.66% −0.66
SHOP Shopify Inc. Class A Reduce -8.2% 4.04% −0.65
AVGO Broadcom Inc. Reduce -17.8% 1.08% −0.65
TECK Teck Resources Ltd.-CLS B Reduce -55.6% 0.42% −0.58
RY Royal Bank of Canada Reduce -7.9% 4.20% −0.45
CM Can Imperial BK of Commerce Reduce -16.6% 1.38% −0.39
AKAM Akamai Technologies Inc. Sold out 0.00% −0.31
RCI Rogers Communications Inc. Class B Reduce -47.3% 0.27% −0.29
NTR Nutrien Ltd. Reduce -34.6% 0.89% −0.28
BMO Bank of Montreal Reduce -8.9% 3.52% −0.23
GIB Cgi Inc. Reduce -5.6% 1.91% −0.21
CIGI Colliers Intl GR-Subord Vot Reduce -8.7% 1.03% −0.18
BDX Becton Dickinson and Co. Reduce -57.9% 0.14% −0.17
CNQ Canadian Natural Resources Reduce -8.2% 3.55% −0.15
GOOG Alphabet Inc. Class C Reduce -0.7% 0.80% −0.14
DSGX The Descartes Systems Grp Reduce -4.8% 1.04% −0.14
AAPL Apple Inc. Reduce -1.6% 1.22% −0.11
BIP Brookfield Infrastructure Pa Reduce -8.8% 0.98% −0.11
BAM Brookfield Asset Mgmt-A Reduce -7.2% 0.75% −0.11
CNI Canadian Natl Railway Co. Reduce -5.3% 2.23% −0.11
MEOH Methanex Corp. Reduce -0.2% 0.30% −0.11
MSFT Microsoft Corp. Reduce -0.6% 1.35% −0.11
BALL Ball Corp. Reduce -31.3% 0.20% −0.10
OTEX Open Text Corp. Reduce -24.4% 0.23% −0.09
HON Honeywell International Inc. Reduce -13.4% 0.32% −0.06
TRP TC Energy Corp. Reduce -7.9% 2.43% −0.05
GOOGL Alphabet Inc. Class A Reduce -0.2% 0.28% −0.05
CVE Cenovus Energy Inc. Reduce -11.0% 0.26% −0.04
FNV Franco-Nevada Corp. Reduce -60.1% 0.05% −0.04
QSR Restaurant Brands Intern Reduce -9.8% 1.18% −0.04
AMZN Amazon.com Inc. Reduce -0.2% 0.27% −0.03
DEO Diageo PLC-Sponsored ADR Reduce -0.5% 0.19% −0.03
FDX FedEx Corp. Reduce -0.2% 0.24% −0.02
IQV Iqvia Holdings Inc. Reduce -0.8% 0.31% −0.02
EMR Emerson Electric Co. Reduce -0.2% 0.26% −0.02
DIS The Walt Disney Co. Reduce -0.2% 0.25% −0.02
RBA RB Global Inc. Reduce -17.9% 0.46% −0.02
BKNG Booking Holdings Inc. Reduce -0.6% 0.56% −0.02
CAT Caterpillar Inc. Reduce -0.2% 0.32% −0.02
PNC PNC Financial Services Group Reduce -0.7% 0.28% −0.02
MRK Merck & Co. Inc. Reduce -0.2% 0.19% −0.01
GRTUF Granite Real Estate Investme Reduce -4.8% 0.19% −0.01
LOW Lowe's Cos Inc. Reduce -0.7% 0.31% −0.01
HD Home Depot Inc. Reduce -0.2% 0.24% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Reduce -5.4% 0.05% −0.00
TMO Thermo Fisher Scientific Inc. Reduce -0.7% 0.35% −0.00
HMC Honda Motor Co. Ltd.-Spons ADR Reduce -0.2% 0.20% −0.00
IMO Imperial Oil Ltd. Reduce -25.6% 0.01% −0.00
IBM Intl Business Machines Corp. Reduce -15.6% 0.32% +0.00

Portfolio Buys Q4 2024 → Q1 2025
AEM Agnico Eagle Mines Ltd. Add +413.8% 4.11% +3.56
NVDA Nvidia Corp. Add +121.5% 0.58% +0.27
CCJ Cameco Corp. Add +38.2% 1.60% +0.22
WAB Wabtec Corp. Add +53.5% 0.51% +0.18
SPGI S&P Global Inc. Add +30.4% 0.32% +0.09
LIN Linde PLC Add +7.8% 0.41% +0.08
FFIV F5 Inc. Add +5.5% 0.52% +0.08
SCHW Schwab (charles) Corp. Add +7.3% 0.45% +0.07
APH Amphenol Corp. Class A Add +15.3% 0.49% +0.06
INTU Intuit Inc. Add +8.6% 0.57% +0.06
PFE Pfizer Inc. Add +28.7% 0.24% +0.05
JPM JPMorgan Chase & Co. Add +0.3% 0.52% +0.04
UPS United Parcel Service Class B Add +30.0% 0.22% +0.04
ADBE Adobe Inc. Add +17.3% 0.47% +0.03
DOW Dow Inc. Add +22.1% 0.22% +0.02
KGC Kinross Gold Corp. New 0.02% +0.02
CAE Cae Inc. Add +1.3% 0.53% +0.01
OR Osisko Gold Royalties Ltd. Add +10.3% 0.05% +0.01
TAP Molson Coors Beverage Co. Class B Add +9.5% 0.03% +0.01
IWM iShares Russell 2000 ETF Add +7.1% 0.17% +0.00
GIL Gildan Activewear Inc. Add +1.1% 0.51% +0.00
BIPC Brookfield Infrastructure-A Add +5.1% 0.03% −0.00
NKE Nike Inc. Class B Add +12.5% 0.46% −0.01
DOO BRP Inc./Ca- Sub Voting Add +10.3% 0.03% −0.01
LSPD Lightspeed Commerce Inc. Add +10.3% 0.02% −0.01
TFII Tfi International Inc. Add +11.4% 0.05% −0.02
MGA Magna International Inc. Add +10.6% 0.53% −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